Professional Documents
Culture Documents
Segment of
Customer
Personal Banking
Product Range
Description
SME Banking
Type of
Organization
Profit oriented
local financial
institute.
Number of
employees
more than 2800
Annual
turnover - LKR
12655 millions
t
tmargins are taken place through these departments.
B 1.2ashows the major
Annexure Fig
relationship between these departments are
BTherefore
a
n of Nations
k
stakeholders
Trust Bank.
Most such profit gaps and margins
important
to
enhance
n
k
s decisions are directly based
of the banks
2) Cardand
centre <> Retail Banking
on such stakeholder capabilities
Cards
are onetrust
of the core products of the bank. Therefore
areas of interest. Since
the Nations
cross
selling,
marketing
and Distribution of cards takes place
bank is in banking and financial sector as
through Retail Sector.
a service oriented organization, the
Communication
methods
banksInternal
decisions mainly
depend
on two
3) Internal
Audit <> Compliance
stakeholders, which are
Customers department
and
Compliance
gains constant updates about
Method
Description
Employee
Engageme
nt
Cost
Corporate
Intranet
Video / Slide
Presentations
High
Low
Low
Mediu
m
As per the Annexure Fig 1.3 Nations Trust Bank uses multiple internal communication methods out of which
Corporate Intranet enhances employee engagement up to a greater percentage. Corporate Intranet is a
combination of information which covers each and every aspect of the bank starting from the Vision and
the mission statement of the bank, it covers up to the regulations laid by the central bank. The
effectiveness of this method is very high and also it incurs a very low cost.
Video/Slide presentation incurs a medium cost and time in preparation while the effectiveness is very low.
In practical context employees find it difficult to spend time for watching videos due to busy working
schedules. Therefore effectiveness in very low while the time consumption is very high and also it does a
lesser contribution towards employee engagement.
Requirements
Customer Loyalty
High
Satisfied
Stayers
Happy
Wanderers
Hostages
Dealers
Increase
spending to
defend your
brand
TASK TWO
A creative brief could be developed so as to reinforce the companys value proposition focusing
on executing effective communications.
What Customers Need
Prioritized Services
No Prioritized Services
Everyday banking
and competitor through proper analysis, the bank can develop a unique value proposition so as
to suit the customer preferences.
O r
te r g a
l
n i
r s p z a
tP i rvo ft i o
e s s in
o n a l
is m
Lack of proper
research conducted
about the industry by
the external marketing
agency to see where
Solutions to overcome the problems which occur when dealing with external
marketing agencies
Brands/Companys should always look for familiarity with their industry when selecting an
external marketing agency. A Company should always seek a partner who not only
understand your industry or market, but has also established relationships with
gatekeepers and key thought leaders with which you could expand more.
Ask to see examples of top notch strategies the marketing agency has created for its
clients. This will reflect a clear idea about the creativity and professionalism of the
marketing agency.
Look for agencies that are using content marketing to build and differentiate their brands.
Differentiation is a main element which can be used attract the customers in the modern
day market. Therefore marketing with differentiation will always be effective in terms of
brand recognition and consumption.
Make sure they ask you the right questions. Do they emphasize on your goals, target
audience etc? The company will have to make sure that the marketing agency do
understand and constantly emphasizes on the goals and objectives and creates a path in
achieving the same.
Attend local advertising and marketing association functions and ask your peers for their
recommendations. Such comments given by industrial experts will definitely help you
making the right choice and dealing with them successfully
Better Services
Correct Pricing
Trade Transactions
Foreign Currency accounts
Growth
Maturity
Good Distribution
Channels
Savings accounts are currently at the maturity stage. Therefore by rendering better services
and adding more support services, the bank maintain the position of such products while
improving the profitability.
Trade Transactions and foreign currency accounts involves high charges and Exchange rate
benefits. Still the bank is at the growth stage in respect of such products. For further
development correct pricing should be maintained.
Good distribution channels are required for the current and corporate accounts as it involves
multiple transactions.
Effective promotions would help in capturing new deposits and growing the liability portfolio of
the bank as it is still in the growth stage and also is a high profit improvement aspect of the
bank.
B
r
S e t
a
E x p
eP cr ot v i n
d Pi r o v i
ad t ei os
ne sc o n n d e s
o m i c gS t a b l
v a lu e e
a s s e
t
Description
Competitive Advantage
Set Expectations
C
p
v
A
n
e
o m
e t it i
e
d v a
ta g
affection.
TASK THREE
Personal selling
Sponsorships
Social media
Communication
Rewards
E-mail marketing
New Marketing
Methods
Dialog is a leading telecommunication service provider which currently caters Sri Lankan
market providing variety of Telecommunication services such as pre-paid and post-paid
and also data package services. The company caters customers of all levels with
specialized packages such as specialized kids packages with limited number of contact
numbers, data packages, specialized economic packages for senior citizens etc.
Since Dialog Company and Nations Trust Bank have the below mentioned features in
common.
Communication
Method
Sales Promotions
Events and
experiences
Word of mouth
marketing
Personal Selling
Dialog
Sponsorships
Social Media
Rewards
Direct Marketing
Out of the given techniques, both Dialog and Nations Trust bank uses Social media and
word of mouth marketing as a strong marketing tool in attracting customers and giving
more publicity. Further, the bank practices more of personal selling for the extremely
potential customer by visiting them and carrying out demonstrations to special crowds of
interest specially to build trust and loyalty. But Dialog does not practice personal selling
technique. On the other hand Sponsorships are given more priority by the Dialog Company
as they seek more publicity than loyalty. Due to this reason the bank does not
concentrates on doing sponsorships. Direct Marketing is also a strong tool used by Nations
Trust Bank in creating a personalized service whereas Dialog does not use the same.
McKay (1972) says three basic marketing communication objectives which are currently
practiced by the Nations Trust bank to build up the corporate reputation.
Stakeholders do have various interests about the organization which they are expected to
be communicated regarding such areas of interest.
External
Stakeholder
Communication need
Customers
Competitor
Government/
Regulators
Creditors
Society
Since all the bank products are in growth stage, the bank can raise awareness
programs among the customers
This is about creating awareness about the banking products and services among
the target market and creating the sole impression about the customers that
Nations Trust Bank provides flexible services which are borne to cater the variety of
customer needs. This lays a strong foundation towards building up a corporate
reputation based on the unique products and the services offered by the bank.
The bank must shine among the similar players in the market. Not only through
figures and numbers, products and services, but also through practicing corporate
social responsibility. Carrying out CSR Activities Island wide will definitely raise
Existing
Communication
objectives with
regard to
stakeholders
Increasing customer
retention
awareness about the existence of the bank since the bank is still in the growth
stage. Also this develops a positive impression among the customers as well.
The bank uses few key elements in attracting customers over the competitors
which are being calls as unique value propositions. Through communicating such
key tools, the publicity earned by the bank increases which attracts more new
customers towards the bank.