Executive summary

Executive summary for "CASH & CREDIT"

The Cash & Credit introduced the most flexible, online banking service for 24/7 hours including 365 days with a new finger print technology. Initially we had a meeting with NC (national commerce) bank authority; they liked our concept and interested to work with us. We provide NC bank’s client a new debit card with multiple ATM booths and the new finger print technology under our Cash & Credit zone, where client can bank on us by using their finger print. We provide online banking service across the 64 Districts in Bangladesh. That’s means at least one Cash & Credit zone is available in every district.   There is an opportunity that if a person will purchase our debit card that person automatically is an account holder of NC bank without any additional cost. NC bank already being country’s valuable banking service. But though their service at their branches is not very satisfactory they have made significant improvements in introducing/using technologies in Banking. The personnel in the withdrawal counter can easily kill lots of flies per day while the personnel in deposit counter are tired of working. Client can deposit their money any of Cash & Credit zone. Client can also open their account from Cash & Credit zone. Most interesting thing is that Cash & Credit offer you the holiday banking. That means you can bank on Friday & Saturday.  
 

• Client can withdraw/deposit money 24 hours including 365 days (except can’t deposit on Government holidays).
• Cash & Credit unique because of its new finger prints technology.
• There are multiple ATM booths in Cash & Credit zone.
• Client can deposit up to 10, 000, 00 BDT and they can withdraw up-to 2, 000, 00 BDT.
• Client can open account from Cash & Credit zone.

ORIGIN and ONE THINK MUST REMEMBER

ORIGIN and ONE THINK MUST REMEMBER for "CASH & CREDIT"
Must Remember

• The “Cash & credit” is not alternative to branch. Still there are necessities that you have to go to branch.
• Till now, client can’t deposit check in Cash & credit only cash.
• Client must take a receipt after his/her deposit the money and keep it secure until account reflects the deposit.
• Two staffs will be available at Cash & Credit zone. He/she will helps the client doing the tasks.

ORIGIN

East West University is institutes that promote eastern culture and values and meaningfully blend eastern and eastern thought and innovation. To do this it provides undergraduate degree pm different major subjects like Marketing, HRM, and Economics etc. Brand Management (MKT 416) is one of the courses of Marketing major. Precisely it teachers how individuals feel, think and act in the market place.

While doing the course we have learned the factors of influencing developing a new brand self-concept and so many. To implement all of those or in other Behavior has given us this assignment on “Cash & Credit”.

OBJECTIVES and SCOPE

OBJECTIVES and SCOPE for "CASH & CREDIT"
OBJECTIVES

By doing the report, we will be able to know the target market’s profile of a new brand, their buying motives and preference. We will also be able to know the current market situation of the online banking service. We will be exploring the facts how individuals get influenced towards a products/service. What do they feel like different online banking service.

Primary objective

Introduce & Develop the branding strategies for a new brand Cash & Credit is regarding to consumer behavior. 

Secondary objectives

To attain the primary objective we had to pursue some secondary objectives:

ü  To find out the rationale of selection for “Cash & Credit”

ü  To find out the target customer of “Cash & Credit”.

ü  To analyze and identify environmental factors of “Cash & Credit”.

ü  To develop and mix & match the brand elements of “Cash & Credit”.

ü  To identify differentiation factors of “Cash & Credit”.

ü  To suggest blue ocean strategy for “Cash & Credit”.

ü  To develop brand sense for “Cash & Credit”.

ü  To suggest secondary brand association for “Cash & Credit”.

ü  To take care of ten guidelines for building strong brand for “Cash & Credit”.

SCOPE

This report is prepared concentrating on “Cash & Credit” which is a product of NC Bank ltd. The area of the survey was only in Dhaka city. So all the inference will be made based on the city area basically. It is a comprehensive report based on structured questionnaire survey, data calculation, propels opinion, our perception and knowledge, books of Marketing Brand Management, internet and so on. The actual work of this meticulous report started on 26 March 2011.

LIMITATIONS and TACTICS

LIMITATIONS and TACTICS for "CASH & CREDIT" 
LIMITATIONS

While preparing the report we had to face some problems.

•        Lack of internet data to made it.

•        As because the question was in English many people could not understand the questions and thus could not answer well.

•        Time shortage was one of the major problems for us.

•        There were electricity problems.

•        Then lacking of awareness/ information among customer were another major problems. In many case we found people having no idea regarding the words “Cash & Credit”.

TACTICS

This report is the accumulation of primary & secondary sources.

