MARKETING PLAN Subject Code: MKTG10001
Subject Name: Principles of Marketing
Student ID Number: 376308
Student Name: Stella Senajaya Tanaja
Tutorial Day/Time: Monday 11:00am
Tutor Name: Dan Waters
Assignment Name or Number: Student ID Number
Student Name
1.
376308
Stella Senajaya Tanaja
2.
377014
Jenny Anita Kusuma
3.
374165
Calvin Thamrin
4.
366633
Kenny Gunawan
5. 6.
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EXECUTIVE SUMMARY SECTION1: WHERE TO COMPETE
pg. 3
OPPORTUNITIES AND THREATS STRENGTH AND WEAKNESSES DETERMINE STRAGTEGIC MARKET OBJECTIVES DETERMINE STRATEGIC MARKET FOCUS
SECTION2: SEGMENT MARKETS THAT WERE SELECTED
pg. 6
SEGMENT BASED ON BEHAVIOUR VARIABLES
SETION3: ELECT MARKET SEGMENT
pg.7
DETERMINE THE VALUE POTENTIAL OF THE CUSTOMERS DETERMINE THE COMPETITIVE POTENTIAL OF COMPETITORS
SECTION4: HOW TO COMPETE
pg. 8
BRAND PRICE PRODUCT PLACE
CONCLUSION
pg. 15
REFERENCES
pg.16
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INTRODUCTION Marketing plan is a written document that specifies activity to be implemented and control organization’s marketing activities (Rite, 2012). This essay is going to discuss how Bank of Melbourne (BOM) implements strategy in aggressive market environment to attain larger market share. Therefore, BOM constructs its marketing plan according to the research from the market, customer and competitor which will be explained in the following paragraphs
SECTION1: WHERE TO COMPETE In this section, we will discuss the SWOT framework to determine which markets are most attractive. SWOT analysis refers to the process through which decision makers develop their awareness of organizational environments so as to influence performance now and in the future (Naryanan & Nath, 1993: 197). SWOT analysis is an integrated planning used to evaluate the Strengths, Weaknesses, Opportunities and Threats involved in a business venture. SWOT analysis can help organizations develop an early alarming system to prepare for possible threats thus better overcoming and minimizing their negative consequences (Al-Rousan & Qawasmeh 2009).
Characteristic of market attractiveness
Rating
Size of the market
5
Market growth
2
Competitive structure of the markets
3
Cyclicality of market
2
Risk factors
3
Score
3
Figure.1.01 Stratergic characterization matrix The factor is scaled with 1 being the least attractive and 7 being the most attractive.
OPPORTUNITIES AND THREATS First, we will analyze the Opportunities and Threats. In regards to the size of the market, it will only compete in Victoria (Bank of Melbourne,2011) According to Australian Bureau of Statistic, 3
Victoria’s estimated population per 30 June 2010 was 5.55 million people; Therefore, BOM will operate in a medium sized market. In terms of market growth, BOM will compete in a low-growth market environment. According to Reserve Bank of Australia (RBA), unexpected natural disasters, inflation and wars will cause the banking market to have a low growth (Growth in Australian Banking Sector Expected to slow down 2011). Furthermore, BOM is competing in an aggressive market with four major competitors which are Commonwealth Bank Australia (CBA), Australian and New Zealand Bank (ANZ), Westpac and National Australia Bank (NAB) (McMahon 2011). Also, BOM will operate in a cyclical market. It is confirmed by Byres (2009) that each time there is an expansion or contraction in economic activity, the fortunes of banking system almost always move in lockstep and thus, banking market is very cyclical (Byres 2009). In term of risk factors, BOM has to take into consideration such as legal, political, governmental regulation and economic downturns (Berry 2009). For instance, permit and covenant problems will affect BOM’s decision about opening new branches. Governmental regulation such as changes in government bond rates will influence BOM’s offers on interest rates. Therefore, risk of economic downturns will adversely affect BOM’s revenue as it will decrease sales.
Regarding Opportunities and Threats, BOM will face various challenges such as intensive competition, low growth and cyclical market that results in unattractive market. However, there are still plenty of opportunities due to medium sized market which is attractive as there is still room for growth. Based on the analysis table, average level of attractiveness is 3, thus BOM will operate in a moderately attractive market.
