Knowledge Assessment
1. What would you include in a marketing plan?
2. What does a situational analysis involve?
3. What does establishing marketing objectives involve?
4. What does identifying the target market involve?
5. What does developing marketing strategies involve?
6. What does implementation, monitoring and control involve?
7. Discuss the concept of value for money in supplier evaluation.
8. How can internal auditing contribute to the evaluation of your suppliers?
9. What is Cost-benefit analysis?
10. Discuss how banks can stay on top of customer expectations. Your discussion should be detailed (essay question).
11. Describe two key factors in supplier relationship management.
Task 1 - Products and services review
For a financial services organisation you have access to, prepare a list of the organisation's products and services and match each of them to a market segment.
What are the defining characteristics of each segment?
Which of their competitors, if any, is targeting this segment?
What are the strengths and weaknesses of their products in relation to your competitors?
How would these marketing tools be created?
Task 2 - Marketing Solution
Case Studies
1 You are in a bank branch as a customer. For five or six minutes you stand at the enquiry counter waiting to amend a standing order. When someone does arrive, you express your annoyance at having to wait for service. The member of staff is clearly very indifferent to your concern.
2 You are a 68 year old retired widow living in your own home and you are continually receiving direct mail letters from your financial services provider offering you student banking facilities, mortgages and credit cards. You have contacted your branch manager requesting that this activity be stopped. He states that there is nothing he can do as all of this material is sent out by "the head office computer".
3 You have unexpectedly overdrawn below the free banking limit (by $10) for the first time in eight years with the organisation. You receive a standard letter from your local branch informing you of this and setting out the charges.
4 Every week you receive a cheque for your wages and therefore you enter the branch once a week to pay the money in. You do not enjoy the experience as there is often a long queue. In addition there always seems to be a shopkeeper paying in bags of coins at the front of the queue.
Having identified the areas of dissatisfaction and marketing incompetences in the case studies, devise a marketing-oriented solution to each of them.
Task 3 - Marketing Strategy
Your organisation provides a range of superannuation products. One of your competitors offers the attached product:
You are required to research and detail the product and select an alternative product that will provide the same offerings to your clients from an alternative supplier.
Compile a report that:
(a) Outlines the product details of the Super Accelerator product.
(b) Provides details of an alternative similar product.
(c) Compares the two products to each other.
(d) Details the supplier of the new product and the required terms of appointment with the supplier.
(e) Client profile, target group, market segment.
(f) Key characteristic effecting the market segment.
(g) Cost Benefit analysis.
(h) Marketing strategy to take the product to market.
(i) Sample marketing tools/advertising (assuming a budget of $8,000)
(j) Monitoring process and proposed review.
Attachment:- Netwealth.rar