Vanguard Retirement Marketing Plan - The Voyagers

Retirement Products and Services
Final Marketing Plan
Professor Glasgow, Dr. Cho
8:30 MWF Section 001
Erin Burgwinkle, James Casey, Sarah Furtek, Morgan Kennedy, Erin Menzner,
Ryan Mulligan, Matthew Phelps, Michael Sabrick, Nicholas Testa, Juhi Vazirani

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Table of Contents
Executive Summary……………………………………………………………………….Page 3
Marketing Challenge Summary………..…………………………………………………..Page 5
Marketing Objectives
Marketplace Analysis…………………………………………………………...…………Page 7
SWOT Analysis
Competitive Analysis of the Marketplace
Comparison Chart of Competitors
Primary Market Research
Consumer Analysis Process …………………………….…………………………………Page 19
Segmentation Strategy
Targeting Strategy
Positioning Strategy
Promotional Schedule…………………………………………………………………..….Page 31
Promotional Mix and Recommendations...................................................................….......Page 37
Advertising
Public Relations
Direct Marketing
Sales Promotion
Personal Selling
Media Cost Worksheet……………………………………………………………………..Page 43
Summary and Conclusion…………….…………………………………………..………..Page 45
Appendix ……………………………………………………………….………………….Page 47
Works Cited……………………………………………………………….…….…………Page 55

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Executive Summary
(James Casey and Nick Testa)
The Voyagers were assigned to create a marketing plan for the Competitive Effectiveness course,
taught by Professor Glasgow and Dr. Cho. Our plan was constructed to raise awareness for The
Vanguard Group’s retirement funds and services.
Our challenge was to develop a brand awareness campaign targeted to individuals plus or minus
10 years to retirement, also referred to as RPM 10. We will educate clients and prospects,
encouraging them to entrust Vanguard with their monetary funds.
Through research, we concluded that Vanguard’s top three competitors in the retirement industry
are Fidelity Investments, Charles Schwab, and T. Rowe Price. Each of these competitors has
different strengths and weaknesses. Our goal for the brand awareness campaign is to portray
Vanguard as a leader in the retirement industry with their low cost, client-owned structure.
We segmented our target market using age, income, and the “Tapestry Psychographic
Segmentation” analysis. The segmented target market is made up of individuals between the ages
of 50 and 61, who fall into the middle class income bracket. These individuals have the time and
resources to spend on retirement planning. We want to emphasize to our target market that by
investing with Vanguard, one will be able to pursue their passions rather than stress about their
finances.
In our positioning statement, we incorporated Vanguard’s client-owned value by emphasizing
the word “We.” Our statement is as follows:
We believe that individuals deserve a comfortable and rewarding retirement. We believe that you
deserve to be in control of your own future, so you can focus on the things that really matter. We
believe that Vanguard’s expert financial advising on a wide array of retirement products and
services delivers the reliability you deserve so that you can focus on making the most of your
retirement.
When developing our value proposition, we chose to highlight the following words because our
target market desires to be in control, feel secure, and live stress free, in regards to their
finances.
● Integrity: Vanguard is client-owned and puts the needs of their investors first.
Clients know that their best interests are of the highest priority, because Vanguard
would not exist without the success of its clients.
● Reliability: Vanguard provides advice and education to investors, especially in
times of market turmoil. Investors are reassured that they are using a trustworthy
provider.
● Freedom: With Vanguard’s expert financial advising, investors can have peace of
mind when it comes to thinking about their investments. Trusting those who

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manage your money will allow you to spend your time pursuing the activities that
you enjoy.
We developed the Central Communications Theme of “Destination: Retirement,” in order to
convey that planning your retirement with Vanguard can be as rewarding as planning a vacation
to your dream destination.
Our solution to the presented marketing challenge was the creation of a four wave plan
promoting awareness, interest, desire, and action. The four waves utilize integrated marketing
communications to promote Vanguard’s retirement products, as well as our “Destination:
Retirement” theme. Our team considered our target market’s lifestyle when scheduling our
waves throughout the course of the year. We also considered our target market’s attitudes and
values when designing our campaign in order to effectively communicate our message.
Using the Media Cost Worksheet, we allocated $3 million to different media tactics. We decided
to distribute money to each channel based on the impact we perceived it would have on the target
market. The amount spent on each advertising type is as follows:
Table 1: Media Cost Worksheet

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Marketing Challenge Summary
(Erin Burgwinkle and Erin Menzner)
Our challenge is to develop a marketing plan that spreads awareness of Vanguard’s retirement
products and services. We will educate clients and prospects, and encourage them to entrust
Vanguard with their monetary funds. Our target market is composed of clients and prospects,
plus or minus 10 years to retirement, also referred to as RPM 10. RPM 10 clients have the largest
share of wealth and are a part of the Baby Boomer generation (PP: Vanguard RPM 10 Case,
2015).
We aim to spread awareness of Vanguard’s retirement products and services. In our primary
market research survey, when asked “How familiar are you with Vanguard as a company?” 38%
of respondents claimed they were slightly unfamiliar to very unfamiliar with Vanguard. This
statistic shows the importance of increasing the familiarity of Vanguard in the financial services
industry. Additionally, when asked “How familiar are you with Vanguard’s retirement options?”
54% of respondents claimed they were slightly unfamiliar to very unfamiliar with Vanguard’s
retirement options. After analyzing our results, we concluded that Vanguard’s high quality and
wide variety of products need to be more transparent to clients and prospects (The Voyagers
Demographic Survey, 2016).
According to Vanguard’s 2014 Brand Track Survey, only 42% of Vanguard’s clients feel that
Vanguard is putting them on the right track for retirement (PP: Vanguard RPM 10 Case, 2015).
Our task includes finding out why this percentage is low by analyzing how competitors
differentiate themselves and how Vanguard can differentiate itself from these companies. We
need to identify what our target market values in retirement service providers and incorporate
these findings into our marketing plan.
Marketing Objectives
1. Identify Vanguard’s internal strengths and weaknesses, external opportunities and
threats, and competitors in the retirement fund industry.
By identifying Vanguard’s strengths, weaknesses, opportunities and threats we will be able to
further understand the firm’s identity and determine the best way to effectively reach our target
market. Analyzing Vanguard’s competitors can provide better insight into the wants and needs of
our target market.
2. Segment the target market.
In order to create the most effective and cost efficient brand awareness campaign, we must first
establish segments within our target market. We found that if we develop a full understanding of
the market segments most likely to utilize our products, we will be able to identify the best
strategy to connect with these individuals. This will allow us to best educate current and
prospective clients on what Vanguard has to offer.

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3. Identify a strategy that best reaches our target market.
Understanding key characteristics of our target market will help us to connect with these
individuals, and allow us to promote Vanguard’s brand in a way that is most appealing. In order
to successfully reach our target market, we need to develop a marketing plan that uses the most
effective mediums. We will use research on lifestyle habits of those in our target market to
determine how, where, and when to inform individuals on the retirement products and services
that Vanguard offers.
4. Identify a promotional mix that increases awareness of Vanguard’s retirement
products, and educates the target market on the services that Vanguard has to offer.
We will use a promotional mix comprised of advertising, public relations, sales promotions,
direct marketing, and personal selling tactics. This will increase awareness, interest, desire, and
action for Vanguard’s products and services. By educating the target market about Vanguard’s
offerings we hope to see an increase in clientele, and therefore an increase in Vanguard’s market
share in the retirement industry.

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Marketplace Analysis
(Ryan Mulligan and Michael Sabrick)
SWOT Analysis
Internal Analysis of Strengths
1. Client-owned and Client-focused
Investors keep more of their own returns on a yearly basis because Vanguard’s clients only pay
the fees necessary to manage and operate their own funds. This value-based strategy acts as a
competitive advantage, because it is very difficult to replicate. The idea behind the strategy is
that if costs are kept low, a higher yield will be achieved. Vanguard is able to have low-cost
funds because the company mainly uses index funds and has no outside owners that are seeking a
profit. The average fee for investing in a Vanguard fund is around 0.2%, which is much lower
than the industry average of 1.0% (Vanguard, 2015). This shows that, on average, consumers are
able to keep more of their money when they invest with Vanguard.
2. Large Network of Investors
As of December 31, 2015, Vanguard had 20 million investors located in over 170 different
countries. Vanguard has this extensive network of investors while being a low-cost firm. This is
possible because of Vanguard’s rich word-of-mouth history, which enabled Vanguard to save an
incredible amount of money on advertising in comparison to its competitors (Vanguard, 2015).
Vanguard’s strong brand and loyalty of customers has shown the effectiveness of its marketing
strategy.
3. Industry Leading Investment Firm
Vanguard is listed as a top 10-investment firm that manages over $3 trillion in global assets.
Having a large amount of assets allows Vanguard to provide low-cost investments. Each one of
Vanguard’s ETFs made Forbes’ list of the “Best ETFs for Investors in 2016” in 10 of 13
categories. 32 of Vanguard’s funds were listed on Kiplinger’s “101 Most Popular Funds for
Retirement Savers.” Also, over the last 10 years, 92% of Vanguard’s funds have outperformed
competitive averages (Vanguard, 2015). Vanguard’s strong track record indicates their status as
an industry-leading investment firm and proves its ability to outperform competitors.
4. Depth of Financial Products
Vanguard has approximately 175 funds offered to those in the United States and another 145
funds offered to those located outside of the United States. This creates a wide range of options
for those looking to invest their money. In the initial investment stage, a minimum of $1,000
must be invested in the target retirement fund, compared to the $3,000 minimum investment
required by other providers (Waggoner, 2012). This demonstrates that Vanguard has funds that
are made for low-income investors, high-income investors, and everyone in between.

