Case study and Marketing Plan Task

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Please go through the assignment 2 requirements attached " Oman Feb 2017 Assignment 2 Brief (Bank Muscat).docx" and "Oman - Bank Muscat Case study and Marketing Plan Task .docx"


Bank Muscat website : http://www.bankmuscat.com/en-us/Pages/Default.aspx

the guide line are attached aldo will send you BREO to access my account for more information


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- Harvard style

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- the assignment is about Oman - Bank Muscat

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Bank Muskat Profile: Type Public Industry Finance and Insurance Founded Muscat Headquarters Muscat, Oman Key people AbdulRazak Ali Issa, CEO Products Financial Services Revenue US$ 961.0 Million (2011) Net income US$ 305.3 Million (2011) Total assets US$ 18.7 Billion (2011) Number of employees 3,024 Website www.bankmuscat. Bank Muscat: Background Information Bank Muscat is the leading financial services provider in the Sultanate of Oman with a strong presence in corporate banking, retail banking, investment banking, treasury, private banking and asset management. The bank, with assets worth over US$15 billion, has the largest network in Oman exceeding 130 branches, 386 ATMs, 131 CDMs and 4500 PoS terminals. The international operations consist of a branch each in Riyadh, Saudi Arabia and Kuwait and a representative office in Dubai, UAE. bank muscat currently owns 49% of BMI Bank B.S.C ©, an independent bank in Bahrain. The Bank also has a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market, 97% stake in Muscat Capital LLC, a brokerage and investment banking entity in Saudi Arabia, besides a stake in Silkbank Ltd. in Pakistan. Bank Muscat holds the rare distinction of being voted the ‘Best Bank in Oman’ for seven years by The Banker, FT London; nine years in a row by Global Finance and Euromoney. bank muscat is the recipient of the prestigious Hewitt recognition as the Middle East’s Best Employer 2009. The Bank was declared an Investor in People (IiP) organisation in January 2007, becoming the first banking organisation in the MENA region to be awarded the prestigious global recognition. In 2004, bank muscat became the first bank in the Middle East to be completely ISO 9000:2000 certified. Article 1: Bank Muscat Gives major Thrust for Proactive Customer Service MUSCAT, 11 September 2012 Bank Muscat, the flagship financial institution in the Sultanate, has given a major thrust for proactive customer service, benefiting the largest banking family exceeding 1.2 million customers in Oman. The bank has widened the customer feedback channels linked to a Feedback Management System (FMS) for customers to register complaints or feedback or pay compliments on the bank’s innovative products and services. Thania Al Jahdhamy, Head - Customer Services & Quality, said: “Bank Muscat is committed to excellence in services extended to the largest banking family in Oman. In line with the bank’s customer service strategy and vision, we are always available to interact with customers and assess their evaluation and expectations with regard to services offered by the bank. The bank’s new ‘We Can Do More’ vision is being pursued to be achieved by creating, sustaining and delivering real and undiminishing value in customer service through Bank Muscat’s key element - its competent people.” The FMS is linked to the bank’s website, branches and Call Centre wherein customers can opt for any of these channels to get in touch with the customer service department. Feedback from customers is primarily sourced through the following channels: Call Centre – The customer calls the Call Centre agent and the complaint is logged into the bank’s Feedback Management System (FMS). Bank’s website – Customers can log on to www.bankmuscat.com and register their complaint under the section “feedback”. This intimation from the website goes to members of the bank’s management team, including Customer Services Division (CSD). These complaints are logged into FMS by CSD. Focus groups – CSD conducts focus group programmes all through the year involving customers and branch staff in all regions wherein suggestions from customers are taken for improving the bank’s services. CSD keeps track of all complaints logged into FMS and prepares monthly reports which are shared with the bank’s management committee. The FMS is also available at all branches, regional managers offices, direct sales unit, call centre, card services, corporate banking and central operations wherein staff can see the complaints relating to their branches, regions or divisions respectively. On receipt of a message from customers, a system-generated reply is instantly sent to customers with a feedback ID number. All customer issues are given top priority by the bank and resolved within hours. A confirmation message is despatched to customers immediately after resolving the issue. The Customer Service department constantly monitors and follows-up customer issues and gives priority for their closure. A constant tracking mechanism is followed by the department to avoid delays in resolving customer issues. Thania added: “The bank has adopted a new line of action to ensure that we listen to and more importantly responds to customer