Bank Marketing - 2517 Words

I. Introduction Within our society, financial institutions are becoming more abundant. Along with this present growth, the field of marketing financial services has also grown in size and scope with new entrants everyday. The relatively stable banking environment is being altered with innovation, opportunism, and government intervention. This era, marked by the government s luminous hand of deregulation (defined as the act of removing regulations or restrictions from a specific entity), has expanded consumer options to the extent that commercial banking must now become an aggressively competing member of the financial services industry. In this new era, important marketing areas such as regulation, environment, product,†¦show more content†¦In making decisions concerning a bank s strategy, the institution must take into account several initial areas that may formulate a restraint in implementation. They are the economic and cultural environment, the competitive banking atmosphere (extremely competitive), the marketing strategy to be implemented, and the pricing/promotion that goes into the marketing function. (McMahon, 1986). III. Environment The foundation of a successful bank marketing scheme lies with a strong understanding of the environment in which the institution is located. The most important environmental variables are those operating outside the bank, known as the external environment and those within the organization, known as the internal environment. (McMahon, 1986). The external environment includes components such as legislation, prime rate, competition in the market, local business practices, and technology. Most importantly, the external environment must look and examine the effect of the national and regional economy as it pertains to the marketing situation. First, bank managers need to examine certain forms of legislation, such as the government s present deregulation process. (Hodges and Tillman, 1968). Due to stiff pressure from customers and the business community alike, bank regulators, federal and state, are releasing their tight grip over the previously controlled industry. The government s lasses-faire approach to the situation has enabled states toShow MoreRelated Bank Marketing Essay2444 Words   |  10 Pages I. Introduction nbsp;nbsp;nbsp;nbsp;nbsp; Within our society, financial institutions are becoming more abundant. Along with this present growth, the field of marketing financial services has also grown in size and scope with new entrants everyday. The relatively stable banking environment is being altered with innovation, opportunism, and government intervention. This era, marked by the government’s luminous hand of deregulation (defined as the act of removing regulations or restrictions fromRead MoreAlly Bank : Marketing And Advertising1197 Words   |  5 PagesAlly Bank has become more of a well-known name over the last few years. Being the â€Å"product† of a bailout hasn’t been easy for them, but they are finding unique ways to brand themselves. Ally Bank should use marketing and advertising to continue to promote their brand name and what they stand for, along with education about the bailout. Ally will continue to grow their market over the years if they remain innovative. Ally Bank faces some tou gh competition but has been able to out-do them with theirRead MoreTesco Bank Marketing Essay2806 Words   |  12 PagesCredit Card Poster Executive summary This assignment is commissioned to examine why Tesco Bank will be suitable to boost sales and why it is necessary to focus on this area for improvement. 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There are numberRead MoreMarketing Question Bank16868 Words   |  68 Pages___________________________________________________________________________ 1. 2. 3. 4. 5. 6. Marketing is basically selling and advertising. True False According to the text, marketing means selling or advertising. True False Marketing, in the literal sense, means selling or advertising. True False Marketing means promotion and selling. True False Actually making goods or performing services is called marketing. True False Estimating what price consumers are willing to pay for a product and if theRead MoreService Marketing On Bank Of America1115 Words   |  5 PagesJaquelle, Silam, Silas, and Trang Service Marketing on Bank of America Based on service Intangibility Unlike goods, services are typically produced and consumed simultaneously. The service and provider are always linked together. Banking is one of industries need much more services. 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In fact in last eight decades