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Internal Analysis of Weaknesses
1. Cost of Operating as a Low-Cost Firm
By operating as a low-cost firm, the company needs a large pool of investors to effectively
implement this strategy. Additionally, Vanguard’s hands-off technique can be concerning to
investors during times of market turmoil (“Ten Things to Consider Before You Make Investing
Decisions”, 2015). Vanguard provides services to its funds and ETF’s “at cost,” which entails
that no profit is being taken from these parts of its product (Vanguard, 2015).
2. Vanguard’s Lack of Media Presence and General Awareness
Vanguard’s low-cost strategy does not leave much room for expenses on advertising and brand
promotion. To combat this, Vanguard needs to have highly targeted and inexpensive means to
reach potential clients (Stock, 2009). This causes general awareness of the company to be much
lower than its competitors, an effect proven in our primary research survey. When asked “How
familiar are you with Vanguard as a company?” 38% of respondents said they were very
unfamiliar to slightly unfamiliar (The Voyagers Demographic Survey, 2016). Due to the high
costs, Vanguard does not extensively use media forms, such as television, to solicit new
customers. However, Vanguard has recently decided to experiment with advertisements through
direct mail (Vanguard Corporate Client Meeting, 2016). Vanguard is open to increasing their
media presence.
3. Lack of Actively Managing Their Funds
Vanguard’s strategy is geared for those who want to invest in “hands-off” funds. This implies
that the investor needs to be willing to stick with Vanguard through times of economic trouble,
and understand that investing with Vanguard is for the long-term. This is demonstrated in the
company’s “Vanguarding Campaign.” In the campaign, the company promotes taking stock into
the long-term and avoids getting distracted by minor drops in the stock market (Elliot, 2010).
This mindset can be unappealing to investors who want the ability to move their funds around
easily. Vanguard’s main investing format is index funds, made up of stocks, which are intended
to keep for the long-term, with rare changes in the portfolio.
Economic Trends- Opportunities and Threats
1. Economic Change- Opportunity
In 2013 alone, 3.5 million Americans will pass the 65-year-old threshold, and by 2030, 72
million people will be in the 65+ age category (Brenner, 2014). This number has been growing,
and will continue to grow, providing reason to believe that now is the perfect time to expand into
the retirement age group. Vanguard needs to make sure that they target this market appropriately,
as it will start to become the most profitable market sector in America (Vanguard Client
Presentation).
2. “Bridge” Jobs- Threat
There has been a recent trend for individuals to pursue part-time jobs during their retirement,
which can mean that these people will not need to have as much money saved up before
retirement. These post-retirement jobs are classified as “bridge” jobs, and they enable a person to
lessen the financial blow of retirement by making small sums of money throughout. Based on a
University of Michigan study, 15% of people in the age range of 60-62 and over 20% in the age

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range of 65-67 are partially retired (Sightings, 2013). This is an economic threat to Vanguard
because people are investing fewer dollars into their retirement, and worrying less about the
amount of funds they have saved.
3. Negative Impact on Economy from Boomers Retiring- Threat
By 2031, most of the Baby Boomers will be retired (Cohn & Taylor, 2010). It is possible that
many employees and a large part of the population will start to cut back on spending. This is
concerning for an investment firm because it implies that the economy may experience a large
setback. Health care, and other industries related to the elderly, will start to become more
important. Vanguard’s “hands-off” strategy may backfire if a drastic change occurs because fund
managers will have to make a more difficult adjustment to the change, in contrast to an actively
managed fund.
4. Baby Boomers have Reasons to be Concerned about Investment Security- Threat
57% of all Baby Boomers have experienced a decrease in household wealth because of
investment performance, making this age range more likely to report that investments have
worsened their financial position (Cohn & Taylor, 2010). Because of past failures, Baby
Boomers are very worried about investment security, and may want to use a more hands-on
approach. This is an advantage for firms such as T. Rowe Price because they have actively
managed funds.
Social Trends- Opportunities and Threats
5. Increase in the Use of Internet and Social Media- Opportunity
The percentage of Baby Boomers using social media accounts has increased over the past few
years, and now 91% are present on social media (Lockard, 2015). This is important for Vanguard
to consider because social media is a very inexpensive way to advertise to potential customers.
Additionally, 78% of Baby Boomers use the Internet on a daily basis, 55% of them watch online
videos, an increase from the 30% reported in 2008. Baby Boomers in the 45-55 age range are
almost as likely to use home Internet as younger adults, indicating that Internet may be an
effective way to advertise (Rainie, 2010).
6. Baby Boomers like to Travel- Opportunity
According to a study conducted by AARP Travel, Baby Boomers will go on 4 to 5 vacations a
year, and 55% say that they will only travel domestically. 42% say that they are going to travel
both domestically and abroad, and 3% report that they are only going to travel abroad. The study
stated that when surveyed, respondents indicated that major reasons why they like to travel is to
get away from everyday life, spend time with friends and family, and to relax. The respondents
also noted that they want to travel to someplace warm where their joints will not ache.
Additionally, according to the study, they want to have a nice relaxing time on a beach or by a
pool (PP: Travel Research: 2015 Boomer Travel Trends, 2015).
7. Increase in Average Life Expectancy- Opportunity
The Baby Boomer generation has a life expectancy of 3 to 4 years longer than the preceding
generation. This means that this age group needs to save more money for retirement than
previous generations. For example, if a Baby Boomer wants to receive around $45,500 a year,

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than each individual is now supposed to save anywhere from $136,500 to $182,000 more to
make up for the increased life expectancy (Sightings, 2014). This shows that Baby Boomers need
to invest more money than the last generation to achieve their goals for a safe and comfortable
retirement.
8. Baby Boomers are Highly Concentrated in Certain States- Opportunity
There are 11 states where the population of Baby Boomers exceeds 1 million. California has the
highest quantity of Baby Boomers within its borders at 4.3 million. The states with the highest
percentage of Baby Boomers include Florida, West Virginia, Pennsylvania, and Maine
(Sightings, 2014). The high concentration of boomers presents Vanguard with the opportunity to
target these states.
9. Baby Boomers are Risk Averse- Threat
Baby Boomers, on average, have the goal of receiving $45,500 a year during their retirement,
however currently the average portfolio provides $9,129 annually. This shows that every year
people are short on the amount they should have saved for retirement. The issue lies in the fact
that 65% of Baby Boomers’ money is saved in cash. This conservative investment strategy can
pose a threat to Vanguard. Vanguard needs to ensure that clients feel safe investing with their
firm (Braverman, 2015).
Strengths
· Client-owned and client-
focused
· Large Network of Investors
· Industry Leading
Investment Firm
· Depth of Financial
Products
Weaknesses
· Cost of operating as low-
cost firm
· Vanguard’s media
presence and general lack of
awareness
· Not for those who seek
actively managed funds
Opportunities
· Increase in internet and
social media usage
· Change of Economy- more
older people in the
retirement age
· Baby Boomers love to
travel
Threats
· Part-time jobs that enable
retirees to have less saved
· Negative impact on
economy from Baby
Boomers retiring
· Baby Boomers have
reasons to be concerned
about investment security

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Competitive Analysis of the Marketplace
1. Fidelity Investments
Strengths:
● Brand Image- J.D. Power ranked Fidelity as the number 1 financial firm according to
investors, indicating that their customers are generally happy with Fidelity’s products and
services (“Top 10 Financial Firms Ranked by Investors”, 2016). Prospective investors are
more likely to invest with a company that has positive reviews and is regarded as the best
financial firm by investors. Additionally, Fidelity holds 29.8% of the retirement product
market share, which makes it the largest retirement provider in the United States, and its
position continues to grow (“Target-Date Series Research Paper”, 2014).
● Customer Service- Fidelity has many customer service outlets such as a “talk to other
customers” feature and 24/7 support. It is evident through their website alone, that the
company is very open to personalized communication with customers. One-on-one
communication is especially important for the average investor who may only be
somewhat knowledgeable about market trends and what to invest in, proving that
Fidelity’s positively reviewed customer service serves as a strong competitive advantage
(“Why Fidelity - Exceptional Service”, 2016).
● Choice- Fidelity offers 575 different funds in which investors can invest in, an amount
much higher than its competition. In comparison, Vanguard offers 160 different funds
(“Fidelity vs. Vanguard”, 2016). This gives investors many directions to choose from
when deciding where to put their money. Fidelity’s customer service can help match the
investor’s needs with any of the funds the company offers. Having this plethora of funds
allows Fidelity to hold more diverse investment portfolios than competitors, which
therefore means that investors are able to see less risk.
● Innovative- Fidelity was the first financial firm to offer ETFs, sector funds, and asset
management services, which are now very popular outlets for investors. The company’s
past innovations gives customers confidence that Fidelity will continue to make
investment breakthroughs that can yield higher returns or offer more security (“Fidelity
vs. Vanguard”, 2016).
● Aggressive- Fidelity has numerous top-performing funds that are among the most
lucrative. They also have some of the highest yields compared to the rest of the market.
The aggressiveness of these funds is attractive to investors willing to take risks in order to
receive higher returns (“Fidelity vs. Vanguard”, 2016).
Weaknesses:
● Costly- Fidelity has higher expense ratios relative to some of its competitors. Its high
expense ratios are due to the fact that the company spends a significant amount of money
on marketing. Fidelity also has private shareholders that they are required to distribute
investment profits to, unlike Vanguard, which is client-owned and has no private
stakeholders (“As Far as Fidelity vs. Vanguard, it Comes Down to Fees”, 2014).