Primary Sources

Ø  Primary sources were those friends, relatives, & few official executives around us who were familiar with NC banks’ new service Cash & Credit.

Ø  To collect the information, structured questionnaires were prepared for the respondents.

Ø  Sample size:  Number of respondents = 25.

Secondary Sources

Ø  Secondary information was collected from the internet & NC banks’ authority.

Ø  Few executives of the banking sector.

Ø  Our honorable faculty.

RATIONALE PRODUCT SELECTION

RATIONALE PRODUCT SELECTION for "CASH & CREDIT"

After going through several options, we finally picked this online banking service “Cash & Credit” as our product and topic of interest. Our choice is not based on any random thought or intuition but clearly identified rationales which are as follows:

INNOVATION

Cash & Credit innovated the fingerprint technology which is a new dimension of banking sector in Bangladesh. Cash & Credit is unique for its finger print technology which is the first time in banking sectors of Bangladesh and it is the beginning of modern technology in Bangladesh banking sectors industry.  

TECHNOLOGY

In our survey some client and viewers asked one question that is it secure to do bank at night? For this reason we innovated some technology to provide our service more securely at night. If anyone try to do any illegal things in Cash & Credit zone the system will automatically gives signal to the control room.  

HOLIDAY BANKING

Most interesting thing is that cash n credit offer you the holiday banking .that means that means you can bank on Friday & Saturday. Client can withdraw/deposit money 24 hours including 365 days but they can’t deposit on Government holidays. Two staffs will be available there. He/she will help you doing the tasks. 

FLEXIBILITY

The Cash & Credit introduced the most flexible, online banking service for 24/7 hours including 365 days with a new debit card. Because you can deposit and withdraw cash any time in Cash & Credit zone. We provide online banking service across the 64 Districts in Bangladesh. That’s means at least one Cash & Credit zone is available in every district. By availability of Cash & Credit zone across the whole country it will helps the clients of NC bank to continue their banking.

POOR BANKING SERVICE IN BANGLADESH and TIME SAVING ZONE

 POOR BANKING SERVICE IN BANGLADESH and TIME SAVING ZONE for "CASH & CREDIT"
POOR BANKING SERVICE IN BANGLADESH

Poor banking service is common sight of banking in Bangladesh NC bank already being country’s valuable banking service. But though their service at their branches is not very satisfactory they have made significant improvements in introducing/using technologies in Banking. One reason of their poor customer services at branches may be they do mass banking rather than priority banking like some banks specially the foreign banks. Another thing is that we always afraid of their long queue. We never saw more than two people in their withdrawal queue. But we always see long line at the deposit counter. The personnel in the withdrawal counter can easily kill lots of flies per day while the personnel in deposit counter are tired of working.  We believe they could trade-off between these two based on the rush. That’s why NC bank provides this Cash & Credit zone to fulfill their customers demand.

TIME SAVING ZONE

Client can deposit/withdraw their cash in any of the Cash & Credit zone any time. Because of their long queue. So you can bank on us wherever you want which can save your time. Client can also open their account from Cash & Credit zone very quickly by via online application form.

TARGET MARKET ANALYSIS

TARGET MARKET ANALYSIS for "CASH & CREDIT"

For every business plan or product launch, there should be the idea of putting or selecting a distinct target group or groups for whom the business will take place. Target customers are the key portion that will generate profit for the firm. So we target that people who are:

Ø University Going Young generation

Ø Executive Person

Ø Business man

University Going Young generation

Young generation always prefers to use latest technology and they are very much aware about the twenty 1^st century’s online banking. They want a debit card which is a matter of ego &  it identify him than the other. They are motivated by seeing from each other’s and follow them those who are success in life. If we can target this young generation they will be loyal customers for a long time so we can generate more profit from them.

Executive Person

Male are more involved in doing outside of house works and it’s a general belief that male are more aware about trust and crudities. Another thing is male are becoming more busy as they are joining different professions. Life becoming busier and increasing competitiveness. The numbers of working class male are increasing day by day. So they are depending more on those products which are easy and takes less time to use.

Business man

However, Cash & Credits’ is such a banking service that is not being used by mass number of country’s population in case districts of Bangladesh it has been used by people who are niche. Basically we target the university going young generation and executive level’s person and their age limited approximately 18-35 years. Because we will get a long time service from them and this targeted people always searching for something new and which is unique in nature. But we are aware of any sort of aged client.

To find out the probable scenario regarding our targets we have tried to find some answers through the following steps: