MARKETING STRATEGY EVALUATION

PLAN OF AMANA BANK PLC –

SECTION B
Table of Contents
INTRODUCTION.....................................................................................................................................2
INVESTIGATION OF STRATEGIC MARKETING TECHNIQUES THAT CAN BE APPLIED BY AMANA BANK...3
APPLICATION OF THE 7P MARKETING MIX IN THE CONTEXT OF AMANA BANK....................................5
EVALUATION OF EFFECTIVENESS OF STRATEGIC MARKETING TACTICS APPLIED IN AMANA BANK AND
OTHER ORGANISATIONS OPERATING IN SIMILAR MARKETS.................................................................6
ANALYSIS OF ROLE AND FUNCTIONS OF MARKETING MANAGEMENT IN THE CONTEXT OF AMANA
BANK......................................................................................................................................................7
CRITICAL EVALUATION OF APPROPRIATENESS OF STRATEGIC MARKETING OBJECTIVES PURSUED BY
AMANA BANK IN THE GIVEN MARKET CONTEXT...................................................................................9
AN IMPACT ANALYSIS EVALUATING THE EFFECTIVENESS OF MARKETING MANAGEMENT FOR
AMANA BANK......................................................................................................................................11
CONCLUSION.......................................................................................................................................12
INTRODUCTION
a variety of management thinkers and practitioners have stressed the importance of strategy
(kariuki, 2012). Strategy deals with the long-term aims of the corporation and the strategic plans it
puts in place to help attain those objectives over the long term. a strategic strategy of defending
oneself from competition and a creative method of getting a foothold in an industry where
competition is limited The authors contend that (Arnett and Badrinarayanan, 2005). To maximize
performance, according to Porter (1980), it is necessary to strive for a Competitive Edge; distinguish
your Organization's Goods and Services from your Rival's; and leverage increased productivity. In
other words, "strategy" is a means by which an organization manages the turbulent environment it
is in.

Islamic banking has seen the fastest growth in its history in the three decades since its inception.
Islam's ultimate purpose is to earn money while at the same time contributing to the overall social
and economic prosperity of society (Huang, 2005). Islamic banking is a rising sector in Sri Lanka's
financial market. Sri Lanka is one of the countries with Islamic banking legislation that is not a
member of the Organization of Islamic Cooperation (OIC). Islamic finance first came to the fore in
1997 when Amana Investments of Sri Lanka set up shop. Following the revision of the banking
legislation no. 30 of 1988 in March 2005, Islamic banking windows and Islamic financial productions
are now possible for conventional banks. Islamic banking is increasing rapidly in Sri Lanka, thanks to
sharia law and other experts, according to Islamic law. Because these problems are always being
developed, there is always a doubt as to whether Islamic finance is on solid ground. In contrast to
Islamic banks, conventional banks enjoy more public support in Sri Lanka, as the country's central
bank treats both Islamic and conventional banks alike (CBSL).

While interest in Islam is typically related to Islamic banks, most individuals are curious about Islamic
banks simply because of the ban of interest in Islam. However, there are a considerable number of
clients that make their banking decisions based on the various financial services, the quality and
profitability of the service. There are numerous marketing problems for the Sri Lankan Islamic
banking market (Sheth & Gardner, 1982). On the other hand, one factor that makes Islamic banking
more difficult is the current legislative climate, which is considered unfavorable to Islamic banking
activities. Another barrier is reluctance by regulators to enact necessary changes in the law to boost
Islamic banking development, a lack of investments that complies with sharia, an increased capital
requirement, intense competition, and the fact that Muslims make up only about 10% of the
population in Sri Lanka. The firms that retain their customers over time and attract long-term, loyal
customers that care about the ethics of marketing methods are far more likely to thrive.
INVESTIGATION OF STRATEGIC MARKETING TECHNIQUES THAT CAN
BE APPLIED BY AMANA BANK

With many people on the internet, it was never easier for clients to register and ask for loans and
learn about their money. That's why every bank needs a digital marketing plan. There is enormous
demand for Internet-compatible banking – and you have to provide the answers. Nearly every big
bank utilizes digital marketing to acquire new clients and convert them. Below strategic marketing
techniques can be applied by Amana Bank to improve their customer base (Anwar, 2012).