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● Less Conservative Long-Term Investing- When considering our target market, we found
that the RPM 10 clients focus on stability rather than gains. Fidelity’s less conservative
long term investing strategy may not be as attractive to a member of RPM 10 than a firm
that has a safer approach to investing in the long term (“Fidelity vs. Vanguard”, 2016).
● Risk- Due to Fidelity’s aggressive investing strategy, the riskiness of some of their funds
is higher than those of their competitors. Fund managers at Fidelity are encouraged to
produce the highest possible returns for their investors and outperform investment
benchmark indexes. However, this strategy is risky and can sometimes yield losses (“A
Look at Using Fidelity Investments”, 2016). There is more risk associated with Fidelity’s
active management approach, and in the long term this strategy underperforms index
returns (Pratt, 2013).
2. Charles Schwab Corporation
Strengths:
● Brand Image- J.D. Power ranked Charles Schwab as the number 2 financial firm
according to investors, which illustrates the strength of the company’s brand. Prospective
investors are more likely to join a company that has positive reviews and a great outlook
based on the opinions of other investors (“Charles Schwab vs. Fidelity vs. Vanguard”,
2016).
● Customer Service- Charles Schwab offers more educational materials and videos on their
website in comparison to their competitors, which indicates the helpfulness of the
company’s customer service. Also, Schwab encourages people to ask questions on the
homepage of their website, giving investors the peace of mind that Charles Schwab is
there to help. The company’s well-known “Talk to Chuck” campaign provides an
additional sense of security in the minds of investors (“Charles Schwab vs. Fidelity vs.
Vanguard”, 2016).
● Business Intelligence- Schwab offers Institutional Investment Portfolios, which can
expand investing expertise for registered investment advisors and increase yields for
investors. Institutional Investment Portfolios add to Schwab’s competitive advantage
because they expand the company’s reach and give portfolio managers more business
intelligence to make better investments (“Charles Schwab Unveils Institutional Intelligent
Portfolios Details”, 2015).
● Research- Charles Schwab provides its own equity ratings by using numerous reports
from market reporting firms to give its customers recommendations on investments. The
company’s expansive research techniques give investors a thorough market outlook and
can help investors see higher returns (O’Shea, 2016).
Weaknesses:
● Lack of Promotion/Perks- Unlike some of Schwab’s competitors, the company has fewer
promotional options to encourage people to join. A lack of promotional presence and no
incentives to join can be detrimental in Schwab’s pursuit of expanding the company’s
reach and market share (O’Shea, 2016).

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● Costly- Schwab has higher trade commissions compared to its competitors, meaning that
the company charges investors more to make trades. Considering our target market,
members of RPM 10 may want to be more involved investors, so trading more frequently
will cost them more money. Also, some of Charles Schwab’s funds have transaction fees
that are higher than those of their competitors. These fees could incidentally be added to
an investor’s retirement portfolio, thus costing them more money to invest in a Schwab
retirement fund (O’Shea, 2016).
● Lack of Presence in Emerging Markets- Charles Schwab has been notably weak in
offshore investing, which results in domestic dependence (“Charles Schwab SWOT
Analysis, USP & Competitors”, 2016). Schwab could realize higher returns if the
company had a stronger presence in emerging markets. Additionally, too much domestic
dependence can be risky if the United States markets were to fail.
3. T. Rowe Price
Strengths:
● Higher Dividends- Based on what assets the company invests in, investors at T. Rowe
Price generally receive higher dividends than investors at other firms (Caplinger, 2012).
Higher dividends are attractive to clients because dividends serve as a source of continual
income, adding to T. Rowe Price’s competitive advantage.
● Brand Name- T. Rowe Price has a dependable and recognizable brand name, and the
company has many high-performing funds. 75% of T. Rowe Price’s funds outperformed
their Lipper averages on the basis of total return, an attractive statistic for prospective
investors looking for higher yields (“Money Unbinding”, 2015).
● Less Risky- According to Bloomberg, T. Rowe Price has a more conservative and
diversified investment strategy. Investment security is valuable in the minds of members
of our target market, so the company’s conservative strategy serves as a competitive
advantage (Caplinger, 2012).
● Debt-free with Ample Liquidity- T. Rowe Price does not have any accumulated debt
unlike some of the company’s competitors (“Money Unbinding”, 2015). This means that
there is little risk associated with joining T. Rowe Price, and they are able to pay their
investors with no issue. Since the company has no debt, they are able to respond flexibly
to unforeseen expenses and new opportunities to invest.
Weaknesses:
● Costly- On average, the funds at T. Rowe Price have higher expense ratios compared to
the firm’s competitors. For example, the expense ratio of T. Rowe Price’s Target
Retirement 2045 fund is 0.8% whereas Vanguard’s is only 0.2% (Ping, 2006). Higher
expense ratios are unattractive to investors looking to make the highest possible returns.
● Customer Service- Unlike some of the company’s competitors, T. Rowe Price does not
offer personalized 24/7-customer service. T. Rowe Price does not emphasize customer

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support as much as its competitors. Investors that are less knowledgeable about markets
may see this as a negative aspect of the company. T. Rowe Price also lacks educational
support for its customers that seek to learn more about investing (“T. Rowe Price
Brokerage Account Review”, 2016). Some of the company’s competitors provide
educational services such as webinars that are valuable for investors to learn more about
investment strategies.
● Underperforming Passive Funds- On average, T. Rowe Price does not perform as well in
passively managed funds compared to its competitors (Swedroe, 2011). Considering that
our target market seeks safe and low-risk investments, passively managed funds are ideal.
T. Rowe Price generally underperforms in these funds, a negative aspect of this company
in the eyes of our target market.

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Comparison Chart of Competitors
Target
Retirement Date
of 2025
Vanguard’s
Target
Retirement
Fund
Fidelity’s
Freedom &
Freedom
Index Fund
Charles
Schwab’s
Target Fund
T. Rowe
Price’s
Retirement
Fund
Ownership Style Private (owned
by the funds
themselves)
Private Public Public
Expense Ratio
.15% Freedom: .70%
Freedom
Index: .23%
.69% .69%
Last 3 Year
Yield
6.33% Freedom:
5.43%
Freedom
Index: 5.12%
6.07% 6.78%
Investing
Strategy
Index Freedom:
Actively
Managed
Freedom
Index:
Index
Actively
Managed
Actively
Managed
Minimum
Investment
$1000 $2500 $100 $2500
Primary Market Research
Our team created and distributed a survey through Qualtrics with the help of Villanova’s
Consumer Insights Lab. The survey contained questions regarding demographics, financial
status, and personal interests relating to our target audience. We collected information from 136
respondents within two age brackets: 50-59 and 60-69. The information that we gathered through
both our primary and secondary market research led us to choose our target market age range to
be 50-61 and 63-70. We have slightly different amounts of data collected for each question
because not all respondents chose to answer every question.
Key finding: For respondents aged 50-69, Vanguard ranks third in familiarity among retirement
providers.
When asked to rank each competing retirement provider in order of familiarity, we found that
Charles Schwab, Fidelity, and Vanguard were the 3 most familiar retirement providers to
individuals in our target audience. This finding is insightful because it has prompted us to
analyze Vanguard’s top competitors and create a very strong brand awareness campaign to

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encourage clients to stay with Vanguard. As mentioned in the competitive analysis, both Charles
Schwab and Fidelity present strong brand images and generate highly positive reviews from
clients (The Voyagers Demographic Survey, 2016).
Figure 1: Retirement providers ranked by familiarity; respondents ages 50-69
Key Finding: For respondents aged 50-69, over 50% said they were not familiar with Vanguard.
78.7% of respondents answered our question about familiarity. If we combine the neutral
category with the unfamiliar categories, over 50% said they were not familiar with Vanguard.
This prompted us to further investigate the perception of Vanguard as a brand and to uncover
ways that would best make our target market familiar with Vanguard (The Voyagers
Demographic Survey, 2016).
Figure 2: Familiarity with Vanguard’s retirement options; respondents ages 50-69

