in selecting a target market for a banks checking accouts the anks marketers should consider the banks strengths who would get the most value from those strengths and ______
the roles in the banks buying center
the lifestyles of the banks employees
whether to enter new markets or develop products
the costs of reaching different segents
the competition in the market.
In selecting a target market for a bank's checking accounts, the bank's marketers should consider the bank's strengths, who would get the most value from those strengths, and:
1. The roles in the bank's buying center: The bank's marketers should assess the decision-making process within the organization and identify the key decision-makers involved in purchasing banking services. Understanding the roles and preferences of the buying center can help tailor the offering to meet their needs.
2. The lifestyles of the bank's employees: Banks often target their own employees as potential customers for their checking accounts. Analyzing the lifestyles and preferences of employees can help identify the features and benefits that would appeal to this particular segment.
3. Whether to enter new markets or develop products: Marketers need to assess whether their bank's strengths are better suited for targeting existing markets or expanding into new ones. Analyzing market segmentation, competition, and market potential can help determine the best course of action.
4. The costs of reaching different segments: Marketers should also consider the costs associated with reaching different market segments. This includes advertising expenses, distribution costs, and any other factors that could impact profitability. Analyzing the potential return on investment for each segment can help prioritize target markets.
By considering these factors in addition to the bank's strengths and the value they offer, marketers can make more informed decisions when selecting a target market for their bank's checking accounts.
In selecting a target market for a bank's checking accounts, the bank's marketers should consider the bank's strengths, who would get the most value from those strengths, and a few other factors. Here are some additional considerations:
1. The roles in the bank's buying center: The bank's marketers should assess the different roles within their target market's decision-making process. For example, if the target market consists of small business owners, the marketers should consider the needs and preferences of business owners, accountants, and other stakeholders involved in the decision-making process.
2. The lifestyles of the bank's employees: The bank's marketers should take into account the demographics and lifestyles of their employees. For instance, if the majority of the bank's employees are young professionals, the marketers might tailor their target market strategy to cater to this group.
3. Whether to enter new markets or develop products: Marketers should also consider whether the bank wants to expand into new markets or focus on developing new products/services tailored to their existing customers. This decision would influence the target market selection. For example, if the bank wants to expand globally, the marketers would need to consider the unique needs and preferences of international customers.
4. The costs of reaching different segments: The marketers should evaluate the costs associated with targeting different market segments. This includes advertising and promotion expenses, as well as any additional resources required to provide specialized services to a particular segment. By balancing the potential return on investment with the costs, marketers can make informed decisions about which target market to prioritize.
By carefully considering these factors and analyzing the bank's strengths, marketers can better identify the target market that aligns with the bank's capabilities, offers the most value, and has the potential for long-term profitability.