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 4 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

COVID 19 is a very difficult circumstance for all the businesses except Retail and Banks. Since almost most of the economies are under Lockdown. The demand for digital payments has risen exponentially and thus it will be altogether new opportunities for a banking firm to capitalise market and increase its market share. Following are the 5 marketing Mix which banks can make during COVID and make their expansion plan...

1. Product: Banks should make their processes more smooth and very importantly show empathy via socially conscious messages. Make Digital Payments and Website customer friendly which will attract more customers.
2. Price: There is a stiffed competition among banks thus the extra brokerage and charges need to be cut short. Efforts should be done to make customers more attracted towards the institution maybe by cutting the rates by a small margin which will empower customers to take more loans.
3. Place: The Websites and respective bank apps are the most important things during Pandemic. Bank apps should be user friendly and should be simple so that an average skilled person can register themselves and start online banking services.
4. Promotion: Banks can make Strategic Alliance with Non- Profit Organisation who are supporting people in this pandemic maybe by distributing masks or serving food. Banks should also use Ads and Digital banners to promote their bank.
5. People: People is one of the main important element in the marketing mix. People or Customers are the fundamentals of every business. Nak should make efforts to attract maximum number of customers through various policies at discounted rate in comparison to competitors.