Back Ground• The Standard Chartered Group was formed in 1969 through a merger of two banks• The Standard Bank of British South Africa founded in 1863,• the Chartered Bank of India, Australia and China, founded in 1853.• This friendly merger allowed both banks to capitalise on the expansion of trade caused by the increased movement of goods from Europe to the East and Africa.
Bank‟s Introduction• Standard Chartered Wholesale Banking builds on over 150 years of banking experience in Asia, Africa and the Middle East• Our excellent local knowledge of attractive growing markets around the world consistently places us in the top three providers for our clients‟ wholesale banking needs• Known as „The banker‟s bank‟• Pakistan – acquisition of 95.37% of Union Bank (USD487m)
• Our strategy: We aspire to be the worlds best international bank, leading the way in Asia, Africa and the Middle East.• Who We Are:• We are leading international banking group committed to build a sustainable business over Long-Term.
• Our Business:• We provide a wide range of products and services for personal and business Customer across 70 Markets.• OUR BRAND AND VALUES• By doing things the right way, we can support our customers and clients while having a positive impact on the wider economy
Current Marketing Situation Market Description• Market Trends • We are offering Current and• As currently SCB only saving account for the age Offering Business A/Cs, group of 16 to 28. Term Deposits, BBA A/C , • Product will be offer to both Insurance Priority and Mass Customers
Competitive Review• So far no bank is offering such product for youth segment• Only Focuses on Child savings, Old Age Benefits and Business Transaction Accounts
Product Review• Product will be offer to both Priority and Mass Customers• Banking Facilities includes:• Debit Card• Free First Cheque Book• Balance Transfer Facility• Online Banking• eStatements• Sms Banking
Alliance partners for YouthProduct Benefit Saving Account• Alliances and Special 1. Arena Saving rates for youth 2. Pie In The Sky• Personalized ID card for 3. Liberty Books customers by which they can avail the discounts on 4. Nike different Alliances 5. Metlife Alico 6. Café Down Town 7. Scentsation
Need & Corresponding Benefits of Standard Chartered Consumer Banking:Target Segment Customer Needs Corresponding Features Business Man > Business Transactions >Easy Banking Services. > Banking Instruments >Personalize RM services to cater Individual business need. >Online Transfer >All Banking instruments are free for business A/cs. >Internet Banking > Also for Priority Banking Segment. >Compatible Rat •Individual >Remittance >For Priority Customers invert remittance is for free and for general its is also free but for transferring money will make them change. >Online Banking >Internet Banking/Transfer is for free. .>Internet Banking > ATM/Debit card first free issuance. >Cheque Book first 25 leave is for free Youth ______ > Account Maintenance >Category wise it depends. >Attractive Offers > Online Banking is free. >Online Banking >Cash Back Facility. >Alliances > Discounts on Alliances for priority & general customers. >Banking for the Future > Insurance Covered Account.
Marketing Strategy• Youth saving account‟s marketing strategy is based on a positioning by product differentiation.• Our primary consumer target is profiled collage‟ university students an the youth who are initial level of job or may running their business which build the self-esteem in them and association with banking for them is more valuable an more like a fun thing.• This segment can be describe demographically by age (16-30) and education status
Positioning• As Standard Chartered already position their brand “here For Good” youth saving account under the umbrella of SCB.• Awe is using product differention for youth saving account.• We are position it as the most convenient, fun loving and earned banking norms for the new users with lots of new experiences in banking as the age group we target is 16-30,• consumers in this age group wants new things to try with adventure.
Marketing Mix• ProductYouth Saving Account• Price:Minimum Balance Requirement for opening Youth Saving Account• Place:It will be available at all branches of SCB in Karachi, Islamabad, Lahore, Quetta & Multan initially.• Promotions:Promotions include following benefits and alliances which will be
BENEFITS FOR Youth Saving ACCOUNT• First Free Cheque Book• Free Bank Statement• Free Insurance Cover• Personalized Picture ID card for the Youth which will give him/her access to exciting events & amazing offers at the alliance outlets• Exclusive discount / offers at the selected alliance outlets in area of entertainment, apparel, book stores etc.
Marketing Communication Strategy• For marketing we will start activations through ATLs & BTLs in which we design billboards, kiosk, TV commercials etc,• We will start BTL activities in universities, colleges, malls and also focus on direct sales.
Marketing Research• We have conducted survey through word of mouth and one- on-one discussion to the youth of different Universities and market places at SZABIST, KU University, IQRA University, and also at different Colleges of Karachi city.• After survey and market test we identify the specific features and benefits that target market actually wanted in Youth Saving Account.• Also we measure the customers attitude towards other competing Banks and their products.• Finally having seen customers needs and market test we design our product that will meet the customer‟s needs and satisfaction.
SWOT Analysis• Strengths: • Opportunity:1. Leading Multinational 1. First one to introduce this Bank product2. Proper Channel of Branch 2. Pakistan is a Youth Distribution Population Country3. First one to introduce this product • Threats:4. Big Market share as 1. Poverty compare to other foreign 2. Low Income of newly banks employed youth• Weakness: 3. Competitors1. Low Profit Margins
Objectives & IssuesWe have set aggressive but achievable objectives for the first and second year of market entry. • First Year Objective: • Issues: • During the SCB’s youth saving • In relation to the product account’s initial year on the market launch, our major issue is to we are aiming for a 5 to 10 percent establish a well- regarded brand share of the urban market. name liked to a meaning full • We are not defining the sales positioning. growth objective because this segment is bit shaky in terms of • We must invest heavily in saving and investing money. marketing to create a • Second Year Objective: memorable and distinctive • Our second year objective are to brand image projecting achieve 10 to 15 percent share innovation and customer value. based on sales of youth saving • We also must measure account and to design promotion awareness and response so we activities in such a way youth will can adjust on marketing efforts attract as by this initiative other as necessary. banks will all launch the youth related account
Action Program• The Youth Saving account will be introduced in January 2013,• we as Standard Chartered Bank have certain action programs that we will be implementing in first 3 months of the next year to achieve our stated objectives.• We will be taking following actions in the different months of the introductory year,
Budget & Control• Budgets:• Total first year revenue for the Youth Saving Account 10000000 is projected by having 2000 account holders at a minimum amount is 5000.• Control:• We plan to have tight control measure to closely monitor quality and customer satisfaction.• As a result it will enable us to react quickly in correcting any problems that may occur, it will also make us proactive for occurring any problem in future so that we will have contingency plan to overcome the unfavorable situation.• We will also have good accountability and control tools by which we can come to know about upcoming new trends, changes, technology and competition.