Executive summary
The report’s main objective is to build an integrated marketing plan for the “Sanhinda Saver” savings account of Sampath bank. This account is developed for Senior citizens who are in need of a savings account, which provides financial needs and other benefits expected by them.
The product was introduced in June 2009, with a massive introduction campaign with TV and Radio commercials, out door promotions and hoardings at selected places. At present the product is in the growth stage. Though it was the only product specifically created for senior citizens in 2009, now there are number of competitors in the market.
Marketing objectives have been set according to the competition to increase and retain the position of market leader. It is clear in the market that the other competitors are not competing with aggressive advertising strategies, but they have clearly set low pricing for value added services of their products. We have considered revising the charges of Sanhinda Saver account to win the market.
But when we consider the initial deposit of our product and competitor’s product we have a significant advantage of having the lowest rate in the market.
Since Sampath bank is considering improving personal banking services by implementing growth through innovative product design and outreach, developing Sanhinda brand is also considered
Finally the responsible matrix and implementation procedure have been developed for the proposed plan. Therefore this will keep a track of activities and the time span and to meet the objectives on time. Hence to maintain a very organized and effective implementation plan, Control mechanisms and key factor indicators have been identified to compare the actual results with the pre-stated activities and objectives.
By intensively taking this integrated marketing plan, Sampath Bank can retain their market place