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Marketing Assignment: A Marketing Plan for HSBC (7Ps)

Posted byThe Cloud Chronicleron October 28, 2009 3 Comments

Table of Contents

Details Page Number

1. 1. Executive Summary 31. 2. Objectives 31. 3. Marketing Strategy 41. 4. Target Market 4-5

4.1 Market Segmentation and Targeting

4.2 Market Positioning

1. 5. Marketing Mix 5-105.1 Product

5.2 Price

5.3 Place

5.4 Promotion

5.5 People

5.6 Physical Evidence

5.7 Process

1. 6. Research 10-116.1 Pre-implementation

6.2 Implementation Stage

6.4 Post-implementation
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1. 7. Budget 111. 8. Timescales 121. 9. Contingency 12

Bibliography 13-14

Appendix 1 15-16

Appendix 2 17-19

Appendix 3 20-21

Appendix 4 21-22

Appendix 5 22

Appendix 6 23-24

Appendix 7 25-27

Appendix 8 28-29

Appendix 9 29-30

1. Executive Summary

This report provides the details of the new HSBC current account package. A marketing plan devised from the 7Ps is outlined below to provide a practical and

feasible way to implement the new current account package.

Numerical targets and qualitative targets are stated clearly as objectives. Further details on the research required during the pre and post-implementation stage is

discussed in detail.

The budget and the timing of the launch of the new current account package is elaboratedusing a simple budget statement and Gantt chart.

2. Objectives

This marketing plan aims to define the means of notching up HSBCs current accountmarket share by 1.5% (960,000 current accounts) from HSBCs current market share of8.9%.

The new HSBC prepaid card that would be introduced will increase the profitability ofcurrent accounts by encouraging customers to save, hence making more funds available

for further lending by the bank.

The new current account package also aims at rebuilding consumer confidence towardsHSBC by portraying the bank as a responsible and socially conscious financialinstitution.

The new current account package also aims and building up HSBCs corporate image andbranding theme of being global bank with local knowledge by introducing new products

that are in line with the current economic downturn.

(See appendix 2)


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3. Marketing Strategy

HSBC should implement the market penetration and product development strategy by capturing

current account market share from other financial institutions that have been weaken from the

economic crisis. Besides that, the launch of the new prepaid card would be a step towards

product development that would be useful to counter non-traditional financial institutions that arepoise to enter the current account market.

The market development strategy can also be carried out at a later date by bringing the new and

tested prepaid card product into other geographical markets like China and India. This would be

in line with HSBCs slogan of being the Worlds Local Bank and would also take advantage of

HSBCs global network in more than 79 countries.[1] In relation to the Porter Generic model,

HSBC should aim at using a broad based differentiation strategy to capture market share from

ailing financial institutions.

(See appendix 1)

4. Target Market

4.1. Market Segmentation and Targeting

A market segment should consists of a group of customers who share a similar set of needs andwants (Kotler. Etal, 2009).[2]A market segment must be accessible, measurable, large enough

and profitable in order to be worth targeted by an institution. The new prepaid card should be

offered as a naked solution that all segment members value (Anderson & Narus, 1995) .[3]

Ways of segmenting the market should include geographical and demographic segmentation.

The new HSBC prepaid card should be launched in the United Kingdom first before beingextended into other geographical regions. A time lag of half a year would be enough to test theeffectiveness of the product as a method to obtain a higher market share for current accounts.

Demographic segmentation on the other hand should be focussed on age and income. Special

attention should be focussed on young individuals opening their first current accounts and highnet worth customers.

4.2. Market Positioning

Positioning is the act of designing the companys offering and image to occupy a distinctive

place in the minds of the target market (Ries & Trout, 2000).[4]Data taken from SWOT and

PESTEL analysis of HSBC enables marketers to define the points-of-difference and points-of-parity associations. Points-of-difference are attributes or benefits consumers strongly associate

with a brand, positively evaluate and believe they could not find to the same extent with acompetitive brand. In the case of HSBC, the bank is known to be a truly global bank with an

international branch network.

Points-of-parity are associations that are not necessarily unique to the brand but may in fact be

shared with other brands (Brunner & Wnke, 2006).[5]There are two types of points-of-parity,
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namely, category and competitive points-of-parity. Category points-of-parity includes HSBC

being a reputable financial institution and also a bank entrusted with fiduciary responsibility. Interms of competitive points-of-parity, HSBC must be seen to break even with other financialinstitutions in terms of service quality.

