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Table of Contents
Table of Figures
1.0
Introduction
Sampath bank is one of the Sri lanka most future friendly bank for several banks.
Because they have been setting trends in banking technologies. Working through a range
of social media network and smart phone apps to deliver customer superior. Always they
maintain face to face conversations with all their customers and doing surveys in order to
that their aware of what they need to change expand or improve.
In order to select the product I have selected the sampath Bank credit cards which is
stands high market value. Sampath cards offers the means of spending responsibly.
Customers are enjoy Real value Deals such as everything from clothing to super
marketing ,from electronics to healthcare , from holidays to dining out . in addition to
great discounts and promotions as well as interest free payments plan
Recently Sampath Bank also becomes market leaders in credit card industry in sri lanks.
According to high usage of their cards.
(Lorette, 2016)
2.1
Internal Environment
McKinseys 7 s : Assess the Organization
Structure
A licensed Commercial Bank under the Banking Act No.30 of 1988 and
supervised by the Central Bank of Sri Lanka.
Systems
Style
Staff
Skills
Strategy
BCG Matrix
2.2
External Environment
External Environment factors which have a direct force upon the performance of the
marketing functions. But have a significant manipulate on its growth and survival.
(Gupta, 2009)
Michael Porters famous five forces of competitive position model provides a simple
point of view for evaluate and examine the competitive force and position of a
corporation or business organization.
(Champman, 2013)
Profitable markets attract new entrants, which losing profitability unless present
have strong and durable barriers to entry
Since the credit card business makes the good profitable, so there will be new
entrants in order to increase their market share and increase the profitability.
Recently there were
PESTLE Analysis
Political Environment
Government has a reasonable involvement
into the economy. The government has an
obligation to keep up a good reputation in
the foreign market in order to attract foreign investors.
Economic Environment
Presently economy environment in Sri Lanka is government has reduced interest
rates on the lending. Government impose a tough rules and regulations regarding
finance.
Social Environment
Now Sri Lankan social cultural life styles has moderate. Sri Lankan literacy rate
has increased among the Asian countries, women are employing more than ever,
increasing ageing population.
Technological Environment
There is continuous improvement on modern technology in the industry, in order
to that bankers can facilitate and introducing latest technologies to enhance the
day to operations of the banks. And also enhance IT based solutions to deliver
superior service to internal and external customers.
Legal Environment
Rules and regulations and some acts to help to banks to carry out their services
and operations.
Environmental Environment
On the environmental factors highly concerns on the safety and protection of the
environment. Banking operations impact of the environment. Adopting green
initiatives.
Strengths (Internal)
1. Promoting Island wide
Weakness (Internal)
1. Banks unjustified expansion of
customer completeness
2. Technology driven banking
solutions
Ex; Mobile banking, Internet
Banking
3. Compliant declaration and
maintain customer privacy.
4. Product innovation and service
limited capital.
2. Poor asset management &
capital inadequacy.
3. Composite and non productive
4.
excellence.
5. Adherence to all mandatory
regulations
6. Have success plan through
talent management.
Opportunities (External)
1. Deliver higher financial
value to its customers and
innovators
2. Highly market focused.
3. Strategic innovative for
such as domestic &
international markets
Threats
(External)
3.1
Market Segmentation
Market segmentation is an important part of companies marketing strategy. It is the
process of breaking down a larger target market into smaller, more consistent group
of customers that we can more efficiently market to. Also market segmentation is the
process of analyzing the appropriate consumers to which a product should be
targeted.
(Kokemuller, 2016)
Today Segmentation, Targeting and Positioning is a common tactical approach in
modern marketing. It is one of the most commonly applied marketing models in
practice. The STP model is useful when creating marketing communications plans.
(Hanlon, 2013)
Profile 1
Profile 2
New Segments
Profile 3
Behavioral
Benefits
3.4
POSITIONING
Positioning is arranging for a product to take up a clear, unique and attractive place
relation to competing products in the mind of the consumer.
Also positioning is the key benefits and privileges of the main products relative to
competitive products in the target market.
(Gulati, 2013)
When positioning Sampath Bank credit cards these are competitive benefits of the
particular product.
unparalleled deal with real value
ex: card holder stays free, card holder dines free
Value added service and there are no extra charges. Such as limit
enhancements.
24 hours superior banking support service to meet all your banking needs.
All card holders will eligible for free life insurance.
The Ansoff Growth matrix is another marketing planning tool that helps a
business decide its product and market growth strategy.
5.1
GROWTH STRATEGY
Proposed Strategies
Competitive Pricing
Market Penetration
Sales Promotion
insurance.
First year joining & Annual fee free Promotion.
Customer Loyalty
customer makes.
Overseas travel Insurance.
Technology Innovations
Free SMS alert receives to every transaction makes.
Product Development
Value Additions
In order to product development approach adding values and developing new products it
will be able to enhance product varieties and for launch new products. When there are
product varieties customers will be able to select any varieties according to thieid
requirements.
Market Development
Market Coverage
Going to introduce for professional categories
Ex; Chartered Accountants, GMOA doctors