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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.


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”.
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”.
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:
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.  
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.  
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. 
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.

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 1st 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:

Geographic Segmentation

Geographic Segmentation of "CASH & CREDIT"
Defining our Product Markets
A market is a group of potential customers who have similar needs and are willing to purchase goods or services to satisfy those needs. A product market is a market of customers with very similar needs. An example of a product market would be for laptop computers, where customers have the choice between products from Microsoft, Dell, Apple, Fujitsu, etc. We have considered four important aspects when defining the product market:
1.     1. What - Product Type
  1. To Meet – Customer Needs
  2. Who - Customer Segments
  3. Where - Geographic Region
Geographic segmentation calls for dividing the market into two different geographical units such as 7 cities/division and 64 districts. As we are going to start Cash & Credits zone throughout country, especially in the divisional cities like Dhaka, Khulna, Sylhet, Chittagong, Barisal, Rajshahi and Rangpur. So we would like to attract the urban inhabitants.

Demographic Segmentation

Demographic Segmentation of "CASH & CREDIT"
In demographic segmentation, the market is divided into groups on the basis of variables such as age, gender, education, occupation, and banking service. These variables are the most popular basis for distinguishing customer groups.

¨      Gender segmentation
Out of these huge numbers of people we have found a proportion of gender as 60% male & 40% female. Female are involvement at work increasing day by day but still there are majority of working population are male. 

¨      Age and life cycle stage
Among the respondents, 40% are belonging to 21-25 groups where majority of our target people belongs this age group and they are young generation.  Second height of our target customers’ which is 30% their age limit is 26-30 they are maximum young executives and young business man. They are very much aware about their facilities, feature and hassle. 15% of our target customers are belongs 31-35year. 10% of our customers are belongs 15-20year age. In this group of people are mostly students may this group of people will loyal customers at future may we can serve them for a long time and can generate more profits from them. 5% of our target customers are above 35 year. They are very much matured and aware about service quality. This 5 group of our target customers who spontaneously responded us to conduct the survey done.

¨      Education:
The ratio of the education level of the respondents is given here. Here we can see that 55% are undergraduates. Second majority of people which is 40% of our target customers are graduate and   the rest of the 5% are under HSC/A level.

¨      Occupation:
We conducted the survey to a variety of people among which a broad number (40%) were students, 35% were private service holders, the rest were others. Besides we conducted a separate survey in East West University where a significant number (40%) of students attended the survey that we have taken. 


    ¨      Psychographic Segmentation
In psychographic segmentation, buyers are divided into different groups on the basis of life style or personalities.
We have asked people despite their social class that whether they have debit card or not.  Among them 55% replied as “No” and only 45% replied as “Yes”. That means still there age growth opportunity of create new customers.
In our survey one think we can realize that there are many people who are want to buy a new debit card. If they gotten more facilities and security. They are thinking to buy a debit card and this group of people 73% out of 55 %( still those who have no debit card)
We asked question to those who are not using debit card currently and we found that majority are saying its expensive which is 52% of the population. Second majority are saying that its lack of securities, if we cant ensure that our Cash & Credit zone is secure than may we can get this 31% of new customers. Third majority is saying its difficulty in handling that means in our target customers there are 14% people those who are not using debit card because of  technological unawareness. If we can give instruction by our experts may this group of people will interested to buy our debit card.

According to our survey, we asked whether ATM service saves your time or not, maximum respondent are agree with us that ATM service help to save time which is 92%. And rest of the 8% saying that sometimes they have to maintain queue for take ATM service.

       ¨      Behavioral Segmentation
In Behavioral Segmentation we focused on the followings points. 
According to our survey 70% of our target customers are saying that “Yes”  brand name is important And rest of the 30% is saying “No” brand name is not important service quality and facilities is important. It is true that today brand name is very important for gives better service to the customers and a brand can create a image of that organization.
In our survey we asked what comes to your mind when you heard the name Cash & Credit. Here 41% saying its meaningful which is the height. Second height 34% saying its memorable. Third height which is 14% saying affordability/flexibility. 6% saying its stylish and 5% saying its likable.

In our survey we found that a big portion of people which is 43% saying that if a debit cards’ Blue color is more preferable. Second majority saying about golden color and rest of the 34% saying it would be black, green or others color.
About this question people are saying that finger prints technology if very much unique to the Bangladesh banking sectors.

THA SWOT ANALYSIS

THA SWOT ANALYSIS for "CASH & CREDIT"
SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors.


STRENGTH:
              I.      Need based marketing force and expertise: We have a very dedicated and highly trained professional group of marketing expertise that will enhance and assure our sales and strategy makings regarding our product, target market etc. As we have realized Cash b& Credit is a kind of service Which can make you life easy, relax and Flexible, the sales force needed to be more enhanced as experts. The demand of consumers is latent. They are feeling a change like lead their life on their style but can’t match properly. The change they want is regarding the Cash &Credit Zone Its additional Characteristics.