(See appendix 2)

5. Marketing Mix

Marketing for financial services pose distinctive challenges to marketers because services areintangible, inseparable and cannot be inventoried. An expanded marketing mix is required to

fully answer the differences between product marketing and marketing for financial services.

The expanded marketing mix aims to capture the distinctive nature of financial services (Booms

& Bitner, 1981).[6]

(See appendix 2)

5.1. Product

The product is the heart of the firms marketing strategy. Poorly designed service products that

do not create value for customers are destined to fail regardless of how well the other 6 Ps are

executed. The goal of the product element is to create a service concept that would offer morevalue to a market segment than competitors. Working to transform this concept into reality

involves designing a cluster of different but mutually reinforcing elements.

The product must be a means to solve a problem or satisfy a want in the market. To date,

overspending is a major issue in the Western world. This is the reason why the new HSBC

prepaid card is included in the new current account package as a means to ensure that customersdo not overspend by ensuring prudential budgeting of financial resources.

Unique Features:

Prepaid Card

HSBC will launch two prepaid cards, namely, the HSBCs Financial Manager and the HSBCsBudget Manager prepaid card. Both prepaid cards come preloaded with 10 after the customer

pays the initial card issue fee. The Financial Manager is a way to manage a monthly budget bytransferring your spending money from your bank account onto the card. It has an annual load

limit of 15,000. The Budget Manager on the other hand has a smaller annual load limit of2,000.

The new HSBC prepaid cards would be fee-free while offering the same flexibility as a credit or

debit card. The prepaid card however, would need to be loaded up with cash first before allowingits users to purchase products and services. The prepaid cards can also be used to withdraw

money from cash machines.
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Real Time Balance Alerts

Real time balance alerts will be sent to the customers mobile device every time a HSBC prepaid

card user purchases something. This balance update will notify the prepaid card user on the

amount of money spent and the amount of money left for free. HSBC may need to team up with

companies like Vodafone to provide this service.

Online Banking

Another unique element of the HSBC prepaid cards are their flexibility in managing the

customers financial resources. Bank customers can access the HSBC website and set standing

orders on how much money to load onto the budget manager every month as long as the funds

are available in their current account.

Optional Savings Account

Bank customers that pay more than 500 into their current account every month would qualifyfor the HSBCs Current Account Advance. Regular payments can be made through the internet

or by direct standing order from the customers current account to save a specific amount everymonth. This feature is ideal for customers with a fixed monthly income.

5.2. Price

The pricing component plays twin roles for HSBC in the sense that it must be able to first attractcustomers to purchase the service and also generate revenue for HSBC. According to AdrianPalmer (2008), there are five main factors that influence pricing decisions, namely, profit

maximisation, market-share maximisation, survival, social considerations and personal

objectives.[7]

While pricing strategy is highly dynamic for other products and services, pricing for current

account services have become rather static in recent years. Most banks do not require any fees toset up a current account. Banks instead rely on the money that floats in the interval when they are

deposited to when they are spent in order to profit from current accounts.

It is unlikely that any increases in interest rates would be able to attract customers to open up

new current accounts with HSBC. The base lending rate that is now at 0.5% provides little room

to manoeuvre for banks and other financial institutions. Adding to that is the credit crunch and

declining asset prices that makes borrowing at a higher rate unattractive at the moment. The

initial prepaid card issue fee should be around 10. This is in line with what competitors arecharging at the moment.

The catch with the prepaid card scheme is that it encourages bank customers to save. Any money

that is saved is held within the customers current account and remains available for banks to

provide further lending. This may prove to be highly beneficial to HSBC during times whenraising new capital is extremely difficult.


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(See table 3)

5.3. Place

The place element involves delivering the product element to customers through appropriate

methods and delivery channels. Delivery may involve both physical and electronic channels.Failure to make a service product readily available to customers would guarantee its failureregardless of how good the service product is. The new current account package would be made

readily available throughout HSBCs 1,492 branch network and also through the internet.

(See figure 1 & 2)

5.4. Promotion

The promotion element relies on effective communications to bring awareness in the market of

the service products offered by HSBC. The three objectives of the promotion element are to gain

the attention of customers, provide additional information and persuade customers to purchasethe product. Advertising is mass, paid communication that is used to transmit information,

develop attitudes and induce some form of response on the part of the audience (Adrian Palmer,2008).

The choice of media that would be utilised includes newspapers, magazines, outdoor advertisingand the internet. A sales promotion will also be carried during the first three weeks after the

launch date to help stimulate customer purchase and the effectiveness of intermediaries (Adrian

Palmer, 2008). Other promotional materials include press releases, posters and brochures.

