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 extensive marketing mix is a mixture of 7 components of marketing that strive to operate collectively to accomplish the purposes of a marketing approach. They are Good, place, price, promotion, people, physical, and process.

Methods that used in this significant era of COVID-19 are:

Good- The impact of the disaster can alter with various consumers, few are weaker than others. Banks can use client information platforms to collect 360-degree data regarding their consumers and separate unprotected ones such as self-employed, aged clients, etc. Synching client information platforms with your current Customer relationship marketing method can help you stand out to them by tailored goods and valuable guidance.

Place- Here relates to relocating the goods from producer to buyer. Selling of goods, payment can be made in online orders, usage of banking applications & online banking. ATM listings on the internet, furthermore to encourage users who are likely branch visitants to online.

Price- Pricing is a significant component of the marketing mix. This is the unique factor that creates income while the extra three components describe prices. The subsequent approaches can be assumed.

Develop the purposes for online purchases. Allow pay holidays, a moratorium for credits, relaxation in EMIs, decreasing extra authentication for family segments, more comfortable identification for logging in to apps, and more. Additionally, propose emergency loan facilities and insurances at discounted prices.

Promotion- This includes advertising your goods to clients. On the banks, the website should highlight COVID-19 clearly and developing standards selected by banks to guarantee the security of workers and clients. This can additionally be used to declare the availability of 24/7 client assistance including digital support for business clients, preference banking, and more.

Physical- This involves the details of the physical conditions of the user activities. Customer care officials, bank officers can make individual communication with clients through digital ways, telephone calls, messaging. Frequent updates regarding the COVID-19 crash, improving banking ordinances to meet the crisis can be notified to clients in a digital platform. Banks require more creativity among digital assistance more. Don’t disregard that the globe will go back to routine one day. Continuously we should stay digital moreover stay secure.