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1. All Marketing Plans Should Include a Situation Analysis Report. What Is A THE CHARTERED INSTITUTE OF BANKERS (GH) CUSTOMER SERVICE, MARKETING AND THE COMPETITIVE ENVIRONMENT EXAMINER’S REPORT FOR OCTOBER 2019 EXAMINATION Number of candidates 28 Number of passes 24 % of Pass 86 % Four out of the 28 candidates who took the examination failed the exam but one got 81 percent and another got 82 percent.. The most popular question was the sub questions on research, 25 candidates answered the question and three failed to get a pass mark. Overall candidates did very well with 17 out of the 28 candidates getting over 60 percent. Candidates who did not do well either did not answer the question asked or misread the questions. ANSWERS 1. All marketing plans should include a situation analysis report. What is a situation analysis report and briefly discuss what does it entail? 20 marks 18 candidates answered this question but four failed to get a pass mark, one got zero because he/she did not know what a situation analysis report is. The report has four parts that need to be dealt with to arrive at good objectives for the organization. Answer Situation analysis or Marketing audit is the process of evaluating a company’s position in relation to its internal and external environment to identify its strengths, weaknesses and future courses of action. This may include a brief history of the company and its current status, done through an analysis of external limitations and internal resources. The situation analysis requires a thorough study of the broad trends within the economy and society, as well as a detailed analysis of markets, consumers and competitors. Market segmentation is considered and also an understanding of the organization’s internal environment and its particular strengths and weaknesses. SWOT analysis provides a method for organizing information to identify strategic direction. The basic principle is that any statement about an organization or its environment can be classified as a strength, weakness, opportunity or threat. An opportunity is simply any feature of the external environment which creates conditions which are advantageous to the firm in relation to a particular objective or set of objectives. By contrast, a threat is any environmental development which will present problems and may hinder the achievement of organizational objectives Strength is a particular skill or distinct competence which the organization possesses and which will aid it in achieving its objectives. A weakness is simply any aspect of the company which may hinder the achievement of specific objectives. The situation analysis consists of four steps or an appraisal of four major factors.; i Self Analysis: This is a self assessment of current marketing strategies and tactics, their effectiveness, the bank’s market share position and financial situation, then analysis of all existing resources e.g. premises, logistics in- formation systems and human resources. ii. Analysis of Macro Environmental Factors Pertinent to the Situation: The analysis of the macro environment is described as PEST analysis (Political, Economic, Social and Technological) and considers economic trends, legislative developments, patterns of social and demographic change and technological developments. a) Customer profiles, needs, buying behavior, etc. b) Markets: (i) size of the current market, market shares and market trends, growth, geographical distribution and profitability. (ii) profiles of target market segments. c) Competition: major competitors’ strengths and weaknesses, sizes, and trends in market share, analysis of competitors’ marketing mix. d) Political/Legal Factors:, change in Governments etc. e) Technological Factors: Consumer awareness of technological changes. iii. Analysis of Micro Environmental Factors Pertinent to the Situation: a) Customer profiles, needs, buying behavior; etc. b) Markets: i. size, growth, geographical distribution and profitability. ii. Profiles of target market segments. iv. Analysis of Strength and weaknesses, and, Problems (threats) and Opportunities: Key problems to overcome and key opportunities upon which to capitalize The internal and external analysis is what is termed SWOT analysis (strengths, weaknesses, opportunities and threat) which is a valuable tool in decision making. 2. The market segmentation process involves five major activities; discuss? 20 marks 24 candidates answered this question but seven failed to get a pass mark and four got zero because they did not answer the question asked so gave the wrong answers. Some knew the five major activities but could not explain them. Answer The market segmentation process involves five major activities; 1. Define and analyze the market 2. Identify and describe potential segments 3. Select the segments to be served 4. Determine the product positioning strategy 5. Design and implement the marketing program. 1. Define and analyze the market 4 marks The market must be defined narrowly enough according to characteristics that can include or exclude customers from a group and at the same time defined broadly enough to include new opportunities. The challenge here is to define the market in a way that a focused marketing strategy can be created for the selected segments. The market size and growth rate, competitive environment and other issues must be ascertained relative to the organization’s objectives once the overall market boundaries have been set. 2. Identify and describe potential segments 4 marks The next step is to decide on what variables ( cultural, geographic, personality etc.) would be most useful for selecting members of potential market segment. These variables should be selected based on preliminary market research results. The consumers or customers should then be grouped into homogeneous groups and the attractiveness of each segment is evaluated and ranked according to their desirability. This process may require several market research approaches. 3. Select the segments to be served 4 marks After each segment is evaluated against predetermined criteria that reflect the organization’s ability to serve the market profitably while providing customer satisfaction a final target market is selected. Here the segmentation strategy is defined. 4. Determining the product positioning strategy 4 marks The organization after considering its competitors’ positioning strategies, the market situation and its own organizational goals must then determine what features of its products or services will best fit its chosen targets. At this point possible positioning concepts for each target market are determined according to the features most desired by customers. 5. Design and implement the marketing program 4marks At this stage the marketing mix strategy is designed and developed to communicate the positioning concept to the target market. Finally the marketing program should be implemented for each target market; the program needs to be controlled and evaluated for its effectiveness in achieving the planned goals. 3. Why is it important to meet or exceed the service quality expectations of targeted customers? 20 marks Out of the 17 candidates who answered this question only one failed to get a pass mark and most of the candidates answered the question very well. Those who did not do well failed to talk about the intangibility and inseparability characteristics of the service and the fact that the staff needed to be knowledgeable to cross sell and also treat customers with respect and dress appropriately. Answer Tom Peters states that “it is only the customer who can assess the quality of service”. If the quality of service as perceived by the customers is not met, then the bank will have difficulty in meeting its sales targets. It is important to meet or exceed the service quality expectations of targeted customers. Their expectations are formed by their past experiences, word of mouth and bank advertising. Customers choose service providers on this basis. If the service falls below their expectations, then they lose interest in the provider. On the other hand, if the perceived service meets or exceeds their expectation, they are apt to remain at the bank and even draw potential customers to the bank. High quality of service improves the bank’s image and aids to achieve its sales targets. It is only the customer who can assess the quality of service and so the bank needs to know customer expectations in order to design effective strategies Customers are satisfied when they get it where they want it and how they want it. When a customer comes to the bank, he may expect that he will not have to wait in the queue for more than five minutes; that the cashier will be courteous, knowledgeable, accurate and fast; and that the computer will not break down to affect the service. It is therefore important that the bank clearly defines and communicates the services level so that the employees know what and how they must deliver, and the attracted customers also know what they will receive. The banks need to identify the gap between the perceived quality of service, and the expected quality of service and take the relevant action to close the gap. Because of the intangibility characteristic of bank products, the staff must be knowledgeable enough to understand customer needs and service benefits and also provide individual attention as much as possible. When the staff is well trained and knowledgeable they will be able to cross- sell. It has been proven that the more services a customer uses at a bank, the more loyal he is to that bank. The inseparability characteristic of bank services makes it important for employees to be friendly, respectful, considerate, trustworthy, helpful and have the customer’s best interest at heart. If service personnel are cold and rude they can undermine all the marketing work done to attract customers. If they are friendly and warm they can increase customer satisfaction and loyalty and thereby improve profitability. The employees should respond quickly and creatively to customers’ requests and problems. They must always appear busy (alert) and move about briskly. When they appear sluggish they give the bank a bad image.
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