suggestions and needs in a more proactive way, rather than only react to service-related incidents through the bank’s customer care programme.” The bank regularly organises focus group meetings with customers in all parts of the Sultanate. A cross-section of customers is invited and encouraged to speak their mind in such meetings wherein genuine customer feedback is obtained on the bank’s services and products. The bank strongly believes that it is not merely enough to listen to customers but go one notch above and hear them on their complaints or compliments. The bank has adopted a tiered approach in regard to selection of customers attending the focus group meetings so that a cross-section approach ensures the participation of a full variance of valued customers. Customers are encouraged to tell how they feel about doing business with the bank as there is nothing more fundamental in the service world than the ‘voice of the customer’, and the bank fully intends to hear it and respond to it. Thania said: “Bank Muscat helps customers understand its systems. It is important for customers to understand how the systems simplify transactions, otherwise they can get confused, impatient and angry. We offer customers what they cannot get elsewhere. This is done by constant follow-up and regular feedback on how we could improve. There are several ways in which we find out what customers think and feel about our services. We listen carefully to what they say and monitor regularly to see how things are going. We have provided a method that invites constructive criticism, comments and suggestions.” Benchmarking – To benchmark customer services in Oman, bank muscat uses a Cyprus-based consultancy firm to do a ‘mystery shopper’ exercise. As part of this exercise, mystery shoppers visit all branches of bank muscat at least 3 times in a quarter and also visit competitor banks. The mystery shopper exercise is done every quarter wherein the top 3 branches are awarded for good customer service. The bank organises mystery shopper exercises to evaluate and test the efficacy of customer care processes followed in the bank. Without the knowledge of customer care staff, mystery shoppers evaluate the customer care processes followed in the bank and staff response to customers. Thania added: “Good customer service is the lifeblood of any business. Good customer service is all about bringing customers back. And about sending them away happy - happy enough to pass positive feedback about our business along to others, who may then try the product or service we offer and in turn become our customers.” The customer service department organises weekly and monthly meetings with branch managers and regional managers to discuss customer care process improvements. The department also conducts training programmes for service ambassadors and Call Centre agents who serve as the contact point for customers. As part of the efforts to provide thrust for customer service, quality audit of branches is conducted to ascertain compliance to ISO certification standards. Process improvements are suggested on the basis of analysis of complaints. Depending on the size and operations of branches, threshold limits are set for them to provide prompt action on complaints as the bank believes that proactive customer service is what makes the real difference. Offering innovative services and products, especially electronic and online channels, bank muscat is focused on making customers feel the most delighted. The bank views customer service as an integral part and extension of it wherein customers are reckoned as the most vital asset. All bank muscat products and services have evolved over the years in line with specific customer requirements, fulfilling their financial dreams and aspirations. Thania said: “bank muscat is committed to taking the extra step to provide good customer service. The essence of good customer service is forming a relationship with customers – a relationship that individual customer feels that he would like to pursue. bank muscat has formed such a relationship based on the dictum that "you will be judged by what you do, not what you say." Article 2: Bank Muscat Launches Customer Service in Twitter Reported by: banking|Updated: May 10, 2016 Bank Muscat has launched a dedicated social media account for customer service. @bankmuscatcare, the interactive customer care Twitter account is aimed at enhancing customer service via social media. The account will be dedicated to responding to customers’ queries and receiving feedback. The account will be managed by a dedicated team in the bank’s customer experience department, who will address customer queries and comments every day between 8am and 8pm. The bank will also utilise the social media account to engage customers through surveys, questionnaires and awareness campaigns on the bank’s products, services and activities. To ensure security, customers will not be required to share any personal information while interacting on the customer care account and will be only asked for specific information such as name and customer ID through direct messages. Bank Muscat general manager Sheikha al Farsi said Bank Muscat accords priority for building key relationship with customers aimed at enhancing customer experience, especially with the tech-savvy youth. The new facility is in response to the