(See appendix 3)

5.5. People

Despite technological advances, many financial services still require direct interaction between

customers and bank employees. The nature of these interactions strongly influences how

customers perceive service quality (Hartline & Ferrell, 1996).[8] This is particularly true for

financial services as employees are often the first line of contact with the customer.

Due to the importance of this element in the marketing mix, special attention needs to be given to

the training of employees concerning the new current account package. The prepaid card conceptalso requires some serious attention as its aim is to show HSBCs change of stance concerning

the psychology of spending.

Training should only be given to bank staffs that are directly involved in the new current account

package. However, back office staff must also be formally notified concerning this new current

account package to ensure that the entire organisation have a coherent understanding on the

banks products and services. Besides that, training of IT personnel must also be stressed as newinformation systems may have to be put in place before the launch of the new product.


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(See appendix 4)

5.6. Physical Evidence

It is generally recognized that physical evidence can be subsidized into two components

(Shostack, 1982): peripheral evidence which can be possessed by the consumer but has littleindependent value and essential evidence, which cannot be possessed by the consumer but hasindependent value.[9] The peripheral evidence is the prepaid card itself while the essential

evidence includes bank branches, cash machines, posters and brochures.

(See appendix 3)

5.7. Process

The process element focuses on the mechanisms by which the service is delivered, including

business policies for service provision, procedures, degree of mechanization etc. It is imperative

that the policies and procedures are written and tested before the launch of the new currentaccount package.

Bank personnel are to conduct a test to determine how efficient and effective front line staffs are

at explaining the new current account package and setting up new current accounts. A step by

step guide on how to set up a new current account and prepaid card system is to be issued to allfront line staff to ensure that no confusion is to occur during the critical launch date.

Besides that, front line staff should also be constantly monitored to ensure that the delivery ofservices occur smoothly. Customer feedback and complaints should be welcomed as they would

provide the input needed to continuously improve service delivery and customer satisfaction.

(See appendix 5)

6. Research

Market research will be carried out before, during and after the launch of the new HSBC currentaccount package. There are three methods for a financial services organisation to carry out its

research, namely, using in-house resources, using the services of a specialist agency or a

combination of the two methods. During the period nearing the launch of the new current

account package, both pre and post implementation research should be carried out by specialistagency commissioned by HSBC.

6.1. Pre-implementation stage

During this stage, research should be focused on whether the markets current externalenvironment matches the companys initial results during the first external environment analysis.Political, legal and economic elements of the external environment are likely to be very volatile

in the coming days that may cause HSBC to either delay or bring forward the launch of the new

current account package.


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Furthermore, research should also be done on the companys corporate image and the

receptiveness of market for a new product and concept during a time when the banking industryis facing heavy criticism from the public.

6.2. Implementation stage

A tracking study should be carried out by the research agency during the implementation stage.

The tracking study will be done through monitoring consumers awareness and acceptance of thenew current account package. This process should be an ongoing one during the products lifecycle. Tracking studies should be conducted with small groups of a target market segment. It

would also be advisable to rotate the members of a group with another group to ensure that avariety of responses is noted.

6.3. Post-implementation stage

Post-implementation research should be aimed at obtaining tangible results on whether HSBC

has indeed managed to obtain the desirable level of market share and profitability. Another goalof the new current account package is to change the attitudes and perception of the public

towards HSBC. Marketing research at this stage should also determine on whether HSBC is now

perceived to be a more responsible financial institution that not only aim for profits but providevalue to customers.

Besides obtaining tangible results on whether marketing objectives are met, it is also importantto gain feedback on customer satisfaction levels and any complains on the product offered by

HSBC. This is to ensure that further improvements can be made in the future and any mistakes

made would not be repeated.

(See appendix 8)

7. Budget

The budget to implement this marketing plan is estimated to be around 15 million. A

contingency of 5% is included in the numerical calculations to ensure that some measure of

volatility is covered should the promotion of the new current account package proves to be moreexpensive than anticipated

(See appendix 6)

8. Timescales

The implementation of the entire marketing plan would take around 9 months to complete. The

launch date of the new current account package is the summer of 2010 when economic

conditions are predicted to be more accommodating as a result of fiscal stimulus by the UKgovernment. A Gantt chart is included in the appendix to break down the timeframes of

individual tasks.


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(See appendix 7)

9. Contingency Plan

A contingency plan is included in the appendix to note down various responses to some of the

challenges posed in these difficult times. Among the various scenarios that might occur in thefuture includes the failure of the prepaid card to be a practical method to manage personalfinances, a severe contraction in economic activity and the failure to gain market share in the

current account market.

