Marketing Plan For The Bank Of America Marketing Essay

Marketing Plan For The curse Of America Marketing EssayBank of America (boa) is one of the worlds thumpingst financial institutions and holding companies. It has achieved this via a combination of strategic traffic and market decisions which enabled it to expand to cover more than 75% of the get together States population and 44% of the countrys high net worth households for a lend of 55 million consumer and small business clients. The marketing plan of BoA is highly detailed to accommodate the many products and services the bank offers the U.S. and planetary consumer.Competition within the U.S. banking effort is fierce with a number of large banks in the market place including JP Morgan Chase, Citigroup, Wells Fargo, and HSBC, all offering alike(p) products and services to the U.S. population. Innovation amongst the banking industry is difficult to achieve and hence grand but BoA, through with(predicate) its earlier investment in services look into and development, is f ountainhead gear uped to increasingly expand its market share.The banks strong distribution network, eccentric by any of its competitors, allows it to hold a strong market federal agency in the U.S. and international market which result allow it to withstand the veritable financial crisis and depressed economic conditions. Its concentration in the U.S. means that its stirred by the movements in the U.S. economy. For example, during the economic crisis the bank sustained heavy losings due to the subprime market exposure which placed a great plow of pressure on margins and eroded the banks capital of the United States.Its ability to quickly repay its brass loans borrowed via the Troubled Assets Relief Program (TARP) displays the banks cautious and sensible approach to capital management and dividend policy thus further strengthening its solvency position.Despite having already maximised its market share of U.S. deposits under federal law, BoA still has a number of expansion o pportunities available. These include its credit card and affinity marketing operations, its wealth management business through its acquisition of Merrill Lynch and its mortgage division through the acquisition of Countrywide Financial Corporation. These opportunities however will be subject to pending government measures and regulations due to be essential as a result of the recent financial economic crisis.The banks principal(prenominal) objective is to dominate the American retail banking sector and strive to break down a market leader by obtaining the largest market share through better value for money banking products, better customer services, tailored banking solutions that match customer needs and high promotion spending. It secondarily plans to expand its pock into international markets and become a universal bank.BoA has chosen to position itself as an all-American brand, with sponsorships and products that include NASCAR and Major League Baseball. Given that banks es sentially shift the same services and products, differentiation is necessary to gain a rivalrous advantage by providing the consumer market greater value propositions. Innovation amongst the banking industry is difficult to achieve and rare but BoA, through its earlier investment in services research and development, has revolutionised banking by providing innovative products such as the Keep the Change endure, full customer service leges and advanced online banking facilities.The first-string product that BoA focuses on promoting is its brand. By creating brand awareness, the bank aims to take a shit consumers confidence and trust and thus cater to their needs as a secondary approach by offering products and services includingThe bank allocates $2.3 million to its marketing budget, and that amount is expected to grow (Anne Saunders, Brand and Advertising executive Oct 2008). Advertising campaigns have been realigned to match customers concerns about banking.Implementation is usually on an annual basis which ensures that before the second phase of the project is covered, the finances released for the first phase have to be accounted for fully. This helps curb the misappropriation of funds. The instruction execution of the market plan in phases also enables the investors to monitor the progress of the business at different levels of growth.ControlBoA employ a perpetual measuring process using a dashboard approach aline the critical elements in the marketing mix that seem to do the around and make the most difference not only for our brand, but, specifically, for product gross revenue BoA is deeply steeped in Six Sigma we are continuously conducting a measurement process we plan we test we implement we analyse and we ameliorate (Anne Finucane, Chief Marketing Officer, Bank of America).Customer satisfaction and feedback is measured via branch and online questionnaires, feedback forms, media reports and brand loyalty linked to product and service use . BoA unendingly reviews Return On investment (ROI) on each product in terms of profitability by customer, segment, region and unit as well as comparing the best use of media alternatives.In 2007, BoA introduced a brand positioning and tag line with a totally unified marketing approach Bank of America The Bank of Opportunity. This was the latest campaign in the banks marketing history. Its ongoing successes, despite the economic booms and busts, can be attributed to its research methods, innovation, product development, customer segmentation, sales training, and corporate social responsibility.