high demand for customer service via social media as many customers prefer to interact on social media as a main channel of communication, she said. Article 3: Bank Muscat Committed to Sustainable Development of Oman September 15, 2015 | 3:02 PM by Times News Service Bank Muscat has incorporated sustainable best practices and is fully equipped to guide customers through all stages of banking life, whether it be savings, investments, financing or just reliable financial advice. MUSCAT: In step with the dynamic ‘Let’s Do More’ vision, the focus of Bank Muscat, the flagship financial services provider in the Sultanate, is clear — create a sustainable financial platform for society and business and thereby contribute to economic growth. Committed to supporting economic growth and sustainable development, the bank seizes every opportunity to reiterate partnership in building the nation by creating opportunities for individuals and businesses to grow and prosper. The assurance of being in safe hands is the most comforting factor enjoyed by the largest banking family in Oman. Doing more is the forte of Bank Muscat — more for the economy, more for the community, and more for the environment. The bank has incorporated sustainable best practices and is fully equipped to guide customers through all stages of banking life, whether it be savings, investments, financing or just reliable financial advice. With the largest network of 140 branches, ATMs and CDMs spread across Oman, as well as mobile banking and online banking, Bank Muscat has emerged as the bank of first choice in the Sultanate. In contributing to sustainable development, the prime objective of the bank is to serve all customer segments ranging from children, youth and women to small and medium enterprise (SMEs). Aimed at laying a strong foundation by inculcating the savings habit in children, Al Mazyona Children’s Account rewards them with monthly prizes. By maintaining a monthly balance of OMR50, Al Mazyona Children’s account holders get a chance to win 45 prizes of OMR100 each every month. Encouraging the savings culture among children and helping parents to prepare for the future of children, Al Mazyona Children’s Account offers unique privileges and facilities. Engaging the youth beyond banking, Bank Muscat Shababi is the first youth banking service in Oman offering varied opportunities like sports, games, arts and entertainment to support their lifestyle activities. Shababi represents the country’s youth who are the future of Oman. Notably, Shababi encourages the youth from an early age to develop a savings habit, thereby making a positive contribution to the socio-economic development of Oman. Over 23 per cent of the Omani population comprises youth in the age group of 18 to 25 and Shababi fulfills the long-felt need of specialised banking services for this segment. Youth opening a Shababi account with just OMR10 get a chance to win OMR300 every month. In all, there are 45 winners every month in the youth category of Al Mazyona prizes. Giving a major thrust to higher education, the Shahadati finance was launched by Bank Muscat as part of its commitment to the national objective of educational support for Omani youth seeking higher education opportunities in Oman and abroad. Shahadati covers full expenses, including tuition fees, accommodation, transportation, books and other education related expenses required by students. Shahadati opens up a great opportunity for the future of Omani youth. Quality education is the key to a secure future and Shahadati makes it achievable by encouraging Omani youth to pursue higher education at home or abroad. Shahadati ensures that customers do not feel the financial burden while pursuing higher education programmes. Themaar Education Savings Plan is another financial security on offer from Bank Muscat for higher education. A nominal monthly amount is invested on behalf of the beneficiary i.e. children, which grows into a substantial lump-sum. The scheme offers waiver of future monthly deposits in the event of death of the family’s breadwinner (customer who has opened the Themaar Savings plan), while guaranteeing a lump-sum amount to the beneficiary on maturity of the savings plan. The monthly savings also become automatically eligible to participate in the exciting al Mazyona draws. Ensuring financial security for people after retirement, Themaar Retirement Savings Plan makes the difference between mere existence and being financially comfortable to lead a fulfilling retirement life. The primary objective of Themaar retirement plan is to provide retirement security. With a long-term perspective, Themaar helps customers to determine their financial needs and save for retirement. At a time when savings are critical to ensure a worry-free future for one’s family, Themaar helps maximise savings. Helping customers to face any eventualities, Bank Muscat offers a wide range of bespoke bancassurance products in association with leading global insurance partners. AXA Gulf — one of the largest international insurers in the region – offers life insurance and health products to Bank Muscat customers. The alliance combines the regional expertise and footprint of Bank Muscat with the global knowhow and technical capabilities of AXA, to deliver greater value and service to Bank Muscat customers, who are increasingly seeking