Tengerine

Topics: ING Group, Bank, Credit union Pages: 15 (1155 words) Published: June 21, 2014


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 needs and create maximum value for these customer groups. At the same time, in a long run, these groups of clients will allow bank to increase its profits and market share. Finally, knowing profile of these customers, and how Tangerine wants to position itself, we came up with specific types of credit cards, and marketing and promotion strategy. II. Credit Card Segmentation Analysis

In the segmentation stage we will identify meaningfully different groups of customers. Although, there is a large number of variables that can be used to differentiate credit cards customers, we will determine the most useful ones. In my view, the variables that are most relevant in separating different types of credit cards customers are:

III. Credit Card Targeting Analysis
Before we decide what segment(s) we will target with a new Tangerine credit card(s), we should first of all understand what Tangerine is all about. In other words, how does this bank differentiate itself? What are Tangerine strengths? Why do customers choose this bank? First of all, let’s start from the bank’s new name – Tangerine. This name ensures the new brand name will quickly be linked to a key aspect of its current visual identity that anchors the brand’s associations in the minds of its customers. Consequently, customers will quickly be able to recognize Tangerine brand and to distinguish it from other Canadian banks. In addition to the new cool and fancy name, Tangerine defines itself as atypical bank. Thanks to the fact that the bank does not have expensive brick-and-mortar branches, Tangerine can save money and to pass those savings on to its customers - by paying clients a higher interest on savings and not charging them unfair fees. Finally, understanding that most customers have a busy lifestyle, Tangerine’s mission is to help Canadians live better lives. It's about forward thinking, being innovative while providing its clients with easy and convenient online banking. In conclusion, it holds true...


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/
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