Business Development Grace Kennedy Money Services


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Business Development plan in Theory, authored by Lakesia Wright

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Business Development Grace Kennedy Money Services

  1. 1. <ul><li>Section I </li></ul><ul><li>English Speaking Caribbean- Jamaica </li></ul><ul><li>About Grace Kennedy Ltd- Money Services </li></ul><ul><li>Section II </li></ul><ul><li>The Business Model & Business Developments </li></ul><ul><li>Section III </li></ul><ul><li>Competition & Trends </li></ul><ul><li>Section IV </li></ul><ul><li>Money Services- Solutions </li></ul><ul><li>Section V </li></ul><ul><li>Conclusion </li></ul>Author Lakesia Wright
  2. 2. Author Lakesia Wright Date July 2011
  3. 3. <ul><li>Established 1922 </li></ul><ul><li>Caribbean largest and most dynamic corporate entity </li></ul><ul><li>Publicly held in Jamaica and Trinidad & Tobago </li></ul><ul><li>Focusing on a Global concept </li></ul><ul><li>Mission statement </li></ul><ul><li>To satisfy the unmet needs of Caribbean people wherever they are in the world. </li></ul>Author Lakesia Wright
  4. 4. <ul><li>Cambio </li></ul><ul><li>Distribution </li></ul><ul><li>Financial Services </li></ul><ul><li>Food Retail </li></ul><ul><li>Home* Garden </li></ul><ul><li>Insurance </li></ul><ul><li>Remittances </li></ul>Author Lakesia Wright
  5. 5. <ul><li>Includes. Money services or Money Transfer (Western Union) </li></ul><ul><li>Bill Express & Online Bill Express </li></ul><ul><li>FX trader money exchange* cambio </li></ul><ul><li>Grace Kennedy and Western Union partnered in 2007. With Western Union holding a 28% as shareholder. </li></ul><ul><li>2008 was appointed western union master agent in the United Kingdom. </li></ul><ul><li>Money service businesses in Jamaica and the eastern caribbean to include, Trinidad & Tobago, guyan, Antigua, Guyana, Barbuda, St. Kitts,-nevis , anguilla, St. Vincent, the Grenadines, & Mont-serrat. </li></ul>Author Lakesia Wright
  6. 6. <ul><li>Consumer to Consumer and Consumer to Business </li></ul><ul><li>Money transfers between two individuals is the most important business for Western Union and accounted for 84.6 percent of revenues in 2009. The vast majority of money transfers are cross-border transactions in which a customer in one country sends remittances to a recipient in another country. The business is heavily dependent on migrants who need to send funds to family members in their country of origin. As a result, transaction volumes can be sensitive to overall economic conditions in countries that have a high level of migrant workers. </li></ul>Author Lakesia Wright
  7. 7. <ul><li>The understanding and belief in Grace Kennedy’s mission statement. That it’s products and serves will benefit all of and meet the needs of all Caribbean people. </li></ul><ul><li>Must hold a personal conviction and belief of the products and services, along with motivation and drive in order to achieving the companies goals and objectives. </li></ul>Author Lakesia Wright
  8. 8. <ul><li>The company has a network of exclusive agents for receiving and sending money across various geographies. When the sender of the money contacts the agent, the information is fed into a common data processing system. The sender has to pay a transfer fee for sending the money. Within minutes, the money is transferred to the receiver. </li></ul>Author Lakesia Wright
  9. 9. <ul><li>Money Services in non traditional banking sectors including remittances is the exchange of on demand cash from sender to recipients across national and international countries. The recipients is the beneficiary who welcomes the need of this cash for income subsidy, emergency cash , education and daily living expenses. </li></ul><ul><li>There is a High demand in development of non traditional banking services including bill payment and remittance location development focusing on International recipients’ due to the low wages in the country of the beneficiary in order to sustain decent standard of living condition. </li></ul>Author Lakesia Wright
  10. 10. <ul><li>: Remittances have been promoted as a development tool because they can raise </li></ul><ul><li>incomes and reduce poverty rates in developing countries. Remittances may also promote </li></ul><ul><li>development by providing funds that recipients can spend on education or health care or invest in </li></ul><ul><li>entrepreneurial activities. From a macroeconomic perspective, remittances can boost aggregate </li></ul><ul><li>demand and thereby increase GDP as well as spur economic growth. Since remittances have become a major source of income for many developing countries, such as Jamaica. </li></ul>Author Lakesia Wright