quality insurance solutions. Leading international insurance company American International Group (AIG) is the exclusive provider of non-life insurance products to Bank Muscat customers. The partnership has enabled the bank to enhance value offered to customers with world-class insurance coverage and service, with a focus to meeting their evolving insurance needs over the long term. With women comprising a major customer segment, Bank Muscat offers unique products and services aimed at enriching their lives. The Zeinah suite of products and services is based on the premise that women prefer to use special banking services that preserve their privacy. Catering to the unique needs, Zeinah offers privacy and a relaxed banking atmosphere for women at Bank Muscat branches. Zeinah customers maintaining a minimum balance of OMR100 are eligible to participate in al Mazyona prize draws for three exclusive weekly prizes of OMR1,000 each. Oman is witnessing the increasing role of women in workplace and education. As women manage their financial responsibility, the need for new and specific banking products and services has emerged. Zeinah addresses this need offering a personal and comfortable banking environment for women. Reiterating the commitment to sustainable development and complementing government efforts in strengthening the role of small and medium enterprises (SMEs) in the economic development of Oman, Bank Muscat has launched a series of unique initiatives. Serving as building blocks for existing and prospective entrepreneurs, these initiatives assume importance in the backdrop of the priority accorded by the government to develop the SME sector in Oman. Marking the 45th year of Oman’s Renaissance anniversary under the leadership of His Majesty Sultan Qaboos bin Said, Bank Muscat widened the scope of al Wathbah Academy training programme to benefit 45 beneficiaries. The Corporate Social Responsibility (CSR) initiative is aimed at equipping youth with self-employment skills boosting the country’s progress and development. Al Wathbah SME TV from Bank Muscat is the first educational video channel in the banking sector in Oman launched with the sole objective of helping SMEs gain 24/7 access to vital information that help drive their business further. Aimed at strengthening the SME sector, the bank’s al Wathbah SME department offers a comprehensive suite of tailor-made finance solutions. A unique SME financing launched by the bank has helped entrepreneurs overcome challenges arising from the requirement of collateral guarantees for SME finance. Al Wathbah SME non-collateral finance not requiring collateral guarantee is a bold step affirming the bank’s commitment to encouraging an entrepreneurial culture in Oman. The bank has also launched a series of initiatives to support women entrepreneurs. The support to SMEs and women empowerment initiatives stem from the bank’s commitment to create self-employment opportunities, especially for youth who constitute more than 50 per cent of the country’s population. Offering a major boost for start-up and small businesses in Oman, the specially designed najahi products include credit facilities without collaterals for the small business segment to establish and develop their business. With najahi, Bank Muscat fulfills the primary need of finance for the micro and small business segment. The personalised banking platform of asalah Priority Banking aligns a distinct value proposition with the needs of high-end customers and provides a differentiated and specialized banking experience. asalah customers are served by qualified Relationship Managers (RM) at exclusive asalah Priority Banking centres in select branches across the Sultanate. Leveraging its unmatched nation-wide branch presence, Bank Muscat offers asalah Priority Banking services across all regions through a network of asalah centres. The asalah relationship platform draws its strength from proximity to customers, commitment to delivering outstanding service and dedication of Relationship Managers trained to deliver the right solutions. The bank has placed its Relationship Manager talent pool at the very heart of asalah strategy. Further reiterating commitment to providing a distinct banking experience, Al Jawhar Privilege Banking is targeted at the bank’s core customer segment. Designed around the unique lifestyle and banking requirements of the largest customer segment, Al Jawhar is the first-of-its-kind privilege banking service in Oman. In the vibrant world of privilege banking, the distinctive identity says it all. Reflecting the elegant lifestyle of clients, Al Jawhar is an affirmation of the preferential treatment designed around their unique lifestyle and banking requirements. Living up to its commitment to sustainable development, Bank Muscat lays great importance to corporate social responsibility (CSR) initiatives. Central to the bank’s CSR programmes is the Green Sports initiative to promote Oman as a sporting nation in general and the national game of football in particular. As part of the programme, the bank in a record time has achieved notable success in developing green fields in all parts of the Sultanate, thus contributing to realising the sporting dreams of youth. Aimed at raising sporting heroes for the country, the bank remains committed to supporting all deserving teams and clubs