Heres What I Know About College Application Essay Engineering Samples

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Executive Summary The purpose of this report was to analyze the problems faced with the company called Kodak Eastman. Methods of analysis include SWOT, PESTLE and Porter’s Five Forces, which are frequently used to analyze the organization and the external environment. All details of these methods used in this case can be found in the appendices. In particular, there may be three factors mainly contribute to the fall of Kodak: new entry and existing competitors, carelessness of new technology and inconsistency in leadership. Recommendation discussed include: pay attention on quality of product, maintain the stability of leadership, introduce new powerful product and provide lower-cost consumable. 1.0 Introduction This report provides an analysis problems faced with the corporation whose name and product are familiar to the fans of photography, Eastman Kodak. Kodak was founded by George Eastman in 1888 and played a dominant role in photographic film market such as digital printing enterprise and Graphics, entertainment commercial films. Kodak was founded by George Eastman in 1888 and played a dominant role in photographic film market such as digital printing enterprise and Graphics, entertainment commercial films. However, Kodak has emerged from bankruptcy which means the old company will end up and a new Kodak will set up after the Chapter 11 restructuring ( IBS Center for Management Research 2012; Hedeen 2013). This report will give a brief introduction of Kodak Eastman firstly, and then analyze their current situation by using SWOT, PESTLE and Porter’s Five Forces. At last, some recommendations will be given on the aspects of how to deal with how to deal with the new and existing competitors, rapid development of technology and maintain the stability of leadership.2. 0 Analysis 2.1. Kodak Eastman: A Brief Introduction The company was founded by George Eastman and Henry Alvah Strong under the name Eastman Dry Plate Company in 1881, and renamed as Eastman Kodak Company in 1892. In the late 19th century, Kodak aimed at provide customers an operate simply camera with a lower price. For instance, although the pocket Kodak camera only cost US$5, Eastman still working hard to invent a low-cost cardboard box camera called ‘Brownie camera’, which sold for US$1 and used film sold at 15 cents per roll.The company continued to develop new technology product over the next 20 years and had been making a sharp rise in sales. However, Kodak started to losing ground within increasing competition from some other companies such as Fuji, Nikon Corporation, Canon Inc. and so on even Kodak continued developing new products. From 1993, Kodak refocus on its core business by spinning off its chemical company which had been running successfully (IBS Center for Management Research 2012). However, the company’s net income and market share still went down due to intense competition. At last, in the 21st century, Kodak began to struggle financially and announced emergence from bankruptcy in January 2012. (Hedeen 2013)2.2 Analysis of internal strengths and weaknesses by SWOT analysis Chermack (2007) assert that SWOT analysis can help companies to analyze internal as well as external environment and make appropriate decisions. Moreover, Chermack point out that the SWOT analysis model consist of six steps (as in figure 1) Figure 1. General model of SWOT analysis (Chermack 2007)Strength: To start with, the most obvious strength of Kodak is the strong brand image (MarketLine 2013). Kodak is one of the oldest and most famous brands around the world, since it was established for almost 125 years. Moreover, the study (IBS Center for Management Research 2012) show that it used to play a dominant role in market share till 1999 (from 79.2% in 1997 to 70.5% in 1999). The brand awareness will help them to capture leading position even in the competitive digital age. Weakness:However, according to IBS Center for Management Research (2012), one of the weaknesses of Kodak is inconsistency in leadership strategy. Kodak had been 13 president or CEO between 1884 and 2003, which means there had been many changes in policy in the company’s history. Furthermore, the leaders may cannot develop appropriate strategy in a short time. Besides, such changes may make the in-house leadership unhappy, which may negatively influence the brand image of the company.Additionally, MarketLine(2013) pointed out that lack of product diversification is another weakness of Kodak. For instance, in 1993, Kodak closed its chemical company which had been successfully to focus only on its core imaging business. Moreover, it sold some other businesses to ensure product concentration (IBS Center for Management Research 2012). It was indeed increased income of the company, but such discontinued operations may make aggressive impact to company in future, since the competitors like Cannon and Fuji offer more a wide variety of products and services. The opportunity and threat are also significant for analyzing the situation of Kodak. The opportunity include invented the first digital camera, strategic alliance. On the other hand, tough competitive environment, rapid development of technology may threaten the company’s result of operation and decision making (MarketLine 2013). The two-by-two matrix of SWOT analysis can be seen as Appendix I. 2.3 Analysis of external environment by using PESTLE methodMullins (2010) asserts that the management of opportunities, challenges and risks caused by the changing external environment is essential for organizational performance. PESTLE analysis is a popular method for analyzing the external environment. The letters of PESTLE stand for Political, Economic, Social, Technological, Legal and Environment. This section will focus on discussing economic and technological elements in relation to Kodak. Economic element:In considering the economic factor, the impact of Global Financial Crisis (GFC) cannot be ignored. The household incomes were lower in 2009 than they were in 2008 not only in low-income countries but also in middle-income countries (Foxley 2009; International Monetary Fund 2009). People became cautious in spending in such an economic environment. In spite of this, the price of Kodak’s price is still high, but its competitors such as Fuji, Canon cut down the price to attract more customers.Additionally, the row cost of films such as silver rose, as a result, Kodak had to increase the prices for its consumer and movie films (The USATODAY 2006). The increased cost of materials may affect Kodak’s earning. On the other hand, such problem will not affect the competitors since they are more focus on the digital market. Technological element:In the technological area, Kodak invented the first digital camera in 1975 and continued to develop new high-tech product such as OLED material and hold the dominant position on the film market and camera sales (IBS Center for Management Research 2012). Nevertheless, the competitors such as Sony introduced some filmless technology products which can record image on floppy disks. This make the growth of Kodak’s income decelerate. Despite Kodak introduced some new products to response, the products were unsuccessful. Even Kodak invented the world first digital camera, they did not catch the potential of digital product. On the other hand, Kodak’s competitors recognized that and started to focus on digital market. According to IBS Center for Management Research (2012 p13), ‘the fall of Kodak was a classic example which should serve to warn other companies that innovation alone was not enough.’ Insufficiency in speed of change and adoption of new technology is a significant reason for Kodak’s losing their market share to its competitors.Other elements: The other elements such as Political, Social, Environmental and Legal factors are also important to analyzing the Kodak’s case, which can be seen as Appendix II.2.4 Analysis of Competitive environment by using Porter’s five forces Porter (2008) points out that there are five forces that shape industry competition: threat of new entrants, threat of substitute products or service, bargaining power of suppliers, bargaining power of buyers and rivalry among existing competitors.In the 1950s, Japanese manufacturers s uch as Fuji, Olympus, Nikon entered the camera market as the new entrants and make a significant threat to the traditional power, Kodak. From then on, Fuji became the most powerful competitor since it provided substitute product such as photographic films and digital cameras of Kodak. Move to 1990s, such rival brands offered higher quality at a lower price product than Kodak. Therefore, buyers got the power to choose products in a lower price, which lead to the decline of Kodak’s market share (IBS Center for Management Research 2012). 3.0 Conclusions3.1 Kodak Eastman obtain a well know strong brand image which means it can rise up through making appropriate decisions by a stable leadership team. 3. 2 Study shows that Kodak Eastman lacks diversification in its products and services, whereas its competitors have a more diversified portfolio. This may causes it lose market share again in the future. 3.3 The Global Financial Crisis and the rise cost of raw material caused a economic problem to Kodak Eastman, which means it should rose up the price of its products at a same quality. Therefore, the buyers from low-income and middle-income countries would be cautious to buy such products. 3.4 The Kodak management underestimated the change of digital technology while the competitors recognized the potential of digital camera. Experts assert that this caused by alone innovation of Kodak Eastman. 3.5 Although faced keen competition from other companies such as Fuji, Nikon, Canon and so on. Kodak Eastman underrated such crisis. This resulted in Kodak fall in the creative digital age and came out of bankruptcy in 2013. 4.0 RecommendationsAccording to the analysis above of Kodak Eastman, the following recommendations are made: ? Since the strong brand image Kodak Eastman have obtained, it should pay more attention on improving quality of product and providing better after-sale service instead of advertisement. ?Maintain a stable leadership team which should include people from different areas to ensure that the diversification of its products. ? Be more focus on the digital market to decrease the cost of raw material of films such silver in the first five years of new Kodak company established. ?Allocate money in researching and developing new technology and introduce a new powerful, innovative product at the beginning of 2014. ?Provide low-cost and consumable product such as inkjet cartridges and camera batteries cheaper than the competitors.

