N01925 MAR303B

Table of Contents
Executive Summary...............................................................................................................2
Situational Analysis...............................................................................................................3
SWOT analysis.......................................................................................................................6
Issues to be addressed.........................................................................................................8
Marketing objectives............................................................................................................10
Marketing strategies............................................................................................................11
Budget....................................................................................................................................16
Action plans and contingency plans.................................................................................18
Reference list........................................................................................................................20
N01925 MAR303B

Executive Summary

The corporate art gallery of Standard Bank is a significant cultural landmark in Africa,
providing a space for artists from both local and international backgrounds to exhibit
their art. Established in 1990, the gallery has a deep-rooted history and has
cemented its position as a hub for artistic creativity and intellectual discussions,
gaining acclaim as a top attraction in Johannesburg. (Gargaro, 2023)

This strategic marketing plan, requested by the manager, seeks to utilize the
gallery's distinctive characteristics and advantages to attract young adults throughout
Africa. The main goal is to improve Standard Bank's competitive standing as an
innovative and purpose-driven brand in the social sphere through the gallery's
projects. (Gargaro, 2023)

To reach this goal, the strategy centres around boosting Standard Bank's
competitiveness, increasing brand recognition, and encouraging interaction with the
desired demographic. Utilizing an R5 million paid media budget, the strategy will be
implemented in the initial half-year of 2025. (Gargaro, 2023)

Important tactics involve utilizing digital platforms to connect with and involve young
adults, developing interactive and immersive experiences in the gallery, collaborating
with influential artists and cultural influencers, and coordinating marketing campaigns
with socially important causes and events. (Gargaro, 2023)

This strategic marketing plan aims to position Standard Bank as a leader in

supporting cultural development and artistic expression across Africa by effectively
communicating the gallery's offerings, fostering a sense of community and
belonging, and aligning with the values and interests of the target audience, while
also reinforcing its brand image as innovative and purpose-driven.
N01925 MAR303B

Situational Analysis

Internal analysis

Standard Bank is an established and esteemed financial institution in Africa. The

corporate art gallery's foundation is built on reliability, trustworthiness, and
commitment to innovation, which helps enhance its brand image.

Established in 1990, the corporate art gallery is a special asset for Standard Bank. It
stands out for highlighting local and global artists, providing culturally important
exhibitions, and leading in the arts industry. The gallery's status as the main hub for
the most extensive African art collection in South Africa boosts its attractiveness and
trustworthiness. (School, 2024)

Standard Bank's extensive reach across Africa gives the art gallery a considerable
edge in accessing a large audience. The bank's wide range of branches and
customer base provide opportunities for promoting gallery events and initiatives.
Being a top bank, Standard Bank can use significant financial assets to promote the
corporate art gallery to young adults throughout Africa through marketing initiatives.

Standard Bank's dedication to cultural growth and sustainability, shown through its
backing of the arts sector via the gallery, mirrors its core values as an organization.
Utilizing these principles can assist in synchronizing marketing efforts with the bank's
overall goals and purpose. (School, 2024)

Standard Bank's ability to utilize technology and innovation in its financial services
can also be applied to promoting the corporate art gallery. Engaging the target
audience can be improved by utilizing digital platforms and innovative marketing
strategies.

Evaluating the presence of qualified staff in the bank who can support the marketing
initiatives for the art gallery is essential. Deciding whether to use in-house knowledge
or hiring external help depends on the skills present within the company. (School,
2024)
N01925 MAR303B

PESTLE analysis

Political factors
The political climate can impact regulations regarding the arts sector, such as
financial support for cultural projects and tax breaks for art-related events.
Concerns about political stability in specific regions could affect the feasibility of
hosting art exhibitions or partnering with artists from those areas. (Skool, 2022)

Economical factors
A strong economy can lead to increased spending on cultural activities like exploring
art galleries.
Changes in currency values can impact the expenses related to hosting global
exhibitions and purchasing artworks from other countries. (Skool, 2022)

