Tesco Bank Marketing

2826 words 12 pages
Contents

1. Executive Summary-----------------------------------------------------------------------1 2. Task 1 Area of Study----------------------------------------------------------------------2 3. Task 2 PLC Stage-------------------------------------------------------------------------2 4. Task 3 Target Market----------------------------------------------------------------------5 5. Task 4 Product repositioning------------------------------------------------------------6 6. Task 5 Pricing Strategies----------------------------------------------------------------8 7. Task 6 Poster Design For Advertising Campaign--------------------------------10 8. Conclusion and
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Datamonitor (2010) reveals that the current consumer dissatisfaction with banks is a good chance for Tesco Bank to gain market share by the similar way Tesco is successful in the grocery sector. Tesco Bank announced it has targeted to win 10% market share of the UK’s financial services market in the future (Halime, 2010). It seems that Tesco Bank is expected to be a star in future years.

TASK 3 TARGET MARKET

Target market is defined as a set of customers who have common needs or characteristics that companies would like to give service to (Kotler and Armstrong, 2012). Now All Tesco Bank’ products have a common characteristic that every product purchased can get points and discount with a Tesco Clubcard. This is not only a fantastic way to attract customers, but also all Tesco customers who have a Clubcard have been targeted. Tesco states that the most loyal shoppers (15 million Tesco Club card holders) are initially targeted by Tesco Bank (Aldrick, 2009).

Credit cards and loans are only available to UK residents and over 18s. All Tesco Bank’s products such as home insurance, pet insurance, travel money and credit card are relative to the needs of families and daily life.

Geographic segmentation
This segmentation divides market into several geographical areas. Tesco planned to open Tesco Bank branches in 30 of its stores in the UK in 2009 and branches would open in Brislington in the North East, Coventry in the

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