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Introduction Informative Essay

Updated January 17, 2019

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Introduction Informative Essay essay

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Introduction.Starting from the bank vision “To be a pioneering bank that excels in providing products and services, offers comprehensive financial solutions and acquires an advanced position in the Arab region. ” CITATION ban18 l 1033 (Bankofjordan, 2018) . These days banking services is the major reason for the customers to deal with a specific bank and there is another factors like the good segmentation, pricing , distribution …etc , all will be discussed in this assignment. “Bank of Jordan was established in 1960 one of the five pioneering local banks in Jordan which offering a comprehensive banking products and services for clients. It’s a national and international bank always participated in a national development projects and the private sector projects in order to implement his vision which is a bout excel in providing customer banking products and customer service and exceeding the customer expectations.”CITATION Ban18 l 1033 (Bankofjordan, 2018)Market Audit.External market environment After the market reashrch in the jordanaina market for a banking sectors we found that there is a 25 bank in Jordan catedorized as in below table : CITATION Cen18 l 1033 (CBJ, 2018)Bank segment Number of banks Commercial banks 13 Forign banks 8 Islamic banks 4 Total 25 The conclusion here is that we mainly compete with 12 commercial banks like bank of Jordan nad in the second levele we compete with th eforign banks as they have a weak setuation in the Jordanian market cause it is related to their main offices in their mother countries to set policies & products to be same as those countries, so these products usually dosnt fit the Jordanian market and its one of their threats.

The political status and the wars in the countries around , our situation here is stable and there is no risk cause of the good relationships between Jordan and the biggest countries in all over the world. The economical side, the central bank reports shows that there is a grouth in some areas and a little loss in the others which normal also, cause of the inflation rate is increased and the orices is raises in all sectors, now most of potential & existing cutomer are looking and interested in banking protoions even if it is on the the assets side or the liabilities side. Social side the commercial banks have a good popularity in the market cause of its products & services and promotions. Also, as for Islamic banks, its all about a religious belief.

cause of that they have a banking products to fit this segment and we cant consider them as a main compatitors cause as I mentioned before its about religious belifies which we cant do any thing for it. The technological side, in Jordan we have lot of companies can provide us with the latest technology in the world to facilitate the banking operations. The infernal environment audit : Marketing Department is totally responsible and authorized for the bank’s events & activities which effects the customer satisfaction. Build a strong relationship between the Marketing & Sales departments. Setting a plan for a profit growth by managers. Training , motivation , supervision and evaluation for marketing & sales staff.

Build strong relations between marketing and other bank departments. Marketing research: In this research we will use the secondary data which we collect from the bank’s database and the department of statistics in order to study the bank’s market share in the Jordanian market. According to CITATION Dep18 l 1033 (Departmentofstatistics, 2018) the papulation in Jordan is 10,135,544. And according to CITATION Dep181 l 1033 (Deprtmentofstatistics, 2018) the population in Jordan is distributed as below table. Table 2 : Population distribution in Jordan by area Population Area 2882700 North 6384300 Middle 786000 South Table number three shows the number of existing clients and branches in each area. Table 3 : Number of existing customers and branches Number of branches Existing Customers Area 19 65970 North 51 142742 Middle 3 11121 South 73 219833 Total The below figure shows the bank’s market share in the Jordanian market in reference to the above information : We found that the bank’s market share needs more improvement weak and there is a huge number of potential customer.

The suggestion here is to make more segmentation to target all types of customers. Segmentation : According to banks current situation and to the country regions distribution and the culture too, we will use three segmentation methods, geographical , demographical and behavioral segmentation. Geographical segmentation: Increase the bank’s distribution in the country in the three regions (north , middle and south) by increasing number of branches , centers and ATM machines and improve the communication between different branches in different region in the country and also to open a new market for the bank’s existing products. Demographical segmentation : set a produts depending on some elements as the age, family size and gender, occupation to cover all the customers segments and providing different products for each category to meet there needs which efficts positively the bank’s growth , market share and profit and also to set a new products for the current market. Behavioral segmentation : this method helps us to creat a markwting connection with the customers accourding to their recent transactions , like the online transactions , credit cards , large deposits , freelance , students, salaries and overseas customers. Behavioral segmentation is less cost for the bank to increase the market share cause it all depends the secondy data the bank’s have in the data base.

Providing realr time commucications through the bank’s different channels like branches , call centers , mobile and emails. Targeting : The Marketing Mix : Product : BOJ have a collection of banking produts but we need to develop more products to cover all the market segemnts and to compete with other banks. Price : BOJ pricing policy is copeting with the compatitiors and its one of our strengths. Promotion : promotions should be restructured agin and be more flixable. Place : BOJ destrobuted in Jordan through 73 branch and 75 ATM . CITATION BOJ18 l 1033 (BOJ, 2018)Conclusion.

The main goal now is mainly to compete the other commercial banks and also with the other forign and Islamic banks by preparing a proper segmentaion targeting all the cultural layers implemting a demographic & behavioural segmentation in order to exceed the customer expectatopns by dealing with bank of Jordan and also to increase our market share and to increase our profite to keep our position in the market as one of the five pioneering local banks in Jordan. Bibliography BIBLIOGRAPHY Bankofjordan, 2018. Bank of jordan. Online Available at: 2 april 2018. Bankofjordan, 2018.

Bank of jordan. Online Available at: 2 april 2018. BOJ, 2018. bank of jordan. Online Available at: 3 april 2018. CBJ, 2018.

Central bank of jordan. Online Available at: 2 april 2018. Departmentofstatistics, 2018. Department of statistics.

Online Available at: 23 April 2018. Deprtmentofstatistics, 2018. Department of statistics. Online Available at: 23 April 2018.

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