Question

Financial services certainly have their hands full in the light of the novel coronavirus outbreak (COVID-19). Banks must also manage direct impact of COVID-19, put plans in place to protect its employees and customers from its spread. As the two months old newly appointed head of marketing for KANS Ghana Bank ( a local bank) critically discuss Five (5) out of the seven extended marketing mix strategies the bank can undertake in order to achieve medium to long term positioning and gain competitive advantage amidst COVID-19 pandemic. .

Answer 1

The marketing blend comprises of 7P's components that are constantly considered for marketing methodologies.

These 7P's are as per the following

1.Product

2.Price

3.Promotion

4. Place

5. People

6. Process

7. Physical evidences.

The bank are unfavorably influenced by the flare-up of novel coronavirus episode as there is surely no business exercises are occurring in the market.

Likewise, open is reliably pulling back money out of bank, making deficiency of money for banks and banks are confronting a liquidity mash at this specific period.

At this circumstance the 7 P's of marketing blend can assume a significant job in helping banks to accomplish long haul situating and in increasing upper hands.

Price : The price for the bank alludes to premium, administration charge, which remmittes exchange cost and different overheads. In this way, by bringing down these charges at this circumstance. Banks can increase open trust in monetary establishment.

Promotion : It alludes to all the wellsprings of unpaid notice for banks. These sources can be utilized by the banks to spread mindfulness about the coronavirus among open and in a roundabout way making exposure of its banks.

Place: The bank characterizes place as fitting area for its branches which can is give simple accessibility of banking administrations during episode of coronavirus in quick neighborhood.

People: It alludes to workers of banking organization. The staff can to a great extent help in battling against coronavirus by utilizing proper method to clean the clients and conveying money related administrations through precautionary measures.

Process: the financial establishment can improve its process by acquainting portable applications and UPI with permit client to make exchange effectively without utilizing Bank offices during Nobel coronavirus episode.

These all strategy will assist the manage an account with gaining open trust in banking establishment and will permit banks to get serious edge.

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