Social factors
Being aware of current cultural trends and preferences among young adults can help
determine the kinds of exhibitions and events that are put on by the gallery.
Changes in demographics, such as population growth or urbanization, can affect the
size and attributes of the target audience. (Skool, 2022)

Technological factors
Utilizing technological platforms for marketing and promotion, along with improving
the gallery experience through digital exhibits or virtual tours, can appeal to tech-
savvy young adults.
Using data analytics to comprehend visitor preferences and behaviour can guide
targeted marketing strategies and personalized experiences. (Skool, 2022)

Environmental factors

Adhering to copyright and intellectual property laws is essential when acquiring and
displaying artworks, particularly for international exhibitions.
Regulations for Events: When planning exhibitions and public gatherings, it is crucial
N01925 MAR303B

to adhere to the relevant local regulations on safety, permits, and event

organization. (Skool, 2022)
Legal factors
It is crucial to adhere to copyright and intellectual property laws when procuring and
showcasing artworks, especially for global exhibitions.
It is also essential to follow local rules and regulations concerning events, safety
measures, and permits when organizing exhibitions and public gatherings. (Skool,
2022)

Through the examination of these external variables, Standard Bank can pinpoint
opportunities and obstacles within the operational setup of its corporate art gallery.
This will facilitate the creation of a strategic marketing strategy that effectively
conveys its attributes and advantages to the young adult demographic across Africa.
N01925
SWOT analysis
Strengths
The exclusive art gallery at Standard Bank
sets it apart from its rivals and provides a
distinctive cultural attraction.
The gallery contains the most extensive
African art collection in South Africa,
making it more attractive to visitors
fascinated by African art and culture.
Through showcasing global arts and
promoting innovation in the arts field, the
gallery establishes Standard Bank as a
frontrunner in cultural progress throughout
Africa.
The gallery gains credibility and
trustworthiness by being associated with
Standard Bank, which draws visitors who
appreciate the bank's reputation.
Opportunities
Utilizing digital platforms can expand the
gallery's outreach beyond physical limits,
enabling it to connect with young adults
throughout Africa via virtual displays and
internet material.
Partnering with artists, cultural
organizations, and influencers from the
community can expand the gallery's reach
and attract a variety of attendees.
Getting involved in or providing support for
cultural events and festivals throughout
Africa can enhance the gallery's exposure
MAR303B
Weaknesses
Functioning as a non-profit division of the
bank could restrict chances to make
money, which could limit resources for
marketing and growth.
Although the gallery is well-liked in
Johannesburg, its impact may be restricted
to just South Africa, making it difficult to
connect with younger audiences in the
wider African region.
The gallery's success is greatly influenced
by its reputation, which can be affected by
changes in public opinion or interest in art.
(SWOT&PESTLE.com, 2023)
Threats
During economic recessions, there may be
a reduction in spending on non-essential
cultural activities, which can affect the
number of visitors and revenue generated
by the gallery.
Other cultural organizations, art venues,
and entertainment choices could vie for the
interest of young people, potentially
impacting the gallery's visitor count and
involvement.
Quick advancements in technology could
lead consumers to favour digital
experiences, potentially decreasing their
N01925 MAR303B

and draw attention to its offerings. interest in visiting traditional galleries.

(SWOT&PESTLE.com, 2023) (SWOT&PESTLE.com, 2023)

By recognizing its internal strengths and weaknesses, along with external

opportunities and threats, Standard Bank can create a strategic marketing plan that
emphasizes its strengths, improves its weaknesses, takes advantage of
opportunities, and minimizes threats to successfully market the corporate art gallery
to young adults throughout Africa.