across the Sultanate to green their playing fields. Aimed at nurturing the future generations of Oman, the Jesr Al Mustaqbal education programme in partnership with the Ministry of Higher Education focuses on providing youth from families under the social welfare programme with an opportunity to continue their higher education. Extending support to needy homes across the Sultanate, the ‘Tadhamun’ programme in collaboration with the Ministry of Social Development supports homes in dire need of renovation and provides basic electronic home appliances to low-income families. The Marketing Plan Task: Bank Muscat is the market leader in the banking industry in Oman and is committed to providing superior and sustainable customer service and experience. As stated by Thania Al Jahdhamy, Head - Customer Services & Quality, “Bank Muscat is committed to excellence in services extended to the largest banking family in Oman. In line with the bank’s customer service strategy and vision, we are always available to interact with customers and assess their evaluation and expectations with regard to services offered by the bank. The bank’s new ‘We Can Do More’ vision is being pursued to be achieved by creating, sustaining and delivering real and undiminishing value in customer service through Bank Muscat’s key element - its competent people.” In your capacity as a Marketing Consultant, you have been approached by Thania Al Jahdhamy (Head of Customer Services & Quality), to develop a marketing plan for Bank Muscat to maintain its market position and provide an even better customer service in the Omani market for the next three years. The focus should be on the bank’s Retail Banking business. Your Marketing Plan must include the following: • • • • • • Executive Summary Introduction and objectives – Your introduction should include an identification of the products/services being offered by Bank Muskat Current market and company situational analysis, including the competition, consumer behaviour, SWOT and/or PEST analyses. Market Segmentation- this should emanate from your market situational analysis. You must identify current and possibly new market segments for Bank Muscat’s retail business. Marketing Plan Objectives – must be specific and realistic. Marketing mix strategy recommendations- Note that you will need to recommend your marketing mix strategy for the retail banking business. Your recommendations should stem from the market and company situational analysis. Your • • recommendations must be relevant to the segments identified in your market situational analysis Evaluation and Control – how would the plan be monitored? What tools would you employ? Budget- provide a costing for each of your marketing mix strategy. I do not expect you to come up with specific figures, but your costing should be based on research. Some Guidance on the Marketing Plan Report 1. Objectives – objectives need to be SMART but it is unnecessary to explain in detailed how smart they are. 2. The balance between market analysis and the actual planning/actions– ensure that your submissions are balanced with regards to analysis and planning. For example, do not use a lot of space summarising the analysis, at the expense of setting objectives and planning objective-specific marketing strategies and tactics. 3. Vagueness – planning needs to be very specific; stating that you will use ‘social media’ for promotion because it is the ‘most efficient tool’ is not enough. You need to 4. 5. 6. 7. 8. explain the social media tool (s) – what they are, why you are using them and how you would use them. Academic content – you are expected to apply models, and not just describe or define them. For example, your SWOT or PEST analyses should not read like textbooks in which you explain what SWOT or PEST are – this is essentially incorrect. You need to apply them and not describe them. Executive summary – an executive summary should be written in a way that allows the executive who reads it to know what the problem is and how it is to be solved. Essentially, it is a summary of your problem statement, objectives and how to achieve them (i.e. how to solve the problem). Secondary data use – Analysis should be supported with secondary data (from the literature). You should demonstrate wider reading and acknowledge the sources of your information, both in the main body and in your bibliography. Avoid making very bold but not substantiated statements, such as ‘the only Bank in Oman’ or ‘massive campaign’ or ‘massive customer segment’. Give numbers if you think the segment is large and compare it to other segments to give an idea of the size of it. Worth noting that your product offerings must relate to your chosen segments. Presentation and structure – to achieve an excellent grade, your presentation needs to be immaculate – this includes numbering tables, referencing correctly etc. Do not present a lot of data and information in tables as appendices. Data or statistics that refer directly to your discussion in the main body, should be presented in the main body. Tables and figures – tables and figures need to be numbered and each should have a title that is self-explanatory. Your analytical content must be high, demonstrating critical thinking and the ability to apply relevant marketing concepts (refer to the marking criteria). Word limit – 2,000 words.This will