Ing Direct
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Name : xxxxxx
Tutor : xxxxxxx
Title : Marketing Strategies
Institution : xxxxxxx
@2011
Executive summary
The concept of marketing strategies is not new to many in the business field. It requires a sober approach for entrepreneurs interested with venturing into a certain field and cut a reasonable niche.
This reports starts with a literature review of the marketing strategies. It clearly states the categories involved marketing strategies. The report also states the current marketing strategies adopted by ING Direct bank i.e. the strategies which are currently in use in the aim of achieving customer satisfaction and a greater market share while in turn increasing the profits of the bank. The reports also provide alternative marketing strategies for ING, the advantages and disadvantages of the marketing strategies, the recommendations for adopting the strategy and outcome expected from adopting the strategy.
Table of Contents
Executive summary
Background information
Literature review on marketing strategies
Current marketing strategies adopted by the organization
Sales promotion and advertisement
Branding
Cafes
Guerillas
Green fields
Alternative marketing strategies for this organization
Analyze the proposed alternatives detailing the pros and cons of each
Propose your recommendations for adoption and the outcomes you expect to occur as a result of adopting this solution
Conclusion
Bibliography
Figure 1
Background information
ING Direct is a new entrant to the banking industry in Australia. It entered in the year 1999 but over time it has quickly become the fifth largest retail bank. It is a branch of the ING Group this is the third major investments depository in the globe. The bank targets specific products niches rather than directly competing directly with the larger Australian banks. The bank focuses on simple and transparent products this implies that the bank do not deal with some products such as the credit card market is has over time proved to be the most competitive market in Australia. In its position the depository believes that clientele value the straightforwardness in a jam-packed market consign. The bank offers a term deposit with no minimum or maximum requirements in contrast to the more complex terms offered by competitive banks.
The approach taken by this bank has resulted in the bank attracting a large customer satisfaction of 72.8 % which is the highest customer satisfaction of any financial institution in Australia.
The bank also acknowledges that their staffs are crucial in the high customer satisfaction rate. The bank places high emphasizes on its call centre since it dont have branches ING Direct also places a lot of emphasizes on staff satisfaction in the aim of receiving high customer satisfaction.
The bank looks for various values in hiring employees they include: passionate, simple and straightforward, bold and different, and can work together. The company has not moved its call centers to offshore stations which other companies are fond of doing and has no monitored time periods for customer calls. One of the ING Direct call centers is located in a regional area, where turnover is low. The physical environment of its call centers is designed to provide attractive place for the staff to work, with a bright meeting area and two dimmed rooms furnished for relaxation. Staff salaries are linked with cultural performance, and each year the best-performing operator is sent overseas for a week to another ING DIRECT office. Human resource is such a focus at ING Direct that the bank won the top CEO award in 2008 for its inclusive management style and for championing issues such as diversity, talent management and staff engagement and well being (Kelly 2009). The banks f focused approach in terms of its product range and its emphasis on staff and customer satisfaction as seen I NG DIRECT quickly build its retails savings in Australia to about $20billion-abouta 5 percent market share That is not nearly enough for ING DIRECT parent group which is aiming for 10 percent market share. And with satisfied customers and staff and deep pockets to withstand the global financial crisis, ING DIRECT might get there before too long.
Literature review on marketing strategies
The marketing idea of structuring a business in the region of the gainful satisfaction of consumer needs has assisted firms to attain success in high-growth, fairly competitive markets (David 2008). Nevertheless, to be victorious in markets in which cost-effective expansion has intensified and in which there exist many players who follow the marketing ideas, a well-developed marketing strategy is necessary. Such a strategy believes in a collection of goods and takes into account the predicted moves of participants in the market. Marketing strategy can enable a business to focus on its partial capital on the most chances to increase sales and attain a sustainable competitive gain.
Marketing strategies acts as the basics reinforcing of marketing tactics intended to fill marketplace requirements and arrive at marketing goals (Michael 2008). Strategies and goals are normally tested for experimental shortcomings. Commonly, marketing strategies are developed as multi-year plans, with a plan featuring specific events to be consummated in the current year. Time spheres enclosed by a marketing arrangement differ from one company to another, an industry to another and also a nation, however, point spheres are fitting shorter as the rate of alteration in the surroundings expands. Marketing strategies are energetic and more engaging. They are partly designed and incompletely unplanned.
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