In connection with the program plan of HSBC, Managing for Growth, effective marketing of their services is viable to ensure that the target stipulated would be reach. The communication plan aims to reinforce HSBC’s reputation and guarantee the public that they have the stability and control over their customer groups. That HSBC have credibility and honesty. The communication plan aspires that sales should be maximizing while marketing costs are reduced.
The marketing plan would encompass the principle embodied by HSBC and have a significant growth on Personal Financial Services; Commercial Banking; Corporate, Investment Banking and Markets; and Private Banking. (2006) HSBC aims to retain its customer and at the same time obtain new customers as well who can increase their profit as the company is helping them in their needs. Customer relationship is an important aspect in retaining customers; this could be achieved by providing a fast and reliable service.
HSBC seek to have a unified service that embodies this and that customers’ walkout of the bank with a smile in their face. I. Key issues HSBC is striving to secure their position and marketing strategy would focus on giving emphasis on their delivery platforms, their technology, their stock market rating and total shareholder return (‘TSR’), highlighting their growing e-commerce capability and wide range of financial services that includes personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.
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(2006) Key elements in achieving HSBC’s objectives for its customer groups will be accelerating the rate of growth of revenue; developing the brand strategy further; improving productivity; and maintaining the Group’s prudent risk management and strong financial position. (2006) Management’s vision for the Group remains consistent: HSBC aims to be the world’s leading financial services company. In this context, ‘leading’ means preferred, admired and dynamic, and being recognized for giving the customer a fair deal.
HSBC will strive to secure and maintain a leading position within each of its customer groups in selected markets. (2006) II. Target Market England is the most densely inhabited nation in United Kingdom. It is reported to have 83% of the total population of the latter. As of 2005, the total recorded population in England is 60,441,457 and almost 67% of which are 15-64 years old. Almost 99% of UK population are literate The target market would be the working group in the urban area who are 20 years old and above.
The middle class and upper class who could afford the services provided by HSBC and has the capacity to pay. AC Nielson conducted a study about computer users and he was able to find out that the median Internet age has been placed by various studies between 30 and 34 and only about one in ten Internet users is under the age of 18. Nielson’s study also showed that the study also showed that 64% of users college-educated, that median income are about $60,000, with 25% above $80,000, and 50% hold professional or managerial jobs. (Jackson, 2005) III. Main Message The key to a successful partnership is inter-dependency.
In choosing a bank that would provide financial services needed by one person, they must make sure that they are dealing with the best in the field, like that of HSBC. HSBC has their financial status open to the public thus they are ensured that they are doing business with a company that values honesty and integrity. The marketing strategies will show how HSBC’s services are better than that of other financial services companies. HSBC is not threatened by competition, in fact, they welcome a healthy competition. HSBC is also not merely a bank but a bank with a heart.
It is not just a company tat provides financial services but a financial company that values its customer much and are also helping the needy in every way they can. IV. Proposed Communication Mix HSBC, the world’s local bank, a bank that you can count on regarding all your financial affairs. A bank with a tried and tested quality of service. With over a 100 banks around the globe, you’re sure that you are being taken cared of. Your business could never go wrong with HSBC because they value their customers; they make sure that the consumers receive the best treatment and the service that one truly deserves.
You are guaranteed that your investments will flourish. HSBC has been an annual rate of 17. 3% over the last 15 years and the return rate of 28. 5% or as one example that they have given; ? 100 invested in HSBC on 31 December 1990 would have been worth ? 4,281 at the end of 2005. (2006) The recipient of the advertisements will be given a warranty that they if they would invest their money in any of HSBC’s financial services, they would be getting their money’s worth and that their money is being taken good care of.
Colorful and informative online advertisements will be used to attract new customers. Images of HSBC taking part in civic actions will be shown in print or television advertisements as to boost the morale of the company and make the recipient of the message realize that HSBC is not all about a company gaining profit but also that it has a heart and are extending their hands to those who needs it. This would help create a positive image for HSBC thus in essence attracts customer to avail of HSBC’s services.
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