Question 1

More recently, strategists share the view that a focus on customers in terms of anticipating,
understanding and responding to their needs rapidly and efficiently, and ultimately
establishing enduring relationships between financial institutions and customers, creates
value that is sustainable and often difficult to imitate. The below are the marketing processes
and how each of the processes lead to the other in creating customer value and retention.
 Understanding The Marketplace And Customer Needs And Wants.
It is important to understand customer needs, wants, and demands to build want-
satisfying market offerings and building value-laden customer relationships. This
increases long-term customer equity for the firm. Now most financial institutions are
listen to their customers needs , wants and demand of their customers and work on them.
This has enable the create customer value and also bring customers back to the
organisation.
 For example:
 Designing A Customer-Driven Marketing Strategy.
The second step is to design a customer- driven marketing strategy. This Focus areas for
designing a marketing strategy:
 Selecting customers to serve -defining the target market
Deciding how to serve customers in the best way – choosing a value proposition
 For example; Brings down costs allow customers to seamlessly make transactions on
a mobile app rather than in-person can increase a bank’s overall efficiency in several
ways, including a more environmental friendly by going paperless.
 Constructing an integrated marketing plan that delivers superior value.
The company’s marketing strategy outlines which customers the company will serve and
how it will create value. Then the marketer develops integrated marketing plans that will
the intended value to target customers.
 For example : The introduction of the mobile banking by the financial institutions
have helped create value for customer. They can now perform their transactions at
ease.
 Build Profitable Relationships.
The next process after constructing an integrated marketing plan is building customer
relationship. Customer relationship management is the overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction. Better customer experience is major component in the success of any
business is the ability to create a positive customer relationship.
 For example : Financial institutions been available for customers all the time when in
need of a service and providing immediate service is how those institutions can build
customer value and retention.
 Capturing Value From Customers.
The final marketing process for contributing to customer value and retention is capturing
value from customers. Customer relationship management’s ultimate aim is to produce
high Customer equity total combined lifetime values of all of the company’s current and
potential customers.
 For example: Fidelity bank nowadays Capture Valuable Feedback Through
Customer Satisfaction Surveys. Customer satisfaction surveys are a great tool for
collecting valuable information from your customers. By requesting feedback through
surveys.
 Question 2
Product development is the process of building a new product , from ideation all the way
through launch .
The step in the development of new product are;
 Idea generation
This is the first stage in developing new product. This is the stage where the bank
brainstorm a service concept.
 Service definition
The next step is scoping and refining the service concept.
 Prototyping
This step involve constructing virtual representation .
 Initial design
Producing initial mock up is the next stage of developing a new product or service.
 Validating and testing
After the initial design , the institution must validate and test the developing strategy .
 Commercialisation
The final stage is to develop and implement the service or product.
Branding is very important in every organisation. For a business to be successfully, it
depends on how they brand their products. The 5 importance of branding are ;
IMPORTANCE OF BRANDING
 Helps differentiate your product from other products.
 Helps and organisation gain competitive advantage.
 Generates increase in revenue .
 Expands the company's estimated worth.
 Makes a remarkable and unique brand image.
Brand equity is a marketing term that describes a brand's value. That value is determined by
consumer perception of and experiences with the brand. If people think highly of a brand, it
has positive brand equity.
The below is how brand names, slogan, product strategies, pricing strategies and
promotional strategies enhances brand equity.
Brand names
Brand equity refers to the brand name's ability to facilitate the marketing of a product as a
result of more favourable customer perceptions: a well-recognized and highly regarded brand
name can not only reduce marketing costs and increase a potential customer's purchase
likelihood but also expand the size and loyalty.
For example : A brand name may be a product name (like Windows or Gmail), or it may be
the name under which the entire organization operates (like Microsoft or Google).
Slogans
Slogans are a key element of a brand's identity, and contribute to a brand's equity. In today's
marketplace, almost all brands employ slogans; they enhance a brand's image, aid in its
recognition and recall, and help create brand differentiation in consumers' minds.
For example: Nike: Just do it
Nike’s slogan is built on the notion that anyone can achieve greatness. Regardless of who you
are or where you’re from, the simple call to ‘just do it’ is both uplifting and inspiring – two
hallmarks of Nike’s wider brand values.
Product strategies
This is the backbone of your brand. It's vital that you deliver a quality product to your
consumers if you want repeat purchases and good word of mouth.
For example : An apple phone is a seen as a quality produce because of the increase in
purchase over the years. This has helped really built the company’s brand equity.
Pricing strategies
A solid pricing strategy can have a positive effect on brand equity, while a poor strategy can
do the opposite. The price you set sends a message to some consumers about your business,
product or service, creating a perceived value. This affects your brand, image or position in
the marketplace.
For example : Higher prices tell some consumers that you have higher quality, or you
wouldn't be able to charge those prices.
Promotional strategies
Promotional strategies is used to entice and attract consumers to make decisions of
purchasing a particular product. Based on their understanding and knowledge of the product
that can be influenced by the brand, consumers then decide from which brand to make their
purchase.
For example: The use of discounts on products and services helps attract more buyers and
purchase as well hence , enhancing brand equity.
 Question 3
REPORT WRITING
THE USE OF MARKETING TOOLS TO CAPTURE OBJECTIVES IN THE
TARGET MARKET
To : GENERAL MANAGER,
From: SHAQUILLE BAFFOE,
27th June, 2021.
Marketing mix is the set of marketing tools that the firm uses to pursue its marketing

objectives in the target market. The marketing mix are known as 4ps. The 4Ps are:

Product (or Service).

Place.

Price.

Promotion.

Marketing tools are techniques, resources and digital programs that can help companies

promote their products and services effectively. These tools may also help companies

implement marketing campaigns and track their progress afterward.

First of all, the Social media advertising is an important marketing tool PHAUCH can

formulate to persuade marketing objectives. For every organisations to be successfully it

depends on its adverting and how to make the target market aware of the products .If

PHAUCH wants to conquer the target market, some sort of presence on social media is

absolutely essential. Now there are options and advertising tools on every major social

platform too, so you can access a wide range of totally different demographics. The best tool

is really dependent on which network is best for your particular audience. If PHAUCH
selling direct to customers, Facebook is fantastic. This is an important step for PHAUCH

insurance to promote their service.

Again , for PHAUCH to persuade marketing objectives in the target market then focuses on

increasing the average amount that each customer spends with you can not only provide more

value to your existing customer base, but it can also be an easy way to Patronize with less

effort because the relationship is already built.

However, minimizing cost is another way PHAUCH insurance can pursuade marketing

objectives in the target market .Most insurance companies generate revenue in two ways:

Charging premiums in exchange for insurance coverage, then reinvesting those premiums

into other interest-generating assets. Like all private businesses, insurance companies try to

market effectively and minimize administrative costs.

Whatever the plan for marketing, there’s a whole world (wide web) of tools out there

PHAUCH insurance can use to persuade marketing objective in the target market. From

planning all the way through to publishing, and everything in between.