Bank of America Marketing Plan Essay

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 â€Å"humility† approach for a change. Bank of America focus is on customer needs. Bank of America has a new campaign; â€Å"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 â€Å" 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: â€Å"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†