Keep it Under 30% its an absolute must MKTG320 due sunday

MKTG320-1404A-01

Quesadra D. Goodrum

Class Discussion Phase 3

Advertising and Public Relations

Colorado Technical University

Instructor: Heather Weller

10/13/2014

Situation Analysis

A situation analysis is the evaluation of an organization’s performance. It involves the use of strategies which are for accessing how an organization is or will perform. In analyzing performance, internal and external factors are to be considered. Internal factors include strengths and weaknesses. These two affect the performance of an organization from within. External factors include opportunities and threats which affect a business from the outside environment. In combining the analysis of strengths, weakness, opportunities and treats will give the SWOT Analysis criterion which is to be used to access the performance of any organization.

A bank can have its’ SWOT analysis to be able to strategize on it marketing activities on what to be done for excellent performance. For example;

SWOT Analysis for National Bank

From the SWOT analysis above it is clear that strengths and opportunities have a positive impact while weaknesses and threats have a negative impact on the organization.

Banking Trends

Banking trends are the changes which are occurring over time in the banking sector. Trends give the indication on what needs be done so as to fit in the population successfully and offer services as always. Some of such trends in the banking sector include:

· Branch optimization: With increased customer demands the current bank branches are not in a position to curb the demand of the rapid increasing number of customers. The bank is looking forward to make its branches more efficient in delivering all the services to its customers at an easier way without referring them to the central bank. This will encourage more and more customers to bank within their local branches.

· Driving digital: the current strategies involve traditional approaches but there is the need to improvise on digital approach, online campaigns, so as to serve the online market too. Combination of the two will be very beneficial in the banking sector since the information will cover a wider range of customers both on streets and online.

Such trends if implemented will be of importance to the bank in achieving its long-term strategic marketing goals. These trends will help a bank be able to meet the demands of the customers. They will also enable the bank to earn more revenue.

Analysis of achievement

Involves what needs be done so as the goals set can be achieved successfully. It is setting a plan to facilitate the achievement of goals. In order to be able to serve many customers effectively within the branches, there should be enough workforces to deliver quality services. Therefore the bank needs to employ more qualified staff as well as train the existing ones on effective service provision.

Improving public awareness programs: Banks need to come up with new approaches and communication channels so as to improve on the aspect of publicity. This will enlarge the market and therefore the bank is able to serve its market and generate revenue.

Strengths and Weaknesses

There are major strengths and weaknesses in the banking sector which directly impact banks. The strengths are of advantage while the weaknesses are of challenge to the banks.

Strengths

· Wider range of banking services. Offering a wider range of services implies that many customers will be attracted. This is a fact which the bank has to take onto its advantage to outdo the other banks and serve a larger market.

· Customer loyalty and relationships. Having loyal customers is very beneficial to the bank this is because they are able to comply and give feedback on any information or service offered to them. This helps the bank to know where to maintain or improve on to ensure a long-lasting relationship with its clients is maintained.

Weakness

· High lending rates. This is a major setback in the bank since if it is lending at a very high rate then it implies they will be high rate of circulation of money in a county. This will negatively affect the economy and as a result the bank will be affected too. For instance it will lack the funds to facilitate service provision of other segments.

· Lack of a clearly formulated marketing strategy. The marketing strategy has not been clearly established which covers the entire market. At times a marketing strategy might be used only to incite few people to become customers as a result the strategy becomes very expensive and yet it only fetched few customers. This implies the bank tend to gain an economic loss for that moment.

References Bank, C. N. (2014, 08 20). City National Bank. Retrieved from City National Bank: https://www.cnb.com/index.asp Bank, C. N. (2014, 10 15). City National Bank. Retrieved from CNB: https://www.cnb.com/banking/online-services/individual/online-banking.asp