Your bank, Prosperity Bank, that has branches all around South Africa, serves upper and upper-middle class clients. This includes statesmen, CEOs, chairmen of large corporations, and various high-profile individuals. The bank offers various products and services, which include hedge fund management, company stock, and insurance.
Over the past 10 years the company has grown exponentially and is opening new branches in Nigeria and in Namibia to expand their operations and customer base. As part of this growth, the company is introducing new products that are targeted at middle-class and working-class families. This decision comes because of the impact that Covid-19 has had on various world economies and workers, including South Africa, Nigeria, and Namibia.
These new services and products are meant to provide financial relief to struggling customers through the provision of lower interest rates and sound financial management consults, among other services that would otherwise be meant for upper- and upper middle-class clients. However, these services will be run under a separate company, under Prosperity Bank’s family companies. As the company’s director, you need to think about how you will approach the market and how your strategies and marketing plan will differ.
To answer this question effectively, you will need to base your answer on a company that you have worked for or currently work, or you will need to conduct research on any company that offers the same products or services. You will also need to provide evidence of this by giving examples that are relevant to the discussion.
QUESTION 1 [30 MARKS]
Being aware of the market environment and how external factors may impact the decisions of Prosperity Bank and will better equip and prepare you to deal with any threats in the external environment, select any three characteristics of the macroenvironment and examine how each of them will particularly impact the bank’s decision to move in this direction.
Consider the products you offer and how they meet expectations and needs as compared to your competitors and how this move can work in the firm’s benefit.
QUESTION 2 [20 MARKS]
Now that you have identified characteristics in the macroenvironment that will impact this expansion, you need to consider your competition.
Identify who will be your major competitor for this market, select any two that present a major threat, and illustrate how you aim to compete with them, as a marketer.
Note: Consider factors that influence this market’s behaviour in making decisions about products and services, and explain how your understanding of these factors will enable you to create marketing strategies that meet demand and expectation
QUESTION 3 [50 MARKS]
Having looked at the macroenvironment and analysed your competition, you should have sufficient insight to construct how you want to promote this product.
Design a five to six page marketing plan, giving more careful attention to these elements:
• Set out your goals and objectives in marketing the products;
• Provide a clear definition of your target audience;
• Examine the most effective ; and
• Develop a strict timeline and budget for implementation. (Buttle, 2021)
Note: You have done the competitor analysis in question 2, which is an important element of a marketing plan. Make sure to refer to it by outlining its significance and consider which marketing strategy will be most effective.
Answers to Above Questions on Prosperity Bank
Answer 1:Any business expansion decision requires a complete analysis of the macro and micro environmental factors in the target market in order to make the best possible expansion. In the given case scenario of Prosperity bank, the bank tries to expand its products and services in the markets of Nigeria and Namibia, and an evaluation of macro environmental factors related to the Prosperity Bank expansion decision is performed as follows:
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