(See appendix 9)

Bibliography

A. Ries and J. Trout, 2000, Positioning: The Battle for Your Mind, 20th AnniversaryEdition, New York: McGraw-Hill.

Adrian Palmer, 2008, Principles of Services Marketing, 5

th

Edition, McGraw-HillEducation (UK) Limited, United Kingdom, pp420-421.

Andrea Felsted and Patrick Jenkins, Cash and carry, Financial Times, 20th July 2009,The Financial Times Limited, No: 37057, London, United Kingdom, p 10.

Andrea Felsted, Tesco Seeks to boost bank arm, Financial Times, 20th July 2009, TheFinancial Times Limited, No: 37057, London, United Kingdom, p 19.

Bernard H. Booms and Mary J. Bitner, 1981, Marketing Strategies and OrganizationStructures for Service Firms, in J.H. Donnelly and W.R. George, Marketing of Services,

Chicago: American Marketing Association, pp47-51.

Daft Richard L. (2008), New Era of Management, 2nd edition, US: Thomson South-Western. p.311.

David Fred. R., 2007. Strategic Management: Concepts and Cases. International Edition,11

thed. United States of America: Pearson Prentice Hall. p. 76-107.

Dr. Orr, 2004,New Ledger, Forbes, 1 March, pp72-73. Hitt M.A., Ireland R.D. & Hokisson R.E., 2005. Strategic Management: Competitiveness

and Globalisation (Concepts and Cases). 6th

ed. United States: Thomson South-

Western. p. 44, 45, 46.

J.C. Anderson & J.A. Narus, 1995, Capturing the Value of Supplementary Service,Harvard Business Review, January-February, pp75-83.

Julie MacIntosh, Back to the old school, Financial Times, 15th July 2009, The FinancialTimes Limited, No: 37053, London, United Kingdom, p 11.

Kerin, Hartley, Berkowitz, Rudelius, 2006. Marketing. 8th ed. United States of America:Mc Graw Hill.

Kotler, Keller, Brady, Goodman & Hansen, 2009, Marketing Management, PearsonEducation Limited 2009, England, pp334.

Michael D. Hartline & O. C. Ferrell, 1996, The Management of Customer ContactService Employees, Journal of Marketing, 60, no.4, October 1996, pp.52-70.

Michael E. Porter, 2008. The Competitive Forces that Shape Strategy. Harvard BusinessReview, 86(1). p. 79-93.


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Patrick Hosking,Banks with worst records on complaints to be exposed, The Times, 14thJuly 2009, Times Newspaper Limited, London, No 69684, p 46.

Peter Drucker (2002),Managing in the Next Society,St. Martins Press, United States ofAmerica (p.131-147).

Porter, M, 1980 Competitive Advantage, Free Press, Boston : Mass.

Shostack, G.L., 1982, How to design a service, European Journal of Marketing, 16(1),pp49-63.

T.A. Brunner & M. Wnke, 2006, The reduced and enhanced impact of shared featureson individual brand evaluations, Journal of Consumer Psychology, 16 April, pp101-111.

Tina Harrison, 2000, Financial Service Marketing. Prentice Hall. William Hall,More in the trolley, Tesco taking it seriously , Financial World, July/August

2009, ifs School of Finance, p 33-36.

Personal current accounts in the UK, An OFT market study, 2008, Office of Fair Trading.Available at: http://www.oft.gov.uk/shared_oft/reports/financial_products/OFT1005.pdf

(Accessed: 1st September 2009)

Appendix 1: Marketing Strategy

Ansoff Matrix

[1]Dr. Orr, 2004, New Ledger, Forbes, 1 March, pp72-73.

[2] Kotler, Keller, Brady, Goodman & Hansen, 2009, Marketing Management, Pearson

Education Limited 2009, England, pp334.

[3]J.C. Anderson & J.A. Narus, 1995, Capturing the Value of Supplementary Service, HarvardBusiness Review, January-February, pp75-83.

[4]A. Ries and J. Trout, 2000, Positioning: The Battle for Your Mind, 20th

Anniversary Edition,

New York: McGraw-Hill.

[5]T.A. Brunner & M. Wnke, 2006, The reduced and enhanced impact of shared features onindividual brand evaluations, Journal of Consumer Psychology, 16 April, pp101-111.

[6] Bernard H. Booms and Mary J. Bitner, 1981, Marketing Strategies and Organization

Structures for Service Firms, in J.H. Donnelly and W.R. George, Marketing of Services,

Chicago: American Marketing Association, pp47-51.

