Tengerine
Tangerine Credit Card
Marketing Management MKTG 5200M
Table of content
1) Executive Summary………………………………………..…..3
2) Credit Card Segmentation Analysis…...…………………..…..4
3) Credit Card Targeting Analysis .…………………………..….6
4) Credit Card Positioning Analysis and Recommendations…..10
5) Exhibits…………………………………………………...…..13
6) SWOT analysis………………………………………………16
7) References………...………………………………………….17
I. Executive Summary
In November 2012 Scotiabank completed the acquisition of ING Direct Canada from ING Group NV. As part of the terms of the deal the bank was required to change its name from ING Direct before May 2014. On November 5, 2013 ING Direct Canada revealed that its new name would be Tangerine, with the new brand name to take effect on April 8, 2014.
Tangerine bank, which has close to 2 million customers, positions itself as a virtual, atypical bank. The bank provides its clients with attractive interest rates on savings accounts, low fees, innovative products and award-winning client service. Moreover, understanding that most customers have a busy lifestyle, Tangerine makes all effort to provide them with easy and convenient online banking. However, the market in which Tangerine is competing is highly competitive and as more and more banks are mastering the concept of online banking the competition is becoming even more intense for Tangerine. Consequently, in order to address the competition, bank is planning to roll out new credit cards.
In order to provide Tangerine with concrete recommendations, first of all, we identified different groups of segments, which are most relevant in separating different types of credit cards users, and analyzed them. Then, after making SWOT analysis of Tangerine and a better understanding of its business, we chose 3 particular segments which we would like to target: young people, “25 to 39 years” age group, and new immigrants. We strongly believe that Tangerine will meet all
Marketing Management MKTG 5200M
Table of content
1) Executive Summary………………………………………..…..3
2) Credit Card Segmentation Analysis…...…………………..…..4
3) Credit Card Targeting Analysis .…………………………..….6
4) Credit Card Positioning Analysis and Recommendations…..10
5) Exhibits…………………………………………………...…..13
6) SWOT analysis………………………………………………16
7) References………...………………………………………….17
I. Executive Summary
In November 2012 Scotiabank completed the acquisition of ING Direct Canada from ING Group NV. As part of the terms of the deal the bank was required to change its name from ING Direct before May 2014. On November 5, 2013 ING Direct Canada revealed that its new name would be Tangerine, with the new brand name to take effect on April 8, 2014.
Tangerine bank, which has close to 2 million customers, positions itself as a virtual, atypical bank. The bank provides its clients with attractive interest rates on savings accounts, low fees, innovative products and award-winning client service. Moreover, understanding that most customers have a busy lifestyle, Tangerine makes all effort to provide them with easy and convenient online banking. However, the market in which Tangerine is competing is highly competitive and as more and more banks are mastering the concept of online banking the competition is becoming even more intense for Tangerine. Consequently, in order to address the competition, bank is planning to roll out new credit cards.
In order to provide Tangerine with concrete recommendations, first of all, we identified different groups of segments, which are most relevant in separating different types of credit cards users, and analyzed them. Then, after making SWOT analysis of Tangerine and a better understanding of its business, we chose 3 particular segments which we would like to target: young people, “25 to 39 years” age group, and new immigrants. We strongly believe that Tangerine will meet all
References: http://www.cba.ca/contents/files/backgrounders/bkg_creditcards_en.pdf http://www.creditwalk.ca/best-credit-card-canada/ http://www.cba.ca/contents/files/backgrounders/bkg_consumers_en.pdf http://www.tangerine.ca/en/ http://www.statcan.gc.ca/start-debut-eng.html http://www.stakinc.com/tangerine-ing-new-branding http://www.cba.ca/en/media-room/50-backgrounders-on-banking-issues/125-technology-and-banking http://canada.creditcards.com/credit-card-news/canada-credit-card-debit-card-stats-international-1276.php http://ashleykonson.com/2013/11/20/why-is-tangerine-such-a-smart-brand-name/ http://www.immigrationwatchcanada.org/