  11. 11. <ul><li>Defined: a collaboration process between supplier and seller to the end user. </li></ul><ul><li>This type of collaboration is through B2B marketing strategies and brand management. These strategies focus on building relationships with and among the brand, owners and partners, intermediaries, suppliers and vendors, while implementing alignment of company or brand objectives and customer value, in order to increase and extend the client lifetime cycle. </li></ul>Author Lakesia Wright
  12. 12. <ul><li>Build partnership relationships to allow small business and corporations to develop partnership agreements with Grace Kennedy Western Union. Example: Mega Mart – partners with Grace Kennedy Remittances. Other food markets , wholesalers retail Stores with Grace Kennedy Remittances. Lime partners with Grace Kenney Remittances in a Lime Gift Debit card which can be used for purchases or credit top up as a promotional offer. Colleges and Schools partners with Grace Kennedy Remittances. Large Hotels partners with Grace kennedy Remittances. Insurance Agencies, Credit Unions and Travel Agencies. This is not a franchise, but yet a exclusive agent agreement, business development requirements the business must match the Western Union Business Model. </li></ul>Author Lakesia Wright
  13. 13. <ul><li>Strategically Marketing Plans </li></ul><ul><li>Communication & Advertisement </li></ul><ul><li>Leveraging the Diaspora Markets </li></ul><ul><li>Consumer User End marketing strategies </li></ul><ul><li>Innovative Marketing tools for agents </li></ul><ul><li>Advanced technological solutions. </li></ul>Author Lakesia Wright
  14. 14. <ul><li>Networking and prospecting where business owners and business investors gather in the b2b markets. </li></ul><ul><li>Target market activities to Business investors includes </li></ul><ul><li>Join business associations </li></ul><ul><li>Attend business owners functions </li></ul><ul><li>Join private clubs including social networking </li></ul><ul><li>Attend business owners seminars </li></ul><ul><li>Offer a promotional seminar for prospects </li></ul><ul><li>Direct marketing and cold calling </li></ul><ul><li>Attend financial institutions events </li></ul><ul><li>Sponsor an event </li></ul><ul><li>Advertise- get the work out that Grace Kennedy is looking for agents to expand their operations in partnership agreements. </li></ul>Author Lakesia Wright
  15. 15. <ul><li>Cross Media Creative   we focus on demand through media channels Strategic Planning we focus on the demographic areas of demand for locations Brand Stewardship   where we position the re-seller as a go to location for services. Multimedia Production   where we focus on creating brand awareness Web Development   where we focus on enhancing customer value, Print Advertisement & Press Release Production   Permission Marketing   or promotions Search Engine Marketing and Optimization   Corporate Identity   Project b2b Marketing Planning </li></ul><ul><li>Survey marketing   Public Relations   Multi-language Communications   Customer Promotions   & Merchandising </li></ul><ul><li>Product Development Initiatives to Cross Sell to Financial & Lending Institutions </li></ul><ul><li>Product Development Initiatives to Retail Merchants </li></ul><ul><li>Location expansion and development: to include Business Centers such as mailboxes and business equipments. </li></ul>Author Lakesia Wright
  16. 16. <ul><li>The companies operating in the global remittance market face strong competition with few large competitors and numerous small and niche competitors. The leading money transfer organization like Western Union, Money Gram and Euronet, and other independent players compete on the basis of technology, price and quality of service offered to remitters. </li></ul>Author Lakesia Wright
  17. 17. <ul><li>World bank estimates show that economic growth is beginning to recover after the global slump that began in 2008. The decline in remittance flows to Latin America and the Caribbean appears to be bottoming out but still slow to recover with the unlikely event of returning to pre crises levels of 2008 even in 2011. - </li></ul>Author Lakesia Wright
  18. 18. <ul><li>Leverage the Diaspora Markets </li></ul><ul><li>Develop remittance products attractive for the Diaspora Markets example account transfer. </li></ul><ul><li>Develop remittance and banking products that focus on the Micro Business Owners Markets- in the Macro Sectors </li></ul><ul><li>Tourism Development project </li></ul><ul><li>Remittance Education Programs </li></ul><ul><li>Donations Programs for Charity or Non- Profit Organizations </li></ul><ul><li>Community Development Projects </li></ul><ul><li>Medical Plan Projects </li></ul><ul><li>Pension & life insurance </li></ul><ul><li>Develop partnership relationships with Credit unions – cooperative lending institutions that do not offer money transfer or remittances, </li></ul>Author Lakesia Wright