This is a group assignment.
Your group represents the sales and marketing department of BRAND X – a bank that is only in the business of providing financial products to businesses.
You have been asked by your senior Board to identify a market segment within the Islamic (or conventional) corporate credit card market, which you believe will offer attractive revenue opportunities, and develop a compelling sales and marketing plan which exploits its potential.
The company has not been active in the segment previously. Your research shows that BRAND A is the segment leader, with the majority of segment share. Its value proposition is supported by an expertly crafted marketing mix which has secured strong loyalty and repeat purchase from customers
Other competition in the segment is generally weak, characterised by a range of inferior offerings from companies whose sales in total comprise approximately 45% of the segment share.
Your task is to establish:
· a target market segment;
· and, a value proposition.
The next step is to devise an effective plan (in report format) prior to entering the segment which comprises two elements:
1. a proposed extended marketing mix for the offering;
2. a proposal on how you will identify and acquire key accounts in the segment;
You must justify each stage of your plan with reference to relevant academic concepts such as segmentation; targeting; positioning strategies; sales strategies; key account management etc.
In the report we have to demonstrate: value proposition, 7 or 8 P’s, selling strategy, pricing strategy, marketing tools, etc.
Value proposition of marketing offering means:
Set of benefits or values promised to deliver to customers to satisfy their needs. Could be:
– Partnership (i.e.: air miles/discounts/free meeting space/ free wifi/cash back/access to lounges, etc.) – Control of expenditures (i.e.: management information analysis)
– Community contribution (i.e.: donation to charities on expenditure)
Segmentation, targeting and positioning:
Who are the buyers?
Levels of marketing segmentation could be one or two of the below:
– Mass marketing (targeting or selling to everyone)
– Segment marketing (for example: Diet Coke, only for dieting or slim people)
– Niche marketing (reaching to targeted people through events)
– Local marketing (specific local line in a branch)
– Individual customer marketing
7 or 8 P’s
Choose one pricing strategy:
– Market skimming pricing (targeting a segment that is willing to pay high price) – Market penetration pricing (a strategy of setting low prices)
5) People (i.e.: staff/job design/ training/recruiting)
6) Physical evidence (i.e.: interior/exterior/staff clothing)
7) Process (i.e.: applications/mobile check in service)
Key account management:
How to build and maintain relationship between the service provider and their clients – Long term relationship
– Keeping records
– Maintain relationship by calls or visits or any way of giving extra care and attention
– Social events
– Greater depth of engagement with senior management
– Cross functional workshops around R&D
– Information sharing
– Joint problem solving
I thought if we could design a special corporate credit card for Ladies only! Yet I don’t want to constrain you so you can be creative with your ideas.
On this occasion the plan should follow this structure:
· Title and contents page, (2 marks)
· Brief introduction including a short statement setting out the offering, target and value proposition, (10 marks)
· Considerations of the extended marketing mix, (40 marks)
· Key account identification, (40 marks)
· Brief summary. (8 marks)
· References – Secondary Research- It is expected that the Reference List will contain between fifteen to twenty sources. As a MINIMUM the Reference List should include four refereed academic journals and five academic books.
Originally posted 2017-11-13 03:33:26.