Content marketing - Content marketing is the creation process for the corporate website for text,
graphic and interactive components. For banks, this includes giving your clients the means of
learning about banking, creating, accessing and controlling their accounts with you. An online
interface provides clients with a better sense of financial control. Each bank client wants to view
their balance sheets, deposits, withdrawals and other vital information, but the Bank can use a
percentage of their money for investments.

Search Engine Optimization - SEO is the process to improve your website so Google and users can
better comprehend it. Your SEO work pages are probably your homepage, your account login page
and any information pages helping customers to register for their bank account. You may also
improve the pages that describe the benefits of savings accounts, the way mutual funds function and
other services that you provide. When you apply this notion of bank marketing, you have the ability
to compete with major and small banks for clients. And while you cannot be aware of the brand that
major banks do, developing sites that are unique to your local region, local companies and other
factors can work.

Pay-per-click advertising - Pay-per-click advertising (PPC) is a paid marketing strategy that allows
you to go to the finest pages of your site using search engines and social networks. In search
engines, the results of PPC are shown above ordinary search results, so you can afford greater
visibility and a better position to achieve than major banks. The best thing is that this banking
concept to attract new clients allows you to have full control over your budget, ad placement and
targeting. This implies that PPC is an affordable approach to market your company. You and your
rivals have complete control of the cost of any keyword based on how difficult you are to compete
for it. Best of all, you're not paying unless someone with this promotional concept hits your ad. This
means that you lose money only if you can convert a new consumer.
Needs, desires, and viewpoints vary from person to person. The buying behaviors, resources,
locations, and buying power of each group of buyers are different from each other, so companies
segment the groups of buyers based on common buying interests in order to effectively and
efficiently communicate with each of these groups (Kotler, 2003). Since Amana Bank, a rival in the Sri
Lankan finance sector, has to discover new markets, it must figure out which categories are most
profitable in the Sri Lankan market. Kotler & Keller (2012) believe that the marketer's responsibility
is to pinpoint the target market segment. As many other marketing professionals will know, Amana
Bank also defines several client groups based on their descriptive features such as location and
demographics, as well as their behavioral factors such as brand recognition, usage, and response to
customer advantages (Kotler and Keller,2012). What is critical, even though we employ
segmentation characteristics, is discovering what the distinctions are in the markets and designing a
marketing program that accounts for them. In geographic, psychographic, behavioral, and
demographic segmentation, the most important segmentation characteristics are selected. Market
targeting is the process of evaluating each market segment's desirability and picking one or more
segments to enter. A target market is a group of consumers who share common demands or
characteristics that the company intends to service (Kotler ,2013). Based on the above
segmentation, Amana Bank can target Segment A in the consumer market and Segment B in the
corporate market due to its size and attractiveness for vehicle financing due to the competitive
pricing for Amana Bank's vehicle financing, which is comparable to other conventional banks, and
the rebate benefits that Amana Bank offers, which are not available in conventional leasing. In order
to effectively use tactical marketing tools, Amana Bank must be vigilant and proactive in selecting
tactical marketing tools that will add value to the bank while also not jeopardizing Amana Bank's
corporate strategies and positioning in the banking industry. As a result, Amana Bank must ensure
tactical marketing tools are delivered effectively with proper training on systems.
APPLICATION OF THE 7P MARKETING MIX IN THE CONTEXT OF
AMANA BANK