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Key Finding: For respondents aged 50-59, the majority of respondents surveyed have already
begun planning for retirement.
When asked if one has started planning for retirement, 79.7% of the respondents aged 50-59 said
that they have and 20.3% said they have not. As mentioned previously, Vanguard ranks behind
its top competitors in terms of familiarity, and the majority of respondents claimed to be
unfamiliar with Vanguard’s retirement offerings. Considering that 79.7% of respondents have
already begun planning for retirement, it is crucial for Vanguard to improve their brand
awareness and generate more positive impressions in order to convert potential clients (The
Voyagers Demographic Survey, 2016).
Figure 3: Current status of retirement plans; respondents ages 50-69
Key Findings: Respondents aged 50-69 are the most active on Facebook, out of all social media
platforms.
Respondents were presented with a list of social media platforms and asked to check all
platforms on which they have active accounts. After analyzing the results, we concluded that the
main social media platform being used by this age group is Facebook, with 66% respondents
saying they have accounts. Our team determined that Facebook is the only social media platform
worth advertising on, for the others are simply not used enough by people in our target audience.
Figure 4: Most commonly used social media platforms by respondents ages 50-69

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Consumer Analysis Process
(Morgan Kennedy, Ryan Mulligan, Matthew Phelps, Michael Sabrick)
Segmentation Strategy
Demographic Segmentation
When implementing our target market, we determined that it was important to consider age and
household income. We knew our initial target market was RPM 10, but we decided to partition
this into two different age groups: 50-61 and 62-70. We used income to determine this split in
age range, provided that income has a significant influence on how much money individuals save
for retirement. While other factors were considered when determining our target market, age and
household income have the most relevance to the retirement plans that Vanguard offers.
Income and Age
There are 65.2 million Baby Boomers living in the United States, making up approximately 20%
of the population. This statistic makes this age range one of the largest. It is estimated that Baby
Boomers will need between $1 and $5 million for their retirement nest egg. However, Baby
Boomers are falling short of the amount that they should have when they retire (O’Hara, 2015).
As shown by the chart below titled Retirement Savings by Age: The Ideal vs. Reality, by the time
investors are 45 years old, they start to fall behind on their target savings for retirement. This
chart shows that when people start to get into their 50s, they really start to think about their
retirement, demonstrated by the doubling of savings between 45 year olds and 55 year olds. The
evidence shows that the amount saved is $63,000 to $117,000 between the ages of 40 and 60,
respectively. In addition, several companies enable a “catch-up” clause on their 401(k) plans
once they near the 50-year-old age range (O’Hara, 2015).
This is why we believe the main target for our market strategy is people between the ages of 50
and 61. We decided not to focus on the 62 to 70-age range as much because the average
American retires when he or she is 62 years old (Sightings, 2013). This implies that the average
American is starting to withdraw money from their retirement plans rather than depositing
money into their retirement funds. At this point in time, most retirees will not be willing to move
their money around as much because of security and the costs incurred to switch between
providers.

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Figure 1: Average retirement savings by age, ideal versus reality
We chose to target the middle class and above because this income range has money to invest for
retirement. The middle class consists of all households and individuals that make between
$46,960 and $140,900. The median household income of the United States is $52,250, which
falls within this range. The chart below shows that the amount of money saved increases
substantially from 0.1% to 11.1% between the second and third quintile. This shows that the
middle class region is where individuals are more conscientious of saving because they have
substantial salaries to be able to save money for their future. Although we have chosen to target
the middle class, we do not believe that Vanguard should entirely disregard the lower class. We
do, however, believe that the lower class fails to offer Vanguard the same opportunity for growth
as the middle class. Only 20% of the lower class has retirement plans, while 50% of the middle
class have, and actively use, retirement plans (“CNN Money”, n.d.).

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Figure 2: Estimated saving rate per income level
Psychographic Segmentation
Esri, international Geographic Information System software, published an analysis of “America’s
Changing Demographics”. Esri connects demographic data from the US Census, with collected
consumer spending, marketing potential, and lifestyle segmentation data, to establish a more
complete picture of characteristics related to individual market segments. Our target market
includes the 50-61 age bracket, which led us to choose the following 9 market segments from
Esri’s Tapestry Segmentation on the diverse senior populations: Prosperous Empty Nesters,
Silver and Gold, Robust Retirees, Retirement Communities, The Elders, Senior Sun Seekers,
Heartland Communities, Simple Living, and Social Security Set (“Is “Seniors” One
Demographic?” 2016). Below is a table presenting demographic, socioeconomic, and residential
data on the 9 segments. The table is followed by a brief description of the characteristics of each
segment.

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Table 1: Demographic, socioeconomic, and residential data per segment
● “Prosperous Empty Nesters”
This segment features affluent married couples with no children living at home anymore. They
spend their free time being active at the gym, as well as in the community, through their
participation in charity events and volunteer work. They also enjoy spending their time attending
sporting events and traveling domestically and internationally. (“Is "Seniors" One
Demographic?”, 2012). These individuals typically buy luxurious products, because they want to
buy something they feel is worth a lot of money (Adams, 2013).
● “Silver and Gold”
Individuals in this category tend to be older, married couples with no children. They have plenty
of time and resources to spend doing the things that they love. It is common for this segment to
“pursue the luxuries that well-funded retirement affords”, such as travel, golfing, boating, and

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other activities. They typically pursue their retirement by going south to take advantage of the
warm weather (“Silver and Gold”, 2012).
● “Robust Retirees”
The Robust Retirees still have children at home, which makes them more inclined to eat at
“family restaurants,” and spend their time at entertainment locations such as bowling alleys.
They are conservative on the political spectrum, and they are also conservative in how they
spend their money. This segment uses coupons and looks for bargains when making purchases
(“Rustbelt Retirees”, 2011).
● “Retirement Communities”
Retirement Communities are a mix of single homes and multi unit structures. When they’re
feeling active, residents enjoy cooking, golfing, and going to the theater, however, they also
enjoy reading a book, doing puzzles, and playing Bingo. Individuals in this segment prefer visits
to foreign countries, while also staying up to date on the news and magazines. (“Retirement
Communities”, 2011) Online activity is common for these retirees, and 61% of this age group
consider themselves active internet users, commonly looking up news and politics (“US VALS
Survey”, n.d.).
● “The Elders”
The Elders is the oldest segment, and consists of older individuals who favor assisted living and
senior communities. These consumers are opinionated spenders and will not sacrifice quality
because of price, however they tend to have older cars and outdated technology. To receive
news, this segment uses Cable TV, newspapers and magazines, typically in print. (“The Elders”,
2011). 71% of these older individuals reported that their most common daily activity is reading
(Graham, 2011).
● “Senior Sun Seekers”
This segment is more frugal than “The Elders”. They frequently road trip, traveling by car and
staying at economically priced motels. They eat fast food and usually make purchases at
convenience stores. They typically keep their entertainment costs down by participating in
activities such as bingo, fishing, and hunting. (“Senior Sun Seekers”, 2011). Activities such as
watersports and camping, are less attractive to this segment, because they cost much more money
(“Outdoor Recreational Equipment Sales”, 2013).
● “Heartland Communities”
It is typical for this segment to be born and raised on the countryside, and continues to live there
throughout the duration of their lives. It primarily consists of couples, whose children have
already moved out, that appreciate a slower pace of life. Their daily life is busy, but it is very
routine. In the free time that they do have, they like to spend time outdoors in their large yards
motorcycling, hunting, and fishing. Members of this segment do use technology but are not quite
ready to go paperless (“Heartland Communities”, 2011).
● “Simple Living”
This segment is very restricted by their budget. They shop at discount stores and treat themselves
to expensive products only on special occasions. Fancy, new technology isn’t important, or
feasible for these individuals, but Cable TV is a necessity for watching daytime TV. Typically,

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these individuals do not own vehicles, and if they do, they only own one (“Simple Living”,
2011). These individuals rarely possess college degrees, and only about 15% are LinkedIn users,
showing that they are not typically technologically savvy (“Social Media Demographics for
Marketers”, 2015).
● “Social Security Set”
The Social Security Set has the most limited budget of all these segments, which restricts their
purchasing activities. They typically live in high-rise buildings, where they rent out a room. It is
more likely than not that they will pay in cash when shopping (“Social Security Set”, 2011).
Most members of this segment have Cable TV and keep up with the news by watching daytime
and primetime TV. 71% of adults living in urban areas are active users of Facebook (“New
Social Media Demographics”, 2015).
VALS Survey- Target Market Results
To accurately understand our target market, we utilized the Strategic Business Insights US
VALS™ Survey. The purpose of this survey is to uncover information related to personal
attitudes, and relate to demographics of individuals (“US VALS Survey”, n.d.).The two primary
motivation factors that can be used to describe our target market are Believers and Thinkers.
Believers have a median age of 52, and 63% of them are married. Almost 50% of this
demographic have full-time jobs to support their families. At this point in their careers, these
people are starting to get serious about their retirement. Surprisingly, 61% of these people use
the internet, which is extremely important information for an online business like Vanguard. This
means that several forms of online media can also influence Believers, including things like
social media, ad words, online advertisements, and banner advertisements on websites. The most
highly viewed media segments by this group include television and radio. These people are very
interested in current news and politics because they are now more reliant on state benefits and
are concerned about their futures.
Thinkers are different from Believers, who have a median age of 56 compared to the Believers
who have a median age of 52. The Thinkers segment tends to be comprised of more married
individuals, and include a higher percent of full-time workers, compared to the Believers
segment.
Based on the US VALS ™ survey, 88% of Thinkers use the internet. Typically, it is thought that
these people are inept with technology, and tend to avoid using it. In addition, these people like
to exercise and be more active than previous generations. Thinkers also like to read newspapers
and search the internet, which helps to distinguish the vehicles we should focus on in our
advertising campaign.
In conclusion from the US VALS ™ survey, we get a better understanding of the main forms of
media that Thinkers interact with on a daily basis. People in our target market mainly use
newspapers, internet, television, and radio for entertainment purposes. In our waves of
advertisements, we need to effectively use these channels to reach our target market and remind,
persuade, and inform the customers of Vanguard’s products (“US VALS Survey”, 2016).

