Grameen Bank: Marketing plan1
Grameen Bank: Marketing plan
Portia Baldwin
Grand Canyon University
Grameen bank: Marketing plan
Introduction
Product mobility within any commercial construct is dependent on the structure of the marketing plan instituted by the organization. Marketing is prudent in enhancing the frequency and volume of the sales. The conceptual framework of any marketing strategy translates into the variance of the sales index of any company. Grameen bank is cognisant of market positioning as a marketing concept. This segment focuses on the element of strategic marketing plan on Grameen bank on the target market.
Target market
Grameen bank limits its operations and market segment to the low-end economic class. The operational model of the institution confines its loaning and crediting facilities to the regions where the income levels of the inhabitant are low. As outlined in its market structure, the micro crediting facilities and lending services of the institution will be focused on meeting the needs of the small-scale traders, subsistence farmers, and the medium enterprises.
Specifically, the operations of the institution focused on the small-scale traders of the feminine gender. This marketing strategy was based on the information that women are the majority operators of the small-scale joints within the target market construct. In addition, the loaning facility targeted organized groups out of which the majority are the women. Grameen bank’s market target has been segmented into two broad categories: the groups and the small-scale traders. These groups are nevertheless under the broad umbrella of the poor or the low-end class in the market structure for that matter (Rouf, 2012).
The recognition of the target market locus is the inaugural step in designing a proper strategy for approaching the market. As discussed later in this discourse, Grameen bank invested heavily in the market evaluation of the expected market platform to define the target. The systematic “labelling” of the market has enabled Grameen to proceed with the establishment of proper planning modalities to meet the targets and objectives of the institution (Yunus, 2009).
Size of the potential market
The bank’s assessment of the client base is critical in understanding the growth forecast. During the inception phase, Grameen did an immense evaluation of the client capacity and established that it shall serve an initial population of about 3.8 million people. This is a very significant number of individuals to service. The bank is well aware of this huge number of the target market especially in its inaugural year of operations. However, business forecasting indicates that the expansion of the institution is likely to lead to an increase in the number of the prospective clients.
The client base is critical in the growth of the business; Grameen is cognizant of this relationship. This is why the operational rubric of the company is focused on the need to expand the client base with time. It is crucial to highlight that the majority of the market construct of the company consists of the poor people who live on less than a dollar a day. The majority of these low-end earners has systematically “propped” the market locus of Grameen bank. Whether by chance or coincidence, the forecasting of the future market latitude of Grameen bank reveals many expansions (Grameen bank, n.d).
Product positioning
The positioning strategy of Grameen bank is the spine of its operations. The bank has made its positioning strategy a distinctive factor in the operations and execution of its strategies. The institution has established itself as an institution that advances crediting facilities to market target without requiring that the clients give security as the collaterals. This marketing positioning strategy has enabled Grameen bank to mark its territorial operations. In addition, Grameen bank seeks to expand its market base through the positioning strategy adopted.
Grameen bank’s rubric of operation is different from those of other commercial banks that exist within the same market construct as it does. It has limited its micro lending activities to the lower economic sector, and with very flexible repayment plan that befits the poor in the society. In addition, the rates of the interests charged are quite low to enable the low-income earners to be accommodated in the products of the institution
Pricing
The pricing strategy of the institution is eminently distinct from other provisions in the market. The model of the price of the products of the institution is in tangent with its operational strategy in the lower class segments of the market. Most of the services charged by the conventional commercial banks are indeed offered free of charge to the clients. This is meant to further the goal of the bank to alleviate poverty through the creation of effective micro-economic climate for undertaking business. The incredible rates of interest are unprecedented to say the least. Essentially, the pricing strategy is considerate of the market morphology of the target clients.
Promotion
While promotions key to the expansion of any business, Grameen bank is currently relying on the uniqueness of its services as a promotional tool of the services it renders. The investment of the institution in the advertisement and marketing activities has been pretty maintained at very low levels. The expansion of the services of the bank can be equated to the mere fact that the market target of the institution is relatively huge. Conceptually, it is possible that this large market backup will be the cardinal inertia in chatting the growth of the institution. It is also worth indicating that the structure of its services has proved to be the singular propellant of the benefits of investment in the bank
Placement
The bank has strategically placed itself at vintage locations to tap into the market target that it has marked for business. The delivery of the micro crediting facilities is the cog onto which the operations of Grameen bank operate. Therefore, the need to be located within the market structure is critical in advancing the business of the bank while enhancing the delivery of the products. The branches of Grameen bank are within the inhabitation of the low end economic classes, the strategy is to appear very close to the client base to affirm their commitment to growth and development. Grameen seeks to offer its services in the best way possible, and it recognizes the role that proximity to the clientele plays in achieving a tremendous development in the operations of the institution
References
Rouf, K. A. (2012). A feminist interpretation of Grameen Bank Sixteen Decisions campaign. Humanomics, 28(4), 285-296.
Transmenu powered by JoomlArt.com - Mambo Joomla Professional Templates Club. (n.d.). Grameen Bank. Retrieved October 27, 2014, from
Yunus, M. (2009). The Grameen Bank. Scientific American, 281(5), 114-119.