Assignment 2: Part B: Your Marketing Plan

Assignment 2: Part B: Your Marketing Plan Due Week 6 and worth 240 points In Assignment 2, using the same company from Assignment 1, you will focus on the company’s mission, introduction, and branding. Note: You may create and /or make all necessary assumptions needed for the completion of this assignment. Write a four to five (4-5) page paper in which you: Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension. Assemble a marketing strategy for your product, and determine an appropriate time table to implement your plan. Provide a rationale for your response. Prepare a positioning statement. Include a perceptual map that shows your company’s position against its competitors. From this map, create a statement that depicts your position. For example, “Our product is the fastest in its class for half the price.” Note: See pp. 54 – 55 in the textbook for examples of perceptual maps. You may use Microsoft Word, PowerPoint, or other equivalent software to create your perceptual map. Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement and marketing strategy are right for the identified target market. Develop your company’s mission statement and company introduction. Use at least three (3) academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: Analyze the marketing framework including the concepts of the 5Cs, STP, and 4Ps. Examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing. Evaluate the basis for market segmentation and approaches to segmentation. Evaluate target customer segments and positioning products within these segments. Examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing. Develop branding strategies for existing and new products. Use technology and information resources to research issues in marketing management. Write clearly and concisely about marketing management using proper writing mechanics. Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric found here.
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Assignment 2: Part B: Your Marketing Plan
Due Week 6 and worth 240 points
In Assignment 2, using the same company from Assignment 1, you will focus on the
company’s mission, introduction, and branding.
Note: You may create and /or make all necessary assumptions needed for the completion of this
assignment.
Write a four to five (4-5) page paper in which you:
Develop a branding strategy for your product that covers the brand name, logo, slogan, and at
least one (1) brand extension.
Assemble a marketing strategy for your product, and determine an appropriate time table to
implement your plan. Provide a rationale for your response.
Prepare a positioning statement. Include a perceptual map that shows your company’s position
against its competitors. From this map, create a statement that depicts your position. For
example, “Our product is the fastest in its class for half the price.― Note: See pp. 54 – 55 in
the textbook for examples of perceptual maps. You may use Microsoft Word, PowerPoint, or
other equivalent software to create your perceptual map.
Examine the relevant consumer behavior for your target market. Explain the main reasons why
the brand name, logo, slogan, brand extension, as well as the positioning statement and
marketing strategy are right for the identified target market.
Develop your company’s mission statement and company introduction.
Use at least three (3) academic resources as quantitative marketing research to determine the
feasibility of your product / service. These resources should be industry specific and relate to
your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic
resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all
sides; citations and references must follow APA or school-specific format. Check with your
professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the
professor’s name, the course title, and the date. The cover page and the reference page are
not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Analyze the marketing framework including the concepts of the 5Cs, STP, and 4Ps.
Examine the marketing science of customer behavior and products in the marketing exchange
process and create dynamic strategies for competing.
Evaluate the basis for market segmentation and approaches to segmentation.
Evaluate target customer segments and positioning products within these segments.
Examine the marketing science of customer behavior and products in the marketing exchange
process and create dynamic strategies for competing.
Develop branding strategies for existing and new products.
Use technology and information resources to research issues in marketing management.
Write clearly and concisely about marketing management using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic / organization of the paper,
and language and writing skills, using the following rubric found here.
Running head: MARKETING PLAN
Marketing Plan: Bank of America
Liliana Pinzon
MKT 500 Marketing Management
April 30, 2018
MARKETING PLAN
2
It is essential for a company to develop a comprehensive market plan that outlines the
business’ goals and targets for a certain period of time. In this essay, I will focus on the Bank of
America, specifically the branches in Phoenix, Arizona. Examples of services provided include;
business and personal loans, savings accounts, checking accounts and processing of debit and
credit cards among other services. The bank is located in Phoenix, AZ and it serves over 50,000
clients. The business targets customers of all ages and social status. Phoenix was the most viable
business location for the bank to have opened most of its branches due to its high population of
over 1,000,000 people. The city provides a viable market for a majority of the citizens employed
and seeking efficient banking services. The bank has a vision of providing the best banking
services not only in Phoenix but also in the United States. The company has worked towards
attaining this vision through innovative marketing strategies that will increase the number of
customers that enjoy and value its services.