[7]Adrian Palmer, 2008, Principles of Services Marketing, 5th

Edition, McGraw-Hill Education(UK) Limited, United Kingdom, pp420-421.

[8]Michael D. Hartline & O. C. Ferrell, 1996, The Management of Customer Contact Service

Employees, Journal of Marketing, 60, no.4, October 1996, pp.52-70.
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[9]Shostack, G.L., 1982, How to design a service, European Journal of Marketing, 16(1), pp49-

63.

1. Market Penetration

The market penetration strategy is implemented when an organization seeks to increase marketshare of its current products/services. This strategy is the least risky as the organization is alreadyequipped with the experiences, capabilities and resources to market and support its

products/services. If the market is a high growth market, simply maintaining market share would

suffice. However, as the market reaches the saturation stage, a new strategy must be

implemented. HSBC is able to use this strategy to gain market share from competitors that

have lost confidence in banks that have failed in the recent sub-prime mortgage crisis.

2. Product Development

The product development strategy requires the organisation to develop new products for existing

market segments. This strategy is suitable for organisations that have a good understanding oftheir customers needs and wants. Existing products/services can be used as a platform for crossselling new products tailored to a specific customer base. As with market development, product

development carries more risk than market penetration. HSBC could use this strategy by

developing a new prepaid card product that O2 has launched recently together with its

current account. The new prepaid card would signal a change in the psychology of

spending among customers and would likely portray HSBC as a more responsible financial

institution that does not just encourage people to spend.

Porters Generic

Target Scope AdvantagesLow Cost Product Uniqueness

Broad (Industry Wide) Cost Leadership Strategy Differentiation Strategy

Narrow (Market Segment) Focus Strategy (Low Cost) Focus DifferentiationStrategy

Differentiation

The differentiation strategy requires the organisation to develop products/services that are able to

deliver unique attributes valued highly by customers. Value added uniqueness of the

product/service would enable the organisation to charge a premium against competitors. By

using this strategy, the organisation would be able to charge a higher price with the knowledgethat substitutes to its products are not easily available.

According to quickmba.com, firms that have successfully implemented the differentiation

strategy usually have the following strengths:

Access to leading scientific research. Highly skilled and creative product development team.
http://cloudchronicler.net/2009/10/28/marketing-assignment-a-marketing-plan-for-hsbc-7ps/#_ftnref9http://cloudchronicler.net/2009/10/28/marketing-assignment-a-marketing-plan-for-hsbc-7ps/#_ftnref9http://cloudchronicler.net/2009/10/28/marketing-assignment-a-marketing-plan-for-hsbc-7ps/#_ftnref9


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Strong sales team with the ability to successfully communicate the perceived strengths ofthe product.

Corporate reputation for quality and innovation.The risk to this strategy is that other companies may be able to imitate the unique characteristics

of the products/services offered by the organisation and sell them at a lower cost. Additionally,other organisations that serve a smaller market niche may be able to tailor make

products/services that better cater for their respective market segments.

HSBC is able to utilise this strategy though developing and providing the new prepaid card

along with its current accounts. As the prepaid card concept was recently launched by O2,

many banks have yet to adopt it. This means that by providing prepaid cards along with its

current account, HSBC is able to gain a short term differentiation advantage.

Appendix 2

Table 1: Current Account Market Share in the United KingdomDetails Financial Institution Market Share (%) No. of Current Accounts (m)

4 Established Banks Llyods TSB 19 12.1

RBSG 17 10.8

Barclays 15 9.6

HSBC 14 8.9

Challenges HBOS 14 8.9

Abbey 6 3.8

Nationwide 5 3.2

Others 10 6.4

Total 100 64

Source: Current Accounts, Finance Intelligence, June 2008, Mintel[1]

Table 2: Market Segmentation

Major segmentation variables for consumer markets

Geographical Region First by countriesSecond by different geographical regions of theUnited Kingdom

City or metro size Under 5000; 5000-20,000; 20,000-50,000; 50,000-100,000;

100,000-250,000; 250,000-500,000; 500,000-1,000,000;

1,000,000-4,000,000; 4,000,000 or overDensity Urban, suburban, rural

Demographic age Under 6, 6-11, 12-19, 20-34, 35-49, 50-64, 64+

Family life cycle Young, single; young married, no children; young, married,

youngest child under 6; young, married, youngest child 6 orover; older, married, with children; older, married, no children

under 18; older, single; other


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Gender Male, Female

Income Premier, Plus and Basic Accounts

Occupation Professional and technical; managers, officials and proprietors;

clerical sales; craftspeople; forepersons; operatives; farmers;retired; students; homemakers; unemployed

