- 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.
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”.
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. 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.
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 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. 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
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
- To Meet – Customer Needs
- Who - Customer Segments
- 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
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.
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.
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.
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.
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!
Whatever you are selling, the level of competition is increasing. So, how to survive and prosper in this competitive marketplace? How do I market to a segment that is not price oriented? The answer is, the cornerstone of any marketing program must be based on a product or a service’s point of difference. Despite my best efforts, many companies don’t understand this or they don’t know how to do it. An ugly fact of life is, if you make mistakes, your competitors quickly get your business. What is worse is that you rarely get it back. So, it is a battle of brands out there. The consumers may have difficulties in choosing the right brand for them because there are so many brands for each product. The unique selling proposition may help a customer to choose one brand out of many.
Finger print technology!!!
Cash & Credit is unique for its finger print technology which is the first time occurred in the banking sectors of
Bangladesh and it is the beginning of modern technology in Bangladesh’s banking sectors industry. We provide client the new finger print technology under our Cash & Credit zone, where client can bank on us by using their finger print. Print your (client) finger in our ATM booths (where a particular space is assigned to the booths for print your finger) than your (client) identification is coming and types your (client) password. After that you (client) can go through for your (client) Transaction. We provide this online banking service across the 64 Districts in Bangladesh. That’s means at least one Cash & Credit zone is available in every district.
Value Innovation is the cornerstone of blue ocean strategy. Value innovation is the simultaneous pursuit of differentiation and low cost. Value innovation focuses on making the competition irrelevant by creating a leap of value for buyers and for the company, thereby opening up new and uncontested market space. Because value to buyers comes from the offering’s utility minus its price, and because value to the company is generated from the offering’s price minus its cost, value innovation is achieved only when the whole system of utility, price and cost is aligned.
Three tiers of Non-customers
Blue Ocean strategy calls for focusing on the non-customers. The non-customers for Cash & credit could be divided into 3 tiers: Tier 1: ”Soon-to be” non-customers who are on the edge of your market waiting to jump ship. In our case, first tier non-customers would be female who are unaware about our new service and want to use this service in a reasonable price & save their time.
Tier 2: “Refusing” non-customers who consciously choose against your market. In our case, second tier non-customers would be traditional people who are uncomfortable with technology. Though technology can make life easier for them, their lack of ease with technology makes them avoid it.
Tier 3: “Unexplored” non-customers who are in market distant from ours. In our case, third tier non-customers would be religious person. Traditionally religious person are expected the clear banking like they want to make their transaction on religious way .as a example I know a person who does not want to take the percentage of interest from bank. So we will give highest priority of their believe & thinking and we are not give any bank interest to them. After that we send this sort of money to NCC banks Social Affair fund where this money is used in educational purpose for poor people.
The Eliminate-Reduce-Raise-Create Grid (ERRC) for Cash & Credit Brand Sense is a holistic way of understanding, deconstructing and building a brand by taking into account how, and where, it impresses each of our five senses. How does a brand look? How does it taste and smell? Is it soft to the touch like cashmere, or does it evoke the sizzle of the summer? Is your brand’s soundtrack closer to Barry White or Bach? We’ll show you how a sensory approach cuts away the jargon typically associated with marketing and branding efforts, leaving only the base elements, or building blocks, that make up a perception.
So we can assume that brands these days shall be able to not just differentiate themselves through services or quality rather they would be able to do such thing that actually grabs attention in our five sensory systems. The humans process information through brain but capture the image of any materials through their sensory systems (i.e. Sight, smell, touch, taste and hear). So, influencing the imagery and sensory systems is also vital because through the sensory systems, people make decision. 
As we are planning to launch a new brand Cash & Credit, we are therefore match our product with the five sensory system humans have. However, not necessarily we are matching our product only but also some of our services and outlet plans. Let us see how we are planning to do these.
