Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays.
Private Banking is look much more like a traditional banking services of deposit and loans for the customers. It also provides individual one-to-one services that certain level of capital. It’s about finding creative solutions to complicate the situation to help wealthy individuals and their families accomplish their wealth nowadays, and cultivate new sources of wealth for future generations. International tax and investment services to professionalguidance for families, a private bank contributingainclusive menu connoisseur products and services that meet the explicit needs of the consumer’s financial wealth.Marketing is the investigation, forecasting, operation, and control of carefully formulated programs designed to carry out about voluntary exchanges of values â€‹â€‹with target markets purpose of accomplishing organizational objectives. It depends on the enterprisestructures of the organization in terms of the needs and wants of target markets and using operative pricing, communication and dissemination to inform, motives, and market services.
If you need assistance with writing your essay, our professional essay writing service is here to help!Find out more
Benefit from marketing concept to the bank is produce reflects the wants and needs of consumers as the guiding spirit and deliver such goods which can fulfill the customer wants more efficiently and effectively than the other competitors. Marketing concept is consumer oriented which knows consumers’ needs, wants, tastes and also preferences and also looks onward to attain long period times profits by creating a network to maximum satisfaction of the customers. None even a company can operate in every market and satisfy all the needs and wants of consumer. Companies do best when they delimit their target markets carefully and provide specific marketing program. It mightmake the bank to find out what services should be provided to their consumers and also know almost the market situation. A company might be controlling the target market but futile to maximum the satisfaction or fulfillment of consumers, so that marketing concept assists.
Answer for Question 1:
Marketing concept is holding the key to attain organizational goals consists of being effective than the other competitors in participating marketing activities toward fulfilling and satisfying the consumer’s needs, wants tastes, preferences and produce a goods which will meet the customer requirement and offers maximum satisfaction or fulfillment. “Consumer is the King” concept appearedin this point of view. In the procedure of progressionnumerousof organizations will change their rational to match the marketing concept. Marketing concept producereflects the wants and needs of consumers as the guiding spirit and deliver such goods which can fulfill the customerwants more efficiently and effectively than the other competitors. Marketing concept is consumer oriented which knows consumers’ needs, wants, tastes and also preferences and also looks onward to attain long periodtimes profits by creating a network tomaximum satisfaction of thecustomers. A company which are successful and also enjoying goodwill adopt marketing concept as their philosophy. Marketing Concept is so important to the Board of Directors because relationship marketing is a philosophy or a method of doing business of top management to the lowest levels employees and alsoany all the department of the organization. The consumer’s needs, wants, tastes, preference and satisfaction should always be main things in every leader and employees attention.The Relationship Marketing assumes that an organization desires to form a long period time relationships with every of their consumer. Relationships marketing among a corporation and their consumers, suppliers, workers are energetic to continuous, sustained growing, and stability. The focusing to an organization’s efforts is not on creating transactions, but moderately on satisfying and fulfillingconsumers, based on developing a relationship with the consumer over time. Develop a good relationship marketing program that takings into attention together consumer relationship marketing, and consumer achievement through relationship marketing. With well-organized relationship marketing exertions, like a greeting card campaign using our structure.The importance of Relationship Marketing to the Board of Directors is the relationship tactic to marketing sounds good. Confrontation from managers in other functions and the problems of classifyingconsumer’s needs are the two of the major difficulties.
Answer for Question 2:
The expenses of the marketing concept to the bank are advertising. Advertising is a technique of communication for marketing and used to hearten or persuade audience to continue. The main purpose of advertising could also be to assureworkers or shareholders that a company is practicable or successful.Another cost of the marketing concept to the bank is to hire more employees. The purpose of hire more employees to work in the bank are to generate better services among the employees and customers. Services are very important to any customers, customer services is a chain of actions planned to improve the level of customer satisfaction. Employees of the bank are one of the greatest assets. Private banking is having the services of investment, banking and also the other financial services to private the persons who invest substantial assets. The term of privatemore concentrated onthe personal source than in mass-market retail banking, usually it is throughthe dedicated bank advisers. Private banking forms an imperative, private, subsection of a person’s wealth management. Private banking mainly consisted of banking services,unrestricted asset management, brokerage and also limited tax advisory services. Private Wealth Solutions provides wealth planning solutions for great net worth individuals, entrepreneurs, and their families. We have earned an enviable reputation for strength, stability and service founded on business principles and values that emphasize integrity, trust and a commitment to quality.
