Marketing for Financial Services Essay Example | Topics and Well Written Essays - 1000 words

Marketing for Financial Services - Essay Example This research will begin with the statement that Bank AlJazira has launched a new innovative â€Å"Tomouh† programme for a niche community that’s the female Saudi students. Our innovative programme is customised to fulfill all banking and financial needs of students. While studying in schools and colleges, immersed in the task of gaining knowledge for building a strong career, students don’t find any time left to fulfill your banking and investment needs, which our bank, the Bank AlJazira, has recognized well in time particularly for our female students in Saudi Arabia. The need for developing the â€Å"Tomouh† programme has been felt by the bank as our other products don’t satisfy the time schedules of our Saudi students who are very busy and are unable to avail the benefits because of their involvement with scholarship pursuits at their schools and colleges. Students can well imagine the frustration it may cause when the last date of submitting th e fees expires because there are no funds available in their pockets. It could be due to their spendthrift nature or lack of managing their finances. Bank AlJazira is offering a customised programme i.e. â€Å"Tomouh†, which will serve all their instant financial needs. Tomouh "6oumou7" programme is formulated for our Saudi Youth between the age-group of 15-24 years old. They are our star customers availing the privileges of modern Islamic banking services offered by Bank AlJazira. We need to develop a marketing strategy on this programme, the product and services of the programme. Students are our primary marketing sources to know directly from them their response to our new product. We need to organize meetings with the female student community to acquaint them with the features of the product such as uninterrupted access to the bank 24 hours a day without bunking classes! It is possible two-ways – either through our telephone banking services or our online services that students can access from anywhere whether in college, school, home or sitting and passing free time in the canteen. The best part of becoming a customer of Bank AlJazira female customers is that they can remain updated on each and every transaction and that too with total privacy and comfort of operation. Our marketing slogan should advertise our product’s compatibility with the Islamic Sharia Law (Bank AlJazira 2011). The Objective of the Marketing Plan for Financial Services T he objective of our marketing plan is to know the response of the students, how they would react to our novel â€Å"Tomouh† programme as the idea of offering a saving account to the student community has not been availed by other financial organisations in Saudi Arabia. It means our Tomouh programme should not face competition from other financial companies. We should not delay our marketing tactics to impress upon students the needs of managing their financial portfolios and initiate our marketing programmes by meeting female students through seminars for creating awareness on opening saving accounts while studying in schools and colleges so that students take time to fulfill the account opening formalities as soon as possible. We should focus on the feature of customised services being offered to the Saudi students. How they can add or snap any functionality of holding a student saving account that also provides investment solutions to their saved money at Bank AlJazira. If students feel that their spendthrift nature holds them back from saving funds, they can simply deposit their cash in their saving accounts so that when they are in dire need of it, they can withdraw funds to fulfill that need. We need to plan our marketing strategy by allaying the fears in the minds of students that they won’t be crossing the line of Islamic Sharia Law by opening a saving account in our bank. We should convince them that the purpose of the Bank AlJazira behind such an initiative is more social in nature by serving the