Sight:
Under the sight system, we are planning to do a range of diversified things that may grab and influence people’s attention and the decision making. Under these criteria, we are planning to make a unique & stylish Debit card. It’s a passion & someone feel confident when one having Cash & Credit debit card. Entrance to our Cash & Credit zone where a big image of our Debit card. The Image would persistently make the consumers aware of a “new brand” that we are launching. At the entrance we are planning to put a big C-C as our Cash & Credit logo for is kind of a “C”. We are planning to develop our own mascot/character for Cash & Credit which we named as “a person is smiling for achieving some cash.” (As the product is Cash & Credit).
Summary of sight:
- Prominent Images shaped entrance
- Product demonstration
- Big C-C as our Cash & Credit logo.
- Feel yellowish when entrance into our Cash & Credit zone.
Sound:
Sound is something that the customers prefer like anything because client will always come our Cash & Credit for their Transaction that means almost regularly are more willing to test the product in terms of sound. So under this particular sector, we are also considering a number of factors. These are:
- Soft music in the outlet: We are thinking of playing soft music with slow tempo to make the shopping environment more comfortable, soothing and relaxing for our customers.
- Character or mascot sound: Just alike Intel, we are experimenting to create a unique sound for our mascot/character that people will associate with our service Cash & Credit.
- Catchy chime: When the finger print or Debit card is enter into to the booth activated through pressing button a very mild and catchy chime will be there that will allow you to know that the transaction is start. The internal sound of money when the money rotate it s very joy to hear because the money is coming. When however, this factor is more relevant with Service demonstration.
Touch:
Touch is important for Cash & Credit because when you touch our Debit card it is so smooth and something comes to our mind that that this card is your Identification. When you print your finger you feel so relaxed & sometimes there are no chance to happen any kind problem in term of continue their transaction. So considering this term in mind we have determined such factors that may help us to let our customers “feel” our Service.
Smell:
Smell is the least important actually if you consider cash & credit as a service. But still we can associate some of the factors with smell and vacuum cleaner. These are: § Centrally perfumed outlet: We are thinking of maintaining a centrally perfumed outlet so that the consumers find it relaxing and easy to banking.
Taste:
Perhaps the least important factor because there is nothing to “taste” actually on ash one. But we can greet our beloved prospects and our current customers with some chocolate & instrument which they can use their daily life. That will create favorable impression about us and also help us to make close relationship with our targets. Our brand Cash & Credit is totally a new brand. Generally people do not have much trust on new brands. Again Bangladeshi people do not like to take risks rather they are very much emotional and become motivated when hear something good about the product or the brand. Here 70% people say that brand name is important for buying a product or take service from them. If our brand is associated with other brand which is already established and reliable, that will help people to take decision about the product as brand name is important for customers. Our product is new and also the brand, so to reach to the consumer mind and to establish a trustworthy place, a medium is very necessary. And the medium will be other established brand which has already a trustworthy place in consumer mind and linking to the brand to other information in memory will convey meaning to consumers. In a word, we try to pull out our new idea for giving people a trust and satisfaction, easier and faster life.
Company as secondary brand
We are using NC bank as our secondary brand. It’s a known and also a popular bank in Bangladeshi banking sectors. National Commerce Bank Ltd. bears a unique history of its own. The organization started its journey in the financial sector of the country as an investment company back in 1985. The aim of the company was to mobilize resources from within and invest them in such way so as to develop country's Industrial and Trade Sector and playing a catalyst role in the formation of capital market as well. Its membership with the browse helped the company to a great extent in this regard. The company operated up-to 1992 with 16 branches and thereafter with the permission of the Central Bank converted in to a fully fledged private commercial Bank in 1993 with paid up capital of Tk. 39.00 core to serve the nation from a broader platform. Since its inception NC Bank Ltd. has acquired commendable reputation by providing sincere personalized service to its customers in a technology based environment.
The Bank has set up a new standard in financing in the Industrial, Trade and Foreign exchange business. Its various deposit & credit products have also attracted the clients-both corporate and individuals who feel comfort in doing business with the Bank.
Mission
To mobilize financial resources from within and abroad to contribute to Agriculture's, Industry & Socio-economic development of the country and to play a catalytic role in the formation of capital market.
