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Marketing plan..............................................................................
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[DASHEN BANK] Marketing Plan [2017/18]
The strategic Marketing Plan to be in effect starting from July 1, 2017 to June
30, 2018 has tried to address overall Corporate Strategy and services as
guide line for specific Marketing Programs. An assessment of the current
marketing condition facing the Bank, its product and service lines has been
pinpointed in brief. Despite the odds saw the sector, there are still untapped
areas with regard to banking service. Still a number of areas are under served
to have the benefit of this trust based service, banking at full scale. Yet, there
are favourable trends where it is believed that customer need and
opportunities are not being satisfied and where it can compete effectively. In
fact, the country which anonymously noted with famine and stayed for long in
the quagmire of poverty is hastening to wake up from the years of deep sleep.
To capitalize on the growth, we, as a big Bank, need to spend some of our
income on effective promotion. Armed on the insights given above also, this
marketing Plan has included all pertinent costs to be incurred during the
implementation of set out strategies aimed to attain objectives drawn from
overall corporate strategies of the Bank. At his juncture, we understand the
importance of tailoring our marketing strategy to meet the needs and demand
trends of different market segments. As a result, our new brand “primer
branch and Interest free Banking also got a peculiar focus in this Marketing
Plan. Since Banks under competition are competing for the consumers’
discretionary income or sharing wallets, coordinated marketing efforts are
paramount at this time to remain highly competitive in the industry. Having in
mind this hard fact, the marketing plan put its basis on four main tools of
marketing communications such as, Advertising, Sales promotion, Public
Relations, and Personal selling. The fifth one, direct marketing has obtained
less consideration for the fact that the ground work is left for future
undertakings of the Bank.
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[DASHEN BANK] Marketing Plan [2017/18]
Marketing plan:
A marketing plan is a comprehensive document or blueprint that outlines a Bank's
advertising and marketing efforts for the coming Fiscal year. It describes business
activities involved in accomplishing specific marketing objectives within a set time
frame.
The marketing plan shows the step or actions that will be utilized in order to
achieve the planned goals. Marketing planning can also be used to prepare a
detailed case for introducing a new product, revamping current marketing
strategies for an existing product or put together a bank marketing plan to be
included in the company corporate or business plan.
A good marketing plan will outline the emerging trends and developments within the
market in which the Bank operates. It will help to identify what the bank hopes to
achieve in the future, set targets, and perhaps most importantly, state how the bank
will achieve these goals.
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[DASHEN BANK] Marketing Plan [2017/18]
Saving account: - any customers can deposit and withdraw at any time. This
Agents Banking- A channel which connects to the Bank’s services via mobile
or POs while the ones availing to the agent’s booth. This service is highly
viable in locations where Banks Can’t be opened and entertained with aim of
enhancing financial inclusions.
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[DASHEN BANK] Marketing Plan [2017/18]
Market Overview
Target market:
2. Mobile payments – the general populace with the need for safe,
convenient and reliable micro payments and transfers
4. Remittances – the general populace with the need for fast and
convenient ways to receive money from abroad.
Customer profile:
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[DASHEN BANK] Marketing Plan [2017/18]
Competitor profile:
Once a firm has identified its primary competitors, it needs to assess and
analyze their objectives, strategies, strengths and weaknesses as well as their
competitive reactions. Objectives ascribed to competitors can encompass
profitability, market-share growth, cash flow, technological leadership, service
leadership, etc. Competitors’ objectives are shaped by various factors,
including the firm’s size, history, current management, and economics.
Competitors’ strategies encompass product quality, product features and
product mix, target marketing and positioning, customer service, pricing
policy, distribution coverage, sales force strategy, advertising and sales
promotion programs, research and development (R&D), manufacturing,
purchasing, financial and marketing strategies (4Ps: Product, Price, Promotion
and Place/Distribution). Hence, know a days, Awash Bank S.C and Bank of
Abyssinia are the main competitors of Dashen bank S.C from the private
banks in Ethiopia.
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[DASHEN BANK] Marketing Plan [2017/18]
Marketing Objectives
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[DASHEN BANK] Marketing Plan [2017/18]
Marketing Strategy:
Product:
The bank provides a wide range of consumer banking services. The bank
has four quadrant cards such as Visa, Master card, Union pay and Amex and
also different saving deposit schemes.
Price/cost:
Placement/Distribution:
The bank's organization structure is divided into twelve district office. The
bank has 297 branches, 305 ATMs, and 824 POS terminals all over the
country. The bank also provides online banking services for both individual
and corporate customers to save their time and resources.
