- 20 Marks
Question
The marketing plan of your Bank ended December 2022, and your Bank is preparing a new plan for the next five years. In your role as the Head of Marketing of the Bank, you have been asked to write a paper to your Deputy Managing Director on what marketing research would be required prior to the implementation of this new marketing plan and how you would collect this information. Your paper should also include what marketing intelligence system you would implement to monitor and control marketing the activities of the bank. (20 marks)
Answer
As Head of Marketing with senior experience at Ecobank Ghana, this paper outlines marketing research for the 2023-2027 plan, post-2022 expiry, in a post-DDEP recovery phase. Research ensures data-driven decisions compliant with BoG’s directives, focusing on customer needs amid digital trends and economic volatility.
Marketing Research Required Prior to Implementation (8 marks)
Research types: Exploratory (understand issues), Descriptive (quantify trends), Causal (test strategies).
- Market and Customer Analysis: Assess size, growth, segments (e.g., SMEs’ needs post-high MPR); customer satisfaction via NPS.
- Competitor Analysis: Benchmark peers (e.g., fintechs’ digital offerings) on products, pricing.
- Environmental Scanning: PESTLE impacts (e.g., AfCFTA opportunities, inflation effects).
- Product Feasibility: Test new services (e.g., sustainable loans under BoG principles).
How to Collect This Information (6 marks)
- Secondary Data: Cost-effective; sources include BoG reports (e.g., Monetary Policy Reports), GSS data, World Bank stats on Ghana’s economy. Advantages: Quick, low-cost; disadvantages: May be outdated.
- Primary Data: Qualitative (focus groups with 50 SMEs for insights); Quantitative (surveys of 1,000 customers via online/phone). Methods: Panels for longitudinal trends; ad-hoc for specific issues. Use mixed modes for high response rates, ensuring ethical data handling per BoG’s Cyber Directive.
Marketing Intelligence System to Monitor and Control Activities (6 marks)
Implement a Marketing Information System (MIS) with Decision Support Systems (DSS) for ongoing monitoring:
- Components: Internal records (CRM data on sales), marketing intelligence (competitor tracking via tools like Google Alerts), research outputs, DSS (AI analytics for forecasts).
- Implementation: Integrate CRM (e.g., Salesforce) with BoG-compliant dashboards; weekly reports on KPIs (e.g., customer acquisition cost, ROI on campaigns); control via variance analysis and corrective actions.
- Benefits: Real-time insights for agility, e.g., adjusting promotions if NPLs rise; ensures profitability in volatile markets like post-2019 cleanup.
This approach, drawing from Stanbic’s MIS success, supports resilient, ethical planning.
- Topic: MARKETING RESEARCH AND INFORMATION SYSTEMS
- Series: APR 2023
- Uploader: Samuel Duah