Developing a Marketing Plan (Coursework Sample)

Marketing Plan
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Introduction
The banking industry is experiencing tremendous growth in recent times, and there is a lot of growth opportunity in this industry. However, there is stiff competition in this industry; in every estate, several banks are striving for establishment and growth. The completion in this industry has triggered banks to be vibrant and strategic to remain competitive. Some of the strategies banks are using are an advertisement and maintain strong customer relations. Advertisement helps to create awareness of the existence of institutions and the services offered. Advertisement in the banking industry also helps to build a brand in the sight of the target customers. Clients can only choose banks' services from their information; hence, creating awareness and building a brand is paramount for any bank planning. Public relations is also very key to any business; the more the institution relates well with the public, the more it attracts many customers. The banking industry serves the same clients repetitively for long periods; hence for growth, there must be strategic planning to increase the market share and operational planning to retain the existing clients. For any bank to remain competitive, it must create awareness and strive to retain the current clients; hence advertisement and public relations are core to strategic goals realization. The company's goals are; to increase profit, create a competitive environment that will benefit the company, and penetrate new market segments. To archive this, the company must employ effective advisement and public relations strategies efficiently.
Marketing Objectives
Advertisement and public relations serve basic objectives in marketing strategic planning of an organization. They help create awareness to the public, especially the target market; potential clients may fail to seek banking services due to a lack of awareness of certain institutions or services offered. The advertisement also helps create a brand name; in a highly competitive environment, branding is paramount. Potential clients decide the information they have and also loyalty. In our scenario, we have to be aggressive in advisement; to sell our products to as many clients as possible and again we have to demonstrate a higher level of public relations to retain our current clients who are majorly aged individuals. We must encourage our clients to save with us and invite them to take loans. In our advertisement and public relations, we have to be SMART. This will help us develop a positive image of our business publically. To archive this, there must be communication leading to effective dialogue. This means we have to expose our services to the target audience using public interest strategies and new items that don't necessarily require direct and immediate payments. In our endeavor, we must be specific in our target customer's sense now that we want to extend our market share to small enterprises, youth, employed individuals, and campus students. The must-have strategies to advertise the services of loans and savings to each segment with an attractive language. We must also be measurable in evaluating how our strategies are meeting the desired results; by being accurate in tracking the progress, we shall judge whether we are on the right track. While setting strategic goals, we must be realistic to set goals that achievable and within our limits. Again our advertisement and public relations, by all means, must relate to our target customers and add value to the information they have. Due to the competition, we are experiencing; our strategies must be time-bound to quantify our strategies and focus on attaining the desired goals with urgency. The bank should move on from only using current clients to reach others but start engaging in social media advertisement and send the representative to social gatherings to gain public attention and create relationships.
Target Segment Identification
The bank must endeavor to increase the market share, which is achieved by increasing the customer base. The best segment that the bank must focus on is the medium enterprises and the youth. Currently, most clients are older people who basically don't use bank services often and quantitatively; it is also costly to serve and operate with them due to their primitive nature. So to archive the organizational goals, the bank bust identify penetrates to new segments. Medium enterprises are one of the segment the bank must focus on, and these institutions are characterized by their ability to withstand pressure in the market, excellent financial management, good relations with the customers, willingness to learn and make the change, respond positively to the changes in the market as well as hard work to remain competitive. According to medium enterprises, they receive and issue cash frequently; they also take huge loans and save big monies. The other target segments are the young people; research shows that people start forming opinions of institutions before they are actually capable of doing business with them. Young people form brand associations at early stages, so it's imperative to reach them and bring them on board. Young people are characterized by fewer savings, loyalty, high needs for money, less collateral, a lot of small savings and account checking, and are open to modernization and E-commerce. Young people on campuses receive higher education loans via banks and tend to use the same bank for quite a long period. This segment is also a good ambassador of the institution's brand. The bank should focus on the current operational strategies and embrace strategies for future growth. A good focus on these segments will enable the bank to meet its strategic goals.
Target Segment Comparison with Current Target Segment
To archive the organizational goal, the bank must focus on the target market and the current market. There are similarities and differences between the two segments in terms of services, demands, openness to change, and operational cost. The bank must keep this in mind to win and be competitive in dealing with both segments.
The similarities between both segments are that they are served with the same services; account checking, loans, mortgages, and savings. Secondly, they all must be treated carefully, and with admiration, both segments would be loyal and good ambassadors of the brand if well treated. Both segments also require time to time attention from the banks and are all exposed to the bank's advertisement and public relation strategies.
Additionally, there are several differences between the target market segment and the current segment. The current segment is mostly older people, while the target segment is the young generation. It is costly to serve individual older people because they demand one-on-one attention in our branches, while it is more convent to serve the target segment that does not necessarily need face-to-face attention from the branch representatives. The target segment is open to technologies and would prefer online banking, electronic statement, and ATM for convenience. The current segment is primitive and wouldn't embrace the technologies; they don't use the ATM and insist on the printed bank statements. There are very fewer prospects of growth from the current segments of the older generation who have fewer savings and are not motivated to take huge loans, yet there is a huge prospect of the target market segment because it's a segment characterized by growth, expansion, and resilience.
Channel Comparison and Selection
To penetrate and remain competitive to the new target market, the bank must develop new services and products and place promotional channels. The target segment is characterized by growth and would prefer convenience and security majorly. To get segments' attention, we must embrace both traditional and digital approaches. Both will attract the attention of the target segment, bypassing the necessary information to the target customers. Individuals make decisions according to the information they currently have. The traditional approach of using the existing clients to reach the new segments is still very relevant. The current segment will instill a sense of security and trust in the target clients. It is the most convenient and cost-saving approach. Who should educate the current segment on the new products and how the products bridge market gaps. The old generation should also be encouraged to open bank accounts for their young relatives with our bank and get this young generation.
However, this traditional approach has limited coverage and may take time to accept new technologies; hence it shouldn't rely upon 100%. The bank must come up with digital approaches to rich the target customers. The Digital approach has unlimited coverage, and the content gets to the target clients without alteration. In modern times most services are done online with the aid of technological advancement. Advertisement and public relation approaches have also advanced to digital and more conversant approaches. The studies show that the identified target market possesses android mobile phones, making it easier for them to have access to information faster, conveniently, and effectively. Hence, to achieve this segment and remain competitive, the bank should embrace digital advertisement through online media such as Facebook, Twitter, Instagram, and YouTube, among other media. For the target segment, the advertising channel must be logical, consistent, and install a sense of convenience. The digital approach, while well-crafted, will reach the majority of the target segments and give the bank a competitive edge in the i...