STRENGTH AND WEAKNESSES Secondly, we will analyze the Strengths and Weaknesses of BOM. The key strength point is Differentiation factor. BOM is a differentiator because it is the only regional bank available in Victoria. Differentiation means that the products and services offered by BOM is not offered by any other competitors. Therefore, BOM gains competitive advantage from satisfying the locals who needs bank that is engaged in local communities (Gillett, 2011). BOM is expecting to create new 700 employment opportunities for its Victorian-based call centers and 14 new branches (Drill, 2011 and AAP, 2011). On the other hand, the competitors are cutting employees in Australia and hiring more low cost employees in other developing countries such as Asia. Moreover, BOM is customer oriented too as it is opened on weekend and on extended hours until 7 pm to assist any customer’s enquiries. Its opening hours will be extended to Saturdays and even Sundays for the selected branch (Drill, 2011). Therefore, BOM differentiate itself by being more flexible than its competitors who have a restricted opening hour on weekday. 4
In regards to the projection of Strengths and Weaknesses, BOM is customer oriented and the only local bank in Victoria. Based on the analysis, we will award 6 points for the unique competitive advantage of BOM.
DETERMINE STRAGTEGIC MARKET OBJECTIVES Based on the SWOT framework analysis of being in moderately attractive market with a very high competitive advantage, the most suitable strategic market objectives is Growth. Growth is defined as a stage whereby sales are increasing rapidly to its maximum points before it plummets down in the product life cycle (Pride, 2012). BOM’s growth objective is supported as Phillips (2011) assured that growth strategic is dependable on the business having a differential advantage. Moreover, Tanner, Chief Executive of BOM mentions that that BOM is committed to growth and expansion plans (Bank of Melbourne Archive 2012). This approves growth as strategic objective of BOM derived from the SWOT analysis above.
DETERMINE STRATEGIC MARKET FOCUS In regards to BOM’s growth strategy, strategic market focus would be increasing sales volume. BOM are using two ways to increase its sales volume namely converting non users and win competitors customers. Firstly, BOM is converting non-users by attracting new customer through implementation of high interest rates like Maxisaver (Bank of Melbourne, 2012). Secondly, BOM is also trying to win competitors’ customers by matching competitor’s prices and frequently reducing its mortgage interest rate (Bank of Melbourne, 2012). On top of that, BOM provides easy and simple method for competitor’s customers to switch to BOM where BOM’s staff will take care of all the necessities and processes for the customers (Bank of Melbourne Archive 2012). Therefore, BOM aims to increase its sales volume and expand its growth through market share.
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SECTION2: SEGMENT MARKETS THAT WERE SELECTED SEGMENT BASED ON BEHAVIOUR VARIABLES Segmentation is playing a vital role in marketing as it triggers an increasing need to exploit and also to explore new segment and products concepts. Market is typically segmented based on two variables namely descriptive and behaviour variables (Kotler, 2010). In this case of BOM, this report would apply behaviour segmentation in 3 different categories namely personal, business, and corporate in terms of the benefits needed. BENEFITS NEEDED -RECOGNIZED BY CUSTOMER Personal BOM strives to fulfill customer needs in personal level by providing immediate advice and services for the customer and singular focus with a strong sense of community (Bank of Melbourne, 2012). Business In the business level, BOM provides the services to fulfill the needs of effective banking solutions with a fast response that is highly convenient. Businesses need the convenience and fast response for their staff and customers (Bank of Melbourne, 2012). Corporate BOM provides the needs in corporate levels in terms of the competitive rates with a right and specific services.
-YET TO BE RECOGNIZED BY CUSTOMER Personal According to Scott Tanner, BOM are focusing on its 5years expansion goal of opening more branches hence providing more jobs for Victorians. Business The yet-to-be-recognized benefit in the business level for BOM customer is providing businesses with security for their products and transactions in the long run. Corporate The yet-to-be-recognized benefit is more investment in the future as BOM provides lower rates of loans (Bank of Melbourne,2012).
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SETION3: ELECT MARKET SEGMENT DETERMINE THE VALUE POTENTIAL OF THE CUSTOMERS Being a local bank, BOM are able to understand the Victorians better. As a result, the locals are easily connected and approachable by this bank. Besides that, Writers, 2011, mentions that BOM is hiring the locals who knows the neighborhood thus news about the excellent service can be easily passed on from one customer to another making them a strategic customer.
