Strategy Flashcards
What kind of strategy is personal selling?
Personal selling is considered part of the distribution strategy because of its importance in providing and delivering bank services.
What are the two steps in creating a marketing strategy?
- Select or segment the target market(s)
2. Design the marketing mix to attract target market
What are the two different methodologies for planning strategies
Two different methodologies are available for planning strategies top-down and bottom-up
What is the top down methodology for planning strategy
The top down planning involves senior management setting the direction, objectives, and goals for the organization and asking staff to implement them
What is the bottom up methodology in planning strategy?
The bottom up planning allows the staff to submit concepts and ideas for objectives and goals which encourages the closer to the market approach in accountability and buy in from the line staff.
What is the purpose of market segmentation?
The object of market segmentation is to identify a specific group and then pursue it with a tailored mix of product pricing promotion and distribution. A market segment must be measurable accessible and substantial.
MCIF vs CRM vs Data Warehouse
MCIF: A universal tool for bangs of all sizes and complexities.
CRM: For a more customer focused organization that wants to assign customer accountability to individual Bankers.
Data warehouse: For larger banks seeking to understand it’s customer base across multiple analysis points.
What is one to one marketing?
121 marketing users customer insight in account usage information to segment and create marketing messages for the individual. This methodology is highly effective however it is also extremely complex and expensive. One to one marketing hubs maximize and leverage the investments made in marketing to customers who are already committed to the bank and potential customers who are the most able and willing to commit.
What are the five principles segmentation alternatives?
Geographic demographic psychographic volume and benefit
What is geographic segmentation?
Geographic segmentation divides the market according to geographic units. A firm may decide to market different products in different areas or market its products in certain areas and not another’s. A Bank practices geographic segmentation when it decides to locate a new branch or loan production office.
What is demographics segmentation?
Demographic segmentation categorizes the market in terms of population characteristics such as age, sex, income, occupation, and position in the lifecycle. Examples include professions like doctor or lawyer, senior accounts, youth accounts, no frills accounts, etc.
What is psychographic segmentation?
Psychographic segmentation involves classifying the market in behavioral terms according to life cycle, lifestyle, or personality profile. An example would be the young professional on the fast track as a prime market segment for a debit card and credit card sales. Or conservative consumers who want to protect their savings - market a five year fixed rate investments.
What is volume segmentation?
Volume segmentation refers to a marketer‘s attempt to distinguish heavy medium and light users of a product.
What is the Pareto principle in which segmentation is a part of?
The Pareto principle says that 80% of profits come from 20% of customers. It comes from the volume segmentation. The strategy is to Find out the characteristics that those 20% have in common then to direct the marketing effort toward attracting more people like them.
What is the benefit segmentation?
Benefit segmentation is the process of categorizing the market in terms of main product related benefits that different groups seek. And example is club oriented checking accounts where customers receive access to travel opportunities.
