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Equity X Bank
San Diego, CA
¡§Where we treat our customers X-tra special¡¨.
1. Mission Statement
Buy Marketing Analysis term paper
Equity X Bank was founded in 00 to serve the financial needs of the San Diego Region. Over the past year the range of our products
and services has grown and changed to meet the needs of our customers and our community. Despite the passage of time and our
growth, two things have remained constant. First, we are committed to providing the best customer service possible. And second, we
are committed to meeting the financial needs of the communities we serve.
. Objectives
„X Meet the residential credit needs of San Fernando¡¦s diverse population.
„X Attracting applicants through outreach to local community groups and churches based on an understanding between groups
„X Establishing full-service bank branches in supermarkets.
Ulysses Vazquez Principles of Marketing
Mid-Term 0/7/0
. Situation Analysis
„X S.W.O.T.
Strengths Weaknesses Opportunities Threats
High Level of Customer Small # of bilingual customer Increase recruiting strategies Competitors who are established
Service service reps within minority groups
Advertising in general Insufficient advertisements in Spanish Increase advertising in Spanish Other ethnic groups may not understand spanish
Newspapers newspapers newspapers and on minority radio ads.
Stations.
Acme Supermarket is Insufficient data regarding full-service Customers can speak w/counselors Other bank/supermarket chains
a loyal client bank branches within supermarkets. in the convenience of a local supermarket,
seven days a week.
Various financial programs A small amount only cater to
low-income individuals. Gain economic growth with individuals of Other financial institutions that offer
all economic classes. various programs to all economic classes
„X Target Market & Segmentation (Demographic & Geographic)
San Diego California
Population (thousands) 88 48,710
Hispanic . 1.1
Median Household Income $4,81 $0,056
Percent of families below
Poverty level 4.5 10.0
Homeownership rates
Hispanic households .5 4.4
Supermarkets w/bank branches 1.5 8.7
Ulysses Vazquez Principles of Marketing
Mid-Term 0/7/0
„X Product, Price, Promotion & Place
Product-A $0.00 gift certificate in English & Spanish that can be redeemed at any participating Acme Supermarket.
Price- There is no cost for opening a bank account or applying for a home loan.
Promotion-A $0.00 gift certificate in English & Spanish to any participating Acme supermarket will be rewarded to all new customers who apply for a home loan or open a bank account.
Place-At any of our existing branches.
4. Identify Possible courses of action based on situation analysis
Action Potential Outcomes
Implement Spanish speaking course for
Present customer service representatives Due to different dialects, there still might be some confusion.
Increase advertising in Spanish newspapers
And radio stations. Spanish customers may not respond.
Propose the idea of creating a full service branch
In Acme stores. Acme supermarkets may already have a business relationship with other financial institution or just might simply decline.
Offer programs to low income or first time home Customers may stay loyal to established financial institutions.
Buyers.
Ulysses Vazquez Principles of Marketing
Mid-Term 0/7/0
5. Recommendation
Since we have a large budget, we should invest in providing a course in ¡§Spanish¡¨ to all of our current non-spanish speaking
customer service reperesentatives. We should also advertise in Spanish newspapers, cultural organizations and radio stations
for exposure and also bilingual individuals. Propose the idea to Acme markets or another supermarket chain with the idea of
creating a full service bank that would be open seven days a week to service new and existing clients placing special focus on
the Hispanic community. This idea could bring exposure to both businesses.
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