exclude your references in the bibliography , the appendices, and the cover page. Please, note that your cover page must have your Full Name and ID Number. New Assessment Regulations In response to student feedback the University has revised the regulations that govern how your work is assessed, by introducing the use of a percentage scale to replace the previous letter grades. More information for students is available on BREO, in the “Assessments Information for students” community. The full regulations are available at: http://www.beds.ac.uk/aboutus/quality/regulations The table below shows the percentage points to which grades are mapped. Grade A+ A AB+ B BC+ C Percentage Points 80 - 100 75 -79 70 -74 67 - 69 64 - 66 60 - 63 57 - 59 54 - 56 CD+ D DE F FG 50 - 53 47 - 49 44 - 46 40 - 43 35 - 39 25 - 34 1 - 24 0 Marking Criteria for the Marketing Plan Report To obtain an A grade you must: • • • • Demonstrate a thorough understanding of the task for the Marketing Plan Display knowledge of the concepts/theories involved and an ability to apply them effectively. Provide evidence of further reading, including academic journals. Demonstrate the ability to select critical aspects of the plan, evaluate them and communicate the conclusions and strategic recommendations effectively To obtain a B grade: • Show a clear understanding of the tasks for the Marketing Plan • Display knowledge of most of the concepts/ theories involved and an ability to apply them effectively. • Provide evidence of wider reading. • Demonstrate the ability to select critical aspects of the plan, evaluate them and draw sound conclusions and strategic recommendations. To obtain a C grade: • Show an adequate understanding of the tasks for the Marketing Plan • Display knowledge of some of the concepts/ theories involved and an ability to apply them. • Provide evidence of some wider reading. • Demonstrate the ability to select key aspects of the plan and provide analysis of these. To obtain a D grade: • Show some understanding of the tasks for the Marketing Plan • Display knowledge of some of the concepts/ theories involved and an ability to apply them. • Provide evidence of some wider reading. • Demonstrate the ability to select key aspects of the plan and provide analysis of these. To obtain an E grade: • Made an attempt to complete the tasks of the Marketing plan • Display little knowledge of the concepts/ theories involved. • No evidence of academic reading. • An inability to recognise the key aspects of the plan. To obtain an F1/F2 grade: • Work of little academic merit. To obtain a G grade: • Work of no academic merit. • No attempt. Assessment 2 Information Sheet To be supplied to students when they receive the coursework assignment task Unit Co-ordinator: Dr Rosemary Burnley Unit Name: Marketing Management Unit Code: SHR037-6 Title of Coursework: Individual Marketing Plan Report % weighting of final unit grade: 50% Assignment Brief Submission instructions Assignment should be handed in by midnight of the submission date. Pages should be numbered. Headings and sub-headings must be provided. All areas of the plan must be considered. Your full name, ID, the unit title and code number must be clearly marked on the assignment top sheet. Coursework must be submitted into turnitin by the date and time specified. Late work is not accepted, and will be deemed a fail and graded G(0) (no work submitted). Learning Outcomes The completion of this assignment requires you to demonstrate the ability to: • Identify and critically evaluate environmental factors that can affect organisational success. Categorise and analyse the environmental factors at play and consider their impact on the Organisation under consideration. • Undertake a marketing audit of an organisation. Identify and critically assess in a comprehensive fashion the current strengths and weaknesses of the organisation relative to its external environment. 1 • Apply consistently in-depth knowledge and reference relevant marketing management theories/concepts. Generate a variety of ways of tackling a selected problem and identify options that have a chance of success in the organisation under consideration. • Identify quantitative and qualitative “information gaps”, and the relevant sources needed to fill such lacunae. Prepare and use IT to aid efficient searching, evaluation and selection of information, exploring alternative lines of enquiry where appropriate. Present information effectively, including evidence to support your conclusions. • Identify and critically assess in a comprehensive fashion the current marketing strategies employed by the organisation in its market. Evaluate and synthesise information from different sources, theories and principles, and communicate relevant information effectively, and with accuracy. Put forward relevant and robust strategic recommendations for the organisation. • Critically analyse the effectiveness of your strategy, including factors that had an impact on the outcomes, and identify ways to take the firm/organisation forward, and ways of further developing problem solving skills Format for submission The word limit is 2,000 words excluding cover page, references in the bibliography and the appendices. Your cover page must have your full name and ID number. All work should be word processed using either Times New Roman or Ariel font, with line