Target Marketing Strategy and Competitive Advantage by Standard Chartered Bank

Abstract

To gain real competitive advantage, the focus of target marketing must be on developing new-to-the world or new-to-the-market products that provide consumers with totally new perceived benefits. Regardless of the industry, the changes in the marketplace that are affecting most companies, and how they compete, are the same: dramatically improving quality; increasingly global markets and more competitors; and more demanding customers. Adding values for customers, employees, and owners has become a central theme in strategic management for service companies. To create values for these stakeholders, a firm should achieve a competitive advantage over its competitors by adapting itself to the uncertain industry environment, understanding the changing needs of customers, and responding to new market entries. The objective of the study was to determine target marketing strategy and competitive advantage by Standard Chartered Bank. The data was collected using an interview guide which acted as a guide during the interview. Content analysis was used to analyze the qualitative primary data which had been collected by conducting interviews and secondary information from the organization. The study found that target marketing has enabled the bank to achieve competitive advantage. These was achieved through brand building, use of differentiation strategy, analysis of environmental factors, innovation, competitive conditions and available resources in which issues such as market growth potential, level and structure of competition, nature ot customer needs, relevant company expertise, long term planning, cost management, entry barriers, the bank core values and the use of the marketing concept as part of the firm’s strategic marketing planning. The conclusion was that the bank should continue innovating products for its target market and building the brand which they have achieved through offering services to the targeted market. After many years of target marketing the bank should have understood the challenges affecting the strategy and they have come up with the solutions in order to gain fully from the strategy.