Issues to be addressed

The following needs to be addressed in the strategic marketing plan:

N01925 MAR303B

The target audience needs to be identified

The strategic marketing plan should specify the target audience as young adults
throughout Africa. This includes comprehending their demographics, preferences,
interests, and behaviours concerning art and cultural experiences. Identifying
particular sections within this demographic can assist in customizing marketing
tactics and messaging efficiently. (Queensland, 2023)

Brand positioning and message of Standard Bank

It is essential to define the corporate art gallery's positioning with Standard Bank's
overarching brand image. The marketing strategy needs to convey the distinctive
characteristics and advantages of the gallery to the intended audience through
effective brand messaging. This communication should highlight the gallery's
contribution to cultural advancement, diversity promotion, and offering valuable
experiences. (Queensland, 2023)

Strategies for digital marketing

Since young adults frequently use digital platforms, the marketing strategy should
include detailed digital marketing tactics. This involves using social media platforms,
content marketing, email marketing, influencer partnerships, and potentially creating
a dedicated website or mobile app for the gallery. The focus of these tactics should
be on boosting recognition of the brand, promoting interaction, and inspiring
involvement in gallery events and exhibitions. (Queensland, 2023)

Collaborations and partnerships with stakeholders

Working with local artists, cultural organizations, educational institutions, and other
brands can enhance the reach and effectiveness of marketing initiatives. The
strategy must pinpoint potential partnership chances that coincide with the gallery's
goals and improve its reputation and presence among the intended audience.

Evaluation and measurement metrics

It is crucial to create key performance indicators (KPIs) and metrics in order to gauge
the effectiveness of marketing efforts. These measures might consist of web traffic,
N01925 MAR303B

interaction on social media, participation in gallery events, press coverage, and

feedback from the audience. Consistent monitoring and evaluation of these
measurements will allow the marketing team to gauge the efficiency of their tactics
and make any needed changes to enhance performance and reach the desired
goals. (Queensland, 2023)

Standard Bank can address these issues to ensure the strategic marketing plan is
successful.
N01925 MAR303B

Marketing objectives

The SMART objectives of Standard Bank are:

Specific
Standard Bank needs to raise awareness among youths in Africa about the
corporate art gallery by featuring its diverse African art collection and global
exhibitions to enhance the brand's visibility. (Bank, 2022)

Measurable
Attaining a 30% rise in online traffic for the art gallery's website in the initial three
months of implementing the marketing strategy, which can be tracked by Google
Analytics. (Bank, 2022)

Accomplishable
Standard Bank needs to establish connections with a minimum of five notable
African artists or art organizations to work together on special exhibitions or events in
the initial four months of executing the marketing strategy. (Bank, 2022)

Relevance

The marketing strategy needs to be aligned with Standard Bank's dedication to

cultural growth by showcasing a minimum of 70% of African artists in the exhibitions
and events held at the art gallery throughout the marketing campaign
duration. (Bank, 2022)

Time-limit

Within six months of launching the marketing plan, the company should aim to
achieve at least 10,000 social media engagements (likes, shares, comments) on
posts regarding the art gallery's exhibitions and events on platforms like Instagram,
Facebook, and Twitter. (Bank, 2022)
N01925 MAR303B

Marketing strategies

STP analysis
Segmentation of Standard Bank
Demographic segmentation involves dividing the target market by factors like age,
education, income, and occupation. For instance, individuals between 18 and 35
years old have a cultural interest and are intrigued by visual arts.
Segmentation based on psychographic factors includes lifestyle, values, interests,
and attitudes. This may involve categories like art lovers, cultural adventurers, and
social trendsetters. (School, 2024)
Geographic segmentation can be done by dividing the market according to
geographic location, taking into account aspects like urban versus rural areas,
region, and country. Concentrate on urban areas and cultural hotspots throughout
Africa where there is a larger population of young adults who are passionate about
arts and culture.
Targeting of Standard Bank
Main target: Reaching out to individuals between 18-35 years old who have a strong
interest in art and culture, are looking for meaningful experiences, and are willing to
embrace different viewpoints.
Consider focusing on art students, aspiring artists, and cultural influencers as
additional targets who can promote and represent the corporate art gallery. (School,
2024)
Positioning of Standard Bank
Establishing the corporate art gallery as a distinctive location that provides a mixture
of global artwork and local cultural activities, encouraging intellectual innovation and
cultural interaction.
Highlight the uniqueness of being the sole corporate gallery that displays
international arts, features culturally important exhibitions, and supports up-and-
coming African artists.
Elevate Standard Bank's corporate art gallery as a representation of innovation and
purpose, in line with the bank's dedication to societal advancement and cultural
enhancement. (School, 2024)
Encourage social interaction by establishing the gallery as a place for young adults
N01925 MAR303B

to connect, engage, and take part in significant cultural activities, building a feeling of
belonging and community.
Through a comprehensive STP analysis, Standard Bank can customize its marketing
strategies and communication to effectively connect with and appeal to the identified
target segments, ultimately improving the bank's competitive position and increasing
the involvement of young adults throughout Africa.