Problem with body weight

Many people are concerned with maintaining their health, as well as that of their loved ones. However, the main issue is whether body weight is the only cause of poor health. There is a false perception among members of society that overweight is a sign of unhealthy condition while underweight is a confirmation that an individual has a good health.Advertising We will write a custom essay sample on Problem with body weight specifically for you for only $16.05 $11/page Learn More Convincing members of society to believe that unhealthy conditions are caused by various factors is an issue of concern. In this article, unhealthy behaviour would be evaluated in detail by discussing some of the factors that contribute to poor health. Body weight should never be used to measure the health of an individual because even slim individuals would be suffering from certain ailments. Therefore, healthy is an issue of concern while overweight is a major problem that would cause poor health (Costa, 2006). The major problem, which is related to overweight, would be resolved through the application of body mass index (BMI) while the issue related to health would be resolved through evaluating the risk factors for diseases, as well as some conditions that are often related to obesity. Body mass index is an instrument that is utilized in measuring an individual’s weight and obesity. Body mass index calculates an individual’s health by computing his or her height and weight. In other words, it approximates the body fat, which is a risk that would predispose an individual to various forms of diseases. Body mass index shows the healthiness of an individual meaning that the higher the body mass index, the higher the chances of contracting diseases. Individuals with high body mass indexes tend to suffer from hypertension, diabetes, gallstones and other heart related diseases. Furthermore, research shows that individuals with high body indexes ha ve high chances of suffering from cancer. Even though body mass index is a reliable tool for measuring the weight of an individual, it should not be relied upon so much in reporting the weight of athletes because it might overestimate their weight. On the other hand, it may end up underestimating the weight of old persons. Those with body mass indexes of over thirty are considered obese while those with body mass indexes of below 18.5 are underweight. The measure of waist circumference is another technique that could be utilized effectively to determine whether an individual is healthy or not. In this regard, an individual should not have too much fat around the waist because it would predispose him or her to diabetes. Since health is a great issue in society, individuals should keep off from practices that would predispose them to high blood pressure, high cholesterol, high triglycerides, and high blood glucose.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More People who are obese, meaning that their body mass index exceeds thirty, should be encouraged to lose weight for them to be accepted as healthy individuals (Sheila, 2004). An individual with a body mass index of between twenty-five and thirty is considered overweight hence he or she should lose weight. It should be understood that weight is a contributing factor to good health, but overweight does not mean unhealthy conditions. Similarly, underweight does not mean a healthy condition because smoking is another cause of diseases. An individual with less weight might involve him or herself in some unhealthy behaviour, such as smoking, which would expose him or her to diabetes. Therefore, maintaining a normal weight alone is not the only way of preventing diseases. References Costa, R. (2006). Obesity in Children and adolescents. New York: Public Health Nutrition Academy Sheila, G. (2004). Child and Adolescent Obesity : Current Problems in Paediatric and Adolescent Health Care. New York: Pearson. This essay on Problem with body weight was written and submitted by user Molly Little to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.