Product Within four main departments, Amana Bank has separated its various activities into
four different groups: Private Banking, Wealth Management, Retail Banking, and
Investment Banking. It offers a diverse collection of goods and services to its
customers around the world.
 Mobile Banking
 Personal Loans
 Investments
 Card Facilities
 Mobile Banking
Price The bank is operating in a competitive market, so its pricing practices are subject to
change as per the guidelines laid down by Sharia law, industry trends, and any
bank-specific regulations. At any level and at any point in time, policies are able to
be reevaluated, reconsidered, and/or completely re-imagined. The company
implemented an aggressive pricing strategy that involves making acquisitions using
available funds. Additionally, the bank has taken use of value-added pricing
strategies for all of its services to ensure customer retention.
Place To grow its network of branches, Amana Bank has been opening new ones in
various locations across the country. Amana Bank offers numerous financial and
banking services to its global consumers. Bank sites have been put up to ensure
high-quality services and employees who are well-trained and competent have
been hired to address all queries from customers and enable them to conduct their
transactions easily.
Promotion Amana Bank has used an intensive promotional campaign to generate awareness
about its bank and the numerous services it provides. Amana Bank decided to
publish advertisements on billboards, newspapers, and business magazines
because it believed that they would be the most effective marketing tools.
Television commercials that were informative were broadcast at frequent intervals
to help the consumers learn about the bank and its strategies.

All of the advertising for the bank have featured relevant information about the
bank's wide range of products and services. The Amana Bank has assisted with a
wide range of projects and events.
People Beyond the other areas, Amana does very well in regards to HR. In this way, the
organization prioritizes hiring and development of personnel that can assist the
business meet its goals. Company officials think that ultimately the success of the
organization depends on the exceptionally high caliber of its personnel and the
incredible amounts of hard work they exert. Because of this, Amana actively seeks,
develops, motivates, and retains the industry's top individuals.
Process In order to provide hassle-free banking to all of its customers, Amana Bank focuses
on improving banking operations. Recent years have seen the corporation dedicate
significant resources to digital technology to help improve banking security and
accessibility. Customers have always been at the forefront of Amana Bank's
offerings. The bank puts innovation at the forefront of all of its procedures and
programs.
Physical With the ever-increasing use of smart phones and mobile apps, users are adopting
Evidence digital channels to access their bank accounts and to do banking on the go. Amana
 Bank, on the other hand, has a broad-based physical network situated throughout
all rural districts of Sri Lanka. However, consumers have the option of visiting a
nearby branch if they need to speak to someone in person or obtain information
about new products or services. As the widespread use of internet banking
continues to rise, the necessity for paper in most transactions has become almost
nonexistent.

EVALUATION OF EFFECTIVENESS OF STRATEGIC MARKETING TACTICS

APPLIED IN AMANA BANK AND OTHER ORGANISATIONS OPERATING
IN SIMILAR MARKETS

To comprehend the relationship between strategic positioning and marketing methods, it is

necessary to first understand how a firm is positioned (Akhgari et al,2018). The value of the models
used in Amana Bank's marketing planning process extended its support to corporate planning,
positioning of Amana Bank's products and services, which are designed and offered to meet
customer requirements and gain more market shares, while Amana Bank strategically positioned the
services offered to its customers on the strategy based on providing it's serve These positioning must
be reflected in tactical marketing (Bhaskar et al, 2014).

Amana Bank focuses on Vehicle Financing Service in the 7 Ps: Greetings, Ijarah (Islamic Leasing)

Process: approved in 24 hours or less, Available at all branches, with the procedure being centralized
in the Central and Eastern areas.

Promotions: sales force, personal selling, and so on.

Price: to be determined by comparing the price established by market leaders in vehicle financing to
Central Bank Lending Rates.

In order to effectively use tactical marketing tools, Amana Bank must be vigilant and proactive in
selecting tactical marketing tools that will add value to the bank while also not jeopardizing Amana
Bank's corporate strategies and positioning in the banking industry. As a result, Amana Bank must
ensure tactical marketing tools are delivered effectively with proper training on systems.