Education Grade school or less; some high school; high school graduate;some college; college graduate

Generation Baby boomers, Generation X, Generation Y

Social class Lower lowers, upper lowers, working class, middle class, upper

middles, lower uppers, upper uppers

Table 3: The cost of using prepaid cards

Card Initial cardissue fee

Monthly

feeCharge for

ATM

withdrawals

Charge

for

purchases

Cost to

reload the

card

HSBC PREPAIDVisa Card 9.99 Nil (But

annual feeof 5.00

Nil Nil Free

Virgin prepaidMasterCard 9.95 Nil 2.95% 2.95% Free at postoffice or

via bank

transfer

Cash plus GoldMasterCard 4.95 4.95 99p Nil Free

TuxedoMasterCard 9.95 4.99 50p Nil 99p at post

office or

free viabank

transfer

The BREAD cardMaestro 10.00 Nil 1.50 2.00% Free at post

office

OptimumMasterCard 9.95 4.95 1.50 Nil Free at post

office or

via banktransfer

Splash PlasticMaestro 5.00 Nil (But

4.95

annual fee)

1.50 (plus

2% for

withdrawalsover 50

2.5% 30p per

100

loaded atpost office

Appendix 3: Brief for Advertising Agency

Enclosed here are the main guidelines for the advertisement brief:

The Product:


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The new current account package would include the HSBCs Financial Manager and the HSBCs

Budget Manager prepaid card. Both cards would include the following benefits:

Preloaded with 10 after the customer pays the initial card issue fee The Financial Manager is a way to manage a monthly budget by transferring your

spending money from your bank account onto the card. It has an annual load limit of15,000. The Budget Manager on the other hand has a smaller annual load limit of

2,000

Fee-free while offering the same flexibility as a credit or debit card Real Time Balance Alerts Online Banking Optional Savings Account

Target Market:

The Financial Manager prepaid card would be targeted and customers with a higher net worth

while the Budget Manager would be targeted at individuals with lower net worth. Ideally, theBudget Manager would also target individuals that have trouble getting qualified for credit cards

due to the lack of permanent income (students, etc.). Both prepaid cards should be seen as an

essential tool to help manage finances during the current economic recession happening in the

UK.

Advertising Objectives:

1. To raise consumer confidence towards HSBC as a responsible and secure financialinstitution.

2. To change the perspective of the public towards HSBC that has been previously tarnishedby the turmoil happening in the financial world.3. To increase the awareness of the public towards a new method to manage their financesand keep themselves away from debt.

4. To create the image of HSBC as a local bank with global knowledge by introducing asolution to the domestic problems in UK.

Form of Communication:

Above the line promotion:

Press advertisementshalf a page advertisement in the national newspapers with insertedbrochures

Advertisement in certain magazines (Newsweek, the Economists)Below the line promotion

Brochures and posters for UK branch network Advertisement on the HSBC website Billboard advertisements on some of the main roads


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Press releasesAdvertising Requirements:

All promotional material should use the colour and font that matches with

HSBC. Advertisements should portray the new current account to be beneficial to customersas a tool to manage their finances in difficult times. Promotional material should bereviewed at least 3 months before their actual presentation to the public. A copy of the Gantt

chart (that relates only to the promotional materials) should be given to the advertising

company.

Appendix 4: Brief for Internal Circulation among Staffs

A note concerning the new current account package offered by HSBC should be circulated

internally in order to inform all employees of HSBC of the organisations plan in the coming

future. This note is important to help foster a company culture that encourages employee

participation and the alignment of interests among all internal stakeholders in HSBC. The noteshould include:

The marketing objectives of the new current account packageThe marketing objectives include the targeted gain in market share after the launch of the newcurrent account package together with the expected increase in profitability from maintaining

current accounts. The new current account package also aims at rebuilding consumer confidence

towards HSBC by portraying the bank as a responsible and socially conscious financial

institution.

The new current account package also aims and building up HSBCs corporate image andbranding theme of being global bank with local knowledge by introducing new products that arein line with the current economic downturn.

The new product features (the HSBC prepaid card)While the basic current account is in many ways similar to what other financial institutions haveto offer, the new prepaid card that would be included together with new current accounts should

be seen as a practical tool to manage personal finances. Being able to created standing orders

through the internet would also ensure some innovativeness as compared to other competing

prepaid cards.

