Bank of America Marketing Plan
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Abstract
Bank of America is a financial institution, serving individual consumers, small and middle market businesses, corporations and Governments with a range of banking, investing, asset management and other financial and risk management products and services. I choose Bank of America for many reasons: it is brand name and good financial position largest bank in the America market and stable and growing sector in US. Through its banking and various nonbanking subsidiaries throughout the United States and in international markets, the Company provides a range of banking and nonbanking financial services and products through five business segments: Consumer & Business Banking, Consumer Real Estate Services, Global Banking, Global Markets and Global Wealth & Investment Management.
Bank Of America Marketing Plan
Current Situation
Bank of America is a financial institution, serving individual consumers, small and middle market businesses, corporations and Governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking and various nonbanking subsidiaries throughout the United States and in international markets, the Company provides a range of banking and nonbanking financial services and products through five business segments: Consumer & Business Banking, Consumer Real Estate Services, Global Banking, Global Markets and Global Wealth & Investment Management. In October 2013, Bank of America Corporation announced the completion of the merger of its Merrill Lynch & Co., Inc. subsidiary into Bank of America Corporation.
Competitors
Some of Bank of America competitors are Wells Fargo, HSBC, JPMorgan, and Citigroup.
Market Objectives
Meredith Verdone, is Bank of America’s head of brand marketing. In an interview she said that the bank is trying to have more “humility” approach for a change. Bank of America focus is on customer needs. Bank of America has a new campaign; “life is better when we are connected.” Message of bank of America is to be in the background and help people in their day-to-day lives.
Product Strategy
Bank of America offers products and services to consumers and businesses. It offers checking, Savings, credit cards, loans, mortgages and investing options. Bank of America has competitive price based on the product and services they offer to their clients.
Place
Bank of America serves its cliental worldwide. It is based locally and internationally.
Promotion Strategy
The launch of the consumer campaign gave Bank of America’s retail branches, outfitting them with iPads and ATMs with videoconferencing capabilities– as well as improvements to the bank’s website and mobile offerings. Bank of America claims that they see 50,000 downloads a week of its mobile app.
Action Programs
Bank of America uses more human advertising and approach to its client. It wants to be involved with client’s day-to-day activities. They frequently advertise on television using real situations with the logo “ life is better when we are connected.”
Budget
Bank of America’s annual marketing budget is $2billion.
Measurements Salaries
The average salary for measurements & reporting analyst bank of America jobs is $42,000. Average measurements & reporting analyst bank of America salaries can vary greatly due to company, location, industry, experience and benefits.
WOT Analysis
SWOT Analysis
Strengths
Weaknesses
Strong brand name and good financial position
Largest bank in the America market
Stable and growing banking sector in US
Excellent Service and product innovation
Over 285,000 employee across the world
Serves clients more than 150 countries
ATM Convenience
Weak asset position
Consumer credit controversies
Bad Mortgages
Criticized by its customers for raising interest rates
High staff turnover
Weak wholesale banking
Opportunities
Threats
Expansion in other countries
Diversifying portfolios for customers
Growing credit card value for the consumers
Further consolidation in the banking industry
Changing government regulations and financial crisis like recessions
Competition from other banks
Restrictions in capital market
The Mission Statement of Bank of America:
“Our mission is to offer lending and investment products that
Serve low-and moderate-income individuals and families
Improve underserved low- and moderate-income communities
Create sustainable practices for the long haul”