2.  Quality process and procedures: NC bank already being country’s valuable banking service we maintain a highly standardized service. Always two staffs is being available for client to help them. If you face any problem in terms of banking just call our service center our service executives are always wait for you. Reality is that you bank on Friday & Saturday. Client can withdraw/deposit money 24 hours including 365 days but they can’t deposit on Government holidays.

COMPETITIONS:
We have competitions around but the current users want to get more service from online banking .DBBL is our main competitor in term of online banking but in the technology side we are far ahead than DBBL, because we provide you the most recent innovation finger print technology. Client can bank on us by using his/her finger. Just print your finger in the ATM your name will be com...We don’t have any direct competitions around. Still we are cautious of having competition with those indirect competitors. For which we have taken some measures. They are:

SIGNIFICANCE of The above measures:
The significance comes due to the demand the respondents have prescribed. The demand is latent and the customers would prefer vacuum cleaner if:
§  It is unique for its finger print technology.
§  Card for next generation.
§  More quality service
§  stylish
§  Convenience of Shopping.
§  Online application form.
§  Withdraw/deposit cash for  24 hours including 365 (can’t deposit  on Government holidays)
§  At least one Cash & Credit zone is available in every districts of Bangladesh.

WEAKNESS: 
We are not able to constitute cash & Credit zone in the Upozilla level, because it needs a huge investment.
§  We are new in the market, that’s why our number of customer is lower than our competitor, because DBBL already captured most the number of  customer in this Sector by availability of their  ATM booths.









OPPORTUNITIES:
§  Easy positioning: because we are launching this Cash & Credit zone for the very first time in Bangladesh with some new ideas & technologies like Cash & Credit introduced new finger prints technology & Client can withdraw/deposit money 24 hours including 365 days (except Government holiday). So definitely consumers will remember us more.
§  Current market analysis: In our survey we found that there are 45% of people using debit card right now that means still 55% is remaining and it’s a is huge opportunity to capture this percentage of people.
§  Future expansion: in future we will increase our Cash & Credit zone across the country. Our primary target to increase the booth in 7 divisions and 64 districts and then we will try to go Upozilla/Thana level to stay our customers close. 

THREATS:
              I.      Consumer unawareness: Consumers in our country still are not that much aware about the service we are proposing. So it could be a threat to us whether we will be able to do business or not. May be initially we should consider a very niche market.
            II.      Usage rates of consumers: As the consumers, in general are unaware of the service; naturally the rate of using this service in many parts of the city is comparatively low in the total current users.

          III.      New competitors may arise: still there are 55% market growth is possible so new competitors may come to the market as competitors.

THE BRAND ELEMENTS

THE BRAND ELEMENTS for "CASH & CREDIT"
Each of these brand elements must fall under one or more or all of the following criteria:
ü  Memorability
ü  Meaningfulness
ü  Likability
ü  Transferability
ü  Adaptability
ü  Protect ability

Here follows the discussion regarding our brand elements’ mix & match with the above criteria:
Brand Name: CASH & CREDIT
      It is memorable because Cash & Credit is a well known sound. People are truly associated with this two words!!! Therefore the name “Cash & Credit” can be easily recognized and recalled by the customers.
      It is meaningful as it describes the nature of our product like cash 7 credit is a common word in term of our daily transaction.
      It is likable as the name sounds fun, interesting and creates verbal imagery and passion. Because cash is something related with the word achieving and credit is something beyond you.
      It is transferable across geographic boundaries and the cultures .A debit card is such a product which can easily transferable across geographic and easily match with cultures.(its our future plan).
      It is protect-able. As it a new word (neologism) with no literal meaning, it could be legally and competitively protected by registered trademark.

Event Logo and Color of Logo for "CASH & CREDIT"
Event Logo




Our color of the logo is yellow. Which represent energy, happiness, creativity and intellect and associated with the color of sunshine. It has the subsequent criteria:
      It is memorable. This shade of yellow means energy and could be associated with the color of Sunshine. Therefore, it can be easily recognized and recalled by people.
      It is meaningful. For our brand, the yellow stands for creativity and intellect in nature. Cash & Credit introduce the new fingerprint technology which is measure the Creativity &  intellect in nature
      It is likable. It will create verbal imagery by making the association of the color with Sunshine.
      It is transferable within & across product boundaries but not as transferable cross geographic .because yellow is a symbol of good sign everywhere.
The event logo is formally registered with appropriate legal bodies.

Packaging, Slogan & Jingle

Packaging, Slogan & Jingle for CASH & CREDITPackaging
Both side:





Top part:



Our slogan is New Dimension In Banking It has the subsequent criteria:
      It is memorable. It is absolutely innovative, unique and simple and so people can easily recognize and recall.
      It is meaningful. It describes the nature of our service and reflects its benefit like innovative, unique people can depend on us & we can fulfill their expectation.
      It is likable. It sounds interestingly because it is different in nature & technology.
      It is transferable across geographic boundaries and cultures because it is unique.
      It is legally and competitively protect-able because of its uniqueness (this has not been used as a slogan before).
We can imagine!
      What can happen to you!
              Where time is a limit!
                      We are with you!
                             Whenever you need!
                                     We are available for you!