- 40 Marks
SMM – OCT 2022 – L4 – Q1 – Strategic Marketing Plan for Bank Amid Inflation Challenges
As the new Head of Marketing, prepare a 5-year Strategic Marketing Plan for your bank to address challenges from rising inflation, exchange rate depreciation, and external factors like the Russia-Ukraine war.
Question
Ghana’s inflation rate has continued to increase since the beginning of this year and expected to continue for some time. The inflation rate of 12.8 percent at the end of December, 2021 has increased to 29.8 percent at the end of June, 2022 due mainly to factors both internal and external including Russia’s war against Ukraine. These have resulted in food supply challenges, exchange rate depreciation and increase in crude oil prices. This has had significant impact on the performances of various business organisations including banks. In your role as the newly appointed Head of Marketing of your Bank, your Managing Director has asked you to prepare 5- year Strategic Marketing Plan that will address the challenges facing the Bank.
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