Marketing Plan for Bank of Cancer Research

Question: Discuss about theMarketing Plan for Bank of Cancer Research. Answer: Introduction The Bank of Cancer Research is an important and unique project which needs to be promoted effectively all across the world. It is extremely important for the organisation Bank for Cancer Research to understand its potential to contribute to a good cause. The Bank of Cancer research is a concept for a bank which is extremely important for an organisation to make sure this concept of bank is properly handled and reached in the entire world as it will contribute to a great deal in cancer research (Ferrell Hartline, 2012). Marketing plan is an extremely important tool for a particular concept to reach out to people. It could be said that most of the organisations both profit and not for profit organisations emphasise largely on their marketing and this is why it becomes extremely important for an organisation to make sure the marketing approach of the organisation is effective in nature (Westwood, 2016). The bank of cancer research is a unique concept and hence it is important for the o rganisation to make sure that the awareness of the concept is extremely effectively done. There are number of key aspects in the marketing plan which needs to be addressed effectively so that the concept can be reviewed effectively and accordingly suggestions could be made in order to improve the marketing plan for the concept (Phillips Pittman, 2014). The different aspects of marketing plan will have to be effectively managed so that this concept is effectively promoted not only the domestic market but also in the foreign market. The present study will discuss the different key aspects of marketing plan which would help to meet the objectives of the study (Koh, 2015). Marketing Plan of Bank of Cancer Research For the effective development of a marketing plan and a marketing strategy it is important for Bank for Cancer Research to understand marketing analysis and the key component of marketing analysis which would help the organisation to develop a strong marketing plan. Bank for Cancer Research is a unique concept and hence the concept might face competition which is important to be maneuvered effectively and for that it is important for them to set a strong platform to promote its product effectively. Since the BCR is a concept of a bank it has to face significant competition in the market and this is where the marketing strategy will play an important role. Even though the profit of the organisation will go to cancer research the organisation will have to focus on making the consumers understand how they could reach the audience in the best possible way (Baker, 2014). For that the companies need to understand their competitors, customers as well as the company and its strengths and wea knesses as well. The company will have to understand the key elements of the marketing mix which would help to make sure the organisation has fair bit of knowledge about its market and the key elements of the market. Critically analysing the concept for the bank it could be said that it is a concept which needs to be effectively promoted and for that it is extremely important for the organisation to make sure the marketing approach is proper and well connected with the aims and objectives of the study. Marketing Analysis of BCR The marketing analysis of the organisation Bank of Cancer Research will help the organisation to understand its competitors, the company itself and the customers with whom the organisation could constantly improve (Westwood, 2016). The company Bank of Cancer Research is comparatively a new concept and the company has planned to start operating in Australia and in other markets which would help the organisation to get better results. The company is focused on using all its profits in the cancer research which is a unique concept and hence the company also pledges to operate for the betterment of the society. The main objective of the organisation Bank of Cancer Research is to eradicate cancer from the society and hence to motivate cancer research through effective funding. The bank will operate similarly as other banks only with the difference that whatever it earns and retains as profits will go to the cancer research which will definitely provide upper hand in its business market (Koh, 2015). The main strength of the organisation will be to make sure that it aims to operate for a good cause which would play a huge role for the organisation in the market (Weerawardena Mort, 2012). The weakness of the concept B ank is it is new to the market and hence will not get proper backup from the market (Westwood, 2016). The main motive of the organisation Bank of Cancer Research is to contribute to cancer research and development of new medicines in the field of Oncology and hence it is a noble cause for which the company is operating in the market and hence it could be said that its motive will definitely help the organisation to operate and generate revenue. The organisational culture is mainly focused on achieving the organisational objectives and hence it could be said that the organisation emphasises on making each and every employee understand their role and responsibilities to reach its organisational goals and objectives. The main product of the organisation is the banking service and it is important for the organisation to have proper employees who are well trained in banking so that the role culture is effectively followed by the organisation. Hence it could be said that the companys stre ngth lies in its concept and the way it has planned to operate in the market whereas the weaknesses being inexperience and lesser network in the market might hinder its growth and development (Maple, 2013). The competitor Analysis is an extremely important aspect in marketing analysis as it helps the organisation to focus on analysing the market and the possible competition it is going to face in the market. There are few organisations those who work for certain causes in the market and they become one of the key competitors of the organisation Bank of Cancer Research. Bank of Cancer Research is a company which is completely a not for profit organisation and the organisation focuses on meeting the objectives for the betterment of the society. In this situation it is important for the organisation to mention that there are number of multinational banking groups who have largely encashed on this concept to generate significant interest among the consumers in the market. Companies like Lloyds Bank, Royal Bank of Scotland, The Commonwealth Bank Australia, Hong Kong and Shanghai Banking Corporation are certain competitors of the company as even though their main focus is profit most of these organisations have operated for the betterment of the society as well which has largely helped them to gain consumer interest (Baker, 2014). It could be said that the these companies have effectively developed a section in the organisation that has operated as NGO or developed Cause related financial services which has made them strong competitor of the organisation. These organisations are comparatively older to Bank of Cancer Research and hence have better market share and strong customer support which makes the competition very tough for the organisation. It is also important to mention that these organisations do have profit motive which also creates a disadvantage for them as BCR is completely focused on improved infrastructure for cancer research (Maple, 2013). Talking about the customer it could be said that the consumers nowadays are ethical in nature. Ethical consumerism is one of