DETERMINE THE COMPETITIVE POTENTIAL OF COMPETITORS IDENTIFICATION OF COMPETITORS The potential competitor for bank of Melbourne will be big four banks that consist of Westpac Bank, CBA, ANZ, and NAB. Despite being under the same parent company with Westpac, BOM will act independently as AAP states that Westpac would compete alongside Bank of Melbourne as separate entities. These big four banks will be classified as direct competitors as they are customer’s direct alternatives from BOM ANALYSIS OF COMPETITORS -IDENTIFICATION OF STRATEGY This essay will analyze the strategy of CBA. CBA uses cost leader strategy as it is very responsive to RBA’s action and alter its own action after the change. This is evident as CBA is the first to increase its home loan rate and deposit after RBA increased the cash rates (AAP, 2010). CBA is very competent in cost too as it matches interest rates of the other 3banks. For example, after ANZ and NAB rose their home loans by 0.25 percent, CBA followed by increasing its rate too by the same magnitude from 5.74% to 5.99% (AAP, 2009). This indicates CBA’s sensitivity over fluctuations in interest rates from RBA and competitors’ prices. In addition, CBA has 4000 Automatic Teller Machines available across Australia. That includes Bankwest ATM accessible to CBA customer for free. This increases the convenience of CBA’s customers thus more preferable. Therefore, CBA is a cost competitor that targets high volume of customers. -PREDICTION OF STRATEGY CBA perceives BOM as a differentiator that targeted specifically on Victorians and part of Westpac’s house of branding ( Gluyas, 2012). CBA is best not to have the same strategy as BOM so they would not compete for the same market share. CBA will probably match BOM’s rate and spend more on enticing advertisements to outperform BOM’s advertising to maintain its size of market share. 7
SECTION4: HOW TO COMPETE BRAND Brand stature Emerging Potential
Leadership
goal uniqueness strength favorability awareness
Unfocused
Eroding Potential
start Brand Strength
Figure 1.0.2 Strength-stature matrix Brand positions could be characterized efficiently by using a ‘strength-stature matrix’. Strengthstature matrix consist of four main positions namely Emerging Potential, Leadership, Unfocused and Eroding Potential. Strength classifies into uniqueness and strength whereas stature is favorability and awareness. BOM begins with unfocused phase and decided to go through the Eroding potential position to achieve the leadership position. Being in the Eroding potential position, BOM would have high awareness in society because some prefers regional bank and familiar with BOM as it was previously launched and reopened again in 2011. Therefore, BOM will attract the attention of the big4s customers whom initially need regional banks (Johnston, 2011). In addition, BOM has intensive advertisements from the tram 8
cover, advertisement board, Television and even through social media like Facebook. As a result, it promotes high brand awareness among the people. Furthermore, BOM has high favorability in its brand position due to its focus on customer service. Being the only local bank, BOM prides itself in its consultation service of providing highly competitive and efficient solutions to customers (Bank of Melbourne, 2011). Moreover, BOM provides easy steps for competitor’s customers to switch banks. Despite of their high awareness and favorability, BOM has low level of strength and uniqueness being in Eroding Potential position. BOM’s range of products and services are not distinct enough from the competitors to be highly appealing to the customers thus resulting in lack of competitive advantage. In addition, there are several solutions for BOM to strive to leadership position in strength-stature matrix. Firstly, BOM need to increase their level of strength and uniqueness by improving and extending their line of products and services. Secondly, BOM should emphasize strongly on its specialty of being local and private bank thus creating customers’ loyalties.
