Bank of America Marketing Plan Essay

September 20, 2017 Marketing

Abstraction

Bank of America is a fiscal establishment. functioning single consumers. little and in-between market concerns. corporations and Governments with a scope of banking. puting. plus direction and other fiscal and hazard direction merchandises and services. I choose Bank of America for many grounds: it is trade name name and good fiscal place largest bank in the America market and stable and turning sector in US. Through its banking and assorted nonbanking subordinates throughout the United States and in international markets. the Company provides a scope of banking and nonbanking fiscal services and merchandises through five concern sections: Consumer & A ; Business Banking. Consumer Real Estate Services. Global Banking. Global Markets and Global Wealth & A ; Investment Management.

Bank Of America Marketing Plan

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Current Situation

Bank of America is a fiscal establishment. functioning single consumers. little and in-between market concerns. corporations and Governments with a scope of banking. puting. plus direction and other fiscal and hazard direction merchandises and services. Through its banking and assorted nonbanking subordinates throughout the United States and in international markets. the Company provides a scope of banking and nonbanking fiscal services and merchandises through five concern sections: Consumer & A ; Business Banking. Consumer Real Estate Services. Global Banking. Global Markets and Global Wealth & A ; Investment Management. In October 2013. Bank of America Corporation announced the completion of the amalgamation of its Merrill Lynch & A ; Co. . Inc. subordinate into Bank of America Corporation.

Rivals

Some of Bank of America rivals are Wells Fargo. HSBC. JPMorgan. and Citigroup.

Market Aims

Meredith Verdone. is Bank of America’s caput of trade name selling. In an interview she said that the bank is seeking to hold more “humility” attack for a alteration. Bank of America focal point is on client demands. Bank of America has a new run ; “life is better when we are connected. ” Message of bank of America is to be in the background and aid people in their daily lives.

Merchandise Scheme

Bank of America offers merchandises and services to consumers and concerns. It offers look intoing. Savings. recognition cards. loans. mortgages and puting options. Bank of America has competitory monetary value based on the merchandise and services they offer to their clients.

Topographic point

Bank of America serves its cliental worldwide. It is based locally and internationally.

Promotion Strategy

The launch of the consumer run gave Bank of America’s retail subdivisions. equiping them with iPads and ATMs with videoconferencing capabilities– every bit good as betterments to the bank’s web site and nomadic offerings. Bank of America claims that they see 50. 000 downloads a hebdomad of its nomadic app.

Action Plans

Bank of America uses more human advertisement and attack to its client. It wants to be involved with client’s daily activities. They often advertise on telecasting utilizing existent state of affairss with the logo “ life is better when we are connected. ”

Budget

Bank of America’s one-year selling budget is $ 2billion.
Measurements Wages
The mean wage for measurings & A ; describing analyst bank of America occupations is $ 42. 000. Average measurings & A ; describing analyst bank of America wages can change greatly due to company. location. industry. experience and benefits.

WOT Analysis
SWOT Analysis

Strengths
Failings
Strong trade name name and good fiscal place

Largest bank in the America market

Stable and turning banking sector in US

Excellent Service and merchandise invention

Over 285. 000 employee across the universe

Serves clients more than 150 states

ATM Convenience

Weak plus place

Consumer recognition contentions

Bad Mortgages

Criticized by its clients for raising involvement rates

High staff turnover

Weak sweeping banking

Opportunities

Menaces

Expansion in other states
Diversifying portfolios for clients
Turning recognition card value for the consumers
Further consolidation in the banking industry


Changing authorities ordinances and fiscal crisis like recessions

Competition from other Bankss

Restrictions in capital market

The Mission Statement of Bank of America:

“Our mission is to offer loaning and investing merchandises that

Serve low-and moderate-income persons and households

Improve underserved low- and moderate-income communities

Create sustainable patterns for the long haul”

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