The Manager of the Friendly Bank, John Wilson, called together our marketing team; to resolve some major problems that Friendly Bank is experiencing. A recent market research survey concluded that the queuing times perceived by 10% of lost customers was a very pleasant experience. Another identified problem was in regards to the unprofitable accounts of customers. Accounts with an average of £100 or less a month are unprofitable and costly to Friendly Bank. In order to resolve the major issues, John has been advised to raise the minimum average deposit to £150 per month, thus Friendly Bank would retain its profitable customers and reduce the queuing times.
John feels unsure about implementing this recommended solution, which may lead to a potential Public Relations and corporate identity problem. Therefore our marketing team will aim to generate an alternative solution and balance the pros and the cons in order to implement an effective strategic marketing policy for Friendly Bank. .
2. Problems encountered by Friendly Bank.
Dissatisfied customers due to services provided at the bank during peak demand periods. 10% of lost customers have moved to other banks due to queues and congestion.
The accounts with £100 or less are not profitable to Friendly Bank. However the large majority of its customers receive a low income.
2.2 These problems are causing:.
The destruction of the brand image "Friendly Bank- suggests friendly characteristics environment to customers but clearly the actions seems contradicts the banks name.
The deterioration of the brand perception, personality and reputation.
The lack of customer orientation.
An ineffective marketing mix.
The destruction of public relations i.e. giving the bank bad reputation through effective word of mouth "unpleasant experience-.
3. Objectives of Friendly Bank.
The retention of existing customers, through the improvement of the queuing experience.