spacing of 1½ and justified. References must include academic sources. No more than 50% of references may be from the internet. Assignment Detail Assessment 2: Individual Marketing Plan Report for Bank Muscat Marketing Plan for Bank Muscat The Marketing Plan Task: Bank Muscat is the market leader in the banking industry in Oman and is committed to providing superior and sustainable customer service and experience. As stated by Thania Al Jahdhamy, Head Customer Services & Quality, “Bank Muscat is committed to excellence in services extended to the largest banking family in Oman. In line with the bank’s customer service strategy and vision, we are always available to interact with customers and assess their evaluation and expectations with regard to services offered by the bank. The bank’s new ‘We Can Do More’ vision is being pursued to be achieved by creating, sustaining and delivering real and undiminishing value in customer service through Bank Muscat’s key element - its competent people.” In your capacity as a Marketing Consultant, you have been approached by Thania Al Jahdhamy (Head of Customer Services & Quality), to develop a marketing plan for Bank Muscat to maintain its market position and provide an even better customer service in the Omani market for the next three years. The focus should be on the bank’s Retail Banking business. 2 Your Marketing Plan must include the following: • • Executive Summary (Findings in Brief) Introduction and objectives – Your introduction should include an identification of the products/services being offered by Bank Muskat (ALL Objectives are SMART.), (Bank Muscat Origin, size and scale, revenue and profit for 3 years, focus on retail banking..etc.) • Current market and company situational analysis, including the competition, consumer behaviour, SWOT and/or PEST analyses. • Market Segmentation- this should emanate from your market situational analysis. You must identify current and possibly new market segments for Bank Muscat’s retail business. • Marketing Plan Objectives – must be specific and realistic. (Needs to be SMART) • Marketing mix strategy recommendations- Note that you will need to recommend your marketing mix strategy for the retail banking business. Your recommendations should stem from the market and company situational analysis. Your recommendations must be relevant to the segments identified in your market situational analysis (Use the 7P’s) • Evaluation and Control – how would the plan be monitored? What tools would you employ? .(KPI time, should be linked to the 7 P’s), Also use: 1. Develop a dashboard. 2. Monitor customer attrition 3. Monitor new customers 4. Customer satisfaction 5. Cross selling 6. Upselling 7. Revenue growth • Budget- provide a costing for each of your marketing mix strategy. I do not expect you to come up with specific figures, but your costing should be based on research. (Guess estimate for 3 years June 2017 – May 2020). For Research, you may refer to Bank Muscat Annual Reports http://www.bankmuscat.com/en-us/InvestorRelation/fi/Pages/AnnualReports.aspx Some Guidance on the Marketing Plan Report 1. Objectives – objectives need to be SMART but it is unnecessary to explain in detailed how smart they are. 2. The balance between market analysis and the actual planning/actions– ensure that your submissions are balanced with regards to analysis and planning. For example, do not use a lot of space summarising the analysis, at the expense of setting objectives and planning objectivespecific marketing strategies and tactics. 3. Vagueness – planning needs to be very specific; stating that you will use ‘social media’ for promotion because it is the ‘most efficient tool’ is not enough. You need to explain the social media tool (s) – what they are, why you are using them and how you would use them. 4. Academic content – you are expected to apply models, and not just describe or define them. For example, your SWOT or PEST analyses should not read like textbooks in which you explain what SWOT or PEST are – this is essentially incorrect. You need to apply them and not describe them. 5. Executive summary – an executive summary should be written in a way that allows the executive who reads it to know what the problem is and how it is to be solved. Essentially, it is a 3 summary of your problem statement, objectives and how to achieve them (i.e. how to solve the problem). 6. Secondary data use – Analysis should be supported with secondary data (from the literature). You should demonstrate wider reading and acknowledge the sources of your information, both in the main body and in your bibliography. Avoid making very bold but not substantiated statements, such as ‘the only Bank in Oman’ or ‘massive campaign’ or ‘massive customer segment’. Give numbers if you think the segment is large and compare it to other segments to give an idea of the size of it. Worth noting that your product offerings must relate to your chosen segments. 7. Presentation and structure – to achieve an excellent grade, your presentation needs to be immaculate – this includes numbering tables, referencing correctly etc. Do not present a lot of data and information in tables as appendices. Data or statistics that refer directly to your discussion in the main body, should be presented in the main body. Tables and figures – tables and figures need to be numbered and each should have a title that is self-explanatory. Your analytical content must be high, demonstrating critical thinking and the ability to apply relevant marketing concepts (refer to the marking criteria). 