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Targeting Strategy
Marketing Strategy
We are using a concentrated marketing strategy. This strategy entails choosing a very defined
marketing segment and creating one marketing mix. Our target market includes RPM 10, but we
decided to further segment this into two age categories, 50-61 and 62-70. We decided not to
primarily focus on the 62 to 70-age range because the average American retires when they are 62
years old. This means that the average American is starting to withdraw money from their
retirement plans rather than depositing money into their retirement funds. At this point in time,
most retirees will not be willing to move their money around as much because of security and the
costs incurred to switch between providers. We also decided to target the middle class and
above, because according to our research, this income bracket has sufficient funds to invest for
retirement.
We chose to target a combination of two of our psychographic segments: “Prosperous Empty
Nesters” and “Silver and Gold.” Based on our demographic segmentation, we are focusing on the
50-61-age range, and the average median age of these two segments is 55.4. We are also
focusing on individuals who fall in the middle class and above. The average median household
income of these segments is $65,147, which falls well above our threshold. These two
demographic segments are typically couples, who have the time and the resources to spend on
activities that they love, especially traveling.
The middle class bracket starts with a household income of approximately $46,960. The average
amount of expenses for a single adult with no children is $28,474 and for a married couple with
one child it is $56,203 (“Cost of Living”, 2016). We used these numbers to estimate and our
numbers compare very well with our quintile research, which states that the couple would save
around $7,752.50 for retirement annually.
3D Image
We envision our target market to be a middle class couple with two children. A 55 year old
family man that we call Phil, and his loving, stay-at-home wife Barb. They met at Penn State
University, which is where both of their children have since attended. Phil and Barb both have
graying hair, are well dressed, and live a suburban lifestyle. Barb hides her gray hair by dying it
blond to feel young and free. Their youngest child is about to graduate from Penn State
University, and they are looking forward to turning his bedroom into a home gym when he
moves out. This will give both Phil and Barb enough space to do any kind of physical activities
that they want to in the comfort of their own home.
Phil and Barb enjoy spending time with their children as well as reconnecting with their old
hobbies, since their children have grown up. Some of their hopes for retirement include spending
time with family, traveling and exercising. As a couple, they love to travel and are working on
planning their next summer vacation. Phil drives 41 minutes in his blue Mercedes from his home
in Eagleville, PA to his office in Center City Philadelphia every day. He makes about $70,000
per year working as a Senior Accountant at PWC (“Salary: Senior Accountant in Philadelphia”,
2016). He loves to grill after work and is always in the mood for an outdoor activity, like hiking
or fishing. Phil also spends a lot of his weekend doing work around his house and watching

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sports. He particularly enjoys watching college football and professional baseball (“Laptops and
Lattes”, 2011). He is an avid fan of the Nittany Lions and the Philadelphia Phillies as he has
lived in Pennsylvania his entire life.
Barb enjoys going for long walks with her girlfriends and shopping on the weekends at the King
of Prussia Mall. Barb loves to read on her e-tablet and furthers her passion for reading by
volunteering at the local library three times a week. Barb drives to the local Wegmans in her
maroon Acura SUV. She values using coupons for her purchases and makes sure to take her
daily dose of vitamins (“Soccer Moms”, 2014). She has been a stay-at-home mom since she had
her first child 27 years ago and is looking forward to her oldest daughter’s wedding next spring.
Positioning Strategy
Positioning Statement
We believe that hardworking individuals deserve a comfortable and rewarding retirement. We
believe that you deserve to be in control of your own future, so you can focus on the things that
really matter. We believe that Vanguard’s expert financial advising on a wide array of
retirement products and services delivers the reliability you deserve so that you can focus on
making the most of your retirement.
Rationale:
When writing our positioning statement, the team put an emphasis on the word “We.” Vanguard
is client-owned and therefore client-focused, which sets their company apart from competitors.
When you invest with Vanguard, you invest in yourself. The emphasis on Vanguard’s client
focused strategy demonstrates integrity and focus on the needs of the clients. We want to show
that by investing your money with Vanguard, you can spend your time pursuing the “things that
really matter,” because everyone deserves a satisfying retirement.
Brand Recommendations
Brand Perception
Brand perception is influenced by the consumers experience, unaided consideration, and brand
awareness. In Vanguard’s most recent awareness campaign, the “Vanguarding Campaign”, they
put a strong emphasis on the words “low-cost, reliability, and safety”. Vanguard wants to portray
themselves as a trustworthy company that will handle your investments well. (Zmuda, 2012)
According to Marketing Strategies International, trust is the number one value that investors
consider when choosing where to put their money. Vanguard ranked #4 in the Top 10 Most
Trusted Mutual Fund Companies, notably ahead of Fidelity. This proves that Vanguard is a
company that clients trust more than their competitors (“Market Strategies International”, 2015).
Unaided brand awareness indicates that consumers have a strong, positive impression of the
company's offerings and identity. Vanguard is considered “passive” in terms of brand awareness
because they are not as well known as their competitors, which can be seen in our primary
market research. When asked “How familiar are you with Vanguard as a company?”, 38% of
respondents claimed they were slightly unfamiliar to very unfamiliar with Vanguard as a
company (The Voyagers Demographic Survey, 2016). In a survey ranking, the unaided

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consideration of leading retirement service providers by activity, Vanguard was ranked as a
passive investment manager. This ranking shows that Vanguard does not have the strongest
presence in the retirement industry, and is not the first brand that comes time mind when
considering the entire industry (Rice, 2015). There is a definite lack of awareness of Vanguard as
a company and their products offered. This is possibly the result of Vanguard’s low-cost strategy
not leaving much room for expenses on advertising and brand promotion (Stock, 2009).
Brand Shift
We do not recommend a brand shift for Vanguard. As previously discussed, Vanguard is
perceived as a highly trusted firm, which resonates well with our target market. Vanguard has
built their foundation on trustworthiness, reliability, and low-cost, client-owned investment
options, and we feel that these are values to build upon rather than shift away from. However, we
do recommend a more highly targeted and inexpensive marketing strategy. Vanguard has low
general awareness as a result of their low-cost strategy and small marketing budget. Targeting a
very specific audience is the most cost-efficient manner will increase awareness among the
prospects that matter most.
Perceptual Map
Figure 1: Perceptual map of competitors
● Low Yield vs. High Yield
Considering the target market’s perception of the four competitors, the yield on each of their
target retirement funds is an important differentiator between the companies. As shown in the
comparison chart of competitors in the competitive analysis section, we chose to analyze Target
Date 2025 Funds of each of the competitors because that is approximately the date in which
members of our target market will retire.
High Yield
Low Yield
Client DrivenProfit Driven

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Vanguard’s 3-year yield is 6.3%, which puts them ahead of the average return of funds of the
four competitors which is 6.1%. Also, considering Vanguard’s industry-leading low expense
ratio which is 62% lower than the retirement fund average, investors have less of their yields
taken by the company than the competitors do since Vanguard Target Retirement Funds are not
actively managed (“Why Ownership Matters”, 2016). T. Rowe price has the highest percentage
yield for its Retirement 2025 Fund with a 6.8% increase the past three years, but the fund also
has a high 0.7% expense ratio because the fund is actively managed (Vanguard, 2015). Fidelity’s
Freedom Fund has a 3 year yield of 5.4%, the Freedom Index Fund has a 5.1% yield, and Charles
Schwab’s Target Fund has a 6.1% yield (Vanguard, 2015). These three funds yield below
average returns among the four competitors.
● Client-Focused vs. Profit Focused
Client-focused companies are those in which the client’s needs are put at the forefront of all
business decisions. Client-focused companies are also honest and transparent to their customers,
as they effectively communicate information and inform of all change to the clients in order to
maintain a sound business-client relationship (“What is a Customer Driven
Organization?”,n.d.).Vanguard is a firm that exhibits honesty and trustworthiness, rather than a
profit-oriented mindset, so that the company can develop a relationship with its customers, as
they are technically the shareholders since they own the funds that own Vanguard. The company
has no incentive to make profits for third-party shareholders, so it gives the client’s demands the
utmost importance. Vanguard does not have to weigh the interests of the clients with the interests
of the owners due to the fact that Vanguard’s clients are its owners, thus business decisions are
client-driven.
Fidelity is also a privately owned company, but the company is not owned by its funds like
Vanguard; the ownership of Fidelity is split up among a group of company executives.
Therefore, Fidelity does have to consider the needs of its group of owners as well as those of
their clients (Coffey, 2012). Charles Schwab and T. Rowe Price are both publicly owned
companies, meaning that their main goal is to maximize profits and the wealth of their
shareholders. Both companies have to answer to the needs of their shareholders prior to those of
their clients.
Value Proposition
 Integrity: Vanguard is client-owned and puts the needs of their investors first. Clients
know that their best interests are of the highest priority, because Vanguard would not
exist without the success of its clients.
 Reliability: Vanguard provides advice and education to investors, especially in times of
market turmoil. Investors are reassured that they are using a trustworthy provider.
 Freedom: With Vanguard’s expert financial advising, investors can have peace of mind
when it comes to thinking about their investments. Trusting those who manage your
money will allow you to spend your time pursuing the activities that you enjoy.