Because businesses must utilize tactical marketing tactics to attract more customers, the four
aspects of the promotional mix (advertising, public relations, sales promotions, and sales force) can
be linked to the buyer behavior model AIDA (attention, interest, desire, and action). Amana Bank's
main promotional mix element is its Sales Force, as Amana Bank has its own Sales Teams which
primarily target the Muslim Community. However, Amana Bank has taken steps to create awareness
among other communities as well via its promotional mix, attempting to create awareness, interest,
and desire for non-interest based banking. Amana Bank also emphasizes other elements of the
promotional mix, such as advertising, public relations, and sales promotions. Amana Bank advertises
in newspapers, particularly English and Tamil newspapers, radio (primarily on the Sri Lanka
Broadcasting Cooperation Muslim Radio Channel), and electronic media (e-banners, webpages, and
emails) (Facebook, Twitter). Amana Bank also took part in a number of sales promotions, including
partnering with leading vehicle suppliers in Sri Lanka, sponsorship of leading Muslim school sports
events, posters, banners, and public relations, all of which helped to raise awareness about vehicle
financing and other Amana Bank products and services.

All of these promotional pieces will contain the positioning qualities, which include a hybrid Selective
Specialization approach that focuses on providing products and services with low interest rates and
excellent customer service.

In conclusion, this comprehensive report provides a broad discussion on strategic marketing

definitions, the role of Amana Bank's Strategic Marketing Plan, its link to corporate strategy, and the
value of the models used in planning in conjunction with Amana Bank's positioning and marketing
tactics positioned in Amana Bank vehicle financing.

ANALYSIS OF ROLE AND FUNCTIONS OF MARKETING MANAGEMENT IN

THE CONTEXT OF AMANA BANK

Management is the many processes used by a business to plan, organize, motivate, and coordinate
diverse operations. The overall process of marketing is to satisfy the desires and demands of
consumers (Madan et al, 2015). To manage marketing activities, a company should employ the use
of marketing management. Marketing management is the study, planning, and implementation of
programs that help businesses bring about exchanges with target consumers in order to generate
personal and mutual benefit (Ali, H & Talwar,2013). It requires strong adoption and the application
of coordination among goods, pricing, promotion, and location to reach its goals. The term “business
discipline” can be described as a way of running a business and applying marketing methods.
Marketing Management aims to incorporate the various elements of marketing, such as emotional
and physical aspects (Porter, 1985). Marketing managers influence customer demand accepted
Whereas psychological factors relate to discovering consumer wants and needs and changes in
buying behavior, as well as patterns of consumption, habit, and product design, physical factors
pertain to fulfilling those wants and needs with higher-quality product design, distribution channels,
and other functionalities. As a last point, marketing (in the form of marketing management)
combines marketing with management (Bonoma, 1985).

Marketing consists of various functions. Management decides on the marketing objectives. Short-
term and long-term marketing goals may require a specific approach. To be in harmony with the
organization's goals and objectives, the creative ideas and concepts need to be consistent (Lynch,
1994)..

Once the marketing objectives have been determined, the most critical aspect of marketing
management is to design a plan for achieving those objectives. It incorporates forecasting of sales,
the design of marketing strategy, and tactics.

Organizing once the strategy is set in motion, it must be carried out. In the context of marketing
management, managing the various functions is performed by coordinating and assembling the
appropriate tools to execute a strategy and achieve a predefined aim. The organization involves the
organization's structure, functions, and numerous obligations, responsibilities, and powers held by
its members (Kaushal & Anand, 2011).

Coordination

Harmony in the actions of the marketing organization is known as coordination. The process
incorporates multiple tasks, such as anticipating sales, creating new products, planning for new
products, developing them, and moving them around the logistics network.

Direction

In marketing management, the word direction has multiple meanings. The term may relate to
developing new markets, leading employees, motivation, inspiration, and guiding and supervising
people. Control is the degree to which a marketing strategy is effectively executed. It entails setting
standards, evaluating actual performance, and implementing necessary corrections.

Staffing

Employing talented personnel is quite important for the success of a market strategy. By working
together with the Human Resources Manager of the firm, the market manager is able to bring on the
employees with the capabilities that the organization desires.

The analysis and evaluation of ideas. The management of marketing examines production and
evaluates the abilities of each employee.
Conclusion

Marketing management is charged with a variety of marketing tasks, including planning, organizing,
motivating, directing, coordinating, and controlling. Each one of these functions is designed to help
marketers achieve their marketing goals.