Vision
To become the Bank of choice in serving the Nation as a progressive and Socially Responsible financial institution by bringing credit & commerce together for profit and sustainable growth.
Spokesperson as secondary brand
We will use spokesperson for building branding image. We will select different types of spokesperson. Primarily we select a celebrity who is very common person in media and very popular at East West University campus. Almost everyone know him very much and he is a celebrity who is “none other than Mr. Rayyan Hasssn” (Senior Lecturer, Department of Social Science, East West University) young generation always follow this types of figure who is very much intelligent and successful in life. If he suggests that cash & credit is something new and innovative so I am very much satisfied about their service. Especially student of East West University may feel more interested to the cash & credit.
Male in different profession
Male are more involved in doing outside of house works and it’s a general belief that male are more aware about trust and credileness. 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. This is the reason selecting male of different professions as spokesperson.
Female
Now a day’s female also help his husband’s earnings money as like a male. Female’s working class increasing day by day. They are becoming educated and their look towards family responsibilities also changing. The women’s work is increasing and they try to do work equally contributed toward to the family.
Business man
We can use them as spokesperson. From our survey we found many people are very much busy to their business and they are much aware about their time saving and hassle. These words will be more effective if business man say these.
Young generation:
Young generation always prefers to use latest technology and they are very much aware about the facilities and. 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. Basically we target the university going young generation and executive level’s person and their age limited approximately 18-35 years. this targeted people always searching for something new and which is unique in nature. But we are aware of any sort of aged client.
Break-even analysis
Fixed cost (for one Booth)
Guard salary TK10,000
Rent TK10,000
Depreciation (per month) TK8,500
Internet bills (per month) TK1,500
Total fixed cost (per month) TK 30,000
Fixed cost for one year = 30,000×12
=360,000
Total fixed cost (200 booths) = 360,000×200
= 72,000,000
Variable cost, m = 3,000
Y = mx + c
= (3000×200) + 72,000,000
= 72, 600,000
Break-even Analysis:
Yearly Units Break-even =146 (Booths)
Yearly Sales Break-even TK73,000,000
Assumptions:
Average Per-Unit Revenue
TK 500,000
Average Per-Unit Variable Cost
TK 3,000
Estimated Yearly Fixed Cost
TK 7200,000
Depreciation = the value of 200 booths ÷ No. of years = (1,000,000×200) ÷10 = 20,000,000 ÷ (12×200) =TK 8,333
Break-even analysis graph
22 Immutable Laws of Branding Today, most of the products or services are bought, not sold. Realizing the fact that consumers may want such product or service that will not only satisfy the needs only but also create an identity for the consumer as well as for the company, each company should build their brands. So, in developing brand properly each company should follow some guidelines or rules that are unavoidable. These laws are known as “immutable laws of branding”. Let us have a look on the idea we are thinking of regarding the 22 immutable laws of branding and our cash & Credit Zone.
The law of expansion: The power of a brand is inversely proportional to its scope. Trying to be all things to all people undermines the power of the brand. The strength of brands lies in becoming synonymous with a single category. Brands that spread themselves across categories lose brand focus, identity, and ultimately market share. Considering this fact we are actually concentrating on the “Cash & Credit”
The law of contraction: A brand becomes stronger when you narrow its focus. By narrowing the focus to a single category, a brand can achieve extraordinary success. So, we may consider different color of the product but product line should be same. Considering “Cash & Credit” as a particular product line, we are considering different colors and product type under one roof.
2. The law of publicity: The birth of a brand is achieved with publicity, not advertising. A new brand must be capable of generating favorable publicity in the media or it won't have a chance in the marketplace. We may focus more on PR for this purpose. Column writing can be an important source for publicity of our product. NC Bank may consider arranging some game show, , coupon or contest as well to create massive promotion for Cash & Credit
The law of advertising: Once born, a brand needs advertising to stay healthy. Sooner or later, a brand leader has to shift its branding strategy to publicity to advertising. By raising the price of admission, advertising makes it difficult for the competitor to carve out a substantial share of the market. As a later consideration we should go for ads as well because at a primary stage it would be wise to create hype among people through PR and later on the ads would continue to push consumers thinking about us. In order to do that we may tag the ads with our motto or tagline or with our slogan for a certain campaign (e.g. “It’s a new finger print technology).