Competitive strategies Standard Bank can utilize:

Emphasizing the distinct characteristics and advantages of the company's art gallery,
including its emphasis on presenting global art, featuring culturally important shows,
and promoting the development of African talents. Highlighting these unique features
may appeal to customers who appreciate cultural enrichment and artistic
experiences. Therefore, Standard Bank can use a differentiation strategy. (Team,
2023)
Utilize Standard Bank's solid brand reputation and credibility to establish the
corporate art gallery as a trusted and respected entity in the arts sector. Emphasizing
the bank's continued dedication to promoting cultural growth can boost the gallery's
perceived worth and appeal to customers. (Team, 2023)
Standard Bank should consistently come up with new ideas and update the
corporate art gallery's offerings to outperform competitors. This may include
presenting fresh exhibition themes, partnering with up-and-coming artists, and
utilizing technology to improve the visitor experience. Innovation can assist Standard
Bank in staying current and appealing to a wide range of young adults.
Establish alliances and partnerships with various organizations, artists, and cultural
institutions to broaden the corporate art gallery's influence and reach. Working
together with others can boost the gallery's visibility, draw in new audiences, and
improve the overall value proposition. (Team, 2023)
Utilize digital channels and platforms to engage with the youth population throughout
Africa in the realm of digital marketing and engagement. Execute focused digital
marketing initiatives, develop engaging web content, and leverage social media
platforms to enhance the corporate art gallery's visibility and engage with potential
attendees. Utilizing digital tactics can assist Standard Bank in expanding its reach
and increasing interaction.
Focus on the customer experience at the company's art gallery by offering
N01925 MAR303B

outstanding service, interactive displays, and interesting activities. Emphasizing the

delivery of memorable and enriching experiences can set Standard Bank apart from
competitors and promote repeat visits and positive word-of-mouth references.

By implementing these competitive tactics, Standard Bank can solidify its standing
as a creative and mission-driven brand in the social sphere of the arts sector,
ultimately improving its competitive edge and fostering involvement from young
adults throughout Africa. (Team, 2023)
N01925 MAR303B

Marketing program
7P’s of Marketing Mix
Standard Bank's corporate art gallery can create a thorough strategic marketing plan
by utilizing the 7 P's of the marketing mix:

Product
Describe the main product as the cultural and artistic encounter provided by the
corporate art gallery.
Improve the product by organizing a variety of culturally important exhibits with local
and international artists.
Add more services like guided tours, interactive workshops, and educational
programs to enhance visitor experience. (Hanlon, 2023)

Place
Select strategic sites to advertise the company's art gallery, both through the internet
and in physical locations.
Use digital channels like the gallery's website, social media platforms, and online
ticketing services to connect with young adults throughout Africa.
Seek collaborations with nearby cultural organizations, colleges, and community
hubs to broaden the impact of marketing initiatives. (Hanlon, 2023)

Promotion
Create effective advertising strategies to increase recognition of the brand and drive
interaction with the desired demographic.
Employ a combination of paid media outlets (such as digital advertising, and print
media) and earned media (like press releases, and influencer partnerships) to
enhance visibility.
Utilize content marketing tactics to disseminate stories, behind-the-scenes peeks,
and features on artists to generate enthusiasm and curiosity. (Hanlon, 2023)

Price
The company must identify pricing tactics for entry tickets, taking into account
aspects like cost for young individuals and how it is perceived in terms of worth.
N01925 MAR303B

