The Co-Operative Bank IMC

Topics: Bank, Target market, New Zealand Pages: 13 (3771 words) Published: June 1, 2014
Executive Summary
The Co-Operative Bank is New Zealand’s only bank that is owned by its customers. Formerly simply a Building Society, the bank is now looking to grow its customer base as a fully registered bank through a variety of avenues including appealing to the tertiary student market. This report focuses on the integrated marketing communications needed for accurately targeting the tertiary market. Firstly, it outlines a situation analysis including a PESTE analysis, a competitor analysis, and the target market and the positioning of the Co-operative Bank with regards to its competitors. The communication strategy looks closely into the banks current communications offerings. This analysis focuses on how the companies message combines with its with the imagery used in its advertising. The media strategy outlines how the company has used awareness, universal and emotion strategies in its communications to target the tertiary market. Objectives are then outlined to provide scope for the banks future IMC activities. Finally, the report provides recommendations (including personal selling, promotion and public relations) and improvements to help the bank reach its objectives in the next 12 months. Measurement tools are also suggested in order for the bank to effectively monitor how directly they are reaching their target market and therefore their company goals.

Contents
Section 1 - Background4
1.1 The Co-Operative Bank – An Introduction4
1.2 PESTE Analysis4
1.2.1 Economic4
1.2.2 Socio-Cultural4
1.2.3 Technological4
1.2.4 Environment4
2 Competitor Analysis5
2.1 ASB5
2.2 ANZ5
2.3 BNZ5
2.4 Westpac5
2.5 Kiwibank5
2.6 Co-Operative Bank5
3 Growth and Maturity of the Industry6
4 Operational Revenue and Profitability6
5 Strategic Goals6
6 Target Marketing6
7 Market Positioning6
Section 27
8 Communication Strategy7
9 Media Strategy and Appropriation9
Section 3 - Recommendations and Evaluation10
10 Objectives10
11 Improvements10
12 Promotional Mix Recommendations11
12.1 Public Relations11
12.2 Personal Selling12
12.3 Sales Promotion12
13 Budget12
13.1 Objective-and-Task Method12
14 Evaluation13
Burke Day after recall testing13
Buzzone Tests13
Econometrics13
Bibliography14
Appendices15

The Co-Operative Bank
Section 1 - Background
1.1 The Co-Operative Bank – An Introduction
The Co-Operative Bank is New Zealand based and as of 2011, a fully registered bank (New Zealand Herald, 2011). It had a market share of 0.6 to 0.7% when it launched as a Bank and has 128,000 members as of 2014 (KPMG, 2013) The bank’s mission statement or principle activity is to “provide financial and investment services to its shareholders”, its shareholders being its customers who are all “owners” of the bank (StopPress, 2014). The owners receive yearly dividends from the bank depending on an algorithm that calculates the value of their association with the bank (The Co-Operative Bank, 2013). 1.2 PESTE Analysis

Political
- “fair play on fees” class action will have effect on how banks are perceived and could have effect on how banks can charge fees to its customers. Some banks are being sued but CO-Operative is not subject to the class action. 1.2.1 Economic

-Changes in the credit rating of the bank could have an effect on how customers perceive the quality of the bank. Currently the co-operative bank has a rating of BBB- (The Co-Operative Bank, 2013). As this is one of the lowest in New Zealand this will have an effect on how the bank is perceived. 1.2.2 Socio-Cultural

- Also as there is more importance placed on achieving a tertiary education in New Zealand, the banking sector has a larger market segment of tertiary students. - Due to the effects of the 2008 recession and the 99% movement people are increasingly sceptical of banks. Banks must adjust to this factor in order to detract and negative effects. 1.2.3...

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Australian Signs
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StopPress. (2014). StopPress. Retrieved 05 13, 2014, from http://www.stoppress.co.nz/blog/2013/07/co-operative-bank: http://www.stoppress.co.nz/blog/2013/07/co-operative-bank
The Co-Operative Bank
The Co-Operative Bank. (2013). The Co-Operative Bank Disclosure Statement. Wellington: The Co-Operative Bank.
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Appendices
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