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Rationale:
At Vanguard, the clients own the funds, and these funds run the company. We found that this is
important to our target audience because they like to be in control of their finances and
personally determine where their money is going (“Put Vanguard's Differences to Work For
You”, n.d.).
The market is unpredictable and investing money is always a risk. Investors like to be informed
and feel confident in their investments. We wanted to highlight Vanguard’s emphasis on
reliability, for they are historically steady during times of market turmoil. (“Vanguard Handily
Weathers Storm under New CEO”, n.d.).
When thinking about retirement, most individuals look forward to the free time that they will
have to pursue activities that they could not do while working, such as traveling, gardening,
fishing, etc. We wanted to capture this in the word “freedom” because it emphasizes that by
investing with Vanguard, one can do these things, rather than stress about their financials.
Central Communications Theme
“Destination: Retirement”
Vanguard’s reliable financial advising allows investors to enjoy retirement rather than stress
about their financials, enabling clients to enjoy the newfound freedom that is a product of
retirement. Our campaign centers around this idea of freedom while promoting a stress-free
mindset. With our Central Communications Theme of “Destination: Retirement” we want to
convey that planning for retirement with Vanguard can be as rewarding as planning a trip.
Differentiator
Vanguard’s main differentiator is its “client-owned” focus. Vanguard has no outside investors,
which enables its customers to keep more of their returns. When an individual invests in
Vanguard, it is understood they own the fund, which enables the company to lower its costs. The
average expense rate for Vanguard is 82% less than the industry average. This is shown by a
chart on Vanguard’s website that demonstrates the amount of money an investor is able to keep
when they invest with Vanguard versus the industry’s average (“Put Vanguard's Differences To
Work For You”, 2016 ). The average return over a 30-year period was $271,249 for Vanguard
and only $205,455 for the industry average. This example uses a $50,000 initial investment with
a compounded annual growth rate of 6%, which shows that over a 30-year period, an investor
will get to keep 32% more of the returns.
Vanguard’s low-cost structure is founded on the idea that the clients own the funds. Other
companies have to charge higher fees to be able to pay their owners. Another benefit of
Vanguard being client-owned is that it has no conflicting interests in the way its business is run.
The company does not have to worry about satisfying anyone besides its clients. This idea of
working “at-cost” only charges clients for its operating costs to manage these funds. Other
benefits from this strategy are stability, transparency, long-term objectives, and rigorous risk-
management (“Why Ownership Matters”, 2016).

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Promotional Schedule
(Sarah Furtek and Erin Menzner)
To develop the most effective promotional schedule, we used the AIDA model. The AIDA
model demonstrates the movement from awareness, to interest, to desire, to action. Our
promotional mix is outlined in waves that follow this model.
Figure 1: Promotional Schedule. Larger chart featured in Appendix
Figure 2: AIDA Model
Awareness: “Pack Your Bags” (November 1- February 28)
Goal:
Our goal for this wave is to make our target market more aware of Vanguard’s status as a
retirement provider. Through the use powerful, eye-catching advertisements, we will capture our
target market when they are in the early stages of leisure travel planning. We chose this as the
start of our awareness campaign because Baby Boomers will be frequent travelers and take an
average of 4-5 trips per year. Nearly all of those travelers will use an online source to make their
travel arrangements, according to our research. (PP: Travel Research: 2015 Boomer Travel
Trends, 2015)

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Timing:
As mountains of snow pile up on your driveway and the shovel looks you right in the eye,
thoughts of sunny skies and warmer days consume your mind. We are launching our campaign
during the winter season, when our target audience finally admits that they need an escape from
the cold and begin planning for their dream vacations.
We have chosen to begin this wave in November, because in a survey conducted in October
2014, regarding planning trips for the year 2015, 19% of respondents had their trip booked, 40%
of respondents were in the midst of planning their trip, and 42% reported the plans of their trip as
still being an idea (PP: Travel Research: 2015 Boomer Travel Trends, 2015). This shows that
members of our target audience will be browsing travel review sites during this time period.
Ideally, our advertising reaches our target audience as they begin to plan their trips.
Promotional Mix:
● Advertising
We will begin by placing online display advertisements on two frequently visited travel websites,
TripAdvisor and Expedia. We chose these sites because in a travel survey conducted by AARP
Travel on the travel habits of Baby Boomers, 86% of respondents ranked TripAdvisor as their
Travel Review Site of choice, and 55% of respondents ranked Expedia as their Travel Site of
choice.
Our advertisements will highlight exciting things that clients and prospects are able to do during
their retirement, rather than stress about their financials. To bring in the Central Communications
Theme, “Destination: Retirement”, all of the ads will use photos related to traveling. These
advertisements will be artfully designed to appeal to the target market and grab attention.
● Public Relations
Next, we will enter into a partnership with AARP Travel to provide our clients with exclusive
access to travel agents, guides, and special offers. Our clients and the general public will be
informed of this partnership via a proactive public relations campaign, including press and news
releases. This travel-oriented partnership will provide Vanguard’s clients with travel resources to
continue encouraging clients to focus on “the things that really matter” - enjoying retirement.
We selected AARP Travel because similar to Vanguard’s mission: “to take a stand for all
investors,” AARP prides itself on “helping people turn their goals and dreams into real
possibilities”, making the values of both organizations very much in line. AARP also has a very
strong presence for those aged 50+, which is proven through their near 38 million members
(“AARP's Mission, Vision, Advocacy, Community Service & Products”, n.d.).
Vanguard will also sponsor a segment of Rick Steves’ Europe on PBS. PBS offers sponsorship
programs that companies can participate in. At the beginning and end of this popular travel
show, an underwriting message would appear that this program was sponsored by Vanguard,
bringing awareness to the company.

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● Direct Marketing
Finally, we will utilize the direct marketing tactic of paid search, specifically Google AdWords
that will serve to educate potential clients and direct individuals questions to Vanguard’s web
pages to answer the questions they may be googling about retirement.
Interest: Prepare for Take-off (March 1 to June 30)
Goal: Our goal for this wave is to reach our target audience as they are en route to their vacation
destination. Airports were selected as our location for the promotional elements in this mix,
because when Baby Boomers were asked to rank their most used mode of transportation for
traveling, flying is the most cited mode for domestic transportation (PP: Travel Research: 2015
Boomer Travel Trends, 2015). We intend to use advertising and public relations tactics
strategically in order to create interest in Vanguard’s products and services, while promoting our
theme.
Timing: As the flowers begin to bloom and you catch that spring fever, there is no better time to
take a well-deserved vacation with family or friends. We chose to extend this wave from March
to June because 58% of Baby Boomers prefer to travel domestically in the Spring and Summer.
Promotional Mix:
● Location
We will host this wave of our campaign in the Philadelphia International Airport. We chose this
airport because the city of Philadelphia is one of the top ten markets for Baby Boomers.
(“Behind the Baby Boomer Stereotypes”, 2016) We also considered the airports close proximity
to Vanguard’s Corporate Headquarters in Valley Forge, PA, and the annual total passenger
movements throughout the airport (“Fast Facts About Vanguard”, 2016). Philadelphia
International has approximately 86,000 passengers per day, and 31,444,403 annually, making it
the perfect location to reach large amounts of people (“PHL Fast Facts”, 2016). Additionally, we
plan to utilize the Philadelphia Airport as a trial-run for our campaign. If we see success, we will
expand the campaign to different airports across the nation.
● Advertising
We will begin using the advertising technique of place based media to display messages
regarding our campaign and generating interest, as well as the desire to research more about
Vanguard. Everyone needs a boarding pass to board a plane, which is why we will place
advertisements strategically on the bottom of printed boarding passes.
● Public Relations
We will then use a series of Guerilla Marketing techniques to generate interest. First, we plan to
place stickers at the bottom of the gray TSA security bins with the message of: “Your valuables
are safe with Vanguard”. Then, we will place fake money inside of potted plants that read “Grow
your savings with Vanguard.” Additionally, we will develop an image to place on escalators,
stairs, and baggage claims that attracts attention and awareness toward our campaign. These
images will reflect “Destination: Retirement” by incorporating photos of travel and relaxation.
We hope that these images further reflect how investing with Vanguard is as rewarding as going
on your dream vacation.