CRITICAL EVALUATION OF APPROPRIATENESS OF STRATEGIC

MARKETING OBJECTIVES PURSUED BY AMANA BANK IN THE GIVEN
MARKET CONTEXT
Once the strategic component of marketing has been completed, the firm must deliver value to the
targeted market segment and communicate this value to them. Seven Ps of marketing (Product,
Place, Price; Promotion; People; Physical Evidence; and Processes) are the tools that are used to
offer value to the target market group. The product is the instrument that is used to deliver value to
the target market group (Kotler & Armstrong, 2011). The Seven Ps should be aligned with the
Strategic Transformation Plan.

Product

The bank's vehicle finance portfolio is expected to grow by LKR 9.00 billion in 2016, and by a further
LKR 12 billion in 2017. The bank's goal is to grow the portfolio by LKR 12 billion in 2017. a strategy for
achieving success . What a company must meet is the fundamental demand of the consumer, which
is represented by the core product; for Amana Bank Ijarah department, the core product is banking
and financing services. Then, in order to fulfill the core requirement, the customer must purchase a
vehicle, and as a result, equipment leasing becomes the fundamental or generic product, which is
the innermost level of the product. Following that, the customer anticipates a finance assistance
from the bank, together with competitive pricing and speedier service delivery from the bank that
has been chosen as the expected product. The next layer, the augmented product layer, only
provides Amana Bank with a competitive advantage over their competitors based on the value that
they add to the product as a whole. Augmented products have qualities such as offering completely
shariah compliant goods at the lowest feasible rental price and making the transaction process as
simple as possible. Finally, a viable product would be one in which customers could apply for the
Ijarah facility via an internet-based application platform.
Price

The goal is to keep the pricing as low as possible in the marketplace. A monthly rental of LKR 2,080/-
for a facility valued at LKR 100,000/- is being demanded. Pricing policies for market penetration are
the strategy.

Place

The company's goal is to open four additional branches in the year 2016 (two in the first quarter and
another two in the third quarter), and another six branches in the following year (three in the
second quarter and another three in the third quarter). The strategy is to establish a broad
distribution network of branches around the country.

Process

In the year 2016, the goal is to award an Ijarah facility within one working day. Reduce the lead times
by utilizing information technology facilities.

People

To attain service excellence and a rating of 4 on a scale of 5 for each service element performed by
bank personnel as a result of their efforts. Training of car financing staffs on how to provide the
finest services to consumers while also increasing skills, knowledge, and service quality are key
components of the strategy.

Physical evidence
Obtain a rating of 4 on a scale of 5 for all physical evidence parameters in order to meet the
objective. Strategies to present the Bank's image as a modern and welcoming bank, with corporate
colors and logos that are similar across all branches, are being implemented.

Promotion

In the year 2016, the goal is to raise awareness among the Muslim community at a 100 percent level.
In addition, 20 percent of the other communities were represented in 2017. Amana Bank use
advertising, public relations, sales promotions, and sales force, all of which are components of the
promotional mix, in order to raise awareness, interest, and desire among prospective clients,
ultimately leading to the generation of sales leads.

AN IMPACT ANALYSIS EVALUATING THE EFFECTIVENESS OF

MARKETING MANAGEMENT FOR AMANA BANK

Financial and banking developments such as the introduction of new technology, a continued
change in the demands of customers, a rise in the number of goods supplied and a process of
deregulation have made segmentation techniques highly essential in this industry. A marketing
impact assessment is a thorough examination of your marketing campaign after a crisis or economic
slump (Tonks, 2009). This is crucial since it can rapidly determine what is important and where your
resources may be directed.