Promotion:
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[DASHEN BANK] Marketing Plan [2017/18]
feel like they are getting the most value for their money. Once customers
invest with a bank, the bank must work to keep customers and get them to
buy-in to additional products.
A great deal of efforts has been made to classify the Marketing strategy to be
implemented in the current fiscal year and allotted budget to this effect into
the well known communication tools apart from Direct Marketing such as
Advertising, Sales Promotion, Personal selling and Publicity to attain the
above mentioned main initiatives of the Bank
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[DASHEN BANK] Marketing Plan [2017/18]
People:
The bank has over 5,600 employees of whom all members of the staff are
drawn from local source and have good contact with the community at large.
Most of the staff are young and have the requisite capabilities, and are re-
trainable for newer systems and technology. Dashen Bank is equipped with
highly talented staff to keep the bank in line with legal, technological,
operational and other changes.
Physical evidence:
The bank has a strong presence with nearly 300 branches in the country. All
the branch buildings and transactions materials like check books, statements
reports, letters and others are well designed with the white and blue logo
thus make the clients bear in mind the brand image of the bank.
Process:
Digital marketing:
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[DASHEN BANK] Marketing Plan [2017/18]
Background Analysis
In 1991, following downfall of the Dergue regime and the ascent of the
Ethiopian people Revolutionary Democratic front (EPRDF) to power a few
individuals came up with the idea to establish a private Bank. Upon the
demise of nearly two decades long command economy and the partial
liberalization of Ethiopian's Banking sector, their desire bore fruit Awash
International Bank (AIB).
Although the promoters wanted to establish the Bank that year, AIB was
licensed on November 10, 1994. Nearly three years after the imitative. The
Bank finally opened it door for services on February 13, 1995. Shortly
thereafter, Dashen Bank followed suit stating operations in 1996. Since then,
the financial sector has increased 14 additional private Banks emerge within
the past two decades, bringing the total number of Banks in the Community to
19 which include the three states owned Banks.
For the last 19 consecutive years in row, Dashen Bank has been the first
private Bank in Ethiopia in all aspects such as, gross profit, branch expansion,
introducing modern banking in the industry, reducing unemployment, paying
high income tax, buying huge bounds for renaissance dump, exerting effort for
social responsibility and contributing something for the development of the
country. Because of the above situations, Dashen Bank has been developed
a well-known brand in the industry.
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[DASHEN BANK] Marketing Plan [2017/18]
Business overview
Vision:
‘‘In as much as Mount Dashen excels all other mountains in Ethiopia, Dashen
Bank S.C. continues to prove unparalleled in banking services.’’
Mission:
Tagline:
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[DASHEN BANK] Marketing Plan [2017/18]
SWOT analysis:
The followings SWOT analyses capture the key strengths and weaknesses within the
company and describe the opportunities and treats facing to Dashen Bank.
Strengths:
Dashen Bank established a reputable brand from the inception and has got a major
place in the minds of its customers.
Dashen Bank is the first in so many firsts.
Dashen Bank, from private banks, has strived a lot to get a leading position in the
industry with respect to market shares of assets, loans and deposits, profits, number of
Customers and modernization puts in a position to attract other customers.
Most of its staff, almost 90% are young, 75% have degree and above, 20% have
diploma and only 5% have below diploma. So, the bank has productive and highly
educated work forces.
Maintained growing own trees culture.
Established non-ethnic and religion cultures.
As all its branches are connected with wide area network so that customers can access
their account being anywhere.
Dashen is known in commencing a full-fledged payment system in Ethiopia and
identified as the only bank in the country which is working being quadrant Cards
acquirers such as VISA, MASTERCARD, UNIONPAY AND AMEX.
Dashen pays for family medication and same earn it high reputation in the minds of its
employees.
Observed power decentralization following establishment of 12 district offices.
Organizational re-structuring under implementation to accommodate the needs and
wants of customers.
Commencement of Customer segmentation by bringing its new brand “Wello Sefer
Premier Branch” to the market.
Implantation of new Domestic Banking operation Model to assure the rendering of
quality services to its valued customers.
Maintenance of Good governance and the high standard of Ethics in the Bank.
Established a good habit of conducting Progress review meeting on monthly basis with
districts and Departments.
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[DASHEN BANK] Marketing Plan [2017/18]
Weaknesses:
Though now the case is found in a good track, the Bank delayed in opening branches in
some prime locations.
Some branches opened inappropriate areas as well as in hidden buildings.
