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

Explanation :
The marketing mix consists of 7P's elements that are always considered for marketing strategies.

These 7P's are as follows
1.Product
2.Price
3.Promotion
4. Place
5. People
6. Process
7. Physical evidences.

The bank are adversely affected by the outbreak of novel coronavirus outbreak as there is certainly no business activities are taking place in the market.

Also, public is consistently withdrawing cash out of bank, creating shortage of cash for banks and banks are facing a liquidity crunch at this particular period.

At this situation the 7 P's of marketing mix can play an important role in helping banks to achieve long-term positioning and in gaining competitive advantages.

1. Price : The price for the bank refers to interest, service charge, which remmittes transaction cost and other overheads. Thus, by lowering these charges at this situation. Banks can gain public confidence in financial institution.
2. Promotion : It refers to all the sources of unpaid advertisement for banks. These sources can be used by the banks to spread awareness about the coronavirus among public and indirectly making publicity of its banks.
3. Place: The bank defines place as appropriate location for its branches which can is provide easy availability of banking services during outbreak of coronavirus in immediate neighbourhood.
4. People: It refers to employees of banking institution. The staff can largely help in fighting against coronavirus by using appropriate procedure to sanitise the customers and delivering financial services through precautions.
5. Process: the banking institution can improve its process by introducing mobile apps and UPI to allow customer to make transaction easily without using Bank branches during Nobel coronavirus outbreak.

These all procedure will help the bank to gain public confidence in banking institution and will allow banks to obtain competitive edge.