The quality and quantity of distribution, promotion, and positioning of goods, services, and ideas in
society all take into consideration the economic priorities of each organization's market turnover.
The availability of both tangible and intangible resources influences how well a company does at
marketing (Romaniuk, 2013). It is also important to identify hidden reserves for increased
performance. Without an assessment of public opinion, without public participation in social
initiatives, it is impossible to have successful marketing efforts. Marketing management has to
integrate planned strategies, the usage of marketing elements, and practical implementation of
programs into the market in order to serve the public. Marketing's true purpose is to serve as a
coordinating factor for managerial decisions on market demand, pricing, product, and service policy
to help the company accomplish its mission and success (Phillips, 2011). A corporate vice president
for marketing affairs, special department for marketing affairs, or coordinating center for the
continued development of the company was not practiced by the companies and firms who
introduced him or her. Optimal results in marketing activities can be reached by applying good
management practices.
The considerable amount of marketing guidelines is leveraged into the focal precepts:

 mutual benefit
 the strategic orientation principle
 individualization of demand is the principle
 marketing integration
 fundamental bench marketing

It is in the interest of all market participants to ensure that every transaction is beneficial to both
producers and consumers. This can be understood by realizing that their aims are interconnected
and oppose each other. As the producer, it's possible to earn profits, and for the customer, to make
a purchase at a cost that is reasonable (Jaffe, 1979)4. However, the primary focus is in the factors
that influence both the producer's and the customer's future quality development and complete
customer happiness. Not just consumers and producers, but also other groups that have their
interests tied to the company's performance must be happy with the results. The following are
components of the overall entity of a business (Porter, 2008): managers, employees, suppliers,
customers, and the general public within the company's service area. All of these assets are
necessary for the company's activities, thus their needs are well-founded. On the other hand,
shareholders' interests, for example, may be in opposition to firm employees' aims (Hompson et al,
2003). Enforcement of a client's environmental policies often runs contrary to the goals of an
organization as a whole in the effort to expand operations and increase revenues. The board of
directors is responsible for formulating strategy, balancing competing interests. Since company
managers must cultivate partnerships with their consumers in order to help them deal with
customers' concerns and take part in the design of new products and services, it is critical that they
build a plan to form these connections.

CONCLUSION
The banking industry is an essential component of the economy. This sector therefore plays a major
role in the economic well-being. Not only can a weak banking sector endanger the viability of an
economy for the long term, it may also spark a financial crisis that can lead to economic disasters
(Porter, 2008). Most financial institutions are increasingly focusing on marketing in order to inform
customers of their services and perks. Marketing is the key link between banks and clients, without
considerable investment in their marketing activities no banks can hope to prosper. Banks are now
offering new and impressive strategies to attract customers and keep their client base. The banks of
these days concentrate extensively on developing long-term ties with current clients and attracting
new consumers. For the banks, therefore, marketing relationships are becoming increasingly
essential. It involves mapping out all of the points of contact and assessing which services are
delivered, by whom, when, how and what consumers anticipate. All marketing methods and
strategies are utilized to encourage the people to conduct business with the bank in question. It can
be argued strongly that well-developed promotional tactics are crucial for the efficient advertising of
financial services. There are the reasons why the marketing scope is important in banking and why
banks are interested in marketing subjects:

 Change in population factors

 Increased access to new financial products
 Increased awareness, education and development
 Increased bank profit awareness
 Interest rate deregulation
 Non-banking financial firms' indigenous growth Disintermediation
 Reduce competitiveness in the service sector
 Technology Advent
 Various private and foreign banks are entering

The marketing of bank goods is the whole function absorbed in order to meet the currency
requirements and wants of the customers rather than the rivalry that takes organizational goals into
consideration. Banking is a personalized service business and should thus deliver services that fulfill
the demands of our clients. The marketing technique involves prevention, classification, and
response and client satisfaction and aspires to be effective, professional and useful. The bank's
presence has little value without the customer's presence. In addition to reaching and gathering
more and more clients, the major job of the bank is to maintain them through operational customer
facilities. Banking-related marketing is intended to explain to a client a good promise via a range of
products and services and to validate operational distribution via satisfaction. The genuine
satisfaction has been given to a client relay on how well the client works. Every employee from the
effective legislation to the bank's youngest employee should also be involved in the marketing
industry.
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