Marketing channel proposal for bank of America Essay

Marketing channel proposal for bank of America - Essay ExampleThis research will begin with the statement that marketing channels be important to a firms distribution objectives. The first is specialization and the second is contractual efficiency. The principle of specialization refers to the assignment of distribution tasks to firms that possess the requisite expertise. The paper presents the opening a 200 secernate retail network embedded within the BS network. The marketing channel has two important move the physical distribution structure that moves a product from the manufacturer to the consumer or user and the consequent marketing structure that is established as a disassociate of the channel of distribution to ensure the manufacturer that all marketing objectives ar accomplished. The primary coil marketing objective of Bank of America is to profitably reach as many potential consumers of their products as soon as possible. The bank branch remains a viable and important delivery channel for retail banking customers and is the primary location for new product sales. The Bank of America still expresses a need for the traditional bank branch. The advantages of a retail bank branch be security, branch business productivity and continuity, financial transactions, risk management, compliance with new regulations and preserving customer trust by building customer trust. Moreover, a bank branch can implement multiple sales promotions the solid year through sales contests and incentives and special promotional deals (e.g., discounts adviseed during a specified period of sentence). Pull promotions are directed at end-use customers and are designed to encourage them to request a product from channel members such as wholesalers, retailers, or both. selection II. Utilising an internet however channel for its current account product. An internet only channel is an electronic marketing channel which enables clients to use banking and other financial services by employing various information technologies with no need for a direct contact with a bank clerk. This electronic banking is faster, better and cheaper.Bank of America can build a whole marketing strategy around high technology and quality. The issue of quality is a goal and a bond among all corporate functions. To exploit payload opportunities, the bank can preempt its competitors. The business, however, has to be especially wary of environmental changes that can erode the value of its early investments. Size is beneficial only when thither are compelling advantages to being large, such as economies of scale, scope, or experience. Advantages through preferred access to resources, information, or customers can give a business a sustainable advantage that is independent of Bank of America will inform their clients of the time schedule within which they can order individual services and the time of execution of orders for each individual state-of-the-art electronic marketing chann el. Consequently, there will be trade-offs. Greater convenience increases security risks, and greater complexity reduces convenience.OPTION III. Adoption of the current MBNA model which focuses on the telephone as the core channel for its credit card, loans and insurance services.The challenge for banks is to create value and to retain mark over their customers. Telephone service is crucial for banks. Telephone service enables wire transfers, automated clearing house transactions, automated teller machine transactions and inquiries, irrelevant processing, and teller terminals located in branches but connected to an off-site host computer. It also fosters the numerous bank functions that rely on voice connections. However, the telephone as a core service and marketing channel for the bank suffers from specific weaknesses. One, when there is no electricity, there is no telephone service. Second, telephone outages which result from inhering disasters can cut off bank transactions fo r a given period of time. In order to improve customer service, the bank can offer