8. Word limit – 2,000 words. This will exclude your references in the bibliography , the appendices, and the cover page. Please, note that your cover page must have your Full Name and ID Number. New Assessment Regulations In response to student feedback the University has revised the regulations that govern how your work is assessed, by introducing the use of a percentage scale to replace the previous letter grades. More information for students is available on BREO, in the “Assessments Information for students” community. The full regulations are available at: http://www.beds.ac.uk/aboutus/quality/regulations The table below shows the percentage points to which grades are mapped. Grade A+ A AB+ B BC+ C CD+ D DE F FG Percentage Points 80 - 100 75 -79 70 -74 67 - 69 64 - 66 60 - 63 57 - 59 54 - 56 50 - 53 47 - 49 44 - 46 40 - 43 35 - 39 25 - 34 1 - 24 0 4 Marking Criteria for the Marketing Plan Report To obtain an A grade you must: • • • • Demonstrate a thorough understanding of the task for the Marketing Plan Display knowledge of the concepts/theories involved and an ability to apply them effectively. Provide evidence of further reading, including academic journals. Demonstrate the ability to select critical aspects of the plan, evaluate them and communicate the conclusions and strategic recommendations effectively To obtain a B grade: • Show a clear understanding of the tasks for the Marketing Plan • Display knowledge of most of the concepts/ theories involved and an ability to apply them effectively. • Provide evidence of wider reading. • Demonstrate the ability to select critical aspects of the plan, evaluate them and draw sound conclusions and strategic recommendations. To obtain a C grade: • Show an adequate understanding of the tasks for the Marketing Plan • Display knowledge of some of the concepts/ theories involved and an ability to apply them. • Provide evidence of some wider reading. • Demonstrate the ability to select key aspects of the plan and provide analysis of these. To obtain a D grade: • Show some understanding of the tasks for the Marketing Plan • Display knowledge of some of the concepts/ theories involved and an ability to apply them. • Provide evidence of some wider reading. • Demonstrate the ability to select key aspects of the plan and provide analysis of these. To obtain an E grade: • Made an attempt to complete the tasks of the Marketing plan • Display little knowledge of the concepts/ theories involved. • No evidence of academic reading. • An inability to recognise the key aspects of the plan. To obtain an F1/F2 grade: • Work of little academic merit. To obtain a G grade: • Work of no academic merit. • No attempt. 5
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Surname 1

Bank Muscat-Marketing Plan
Student’s Name
Professor’s Name
Course Title
Date

Surname 2
Executive Summary
Bank Muscat was established in 1982 and is one of the leading and trusted banks in the
Sultanate of Oman. It is a public company that operates in the finance and insurance industry and
has the largest network of over 130 branches, 131 CDMs, 386 ATMs and 4500 PoS terminals.
This gives an idea of the large number of customers the bank serves. Its headquarters is in Muscat
and the chief executive officer of the bank is AbdulRazak Ali Issa. The bank employs over 3000
employees, and specifically 3,702 as of December 2015. It is, therefore, a fully diversified
commercial bank that offers various products and services to its customers. The long-term bank
rating for Bank Muscat is Moody’s A3, S&P BBB-, BBB+. It is listed on the Bahrain Stock
Exchange, London Stock Exchange, and the Muscat Securities Market (Bank Muscat Investor
Presentation, 2016). It has got very strong capitalization levels, which is an avenue for substantial
growth, a stable asset quality that is characterized by a lending approach that is conservative,
policies and risk architecture that are strong and asset quality metrics that are adequate. The
management at the bank is stable and experienced, thus offering good corporate governance at the
bank. Among all the other Omani banks, it has got the highest government ownership.
Introduction and Objectives
The services and products offered by the bank include retail banking, which is the main
focus of this marketing plan, private banking, corporate banking, asset management, treasury, and
investment banking (Bank Muscat Investor Presentation, 2016). The bank also has an international
presence in some other countries. This marketing plan delves into the bank’s situational analysis
and current market, how the bank can segment its market in order to increase the revenues
generated from the retail banking sector, the marketing mix strategy recommendations, evaluation
and control of the plan which will include the tools to be used in the whole process and lastly the
budget for the plan. This will give a rough estimate of what the company will incur to implement
the whole marketing plan (Bank Muscat Investor Presentation, 2016).
The major objectives of this marketing plan include to increase the banks revenue from retail
banking by 20% ...


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