A Report on Advertising and Public Relations
Market Situation & Analysis: SWOT Analysis
Strength
High-quality customer service
Excellent location
Efficient service options
have been around for 30 years and have grown to 5 branches throughout the state (Chun, 2015)
customers love them because they treat them like real people, focus on strong customer service, and give every customer the attention they require
Weakness
No strong focus on public relations as a marketing tool
They have relied mostly on referrals and word-of-mouth advertising in the past
offer no online banking or e-commerce services
no competitive advantage
Opportunity
The organization treats customers like real people, focus on strong customer service, and give every customer the attention they require (Duffy, Miller & Bexley, 2006)
need to penetrate a new market segment
Threat
new competitor entering market
new regulations
increased trade barriers
high cost per customer, which reduces profit
Long-term Strategic Objectives:
Increase in overall profit as well as ROI
Creating a competitive advantage through e-commerce initiatives
Identifying and penetrating profitable new market segments
Using effective advertising as well as public relations
Marketing Objectives:
The current marketing strategy of the banking organization is to use its present customer base to find new ones it has not grown outside of its present unprofitable market segment. It aims at offering online banking services since it has not made any such venture. This situation is changing rapidly as it has started working upon its technical infrastructure (Huang, n.d.). The most crucial objective of the organization is to select the most appropriate market segment. This calls for the preparation of an effective market plan before it launches any new service. The organization aims at identifying as well as establishing...