Question: This presentation should be done in a professional and appealing way. It should incorporate a theme, proper supporting graphics (charts, tables, etc.), and it should focus on achieving the bank's long-term goals as well as your specific objectives. This presentation should be considered as a real-life situation where you are presenting to the bank president and senior management in an attempt for them to approve your recommended strategy. In some ways, you are marketing your marketing plan, so focus on the strong points, especially how your plan will achieve the bank's long-term strategic goals and your specific marketing objectives.
Part 1: Components of the marketing plan include the following:
Introduction: Include an introduction with a discussion of advertising and public relations and their relevance regarding achieving the bank's strategic goals.
Marketing Objectives: Align specific advertising and public relations objectives to the bank's strategic objectives using the specific, measurable, attainable, relevant, time-based (SMART) methodology.
Target Segment Identification: Discuss why this is the best segment to select based on demographics and a detailed discussion of needs, wants, and psychographics of that segment.
Target Segment Comparison with Current Target Segment: Compare and contrast the similarities and differences regarding the needs, wants, and psychographics of your current and new market segment.
Channel Comparison and Selection: Discuss whether digital or traditional approaches will provide the best promotional channels for your new target market, and explain why.
Situation Analysis: Prepare a situation analysis that is comprised of a strengths, weaknesses, opportunities, and threats (SWOT) analysis that includes relevant banking industry and scenario-specific strengths, weaknesses, and opportunities while focusing on your previously established goals and your new target segment.
Position Statement and Branding Strategy: Create your branding strategy (position statement) for your new target market based on your situation analysis. Discuss what key messages from a branding perspective you wish to deliver to the new market segment that will provide the greatest impact. Discuss why this message will appeal directly to that market segment.
Advertising and Public Relations Strategies: Incorporate specifics regarding what specific channels will be used to deliver your message to your target market to increase both reach and frequency. This includes magazine titles, specific newspapers, or actual social media sites as examples. Both traditional and digital must be used.
Discuss why the selected advertising and public relations strategies are appropriate regarding specific target segment penetration.
Public Relations Piece: Create 1 public relations piece (e-mail, blog, or a newspaper piece) that you will use as part of your public relations program.
Public Relations Piece Metrics: Include specific metrics to gauge if your public relations piece from the phase 4 Discussion Board is effective and how it will be tracked from a return on investment perspective.
The board needs to know that they are spending money effectively. For example, if you are doing a direct mailing, how will you validate if the mailing was successful at achieving its goal? If you are using banner ads on a partner site, how do you know that your investment in that channel is worth the money or that it is achieving your goal for that promotion?
Part 2 Tasks:
Integrated Marketing: Add a section that discusses how the strategy is integrated between the four components of the marketing mix. This is known as an integrated marketing strategy that involves all 4 Ps of the marketing mix.
Conclusion: Summarize the key points of your strategic plan. In APA format
The Bank's Long-term Strategic Goals: Increase overall profit and ROI
- Create a competitive advantage through our e-commerce initiative
- Identify and penetrate a profitable new market segment
- Use effective advertising and public relations to drive all 3
General Direction Forward: Achieving our long-term strategic goals should be based on the following overall components:
- We must find and establish our presence within a new profitable target segment. This encompasses launching new products and services, including the establishment of a very strong e-banking program that is based on the specific requirements of the new target market.
- We must develop an integrated advertising program that is inclusive of a strong public relations component. The focus of both the advertising and public relations will be penetrating our new segment through effective advertising and public relations, eventually resulting in increased profit.
An Overview of Your Role Moving Forward: The steps that will need to be taken to complete this initiative are as follows:
Phase 1: Create advertising and public relations objectives that align to each of the 4 strategic goals. These represent the goals that you will achieve through the team's efforts.
Phase 2: Identify a new target market, and create service and product offerings that are tailored to that segment by utilizing the marketing mix. You will also investigate appropriate communication channels to reach this market.
Phase 3: Create your branding strategy (position statement) for your new target market based on your situation analysis. This will start to integrate your goals, your situation analysis results, and your target market. This includes understanding, anticipating, and integrating plan components based on the potential impact of external influences (regulatory, economic, social, technology, etc.) that affect marketing.
Phase 4: Create a public relations piece that you will use that is based on the target market needs, and include specific measures to gauge if it is effective. This will include tracking from an ROI perspective. You will present a preliminary proposal to senior management in advance of the final presentation to the full board in Phase 5.
Phase 5: Give a final presentation to the bank president and the board with your overall recommendations. This will include how the strategy is integrated between the four components of the marketing mix.