MARKETING PLANNING PROCESS

Marketing Planning Process

Executive Summary

The key objective of the plan is to encourage the registration of more users to use the cell phone banking of Standard. Not only the registration of the users into the cell phone banking but encouraging them to use the service at least twice a month. To achieve this objective it is necessary to change the overall perception of the account holders, especially changing the traditional approach to access the bank accounts personally, to the approach that is more convenient, easy to use, and mobile. Acquiring these basic objectives can be an easy process, if the correct measures of manipulating the consumer behaviour towards the whole process of banking are incorporated. Though, this is the era of technology and even a kid knows about it all, the major chunk of customers of standard bank are in the age brackets, where the cell phone banking is still considered a hectic yet too tech savvy process.

Target markets that were to be catered in the plan are already subscribed users, Existing Account holders - Newly registered to cell phone banking, New account Holders - New registrations to cell phone banking. A proper education of the customer regarding the cell phone banking and the benefits it offers is a part of the communication objective. Educating the customer is entirely dependent upon the communication channels that are already present at standard bank. It is the only way by which gradually the consumer behaviour with regards to cell phone banking can be created, so that they do not feel it as something imposed on them but, it will give them the feeling and pleasure of accessing their bank accounts more conveniently than ever before.

The need of the introduction and increase in the cell phone banking is a derivative of the high growth and the penetration rates of cell phone usage in the world, especially in South Africa. Cell phone usage is not constrained to making calls and exchanging text messages but, nowadays it is known as a instant, handy bank in the pocket of a customer. The affordability and the cost effectiveness of mobile banking is vastly providing South Africa the means of uniting a large number of population to have access to financial services at zero distance. Such a fast development in the category will surely provide more jobs to the citizens and ease to the usage of bank. Increase in the usage of mobile banking will not only benefit the banks but it will also help the government and the financial contributors who are providing aid to improve the life style not only in South Africa but the whole continent of Africa. Success stories around the globe regarding the cell phone banking would increase the usage of the bank as it provides convenience with style from the kids to adults. The cell phone carrier provider companies with in South Africa such as MTN, Vodacom and Zain which are capable of providing coverage to a large area will surely help in ...