the key characteristics of the consumer market and hence consumers understand what they want to buy and what not (Berthon, 2012). Around 8 million people die every year of cancer and the common people are quite aware of it and hence most of the consumer tends to support genuine cause nowadays which makes the movement prepared by the organisation BCR better and effective (Boone Kurtz, 2013). The importance of customer analysis cannot be measured but it could be said that customer analysis becomes one of the key aspects in a marketing plan (Ritter, 2014). The customer analysis is likely to help BCR to develop its business strategy as well as the marketing strategy (Westwood, 2016). It should be noted that the global banking industry is vast and consumers tend to rely more on the renowned businesses operating in the market and hence it will become tougher to reac h these consumers easily (Morgan, 2012). There is a certain level of brand loyalty that acts among these consumers which is extremely important to be reduced in order to reach these consumers and this could only be done with the help of effective business strategy (Griffith and hopner, 2013). It is important for the organisation to develop a marketing strategy which would help the organisation to come closer to consumers and promote its product in the market (Kotler, 2012). Marketing Mix of BCR Analysing the importance of the elements of the marketing mix is important for the organisation as it will help to make sure these elements are effectively implemented. The marketing mix involves elements like product, price, place and promotion and understanding and implementing these elements in the business will help the organisation to a large extent to grow and develop (Rashid et al., 2013). Product: The basic product of the Bank of Cancer Research is financial services similar to the banks where consumers keep their money safe (Boone, 2013). This company offers banking services with a special motive which clearly makes the service of the product much interesting. The profits received from the financial services provided will go to cancer charity and this is an added incentive to the product and hence will definitely create much more interest on the product and augments the interest of the product effectively and hence it could be said that the core product is the financial service provided but the augmented product is the contribution which every consumer could do with every transaction they make through this bank and hence it could be said that it is a unique and noble initiative which is definitely going to provide opportunities for the consumers. The different products offered by this banking service are: private banking, commercial banking, retail banking, mobile an d internet banking, loans and finance, cards, insurance and payment services et cetera (Armstrong et al., 2012). Price: The organisation BCR has robust understanding of the economic markets and hence its pricing policies will have to be effective and flexible. Its main sources of revenue will be levies on lockers, credit card usage and debit card usage, demat accounts, Current accounts and different types of interest on loans and mortgages. The organisation sets its prices comparatively lower to its competitors in the market which would provide opportunities in the market (Berthon et al,, 2012). Place: The organisation Bank of Cancer Research will be operating in UK, Australia and certain other locations in the world but the main focus of the company is to spread the awareness of this initiative which would help to get better response from the consumers effectively and hence it is important for the organisation BCR to operate through cloud based technology which would help the organisation to get response all across the world. As a banking organisation the company should be focused on accessibility and hence the organisation should focus on opening offices in new locations not only in the domestic market but also in the foreign market (Morgan et al., 2012). Promotions: It is extremely important for the organisation to implement a strong promotional strategy which would help the organisation to make sure its awareness reaches every part of the world effectively (Palmer, 2014). For Promotions the company could avail the online media especially the social media which would help to communicate with many people and improve the connectivity and create awareness. On the other hand the organisation could also focus on mass media marketing for instance advertisement in TV and radio. Sales promotions will largely create interest and promote business like zero balance account openings, lower rates and discounts in loans and finances for first few consumers for a stipulated period of time et cetera (Mullins et al., 2012). Segmentation, Positioning and Targeting of BCR The segmentation of the products and services of the organisation could be done with the help of demographics, psychographics et cetera. The organisation could target consumers on the basis of income and lifestyle choices and interests which would help to get response from the consumers which would help the organisation to improve its services and accordingly improve its opportunity to increase profit. Hence the organisation should segment the market with the help of demographics as well as psychographics. On the other hand the positioning of the company should be done at all levels of the society as it is a charitable and cause related financial service and this form of positioning will help the organisation to receive response from all the levels of the society allowing the organisation to address the issues and queries of the consumers. The targeting of the company should be done among the consumers who are interested to make changes in the society and supporting cancer research i s definitely a strong cause which would help the organisation to contribute to the welfare of the society (Morgan, 2012). Critique of the New Product Bank of Cancer Research From the perspective of a common man Bank of Cancer Research is a good initiative as it will help to get ample support for people suffering from cancer or may be for those who are suffering the pre-malignant stage (Westwood, 2016). To critically analyse this concept it could be said that it is definitely a good concept but with significant barriers as to be able to settle down in a market with competition from RBS, Commonwealth Bank, Lloyds Bank is tough and hence the marketing strategy will play a huge role. The new product will only be effective when it communicates well with the consumers and it is only possible when it reaches the consumers through the right approach (Baker, 2014). Conclusion and Recommendations This bank of cancer research is an effective concept but the bank will face tremendous competition from different companies all across the world with much more stronger market share and better market presence and hence it is extremely important for the organisation to implement its marketing strategy effectively and for that certain key suggestions would come in handy for the organisation Bank of Cancer Research which are given below: The market condition is unknown for the organisation BCR and hence the company should follow a penetration strategy to enter a new market which would help to get good response initially. Constant monitoring of the above discussed marketing strategy is important as it will help to work on the loopholes and shortcomings. Implementing a strong budget on the marketing strategy of the organisation will be important to control the marketing movement of the organisation. 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