Conclusion for Task 1:
As a conclusion, marketing concept and the relationship marketing are very important to the private bank and also Board of Directors. As concept of “Consumer is the King”, consumer is viewed as a partner who will help the organization achieve its goals and makes fully understand the marketing implications.
In conclusion, Private Bank provides a lot of serviceswhich are comes by the idea of marketing concept to increase the customers to join private bank and also fulfilling the satisfaction of consumers.
Answer for Question 1:
The SWOT analysis for My Private Bank:
Strengths demonstrate the optimistic attributes, tangible and intangible, internal to your organization. What do you do well? What resources do you have? What advantages do you have over your competition?
Our private bank can hire young employees; because according to the market research we know that nowadays young employees might have more idea which are more attractive and also have their own ways or idea to pull out consumers to our private bank from the others private bank or competitors.
Compare to our competitors, they are retailers, pushing boxes. We know the systems, networks, connectivity, programming, all the Value Added Resellers (VARs), and also data management.
We get to know our customers, one by one. Our direct sales force maintains a relationship.
We’ve been in our town forever. We have the loyalty of customers and vendors. We are local.
Note the weaknesses within your business. Weaknesses are factors that are within your control that detract from your ability to obtain or maintain a competitive edge. Which areas might you improve?
For the Private Bank there are a lot of competitors in the market and each competitors will use their skill or strategy to pull or attract the customers from others private bank, so that competitors might be more attractive and abstract more consumers than our private bank.
Private bank which just started their business from commercial bank moving to private bank, when this happen our private bank need a lots of money to invest into our private bank so that the private bank may used a lots money and the private bank might have financial problem and need time recover slowly after joining private bank business.
Price and volume
The major stores pushing boxes can afford to sell for less. Their component costs are less and they benefit from volume buying with the main vendors.
Take one look at their full-page advertising, in color, in the Sunday paper. We can’t match that. We don’t have the national name that flows into national advertising.
Opportunities assess the external attractive factors that characterize the causes for your business to survive and prosper. What opportunities exist in your marketplace, or in the environment, from which you hope to benefit?
Expectation of Stakeholder:
Transform itself from a global bank to a more diversified global financial service company such as Citibank.
Political or Legal:
Penetrate a new markets need opportunities for expansion and the chance to gain the significant market share at an early stage in the growth cycle with aggressive growth.
As our target market needs more service, our competitors are less likely than ever to provide it. Their business model doesn’t include service, just selling the boxes.
What factors are potential threats to your business? Threats include factors beyond your control that could place your marketing strategy, or the business itself, at risk. These are also external, you have no control over them, but you may benefit by having contingency plans to address them if they should occur.
The main threats come from changes in general economic conditions in the markets in which our private bank operates (such as changes in foreign exchange rates, volatility in interest rates) and changes in governmental policy and regulation.
The larger price-oriented store
When they have huge advertisements of low prices in the newspaper, our customers think we are not giving them good value.
The PEST Analysis for Private Bank:
Our private Bank has been confined by the regulation and policy formulated by different government in the countries where they are operating. The company has been able to stick on to policy given by each government to make sure that the company will be able to carry out business operations successfully and effectively.
Our academic experts are ready and waiting to assist with any writing project you may have. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs.View our services
Our Private Bank is supposed to have steady and successful economic stabilize. In spite of many dangers that they encounter in different part of the world, the management of Our Private Bank sees to it that they would be able to surpass such struggles and strive to have a better economic condition. The change in the Currency is also the economic factors to our private bank.
Our Private Bank will be affected by the situation of the society in which they are operating. Along with this, Our Private Bank try harder to make sure that each society is given equal chance to take advantage of the resources given by the organization. The company adhere to having good reputation and relations in the society that they belong.
The emergence of information technology and internet affects how Our Private has been operating in the past years. The company adopts different IT/IS systems and used internet to reach their customer all over the world and to know the latest trends in the global business.
Answer for Question 2:
The Marketing Research Process:
Objectives are those detailed steps that enable you to achieve a goal. Set Objectives involves a continuous process of research, decision-making, evaluation, measurement, and realignment.
The Problem of going into the private banking is our bank space, because a bank needs to be separated into two categories, it is private bank and commercial bank. This can provide a good service to the private banking customers because customer always the first or important person to us.
Assess Value of Research
Private bank needs to have a trust to the consumers’ only can let them know that our bank can help them to take care for their wealth. By using it, we can know our target customers.
Construct research Proposal
A research proposal is similar in a number of ways to a project proposal; however, a research proposal addresses a particular issue whether it is academic or scientific issue. The forms and procedures for such research are well defined by the field of study, so guidelines for research proposals are generally more exacting than less formal project proposals.