PRICE Pricing determines the profitability of a business through its profit margin, high volume of sales or both (Ferrel etc, 2011). Competing in price is a way to gain market share from other competitor and boosting sales. According to principles of effective pricing, the factor that drives BOM pricing strategy is the customer’s value and the competitor’s prices (Pride,2012). In Australia, the demand is very elastic due to many alternatives to BOM. Price elasticity refers to customer’s sensitivity to changes in price (Ferrel etc, 201). there are numerous substitutes to BOM such as the big four banks who have been very competitive too by offering low mortgage rate to protect their market share (Kitney, 2011). Therefore demand is very elastic that when one bank lowers its rate, the customers can easily switch banks. Moreover, due to strong dollars resulting in companies slashing their employee capacity, Australians’ budgets are tighter and they tend to save than spend (Heffernan, 2012). To capture these customers valuation of money, BOM has higher interest rate of 5.75 % pa in its savings account, Maxisaver, compared to CBA’s Netbank saver of 5.6% pa in purpose to gain higher market share to increase the capital thus maximizing its corporate value. Secondly, price affects competitor’s strategy of pricing. In the sector of banking in Australia, there are few but strong banks available. They provide similar services resulting in high cooperation and communication among the banks in the market. Therefore, it is expected if one signals the rises or reduction of the interest rate, the others will follow suit. For example, CBA followed ANZ and NAB in raising their home loan rates (AAP, 2008). With high cooperation, there is no price war as no one is
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surpassing one another. This is beneficial for corporate value of BOM as the market it is entering to is stable and predictable thus easier for decision making processes. Knowing the stable market condition and being relatively small and new to the market, BOM is offering lower lending rates to lure customers from other banks to expand its market share (McMahon, 2011). Aiming for growth, BOM is more focused on attracting high volume of customers from massive advertisements and delivering quality services despite the lower profit margin. With that, BOM is hoping to establish the image of private local bank among the people. Once that image is attached, BOM can charge more from its customers who have high valuations and are willing to pay more for the services provided. From the factors of BOM’s pricing, it is evident that it is using the penetration prices where discounts and promotions are being invested heavily such as lower lending, home loan rates and higher savings rate compared to other banks. Since BOM is aiming for growth and place itself as competitor to the big four banks, BOM is using penetration pricing to target high volume of customers mainly from the competitors.
PRODUCT Special focus need to be implemented on product decision based on three main reasons namely, the competition is increasingly customizing its offering, customer satisfaction is getting demanding (selfdefining their requirements), and competitors are increasingly adding auxiliary goods. Thus careful decision making on product need to be made before the product is launched. The fundamental decision is involving how much should be invested in any given product and how many of these products should be offered to a target segment. The decision making is revolving around the product mix. Product mix is the composite set of product lines and items that a particular seller made available (Pride, 2012). It is mainly consist of three different categorizations namely breadth, length, and depth. BOM product mix is illustrated on the figure1.03 below. BREADTH
LENGTH
DEPTH
PERSONAL
Bank Account
Transaction accounts Savings accounts Term deposits
Home Loans
Fixed Rate Home loan Standard Variable Rate Home Loan
Credit Cards
Vertigo MasterCard Amplify Visa Card
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Personal Loans
Secured personal Loan Unsecured personal loan
Insurance
Home and contents insurance Travel insurance Car insurance Home loan protection Personal loan protection Credit card protection Landlord insurance BT protection plans
Investment & Super
BT super for life Margin lending DIY super saver Directshares online broking Bank of Melbourne financial planning Bank of Melbourne private
BUSINESS
Transaction Accounts
Freedom business account Business cheque account plus
Savings Accounts
Business Access Saver Fixed Term Deposit
Credit Cards
Business Vantage Visa Corporate MasterCard
Lending & Finance
Home Mortgages Business Finance Equipment Finance Trade Finance
Payment Solutions
EFTPOS solutions Ecommerce Solutions Phone Solutions Customized Solutions
Super& Insurance
Business Super BT Super for Life DIY Super Accounts Business Insurance
Agribusiness
Farm Management Deposit Farm Insurance
CORPORATE
Business Solutions
Business umbrella Bank bill facilities Trade finance Equipment finance Car finance Property finance Corporate finance Risk management solutions Cashflow finance
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Transactional Banking
Receivables Payables Making staff super payments Electronics solutions Receivables solutions
International
Spot transactions Forward transaction Foreign currency options Tactical forwards Foreign currency accounts
Superannuation
superannuation
Industry Specialist
Professional services Manufacturers and wholesalers Property Aged care Hospitality and leisure
Intermediary Business
Product solutions Economic reports
Financial markets
Corporate investments Risk management Economic report
Figure 1.03 Product mix There are 5 determinants that define the product mix decision: Core strategy BOM unit’s core strategy is differentiator. Hence, plenty of varieties and depth focus strategy are needed to keep the product attractiveness in line as they are competing with the big 4s in terms of the product they are offering.
