This strategic marketing plan is to identify the strategic orientation and development marketing plan to realisethe mission and objectives for First Direct.
I. MISSSION AND OBJECTIVES
First Direct wants to know how much of the market will gravitate and could even supplant its parent HSBCamong the Big Four in United Kingdom as their new mission. To achieve those they have to maintain highcustomer satisfaction and recommendation rating, increase market share and realise revenue growth.
II. SITUATION ANALYSIS
In macro environment, the global financial crisishas been influencing the entire economy of UK. Customerspending, investment and savings have been changed by the global financial crisis, most negatively.However, PWC (2010) points out that people should see gradual upturn in business investment growth in2011 by UK Economic Outlook Report of PWC.In micro environment, First Direct competes with four big bank and some direct competitors. However theircustomer-orientation strategy makes them distinctive.
III. TARGET SGEMENTS
Primary target segments are experienced business owners and high income workers.Secondary target segments are business starters and mid income workers.
IV. MARKETING STARTEGIES
Referring to the market map and Ansoff’s product market growth matrix,
the marketing strategy should focuson seeking revenue growth and offering new service/product to existing customers and new customers.
V. FINAL RECOMMENDATIONS
The final recommendations are focusing growth young affluent customers including business owners andhigh income workers. Providing customisation and personalisation product and service will realise revenuegrowth and then achieve market share increase.