Marketing Management

Marketing Management Assignment

Marketing Management Assignment

Introduction

Sustaining in the business environment today is not as simple as it used to be a few decades ago. The reason behind this is that globalization has increased competition immensely and now marketing and strategic development are the most important factors of success for any organization. Standard Chartered Group is the owner of one of the most successful businesses and the bank has progressively spread throughout the world on a very rapid pace in a very short span of time in comparison to the competitors. Existing in a total of 70 markets worldwide, Standard Chartered is known for professional banking services throughout the world (Brownsell, 2010, n.p.).

Regardless of the success of the bank, any business requires continuous changes in order to survive and stay in the game. Therefore, Standard Chartered also needs successive changes in its strategic development procedures in order to ensure that the brand is able to maintain its value in the consumer and business market in the years ahead. In order to better understand about how strategies could be developed and what are the possible pros and cons of any designed strategy taken into consideration; an in depth discussion of the strategy with regards to the bank's profile is required.

Discussion

Task 1: Possible Opportunities to be pursued with Regards to Strategic Positioning

As mentioned above, the business world is full of competition and wherever competition rises, opportunities also rise accordingly. Kotler and Armstrong (2010) suggest that there are plenty of tactics in the marketing communication which can make the organization move towards the next step of success. The tactics about which prior discussion has been forwarded would include promoting, individual motivation, advertisement, direct marketing and promotion for the increment of customer satisfaction and sales.

If these tactics are correctly utilized by Standard Chartered the brand value of the bank would increase significantly due to increased customer satisfaction, retention and new customer attraction rate. For example, when Standard Chartered Group plans to develop another strategy for its promotion; the best course of action could be to develop innovative campaigns which could later be utilized for the purpose of increasing potential customer awareness etcetera.

Possible Strategies for Effective Marketing Communication

With regards to the Standard Chartered Group, the following possible strategies for increasing the effectiveness of their marketing communication could be discussed:

Flyers Development

Flyers are one of the most effective marketing communication tools available. The reason behind this is that flyers are the best way to catch the attention of the customer because once a customer starts evaluating a flyer; the attention level is already high.

Posters & Billboards

Posters are used by almost all the business organizations of the world to promote their brand image in the prospective markets. Moreover, when posters are used with billboards, the effectivity of the promotional activity gets two fold. The reason behind this is that posters and billboards are two very widely distributed marketing promotion techniques used today.

Social Media and Internet Marketing

Social Media and Internet Marketing are the latest ways of promoting any ...