The conference has come to an end. Your complete Strategic Marketing Plan is now due to the manager. Develop a strategic marketing plan. Analyze the appropriate marketing strategies to apply at each stage of the product life cycle. Elaborate on the challenges a company faces in developing new products in today's global economy. Add the following components to create your final plan:
Objectives & Mission Statement
Marketing Mix: Communications & Promotion
With focus on the following:
2. Product Policy
3. Channels of Distribution
4. Customer Relationship Management
Response to your answer starts from Page:5
I want to discuss the launch of my private banking and wealth management services for individuals and corporate clients of ethnic origin in USA. The United States is a land of immigrants. There is a large Asian, African, European and Middle eastern population which have migrated to USA and settled here. Out of these immigrant populations, one of the richest communities is the Asian population, especially Chinese and South Asians (people from India). They are considered to be the most affluent ethnic communities in USA. There are not many financial service companies in USA which are targeting these niche ethnic segments with focused strategies. The idea is to launch personalized private banking, wealth management and financial services to these niche segments arises from the fact that there is a lot of investible income within these segments which needs to be tapped.
Company: ABC inc. is a boutique investment firm offering broker dealer, wealth management, private banking and investment consulting services to high net worth individuals and corporate clients. The company is headquartered in the Wall Street area of New York City, the financial capital of the world. The company has branches in major cities of USA such as Chicago, San Francisco, Houston, Atlanta, and Miami. The company employs over 100 financial advisors catering to investors all over USA. The company is a member of the National Association of Securities Dealers, USA and is an accredited broker dealer to trade on NYSE and NASDAQ. The company has a dedicated team of research analysts, back office personnel and advisors to provide investment advices.
As the AI Brainstorming Conference moves into its second week, it is time to begin developing a Comprehensive Strategic Marketing Plan. The first two components of such a plan are your Objectives and Product Services & Features. In five to six paragraphs:
1. State your objectives for the short term (one year). This section will also include a Mission Statement. Remember that objectives need to be quantifiable. You can use the SMART acronym?simple, measurable, attainable, realistic, and timed---in formulating your objectives.
MISSION OF OUR ORGANIZATION: Wealth is good.
Our organization will maintain strong growth as a provider of high quality financial advisory services to our clients. We will strive to consistently be perceived as an organization that is professional, trustworthy, accurate, and timely. We will offer the innovative approach clients need to reach their business and personal financial goals and there by meeting the objectives all the stakeholders of the firm.
We want to cater to the niche segment of immigrant populations of USA by satisfying their wealth management needs.
To realize an annual growth rate of 20% greater than the previous year.
We wish to establish a successful partnership with our clients, our staff members, and our associates that respect the interests and goals of each party. Other objectives are:
? Establish good working relationships with our present markets by meeting with their decision-makers and plotting a mutual financial plan for success.
? Investigating new markets that meet our marketing criteria by providing products suitable to our economic and social climate and using ecommerce infrastructure to become low cost value added financial firm.
Increasing revenue through:
? Our Internet infrastructure
? Pursuing publicity
? Sending direct mail
? Satisfying the client with innovative solutions
? Posting content around the Web
? Soliciting links
? Participating in discussion groups
? Improving my Web site and e-infrastructure
To become one of the top three players in this niche segment in one year.
2. State the features of your product and include information on how it is innovative or can be differentiated from other like offerings.
Services and Service Marketing
We need to fulfill the promise we make to each client - to provide them the resources they need to reach their business and personal financial goals, with unfaltering confidence in our firm throughout that process and, ultimately, throughout their lives.
Providing a quality service experience is critical. Our business and individual clients judge our competence based on how we treat them. This is their primary - and in many cases their only - measurement of our capabilities.
We must have each of our clients answer positively to these questions: Do they act in a professional manner? Do they know who I am? Do they remember my name? Are they genuinely concerned about my best interest?
Using ecommerce as an important product feature
The website of our organization will play an important role in delivering our service to the client. THIS CHANNEL IS NECESSARY. The reason for using this channel is that the ever-changing technology has affected business as well like it has affected all other walks of life. With heavy competition and innovation around, every product or service, experiences a strain on its margins. To improve such margins and subsequent profitability, the most immediate and obvious solution that comes into everybody's mind is to cut down its costs. Therefore using the Internet as its channel of distribution will help the in following manner:
? A smaller, leaner staffs with a greater focus on marketing.
? Occupancy costs that are 80% lower than the traditional firm as one can operate well within a few hundred sq. ft.
? Lower transaction-processing costs. With less use of paper the transaction costs would definitely get economical.
It will reduce transaction times and expand the number of customer access options available 24 hours a day. By simply picking up a phone or clicking the ...
This explains the formulation of marketing plan inclding objectives & mission statement, customer targets, competitor targets
Product/Service Features , core strategy, Marketing Mix: Communications & Promotion.