The details on roughly when the launch of the new current account package wouldbe

The full Gantt chart should not be open to public viewing even for internal staffs and

stakeholders. Marketing plans should be revealed as least as possible in order to gain a shockeffect on competitors. Furthermore, revealing marketing strategies to competitors would likely

mean that they would devise ways to counter a marketing plan. However, internal staffs should


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be notified beforehand on the product and launch date so as to foster a more transparent and

unified organisation.

The hopes and expectations of the senior management towards this new currentaccount package

It is important that the senior management in HSBC show their support and communicate theirexpectations towards the new current account package. Senior management are more likely to

have the credibility necessary to enhance the level of acceptance among internal staffs. Approval

from the senior management is essential for a marketing plan to succeed.

Appendix 5: Step by Step Procedures

Enclosed here is a brief step by step guide that should be issued to front line staff in charge of

helping customers open new current accounts in HSBC.

Steps DetailsStep 1 Choose your prepaid card Finance ManagerBudget Manager

Step 2 Load up your card with cash Load your card by transferring cash from the

customers current account either through a bank

branch, ATM or the HSBC website

Step 3 Utilise your prepaid card The HSBC prepaid cards are secure chip and pin cards

that will be accepted like a normal Visa card almostanywhere in the world

Step 4 Get real time balance alerts Free balance updates would be sent to the customers

mobile device whenever he/she utilises the prepaidcard

Appendix 6: Budget Explanation

Table 4: Budget

Item Amount () Contingency

(5%)

Total ()

Product Costs

Product development (Staff wages) 10,000 500 10,500

Negotiation with telecommunications company 5,000 250 5,250

Training Costs

Personal account managers 300,000 15000 315,000Branch staff 200,000 10000 210,000

IT support staff 100,000 5000 105,000

Other staff 100,000 5000 105,000

Promotional Costs

Advertising agency 500,000 25000 525,000

Newspaper advertisements 8,000,000 400000 8,400,000


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Outdoor advertising 3,000,000 150000 3,150,000

Brochures/Posters 300,000 15000 315,000

Banks cost

Sales Promotion 1,000,000 50000 1,050,000

Webpage advertisement 5,000 250 5,250

Research costs

Research agencys fee 50,000 2500 52,500

Internal research costs 5,000 250 5,250

Total 13,575,000 678,750 14,253,750

Notes:

1. The budget does not include certain hidden costs that might be incurred when striking adeal with the telecommunications company.

2. Product development costs do not include the costs of the plastic cards to be issued byHSBC.

3. The new current account package would not require HSBC to increase its workforce asexisting staffs are able to cope with the anticipated rise in new current accounts with the

help of advance information systems.

4. Outdoor advertising includes big posters on billboards that may be extremely costly forHSBC

Objective Details Time Period

Finalising prepaid

card features

5 weeks would be needed to finalise the featuresof the new current account package (most

notably the prepaid card).

Brainstorming sessions would be conducted toensure that the features included are practical and

simple to use.

Week 37 week 41 (5

weeks ending

September2009)

Product development This process involves designing the currentaccount package.

Ways to carry out the 7Ps as effectively aspossible would be finalised during this time

interval.

The new current account package would be readyto go into the next phase as soon as inputs from

the new prepaid card are obtained.

Week 37

week 50 (14weeks ending

October 2009)

Customising

information systems

This stage involves IT programmers customisinginformation systems to suit with the new current

account package.

Most notably is the ability to set standing ordersto debit the new prepaid cards at the start of the

Week 51 42(10 weeks

ending

October 2009)


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month (as long as there are enough funds in the

customers current account).

Negotiations:

telecommunications

company

Negotiations should be carried out withprospective telecommunications company in

order to secure the free balance update to mobiledevice feature.

Week 49

week 1 (6

weeks endingJanuary 2010)

Front-line staff

training and

development

Training and development of staff that areimmediately concerned with the new current

account package.

Week 51 week 15 (17

weeks ending

April 2010)

Support staff

training and

development

Support staffs are help desks staff or any front-line personnel that are not directly dealing with

the new current account package.

Week 2

week 20 (19

weeks endingMay 2010

Notification of otherpersonnel

The brief for internal circulation would becirculated during this time interval to ensure that

all members of HSBC are aware of the newdevelopments in the organisation.

Week 51 (1week ending

December2009)

Commissioning

advertising agency

The advertising agency would be commissionedduring this stage and promotional material will

be designed by an external advertising agency.

Week 50

week 12 (15

weeks endingMarch 2010)

Pre-implementation

research

Research concerning consumer awareness andacceptance, initial market perception and

economic research would be done by external

research company commissioned by HSBC.