Provide exclusive deals for students, group reservations, and promotions in quiet
seasons to appeal to a broader customer base. (Hanlon, 2023)
People
Standard Bank must provide training and support to gallery staff to enhance
customer service and effectively interact with visitors.
Employ enthusiastic and well-informed guides to elevate the visitor's experience with
informative dialogue and interactive engagements.
Create a friendly and inclusive atmosphere that promotes conversations and
engagement between visitors and staff. (Hanlon, 2023)

Process
Simplify the ticketing and entry procedures to reduce wait times and improve
convenience for guests.
The company should set up feedback systems to collect information from guests
enhance operational procedures and exhibit options over time.
Make sure that there is smooth cooperation between different departments and
stakeholders participating in the organization and implementation of gallery events
and exhibitions. (Hanlon, 2023)

Physical evidence
Standard Bank can design an aesthetically pleasing and engaging atmosphere in the
gallery to display art and improve the overall feel.
Integrate African artistic and cultural elements into the design and decorations of the
gallery to strengthen its identity and positioning.
Showcase awards, customer endorsements, and glowing reviews prominently to
establish credibility and trust with visitors. (Hanlon, 2023)

Standard Bank can create a comprehensive marketing plan by utilizing the 7 P's of
the marketing mix to effectively promote its corporate art gallery to young adults in
Africa, improving its competitive edge and increasing engagement.
 N01925 MAR303B

Budget

Marketing
JAN 2025 FEB 2025 MAR 2025 APR 2025 MAY 2025 JUN 2025 TOTAL
Budget
Our
marketing R166666.67 R166666.67 R166666.67 R166666.67 R166666.67 R166666.67 R1 000 000
agency
Radio
R125 000 R125 000 R125 000 R125 000 R125 000 R125 000 R750 000
advertising

TV R208 333.3
R208 333.33 R208 333.33 R208 333.33 R208 333.33 R208 333.33 R1 250 000
advertising 3

Print
R83 333.33 R83 333.33 R83 333.33 R83 333.33 R83 333.33 R83 333.33 R500 000
advertising

Online
R125 000 R125 000 R125 000 R125 000 R125 000 R125 000 R750 000
advertising

Social Media R125 000 R125 000 R125 000 R125 000 R125 000 R125 000 R750 000

The funds for the media budget are allocated as follows:

Our marketing agency: 20% of the budget is dedicated to our marketing agency for
strategic planning, creative development, and campaign execution. This totals R1
million. (R 1 000 000 / 6).

Radio advertising: 15% of the budget is dedicated to radio ad campaigns to reach a

wide audience in various regions. This totals R750,000. (R750 000/6).

TV advertising: 25% of the budget is dedicated to TV advertising to utilize the visual

medium and target a broad audience. This is equivalent to R1.25 million. (R 1250
00/6).

Print advertising: 10% of the budget is allocated for newspaper and magazine print
advertising towards reaching specific demographics. This comes to
R500,000. (R500 000/6).

Online advertising: 15% of the budget is assigned to online advertising campaigns,

which will encompass display ads, search engine marketing, and sponsored content
on appropriate websites and platforms. R750,000 is the total sum. (R750 000/6).
N01925 MAR303B

Social media: 15% of the budget is assigned to social media marketing strategies,
such as sponsored posts, influencer collaborations, and content development, to
interact with young adults in Africa on platforms like Facebook, Instagram, X, and
LinkedIn. This equals to R750 000. (R750 000/6).

This distribution of funds guarantees a well-rounded strategy to engage the intended

audience using multiple platforms, while also enhancing the effectiveness of the
strategic marketing plan for Standard Bank's corporate art gallery. Changes can be
implemented according to campaign needs, industry trends, and performance data
to improve resource distribution.
N01925 MAR303B

Action plans and contingency plans

The following is the action/ contingency plan for the corporate art gallery of Standard
Bank:
Researching the market and segmenting the audience
The company must carry out thorough market research to grasp the likes, interests,
and actions of young adults in Africa when it comes to art and cultural activities.
The audience can be divided according to demographics, psychographics, and
online behaviour to customize marketing strategies efficiently. (Dibb, et al., 2019)

Creating interesting content

The company should generate attractive content that is culturally significant,
featuring the art collection, exhibitions, and events at the gallery.
Using a variety of content forms like videos, blogs, social media posts, and
interactive features, the company can engage with young adults. (Dibb, et al., 2019)

Strategy for marketing in the digital realm.