An environmental analysis is a tool used in a strategy to analyze the internal and external
factors that affect the performance of an organization. Most businesses are usually located in a
very unpredictable and competitive environment that requires a general understanding (Baloch &
Inam, 2009). For a company to maximize its competitiveness in a business environment, they
have to find ways that will capitalize on their strengths and minimize on their weaknesses. For a
clear analysis of the competitive environment, the bank has to ask some critical questions such
as; who are the bank’s direct competitors? What are the bank’s strengths and weaknesses? Is the
progress of the business inclining or declining? How are the products of the bank different from
that of the competitors? What lessons can be learned from analyzing the competitor’s marketing
strategies? (Baloch & Inam, 2009). The bank’s direct competitors include the Wells Fargo & Co
and the National Bank of Arizona. These companies have a market share that is almost similar to
MARKETING PLAN
3
my bank thus making them direct competitors. Services such as lower interest on loans, faster
banking services, and 24hour customer service are what differentiate our bank from the other
banks. These services have led to the steady rise in the bank’s ranking in the previous years. The
economic factors refer to those elements that contribute to the current economy of the state.
These factors allow a company to align their strategy according to the shifting economic
situation of the country. Some of the aspects to consider include; inflation rate, interest rate,
unemployment rate, credit accessibility and disposable income of the clients. The inflation rate
of Phoenix as of 2017 was 1.77% which was a rise from the previous year. The interest rates in
Phoenix have been on the rise in the previous year indicating that fewer people are now able to
repay back the loans that they had taken from the banks. The unemployment rate in Phoenix is
low with at least 5% of the entire population currently unemployed. The current economic
situation in Phoenix is low which requires careful strategies by the business.
The political factors include the current political situation of the country. The bank
evaluates the different government leadership that has an impact on the bank. Some of the issues
that the bank needs to consider include; government policies, taxes and tariffs and stability of the
government. The current government is currently stable with a rigid political leadership. There
are certain policies which have been developed to regulate the activities of the banks. Several
agencies such as the Federal Deposit Insurance Corporation (FDIC) have been formed by the
congress to ensure confidence in the national financial stability. The bank has to ensure that it
complies with all the set laws and policies that are drafted by such organizations. Assessing the
legal factors, the legislative policies have been known to change after a period of time. The
government regulatory bodies are responsible for creating regulations for businesses which must
be adhered to. The bank has to check aspects such as competition regulations and employment
MARKETING PLAN
4
regulations in the United States. The bank complies with laws made by bodies such as FDIC and
Federal Reserve Bank to avoid complications in the future. The technological factors are
constantly changing in the current society where new innovations are constantly coming up. The
bank has to make sure that they keep up with the trending technologies to increase their overall
competitiveness in the market. The bank assesses the rate of technology obsoleteness, the rate of
innovation and new innovation platforms among other factors. There are new developments in
the banking technology sector such as the growth of online banking which allows the clients to
access banking services via their mobile phones. The bank, therefore, has to keep up with these
technologies by integrating what is necessary for their services. Sociocultural factors differ with
the current location of the business as they have an impact on the success of the products and
services offered. These factors include cultural practices, wealth distribution, education level and
social lifestyles of the people in the region. The culture in Phoenix is slightly mixed due to the
large population, high levels of education and active social lifestyle with many festivities. This
increases the chances of people requiring banking services for themselves and their families.
These factors listed above have increased the viability of Phoenix as an adequate location for
setting up a bank.
The 5Cs concept includes the company, customer, competitor, context, and collaborator.
The 4Ps marketing mix is inclusive of the product, pricing, promotion, and place. The
combination of the two marketing strategies is essential in building a framework for the
company’s target market. The Segmentation, Targeting, and Positioning (STP) Model is one of
the strategic tools that is used to identify the most important segments of the market, then enable
sale with carefully targeted marketing and services. This model allows the company to identify
the best possible method that can be used to target the investors and consumers that will profit
MARKETING PLAN
5
the business. The current marketing practices deal with customer satisfaction and product
development (Gupta, 2003).When considering the target market, the primary market involves the
investors that are currently buying the securities directly from the company while the secondary
markets include the investors that trade the securities among themselves where the bank does not
directly interfere with this process. One of the primary markets is an initial public offering where
the securities of the bank can be issued to investors. This process occurs where the company uses
an underwriting company that conducts a review of the offering being made and creates a
prospectus that provides an outline of the price and other details of the securities being offered.