4. The law of the word: A brand should strive to own a word in the mind of the consumer. If you want to build a brand, you must focus your branding efforts on owning a word in the prospect's mind, a word that nobody else owns. For example: Volvo owns “safety” or FedEx owns “overnight” etc. So, considering this fact we are also looking for such word or phrase that would only be associative with our product, not with anything else. For this purpose, we are thinking of our tagline as “New Dimension in banking” where we are focusing more on “New Dimension” phrase, where it shows the way people once perceived the traditional methods or tools as the best ever solution of house cleaning whereas we are changing the notion through our product.
The law of credentials: The crucial ingredient in the success of any brand is its claim to authenticity. The brand’s credentials in its category as authentic, real, original, or the leader is powerful indeed. Now consider our product cash & Credit “in terms of “originality”, “reality” and as a “leader consider originality and reality, we are promising such features because “we can promise those”. The promises are not fake. We are not promising such things that we won’t be able to meet. 6. The law of quality: Quality is important, but brands are not built by quality alone. Does a Rolex keep better time than a Timex? Does Hertz have better service than Alamo? Does a Mont Blanc pen write better than a Cross? Are you sure? The perception of quality, more than quality itself, is what builds a brand. And the best way to build a quality perception in the mind of consumers is by following the laws of branding. We are launching our debit card “under different category keeping different prices. Because of high specialization in the category we can assume high price as well. The law of category: A leading brand should promote the category, not the brand. The most efficient, most productive, most useful aspect of branding is creating a new category. Customers don't really care about new brands, they care about new categories. So taking care of this idea we are thinking of launching no product or brand online banking” and the equipment that enhances this category is “cash & Credit”.
8. The law of the name: In the long run, a brand is nothing more than a name. In the short term, a brand needs a unique idea or concept to survive. But in the long term, all that is left is the difference between your brand name and the brand names of your competitors. Shorter names that are unique and memorable are far stronger than longer, vague or generic names. Now consider our brand. We have shorter name “Cash & Credit” which indicates easy to pronounce.
The law of extension: We are not using the name “Cash & Credit” in any other product category because it will weaken our brand focus. Line extensions destroy brand value by weakening the brand. The effects can be felt in diminished market share of the core brand, a loss of brand identity, and a cannibalization of the one's own sales. Often, the brand extension directly attacks the strength of the core brand. We have considered the fact of losing market share because vacuum cleaner is still a specialty product. We don’t want to confuse our targets by using same name in other products.
10. The law of fellowship: We are the penetrating company who for the first time providing finger print technology in the market. But we would welcome our indirect competitions as well. Consumers want to have choices. We believe that choice stimulates demand.
The law of Generic: One of the fastest routes to failure is giving a brand a generic name. The problem with a generic brand name is its inability to differentiate the brand from the competition. Majority of brand’s communication takes place verbally not visually. Researchers say that a person almost nine times as much time listening to radio or television than just to read something. So a brand name shall be chosen out of the box. A touchy and catchy connotation of word may make the consumers remember the name easily. Cash & Credit is however such a name that is easy and Flexible to pronounce and it comes “from the inside”.
12. The law of Company: Brands are brands. Companies are companies. There is a difference. Customer's think of brands, not companies. Procter and Gamble isn't Tide. General Motors isn't Cadillac. The brand itself should be the focus of our attention. We are planning to use the company name in case of secondary brand association. The usage of both company and product name may create confusion in customers’ mind. So we are avoiding using the name of our company. In this report, we developed brand strategies for Cash & Credit to build up brand equity based on environmental and target market analysis. We provided a holistic picture of the current Banking industry conditions in which Online Bank will operate and created brand elements and value innovation to create unique brand association. We also profiled the sources
As we are planning to launch a new brand Cash & Credit, we are therefore match our product with the five sensory system humans have. However, not necessarily we are matching our product only but also some of our services and outlet plans. Let us see how we are planning to do these.