A digital marketing strategy needs to be developed for targeting young adults by
utilizing various platforms such as Instagram, TikTok, and YouTube.
A large share of the media budget needs to be dedicated to digital advertising, such
as sponsored posts, influencer partnerships, and paid promotions. (Dibb, et al.,
2019)

Engagement on social media

Standard Bank needs to promote interaction and discussion within the community
surrounding the gallery by prompting users to create content, use hashtags, and
participate in challenges centred on art and culture.
The company can also interact with its audience often, reply to their comments and
messages, and conduct live Q&A sessions or virtual tours to foster inclusiveness and
accessibility. (Dibb, et al., 2019)

Partnerships and collaborations

Establish collaborations with cultural organizations, educational institutions, and
influencers throughout Africa to increase the gallery's initiatives' reach and
N01925 MAR303B

effectiveness.
Work together with artists from the area, art groups, and up-and-coming talents to
produce content, displays, and gatherings that connect with the desired audience.

Marketing events and experiential campaigns.

The company must plan unique events, workshops, and immersive experiences at
the gallery to draw in young adults and offer them exclusive chances for artistic
discovery and education.
Utilize experiential marketing strategies like temporary installations, interactive
displays, and AR/VR encounters to make lasting impressions and boost interactions

The implementation process of the action plan:

Standard Bank must create a specific project schedule outlining key milestones,
activities, and due dates to guarantee the prompt implementation of marketing
projects within the designated six-month timeframe. (Dibb, et al., 2019)

Allocate the R5 million media budget strategically across different marketing

channels and initiatives according to their expected impact and return on investment.

The company should perform regular progress reviews and performance evaluations
to monitor the effectiveness of marketing activities, detect any deviations from the
plan, and make required adjustments to remain in line with the overall goals. (Dibb,
et al., 2019)

By implementing this strategic plan, Standard Bank can boost the competitive
standing of its corporate art gallery, enhance brand recognition, and promote
meaningful interaction with young adults throughout Africa.
N01925 MAR303B

Reference list

Bank, Standard (2022). “Our strategy” Available at:

https://www.standardbank.com/sbg/standard-bank-group/about-us/who-we-are/
purpose-and-strategy [Accessed on: 21-03-2024]

Editorial Team, Indeed (2023). “What Is a Competitive Strategy? (With 4 Common

Types)” Available at:
https://www.indeed.com/career-advice/career-development/competitive-strategy
[Accessed on: 22-03-2024]

Gargaro, David (2023). “How to Write an Executive Summary for a Marketing Plan”
Available at: https://www.business.com/articles/how-to-write-executive-summary-for-
marketing-plan/ [Accessed on: 18-03-2024]

Hanlon, Annmarie (2023). “How to use the 7Ps Marketing Mix”

Available at: https://www.smartinsights.com/marketing-planning/marketing-models/
how-to-use- the-7ps-marketing-mix/ [Accessed on: 08-04-2024]

IMM Graduate School, (2024). Marketing 303B eStudy Guide

Available at: https://learn2024-01.imm.ac.za/course/view.php?id=135

Queensland, Business (2023). “Writing a marketing strategy and plan”

Available at:
https://www.business.qld.gov.au/running-business/marketing-sales/marketing/
strategy-planning/writing-strategy-plan [Accessed on: 20-03-2024]

Skool, MBA (2022). “Standard Bank SWOT Analysis” Available at:

https://www.mbaskool.com/brandguide/banking-and-financial-services/2557-
standard-bank.html [Accessed on: 20-03-2024]

SWOT&PESTLE.com, (2023). “Standard Bank Group SWOT and PESTLE analysis”

Available at: https://www.swotandpestle.com/standard-bank-group/ [Accessed on:
20-03-2024]
N01925 MAR303B

Dibb, et. al (2019). “Marketing concepts and strategies”. 8th ed. Andover, UK