Week 1 week 4 (4

weeks ending

January 2010)

Promotional

materials

Design of promotional materials should be readyfor production.

Production of promotional materials by externalcompany.

Week 4

week 15 (12

weeks endingApril 2010)

Press conference A press conference to announce the rolling out ofthe new HSBC current account package.

Week 1

(ending

January 2010)Web-page

advertisement

The start of promotions through the internet. Week 2 week 17 (18

weeks ending

April 2010)

Newspaper

advertisement

The start of newspaper advertising. Week 2 week 30 (29

weeks ending


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July 2010)

Posters and

brochures

Posters and brochures should be up on bankbranches in the UK.

Week 5 week 32 (28

weeks ending

August 2010)

Launch date Launch of the new current account package. Week 18Sales promotion 8 weeks of sales promotion in HSBC.

Special counters should be set up on the firstmonth of the sales promotion.

Week 18

week 25 (8weeks ending

June 2010)

Post-implementation

research

Research conducted on market shares, consumerconfidence and customer feedback/complaints.

Week 18

week 34 (17

weeks endingAugust 2010)

Appendix 8: Brief for Research Agency

Enclosed here is a research brief that should be sent to an external research agency to ensure that

the research carried out would yield results that are relevant to HSBC.

Research Research Objectives Details

Pre-implementation

research

Consumer awareness and

acceptance Level of enquiries concerning the new


Initial market perception A level of primary data is required todetermine the initial perception of thenew prepaid card as a means to

manage personal finances.

On-going economic

research Economic conditions are currently

highly unstable and on-going

economic research is needed to

forecast where the economy in the UKis during the launch of the new current

account package.

Research duringimplementation of

marketing plan

Tracking study A tracking study should be done inorder to obtain primary data on

consumer experiences concerning the

new current account package.

The collective of individuals chosenfor the tracking study must be able torepresent the targeted market


20/26

segments.

Post-

implementation

Market share The increase of market share incurrent accounts for HSBC relative to

other major financial institutions.

Also important is to note theprofitability of current accounts using

the new prepaid card.

Consumer confidence Research needs to be conducted togauge the level of consumer

confidence after the launch of the new


This is essential as it is one of theobjectives of the marketing plan to

increase consumer confidence in

HSBC.

Customer

feedback/complaints It is equally important to obtain

customer feedback concerning the

practicality of the new prepaid cardsthat were recently issued.

Appendix 9: Contingency Plans

Scenario Possible Responses

Further deterioration

of the UK economy

The launch of the new current account package may have to bepostponed should the UK economy deteriorate at anunexpected rate.

Economic research in the pre-implementation stage should beable to point out red flags on market conditions.

Launching aggressive promotional campaigns during times ofwidespread uncertainty would be unwise as the public would

be sceptical on the credibility of new products.

Failure of product as a

tool of personal

finance

This scenario is highly unlikely as the new current accountpackage should be thoroughly examined during product

development stage.

Adding to that is the fact that other companies like O2 havealready launched their own prepaid card concept into market.

Should the product fail to generate new current accounts,additional features might have to be included to increase the

value of the package in the eyes of the customers.


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Failure of HSBC to

increase its market

share in the current

account market

The reason for the failure of HSBC to gain market share in thecurrent account market can be linked to economic or internal

reasons.

Internal reasons include the failure of staff to market the newcurrent account package.

Front-line staff may have to be retrained and new promotionalmaterials implemented in order to increase sales. Failure of gaining market share may also stem from aggressive

campaigning by competitors like O2.

Should this be the case, HSBC may have to pump in moreresources to promote the new current account concept moreeffectively.

Overwhelming success

of the prepaid card

concept

Should the new current account package achieve overwhelmingsuccess when times are bad in the UK, HSBC may want toconsider opting for the market development strategy.

Currently, China and India holds the largest markets togetherwith high national savings rate. Extending this new concept to overseas market may prove

highly profitable.

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Mindstorm

Eternity in an HourTo see a world in a grain of sand,

And a heaven in a wild flower,

Hold infinity in the palm of your hand,

And eternity in an hour.

~William Blake

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Economics: Malaysiao Bank Negara Malaysiao Department of Statisticso Economic Planning Unit
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Militaryo Federation of American Scientisto Stockholm International Peace Research Institute (SIPRI)

United Nationso United Nations Conference on Trade and Development (UNCTAD)o United Nations Development Programmeo United Nations Educational, Scientific and Cultural Organizationo United Nations Register of Conventional Armso United Nations Statistics Division (UNSD)

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