After undergoing a strategic analysis of its product portfolio, the Co-operative bank identified the tertiary sector as a promising market segment from which it could build an exciting new product offering specifically aimed full time tertiary students. Some demographic characteristics of this targeted segment include: males and females aged between 18 and 28 who have decided to further their education in a tertiary institution. Typically consumers in this segment have relatively low income when compared to a consumer with a full time job. This segment is, ‘tech savvy,’ by this we mean that they are constantly keeping up with technological advancements and purchasing the newest models of laptops, smart phones, tablets and or similar devices.
1 Overall Communication strategy
The overall communication strategy is conveyed through the use of specific marketing strategies and select media channels such as television to try and increase brand equity of the tertiary sector over the next year by promoting and implementing a tertiary package aimed directly at full time students. The marketer’s incorporate the key message of, ‘100% NZ owned’ and ‘driven by your prosperity, not our profit’ into advertisements to distinguish The Co-operative bank from its competitors.
2 Key Message
The key message the company is trying to convey to its targeted segment of full time tertiary students is summed up by the tertiary package slogan which is to, “help students when they have a bit of money and when they don’t” (The Co-operative Bank, 2014). This refers to the tertiary packages specific products which comprise:
3 Brand Associations
The brand associations used by the Co-operative bank include a combination of brand attributes and brand benefits. Some non product-related brand attributes are conveyed to the full time tertiary student market segment. For example, the interest rate (which we assume is a form of price within