The secondary market includes investors such as the New York Stock Exchange where the
investors are able to exchange the securities among themselves.
Short-term goals include the achievements that an organization hopes to achieve at the
end of a small period of time such as one year while long-term goals are those that can be
achieved after more than one year. The short term goals of the bank include customer retention
and increased customer value. The two aspects considered in customer value include desired
value and perceived value. Desired value refers to the attributes that the consumer expects to find
in a service or product while perceived value refers to the benefits that the consumer attains from
the product or service purchased. The bank seeks to ensure that the perceived value exceeds the
desired value. There are several ways that this can be achieved which include; lowering cost and
increasing service efficiency. The bank provides services such as loans which are accessible to
businesses and other persons. Lowering costs means that the bank has to find alternative
marketing strategies that are cheaper but also result in increased customer loyalty. The bank also
has to improve service efficiency through technological innovation and implementation like
mobile banking. The bank aims at ensuring customer retention through the use of marketing
MARKETING PLAN
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strategies that keep up with the customer trends. The marketing strategies will adopt the use of
technology such as e-mails that will update customers on the services provided and ensure that
they return for more services. Long term goals of the business include; increased market share
and more customer engagement. The market share is currently dominated by Wells Fargo & Co
and the National Bank of Arizona. These banks own close to 40% of the total market share thus
dominating the products and services used by the customers. The bank has set a goal of
increasing their market share by 5% in the next three years. This is to be achieved through
innovation and acquisition of competitors. More customer engagement is to be achieved
gradually through increased customer interaction.
It is necessary for the company to conduct a SWOT analysis that will assist in improving
the company’s ranking. The SWOT analysis allows a business to develop an effective strategy
based on the internal and external factors (Ghazinoory, Esmail-Zadeh & Memariani, 2007).
Some of the strengths of the company include; clear business model, clear marketing strategies,
transparent structure, and increased company flexibility. Weaknesses of the bank include; high
liquidity costs, increased sector exposure, little material deposits by clients and high dependence
on the geopolitical developments. The opportunities identified by the bank include; building
newer client relationships, expansion of the advisory services offered to the clients, increased
services and realizing the margins that are linearly related to the risks taken. Some of the threats
identified include; high risk of recession, more distortion in the global financial market, high
levels in the early repayments which impact the net margin and increased regulatory
requirements. This SWOT analysis is essential in identifying the internal and external factors that
have a direct impact on the performance of the bank.
MARKETING PLAN
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In conclusion, the company provides banking services to clients in the state of Arizona.
The environmental, competitive, political, legal and economic factors have a direct impact on the
performance of the business. The marketing models and strategies are useful in determining and
reaching the primary and secondary target markets of the company. The company aims at
improving market share as a long term goal and increasing customer retention as a short term
goal. The SWOT analysis has been conducted across the entire business to identify the internal
and external factors that impact the success of the business. Through the SWOT analysis, the
bank can be able to maximize the strengths and opportunities as well as reducing the threats and
weaknesses to increase success in the market.
MARKETING PLAN
8
References
Baloch, Q. B., & Inam, M. (2009). Strategic Competitiveness: Creating Firm’s Future. Journal of
Managerial Sciences, 3(1).
Ghazinoory, S., Esmail Zadeh, A., & Memariani, A. (2007). Fuzzy SWOT analysis. Journal of
Intelligent & Fuzzy Systems, 18(1), 99-108.
Gupta, D. K. (2003). Marketing of library and information services: building a new discipline for
library and information science education in Asia. Malaysian Journal of library and
information science, 8(2), 95-108.
Yüksel, I. (2012). Developing a multi-criteria decision making model for PESTEL
analysis. International Journal of Business and Management, 7(24), 52

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