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We will sponsor Philadelphia International Airport WIFI, so that when users log on to the WIFI,
Vanguard’s site will be promoted. 46% of Baby Boomer travelers feel that it is important to stay
connected to their work while they travel, making WIFI a travel necessity. The customer
information collected upon log-in will be used when sending direct emails to customers as part
of our final wave.
Desire: Are you on the right track for retirement? (July 1- August 31)
Goal: In keeping with the travel theme, this wave targets train stations. We wanted to catch
people where they are sitting and waiting with nothing better to do than check out a Vanguard
kiosk! Our target market should feel a desire to invest with Vanguard through the buzz that our
train station promotion creates. Our goal for this wave is to reach our target audience as they are
en route to their travel destination.
Timing: Similar to the second wave, we chose to run this wave in the summer time. This is
because, in addition to regular commutes to work, many people in our target market travel to
sporting events, concerts, and other outdoor entertainment events. The late summer weather is
perfect for day trips to local cities or towns.
Promotional Mix:
● Location
We will place a kiosk at 30th Street Train Station in Philadelphia, PA. We chose this popular
Philadelphia station for the reasons outlined in wave two: top market for Baby Boomers,
proximity to Vanguard, and annual total passenger movement.
● Personal Selling
The kiosk will have a Vanguard employee stationed at the busiest hours of the day, ready to
answer any and all questions regarding Vanguard’s retirement funds. To attract attention to this
kiosk, we will use a dog-named “Rollover.” Boomers have “broken the historical pattern of
slacking off in pet ownership as they age”, indicating that Baby Boomers may have liking to
dogs which may in turn attract them to the kiosk (“Packaged Facts: Pet Ownership at 54% of
U.S. Households”, 2015).
● Sales Promotion
This kiosk will also feature a contest. We believe that this promotional selling technique will also
be attractive to people, and encourage more attention to the kiosk. The kiosk will feature a photo
of an unknown vacation destination. Individuals are invited to submit their guess of the location
of the photo on Vanguard’s website. All correct responses will be put in a raffle to win a free
cruise to the Caribbean!
We will also give away free hats at the kiosk. Hats are great word of mouth advertising and
could be inviting to prospects. The tag on the inside of each hat will include a call-to-action such
as the Vanguard website URL to encourage new clients to look into Vanguard’s product
offerings.

35
Finally, we will utilize the direct marketing tactic of paid search, specifically Google AdWords
that will serve to educate potential clients and direct individuals questions to Vanguard’s web
pages to answer the questions they may be googling about retirement.
Action: Watch your savings soar (September 1- October 31)
Goal: We want to use this wave as a final reminder to take action and invest with Vanguard. Our
goal is to reach our target audience as they are returning home from their travel or vacation.
Time: Tan lines will fade, but memories won’t. We will launch this wave after the summer
months of travel, when you’re forced back to reality. We intend to remind our target audience to
begin planning for their retirement, so that they can take more rejuvenating trips in the future.
Only 18% of Baby Boomers travel in the fall, which means a majority of people are anxiously
awaiting their next vacation (PP: Travel Research: 2015 Boomer Travel Trends, 2015).
Promotional Mix:
● Sales Promotion
We will use a social media contest to reach our target market in a low cost, efficient manner.
Individuals will submit their best vacation or travel photo to the “Destination: Retirement”
Facebook page. The photo with the most amount of likes will win a free trip to Mexico. This will
encourage participants to share their photo, which will then share the contest. By sharing and
liking the photos, the contest will be promoted and therefore Vanguard will be promoted.
We will email a direct “virtual postcard” email to remind clients and prospects that the time to
invest in retirement is now. The direct email will include a call to action to encourage
conversion.

37
Promotional Mix and Recommendations
(Sarah Furtek, Morgan Kennedy, Erin Menzner, Michael Sabrick)
Advertising
Internet Advertisements
Our goal for internet advertisements is to effectively attract Baby Boomers to Vanguard’s
website. We plan to do this by putting online displays on two different websites: TripAdvisor
and Expedia. By using eye catching advertisements that convey the theme of “Destination:
Retirement,” we hope to attract clients and prospects in the early stages of planning their travel.
We decided to use travel planning as our beginning stage because we found that 99% of Baby
Boomers will travel during 2016 (O’Grady, 2015).
Justification of Cost of Online Displays:
We have decided to allocate $500,000 to the use of online display advertisements. Our budget
should be able to generate 10 million impressions and lead to the creation of 1,000 new accounts
with Vanguard. The net response rate for this form of advertising is approximately 0.1% (Excel
Media Cost Worksheet). By using Online Displays, we expect to be able to increase Vanguard’s
total assets by approximately $50 million.
Place-Based Media
Our goal for Place-Based Media is to create interest in Vanguard’s retirement options in a place
that clients and prospects look. We have chosen to use advertising and public relations Placed-
Based Media in airports. At airports, our target market will have down time, ensuring a captive
audience (Glasgow & Pirsch, 2014, p. 312). Individuals will be more likely to pay attention to
advertisements to combat boredom. Place-Based Media allows us to reach many individuals
while simultaneously creating interest in Vanguard.
Boarding Pass Ads
We have decided to further increase awareness of Vanguard’s retirement funds through the use
of Boarding Pass Advertisements. This type of advertisement will be on the front of the boarding
pass so when travelers look for their seat assignment, they will also view our message. We
believe that boarding passes are another effective measure to inform individuals of the benefits
of using Vanguard (PP: Travel Research: 2015 Boomer Travel Trends, 2015).
Justification of Cost of Print Advertisements: We have decided to allocate approximately
$750,000 to the use of Print Advertisements. By using Print Advertisements, we should be able
to increase our number of impressions by about 3.75 million people. This type of advertising has
an average response rate of 0.01% and will cause the creation 375 new accounts. This
advertisement will cause an increase in assets of $18.75 million.
Radio Commercials
We have decided to use radio advertising to further reach our target market. Using the radio as a
media vehicle will allow us to selectively reach our target audience, because we plan to choose
radio stations that are popular among them. Our research shows that 91% of individuals aged 50
and older listen to the radio at least once a week. Since we are going to be targeting in the greater

38
Philadelphia area, we will run our radio advertisements on NPR and KYW, both of which have a
sizeable number of listeners within our target market (Vanguard Corporate Client Meeting,
2016).
Justification of Cost of Radio Advertisements:
We have chosen to allocate $500,000 to Radio Advertisements. These advertisements will
increase Vanguard’s number of impressions by about 3.3 million people. Also, these
advertisements will lead to the creation of 250 new accounts and lead to an increase in assets of
around $12.5 million.
Public Relations
Partnership with AARP
By partnering with AARP Travel, we hope to generate favorable publicity for Vanguard among
retirees. This partnership will provide Vanguard’s clients with exclusive access to travel agents,
guides, and special offers. Due to the reliable and strong reputation of AARP, we believe a
partnership with the company will prove to be beneficial. Our target market consists of AARP
members, so our partnership with the company will illustrate that investing with Vanguard goes
hand-in-hand with a successful and pleasurable retirement.
● Press Releases
Our goal is to have our press release sent out via the Vanguard Facebook account and published
in articles, newspapers, and other online news sources. We will also send a direct e-mail to
current customers of both Vanguard and AARP informing them of the partnership and how it can
benefit them. We plan on having our press release published and written in various mediums
including newspapers, online news journals, and magazine articles. These news releases will
expand the public’s knowledge of the newly formed partnership to a larger reach than our press
release alone would.
● News Releases
Similar to our press release, our goal in incorporating news releases into our marketing strategy
is to increase public awareness of the partnership formed between Vanguard and AARP Travel.
News releases of our new partnership will expand our reach to more members of our target
audience. As we launch this element and increase awareness, we will be able to further promote
Vanguard’s retirement products and services later on in our marketing plan.
Guerilla Marketing
Our goal in using guerilla marketing is to create attention and increase overall awareness of
Vanguard. These techniques will spark interest in Vanguard and encourage members of our
target audience to start thinking about saving for retirement with Vanguard. We will implement
these tactics during our second wave, in airports. The images we put on stairs, escalators, and
baggage claims will be easy for our audience to see and read. The TSA security bins and fake
money in potted plants techniques involve pun and humor so that our audience will have a
positive experience when interacting with our guerilla marketing.
Rick Steves PBS
Our goal in sponsoring a segment on the popular PBS travel show, Rick Steves’ Europe, is to
create consumer awareness by implementing an underwriting message that appears at the
beginning and end of the show. Through Vanguard’s promotion of this program, we will be able