Specify Data Collection Method
After defining the problem, the researcher must determine what kind of information will best meet the research objectives. Marketing research information may be collected in many ways, for examples mail, telephone, fax, Internet, or personal interview. In case, we can easily know about the market or tabularize the marketplace very well and know what the needs and wants of the public to our banks.
Specify Techniques of Measurement
A primary responsibility of a marketing researcher is to design the data collection gadget or questionnaire in a manner so that we might be easy understood by the respondent and administered to them. We can measure how many people are joining into private bank and also knowing either our private bank is earning or losing in the investments.
Select the Sample
Select the Sample meant demote to the procedure used to select units from the population to be included in the sample or to determine how many elements of the population should be included in the sample.
Analysis of Results
The research data needs to be shortened, tabularized and analyzed to discover the results and understand them. Finalize all the results to know who are going to join the private bank.
Answer for Question 1, 2, 3:
The marketing plan that I prepare to present to the Board of Directors is about SWOT and PEST analysis, marketing research, the product profile and consumer behavior that based on the plan. The SWOT analysis can let us know that our bank had the capable to join the private bank because our bank provide a different facilities than others bank provide and we will know what is the strengths, weaknesses, opportunity, and the threats of our banks. By using the PEST analysis our bank will know the situation on political, economic, social, and technological that affect to our bank. Besides that, Market research is so important to our bank, because we can know which type of customers that our bank will serve, and we can know our bank is earnings or losing by going into a private bank and knowing what the customer needs and wants that serve by our banks. The product profile is very important to let our customers know about our bank whether want or don’t want invest in our bank. If the product profile is strong then the customer will invest like our bank is a strong brand because our bank got a lot of offices around the world to serve the customers. Consumer behavior is important for us or our banks, because our bank will know what the needs and wants of the customer like our private bank will offer the customer of private bank no need line up for bank in or bank out money and it also help the customer to save time and our private bank also offer a trust to the customers and let them know our bank security is and safe to invest in it. The marketing plan that I prepare to present to the Board of Directors is about the market segmentation, target market, and positioning that should highlight. Based on Market segmentation, our bank knows that the particular group of the customers that had a similar needs and wants. The Market segment for our private bank is niche market. With this our bank need to fulfill the needs and wants of the customers like the customers that join private bank wants to have a better service that provide by our bank because the customers is our boss and our bank need to provide a better service and good facilities to the customers it can let them to fulfill with it. Target market is very important to our bank, because our bank will know which type of customers that our bank will serve and our bank also will know which class and the aged of the customers that will open an account in private bank. The age for having an account in private bank is 21 years old onwards and the class of customers is a rich person that at least 1 million cash in their account but the fees for having an account in private bank is quite cheap (RM 5000 monthly charge) with better services provided by our private bank. Besides that, Positioning is also important in our plan, because the customer will be comfortable that the services that provide by our bank but different from others private banks. The service that our bank will provide to the customers is Online Services, Online Security, Specialist Advisory, Trust and fiduciary services. It can let our bank to keep in touch with the customers and help them to solve the problem had facing by them and can let the customers to trust our bank with offices around the world. The marketing plan that I prepare to present to the Board of Directors is about the marketing mix that going to employ to achieve the targets. The marketing consists of 7 Ps which is product, price, place, promotion, process, physical evidence, and people. The product that our bank will produce is a service to the customers. The services that our bank produce can fulfill the customer needs and wants. Next, the price of having a private bank account is very cheap but the customers need to pay for the monthly fees only. Price is very important to a customer because, if the price is expensive the customers will not have account in that particular bank. The price for having an account in private bank is quite cheap (RM 5000 monthly charge).Besides that, the place of the bank must be separate into two it is commercial bank and private bank, because it will have a good look for the customers and the customers no need line up in private bank and help them to save time. Our private bank will had in the rural area like in India country there are a few private bank in there but inner part of India did not have private bank but our bank will have few branch in there. Promotion is very important to attract more customers to join our private bank. If the bank having promotion with having a private bank with some discount or free gift like electronic item like Iphone 5 that can our customers to login to our website site with the apps in the Iphone 5 and it also can attract some of them to join our private bank and it also can let bank to have more income. The People are very important to our bank, because with different people our bank need to have different services that provide to the different people and let them comfortable with our bank. With this, the people will talk good or help our bank to advertise that what thing that provides by our bank.
Cite This Work
To export a reference to this article please select a referencing style below:
Related ServicesView all
DMCA / Removal Request
If you are the original writer of this essay and no longer wish to have the essay published on the UK Essays website then please: