Week 3 Assignment: Situation Analysis
Trine University MKTG 6943
November 16, 2016
Section 4. Situation Analysis
The customer base for Better Student Banking (BSB) is the student population of New York City, which is approximately 197,000 people as of the 2000 census. A snapshot of the age demographics of the customer base is presented in Table 1 below. The age ranges that should be most highly targeted should be the 18-24 demographic, members of which are most likely opening their first bank account or get their first student loan; the 25-44 demographic, members of which are likely to have less established, loyal relationships with other banks; and the 65 and over demographic.
The next demographic to consider in the marketing strategy is the target population income. Because of the rapid gentrification of New York City and the influx of residents from a more affluent socioeconomic status has increased substantially since 2000. Strategies of capitalizing on the higher income demographic of the customer base follow in the SWOT.
Right now non-profit banking such as student credit unions have significant opportunities to maximize their customer base and increase brand awareness amongst potential consumers. Due to the financial meltdown of 2008, commercial banks ' reputations have been decimated, which represents a chance for BSB to educate consumers whereas previously loyalty to commercial institutions precluded BSB from effectively communicating crucial decision-influencing information to potential customers.
Strengths. There are no fees associated with account services; we offer referrals to low interest rates on personal loans as well as student loans; and we offer students more...
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...eaknesses, opportunities, and threats to provide a solid foundation, which is the springboard to identify subsequent actions the marketing plan.(see Chapter 2)
(b) Industry Analysis–Provides the backdrop for the subsequent, more detailed analysis of competition, the company, and the company’s customers.(see Chapter 2)
(c) Competitor Analysis–Demonstrates that the company has a realistic understanding of its major competitors and their marketing strategy.(see Chapters 2,3, 8,and 9)
(d) Company Analysis–Provides details of the company’s strengths and marketing strategies that will enable it to achieve the mission and goals identified earlier.(see Chapter 2 and 8)
(e) Customer Analysis(customer characteristics, etc.)–Identifies who the customers are and insights into any major trend that may have a potentially large impact on the company.(see Chapters 5, 6, 7, 8, and 9)
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