39
to launch our promotional plan because our target audience can make the association between
traveling and Vanguard. We plan to gain a significant amount of brand awareness using this
strategy because the PBS network has a considerable amount of Baby Boomer viewers. PBS
refers to the Baby Boomer portion as the sweet spot of their target audience, and there are 65
million public television viewers on average per week (“PBS Sponsorships”, 2016).
Justification of Cost of Broadcast Television:
We have decided to allocate $50,000 to sponsorships on Rick Steves’ show on PBS. Our
sponsorship will increase the number of impressions by 80,645 people and will cause the
creation of 24 new accounts. The net response rate of using Broadcast Television is 0.03% and
the increase in assets will amount to be around $1.2 million.
Direct Marketing
Airport WIFI Collaboration
We understand that our target market tends to be busy most times of their day. They need to be
able to check their emails at all times and be available if anything is needed from them at work.
Our idea is to sponsor the WIFI at the Philadelphia International Airport to enable our clients to
keep in touch with their lives while getting an understanding of what Vanguard can do for them.
When you open up the airport WIFI you will automatically be directed to Vanguard’s page.
Direct Email
Our direct emails to potential clients are going to be very concise and easy to read for the
recipient. We understand that these users are hard workers and do not have a lot of time in their
day to sift through lengthy and verbose messages.
To incorporate the theme of “Destination: Retirement,” our email will be a virtual postcard that
speaks about the sadness of returning home from their warm vacation. We want prospects to
understand that they can have a happy retirement and that our low-cost efforts will enable these
people to go on more vacations in their future. It is important that our clients realize that
retirement is supposed to be a fun and relaxing time in their lives, which can be made possible by
investing with Vanguard.
Justification of Cost of Direct Email:
In our advertising campaign we have decided to allocate approximately $500,000 to the use of
direct email. This type of advertising should be able to increase our number of impressions by 4
million and has a net response rate of 0.023%. This will cause the creation of 920 new accounts
and increase our assets by around $46 million.
Paid Search
Our paid search advertisements will consist of Google AdWords that we believe will help gain
possible clients. We understand that people have questions about retirement and we want to be
prepared when that time comes. We want Vanguard to educate potential clients and help them
realize the importance of saving money for retirement.

40
To do this, we will strategically pick certain AdWords that relate to our target market. This
means that Vanguard’s website would be the first link to come up when a person searches: “How
much money do I need to retire?” and “Retirement Planning.” Our goal is to help clients and
prospects invest with confidence and prepare to support themselves throughout their retirement.
Justification of Cost of Paid Search Advertisements:
We have decided to allocate $250,000 to Paid Search advertisements. This amount should
generate around 10 million impressions, which will lead to 500 new accounts and an increase in
our assets by $25 million. The net response rate of this form of advertising is 0.05% (Excel
Media Cost Worksheet). Search advertisements are very important to the creation of new
accounts for a low-cost firm like Vanguard. Also, this method goes along with the values of our
target market, who increasingly use the internet. We believe that Search Advertising will help
increase brand awareness because of the major increase in internet users.
Sales Promotion
Train Station Giveaways (hats)
In order to attract attention to our informational kiosk located at 30th Street Station in
Philadelphia, we plan to give away red Vanguard hats. This promotional give away will
encourage members of our target audience to visit the “Destination: Retirement” kiosk. By using
wearable advertisements, there will be an increase in brand awareness as individuals wear their
Vanguard hats in public.
This wave takes place from July to August, when many Baby Boomers are traveling and taking
vacations. Baseball caps are the second most commonly pitched accessory when it comes to
advertising in the wearable segment (Ruvo, 2016). Additionally, the color red draws attention
and promotes feelings of adventure and excitement - themes that are relatable and attractive to
travelers. These hats will draw potential customers to the kiosk, encouraging them to learn more
about Vanguard’s retirement offerings.
Contest 1 (Kiosk Contest)
Our goal is to use the kiosk to get information from our customer and influence them to take
action and create an account with Vanguard. The winner of this contest will win a cruise to the
Caribbean, giving them an incentive to participate. By the use of the contest, we hope to gain
personal information that we can use to effectively reach our target market. We know that Baby
Boomers love to travel. 99% of Baby Boomers will travel for fun during 2016. This means that
offering a cruise is an effective way to reach our customers. 19% of Baby Boomers want to
travel to the Caribbean, which is the most desirable place to travel along with Mexico and
Florida (O’Grady, 2015).
Justification of Cost of Out of Home Advertising:
For our advertising campaign, we have decided to allocate $350,000 to the use of Out of Home
Advertising. It is important to note that we have included $2,000 to allocate for the cruise in this
section. (Golden, 2013). Allocating $350,000 to this type of advertising should increase our
number of impression by 1.75 million and have a net response rate of 0.0025%. This will lead to
the creation of 44 new accounts and an increase in assets by approximately $2.1 million.

41
Contest 2 (Facebook Contest)
Our goal in implementing the Facebook contest is to widen our reach and increase the target
audience’s overall awareness of “Destination: Retirement.” We want consumers to interact with
our Central Communications Theme so that our target audience can see the relationship between
Vanguard and travel. This contest will encourage customers to share their vacation photos for a
chance to win a free trip to Mexico. We chose to add this contest to our campaign because social
media is a cost-effective marketing method that reaches a large portion of our target audience.
According to our survey, 66% of our respondents reported that they use Facebook, which had a
higher percentage than any other form of social media. As a result, we decided that Facebook
would be the only worthwhile social media platform to include in our campaign.
Incorporating a photo contest into our plan makes interactive Facebook marketing enjoyable for
our customers (“Tips for Successful Marketing Through Facebook”, 2014).We chose to make the
prize a trip to Mexico because that was the most desired international travel destination among
retirees in 2016 (“AARP Unveils the 2016 Top 7 Travel Trends for Baby Boomers”, 2015).
Justification of Cost of Social Media Advertising: We have decided to allocate approximately
$100,000 to the use of Social Media Advertising. This includes the amount necessary to cover
the trip, which we estimated to be around $4,000. (“Mexico Vacation Package Deals”, 2016).
This will increase our number of impressions by around 20 million people with having a net
response ratio of 0.0005%. This will cause the creation of 100 accounts and increase the total
assets of the company by around $5 million.
Personal Selling
Kiosk
We want to educate consumers about the benefits of investing with Vanguard. We believe that
by putting the kiosk in the 30th Street Train Station that we will be able to attract professionals
on their way to, or home from work, who have some time before they board the train. The ability
to interact with Baby Boomers can help alleviate some of their stress by helping the client
understand where their money is being invested. Face to face communication is the most
effective way to achieve this goal. We selected the 30th Street Station for the location of our
kiosk because of the immense amount of traffic that travels through it, which accounted for over
4 million people in 2015 (“Great American Stations”, 2016).
Justification of Cost of Content Advertising:
We have decided to allocate approximately $100,000 to Content Advertising. This will cause an
increase of impressions by 571,429 people and will have a net response of 0.2%. This will cause
the creation of 114 new accounts and an increase in assets by $5.7 million.

43
Media Cost Worksheet
(Ryan Mulligan)
The following Media Cost Worksheet outlines the costs allocated to each media tactic:
Figure 1: Media Cost Worksheet

45
Summary and Conclusion
(Erin Burgwinkle and Juhi Vazirani)
The purpose of our marketing plan is to increase awareness of Vanguard’s retirement offerings.
Additionally, we intend to educate clients and prospects of Vanguard’s array of retirement
products and services in order to encourage them to entrust Vanguard with their monetary funds.
Using the Central Communications Theme of “Destination: Retirement,” we hope to express to
our target market that planning for retirement with Vanguard can be as rewarding as planning a
vacation.
Our four-wave campaign uses specific promotional techniques to raise awareness and knowledge
of Vanguard’s offerings and status as a trustworthy provider in the retirement planning industry.
We developed this campaign through the use of the AIDA model, where our goal was to
translate awareness into action. The campaign launches with advertising and public relations
elements to spread awareness and generate interest throughout the early stages of our
promotional schedule. Then, we shifted to personal selling and sales promotion techniques to
create desire and encourage action. Throughout the entire promotional campaign we used direct
marketing to directly communicate with our target audience and incorporate call to action. Using
our $3 million budget, we allocated appropriate costs to each of the media vehicles used. Our
most heavily used form of advertisement was Print Media, through the extensive use of Place-
Based Media.
The Voyagers are confident that our brand awareness campaign encompasses Vanguard’s values,
and communicates them effectively to our target market in a way that appeals to their attitudes
and values. We incorporated themes of relaxation and leisure in the creation of our unique
promotional mix. We chose to emphasize values that are important to our target audience to
effectively promote our fun, interactive brand awareness campaign.

47
Appendix and Works Cited
(James Casey, Matthew Phelps, Nick Testa)
Wave 1 and 4: Sample Advertisements

48
Wave 2: Boarding Pass Ad and Guerilla Marketing
Talk with one of our
investment specialists.
Call 888-387-5539

50
Wave 3: Sales Promotion, Hat Giveaway and Kiosk
Destination: Retirement

51
Wave 4: Social Media Marketing and Contest

55
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