This time around, employee turnover is getting increasing. Not only this, but also the
Bank has suffered from low commitment of its employees.
Dashen Bank is now serving the society being an agent for only eight international
money transfers which in effect the number is very few compared to other banks.
Sluggish efforts shown on automation of HR services.
Uncultivated effective internal communication among staff and work units.
Lags shown in staff placement and transfer.
Sluggish efforts of implementing performance management system.
Not instilled enterprise –wide Marketing orientation.
Opportunity:
It is an opportunity for Dashen Bank to have the largest customer base as customers
may encourage others to use its services.
The availability of modern telecommunication systems and technology facilitate the
improvement and strengthening of the Bank’s international business, ATM services,
Mobile banking, and internet Banking and the development of new services, such as
telephone banking.
The government is trying to enhance the tourism industry. To do this, the government
introduced Star Hotels in which every star Hotel should serve with international Cards.
This is the opportunity for Dashen Bank to sell more Point of sales Terminals (POS) and
in effect enjoys foreign Currency resources. On the other hand, the government has
implemented the second 5 year strategic plan which aims to change the country from
agriculture to industrialization where more employment opportunity can be created.
The new National Bank low which limits the initial capital to start new Bank to initial
Capital worth of 500million will deter new entrants so that shareholders of the bank will
remain beneficiary.
The population that is mostly young comprises a strong workforce capable of advancing
the Government’s developmental plans to take the country’s forward.
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[DASHEN BANK] Marketing Plan [2017/18]
The fastest growing economy of the country can be as good fortune for more
investment.
Threats:
The strict economic policies of the government can be great threat for financial and
banking activities of the bank.
Owing to the current globalization, our country Ethiopia may join world trade. As a result,
foreign Banks might enter into the business. If this is so, Dashen Bank might face high
competition from foreign banks.
The inconsistent low of the National Bank of Ethiopia might difficult to continue its
leadership in the industry.
Other banks came-up and introducing some incentives to their clients carry out business
activities of the bank.
Every bank is forced to buy Bond out of its loan capacity by only 3% return in the form of
interest while the bank collects this money by paying 5% interest which suffers it from
2% loss.
As financial institutions have been emerged, they will take off the bank’s internal as well
as external customers.
Service quality assessment is the main activity of the MCCD it can be conducted by
using the following methods:
Customer survey:
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[DASHEN BANK] Marketing Plan [2017/18]
Based on the pre-planned schedule, each branch will be visited by the Service Quality
Assurance Manager and experts. Accordingly, discussion with the Branch Managers,
Employees and Customers of the branch would be made. Based on the findings from the
discussion, summarized report will be prepared and forwarded to the top management for
consideration and direction. Finally, the identified problems with possible recommendations
will be forwarded to the concerned Branches for the subsequent action.
It is known that customer satisfaction is essential to the existence of our businesses. How
do we find out whether our customers are satisfied? The best way to find out whether our
customer are satisfied or not is to ask them.
When conducted customer satisfaction survey knowing what is going to ask the customers
is important. How, when, and how often ask these questions are also important. However,
the most important thing about conducting a customer satisfaction survey is what you do
with their answers.
Customer satisfaction survey can be conducted whenever the organization wants to get the
most valuable information, but not so often as to upset the customer. In real terms, the
frequency with which conduct a customer satisfaction survey depends on the frequency
with which we interact with our customers.
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[DASHEN BANK S.C] Marketing Plan [2017/2018]
Other
Research $500,000.00
Travel $300,000.00
Administration $1,000,000.00
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[DASHEN BANK S.C] Marketing Plan [2017/2018]
Contingency Plan:
If all the set standards and controlling procedures wouldn’t meet with marketing plan
execution then alternative plan would be there to set the marketing plan, the alternative
plan include the
Backhouse resources in terms of extra budget plan, remedy for new designs and
communication ways, redefine or redesign marketing plan and strategies.
Unexpected and excessive cost increases compared to the forecasted budget.
Overly aggressive and debilitating actions by competitors.
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[DASHEN BANK S.C] Marketing Plan [2017/2018]
Conclusion:
Market Planning simply tries to structure and shape your proposed marketing
programs and activities. It is intended to bring logic and discipline to the process, so
that you can set yourself clear objectives and assess whether or not you are achieving
them. The right marketing plan and associated marketing programs really can help
deliver the vision you have for your business.
The strategic Marketing Plan to be in effect starting from July1, 2017 to June 30, 2018
has tried to address overall Corporate Strategy and services as guide line for specific
Marketing Programs. This is, therefore, to request your perusal and approval.
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