Unit’s strategic objective From the previous section 1, we claimed that BOM’s market strategic objective is classified as ‘growth’. Sales rise rapidly on this stage thus the goal is to establish BOM’s market position and gain market loyalty that would results in greater market penetration (Pride, 2012). Therefore, larger and deeper product mix with great variations is essential.
Unit’s strategic focus Since BOM strategic focus is to increase sales volume, it is critical to increase length and depth of the product mix offering targeted market a great variety to pick on and keep the product attractiveness. 12
Business unit’s need focus BOM requires to focus on serving the Victorians needs of local bank with national network support and outstanding customer services. Thus, we have to choose a focus on variety of depth that satisfies the segment needs.
The competitors Generally product mix would be small and shorter if there’s a lack of competition in the market. Firms can be complacent with their product offerings as the targeted segment does not have any alternatives. Nevertheless, BOM is having 4 major banks as competitors. Thus the product mix will be longer and deeper. The product BOM offers are approximately similar with the competitors’ products to maintain its competitive edge in gaining market shares.
In addition, the competition on the market is highly influencing the line stretching decision. Frequently, firms consider the use of upward and downward stretching to prevent the threats posed by the competitors In the case of BOM, upward stretching (figure 1.04) is recommended as BOM are currently laid in a low position compared with the 4ps and upward stretching would bring about the competitiveness of BOM to the same levels with the 4ps and leading its way to better leadership position in the market, gaining people favor.
Figure 1.04 Product Line Stretching Decision (Kotler, 2010) pg. 323 13
To summarize, all five determinants deduce the conclusion that BOM has to go into depth and variation on its products.
PLACE ‘Place’ is concerned with channels distribution. It performs in functions of information, selling, delivery, and financing. The channel design consists of four different types namely direct, indirect, multichannel, and hybrid channel systems. BOM needs to determine its optimal channel design structure that performs most efficiently and effectively. Based on analysis of BOM, direct channels determined as most appropriate. There are six factors to determine the optimal channel design: Stage of the market BOM is currently in its initial stages. Thus, direct channel is preferable to establish the brand knowledge due to its new presence in the market.
Strategic objectives BOM is in the growth stage thus hybrid channel is preferable to reach out to more customers.
Strategic focus BOM strategic focus is to increase its sales volume. Thus hybrid channel with more outlets and facilities such as net banking, phone banking, and retail is preferable as it would results in higher sales.
Benefits needed Based on customer needs of comprehensive advice on their financials, BOM are required to provide excellence customer service with direct involvement with each individual. Due to aforementioned case, direct channel is more desirable.
The competitors and the PEST factors Being a differentiator, direct channel is more appropriate to BOM as it can be more specialized in its field of being a local and private bank.
The core strategy i.e. cost competitor/differentiator
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BOM has chosen differentiator strategy. BOM needs to have strict recruitment process to ensure the employees are able to address customer’s enquiries accurately and efficiently. Hence, direct channel is preferable due to frequent interaction with the customer regarding their enquiries (Pride, 2012)
Therefore, after considering all the six factors, BOM will be in a better position to compete using both direct and hybrid channel.
CONCLUSION In conclusion, this report has used SWOT analysis to illustrate BOM’s moderately attractive market and high competitive advantage then derive strategic market objective of growth. BOM selects its targeted segment which is broken down into three categories namely personal, business, and corporate. Also, BOM is customer oriented as it concentrates on different type of customers’ behaviour pattern. BOM also need to consider competitors strategy and pricing in order to control its strategy that will accurately overcome competition and attract more customers. All these considerations are incorporated into BOM’s strategy of differentiating itself through brand, product, price and place. Firstly, BOM will increase strength and uniqueness of its brand leading to its leadership position. Secondly, product’s variety needs to be expanded in terms of its depth. Thirdly, penetration pricing is used to lure competitor’s customers that have a very elastic demand. Lastly, the combination of hybrid and direct channel is preferable for BOM’s market objective. Therefore, this marketing plan would assist BOM to achieve its long term strategy in gaining larger market share and increase its sales volume by being a private local bank that offers pleasant experience for its customers.
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