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The marketing manager of CNP Banking Corporation has approached you to develop an e-marketing strategy for a new product they wish to launch next year.

CNP Banking Corporation was established in 1908 and has a strong reputation in the financial industry. The majority of their business comes from the corporate sector. 22 years ago they expanded into personal banking and have had a great deal of success. Their key clients are based in the 35 to 50 year age group.

The global financial crisis affected the corporate sector of their business considerably, and without the personal banking sector, CNP would not have remained solvent.

With the appointment of a new CEO last year, some major changes have occurred within the organisation. There is now a new focus on personal banking. The CEO has created a new business plan which aims to increase personal banking customers.

Next year’s business plan has set the target to increase customer numbers in the age bracket of 14 – 18-year-olds by 11%. The organisational goal is to create more customers for life. Research has shown that the majority of adults have remained with the same banking corporation they opened their first account with. CNP’s aim is to market to consumers in the 14 – 18-year-old age bracket. This age group is generally starting part-time work for the first time and requiring their first bank account.

The new product is the ‘GenYsaver’ account. The product is aimed at under 18-year-olds, to encourage saving by offering bonus interest. Features of the ‘GenYsaver’ account:

  • Just make one deposit and no withdrawals each calendar month and you’ll earn bonus interest on top of your standard interest

  • There are no monthly account fee and no withdrawal fees when you use a CNP ATM

  • Online banking features

  • 24-hour banking

  • Statements are emailed every six months

Q1:Identify the electronic marketing tools you would recommend for the marketing of this product and explain your recommendations

Q2:Nominate the consumer behaviour of the customer CNP Banking Corporation is hoping to appeal to and explain what opportunities exist for electronic marketing.

Q3Develop a comprehensive e-marketing strategy for the ‘GenYsaver’ account

Q4:Evaluate the current website marketing strategy.

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