Marketing analysis of Emirates NBD UAE

Marketing analysis of Emirates NBD UAE
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Executive Summary
In present days competition in the banking industry are increasing due to the high demand of
the public. Emirates NBD is one of the popular banking organisations in UAE, and the
current financial position of this organisation is high, and according to secondary research
data it has been recognised that the current asset of this organisation is AED 477.5 billion.
High-quality retail banking and digital banking facility also grab the attention of many
customers’ leads to improve organisational financial profitability as well as brand image. The
overall net income of this organisation also increased in comparison to previous years, and
that is one of the major opportunities to expand the business in other foreign markets. The
mission of this banking organization is to provide solutions that help them fulfil their
financial goals of their customers. For that reason, STP analysis and overall market research
are essential to recognise the market position. It has been recorded that the organisation needs
to focus on demographic, geographic and behavioural market segment to understand the type
of customers and the behaviour of the customer to gain more competitive advantages in the
operating market.
Apart from that, the primary objectives of this baking company are to develop the overall
organisational financial performance and to recognise different policies that help to improve
the overall service quality. At the same time, higher management also wants to develop
online marketing channels for more efficient operations. Use of SMART objectives will also
help Emirates NBD to achieve its goal efficiently. Implementation of various innovative
strategies will help this organisation to grow further in domestic as well as foreign market.
Various innovative product or services such as mobile banking, use of online applications,
different cards services, and rewards also grab the attention of many customers. Moreover,
the economic condition of United Arab Emirates is high enough, and all the people of this
country lead a luxury life so that it is one of the significant opportunities for this organisation
to grow its business. More than 9000 workers currently working in this bank and the
marketing executive also implemented high-quality online marketing strategies to improve
sales volume. This company can face loss due to the entrance of new competitors in the
market for that reason implementation of different marketing tools; strategies will reduce the
chance of risk.
On the other hand, this organisation will target young people as a customer for their new
market entry, and high brand image also provides the organisation huge advantages. The
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number of loyal customers is very high so that it will be easier for this bank to promote their
services in the operating market. Offer different product type for different customers will
attract both domestic and foreign customers. This particular study generally focused on
different marketing strategies of Emirate NBD, and that is necessary to improve the overall
financial as well as organisational position leads to increase profitability. Use of these
particular marketing strategies and market research will help Emirate NBD to fulfil all the
corporate objectives efficiently.
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Table of Contents
Executive Summary...................................................................................................................2
2. Introduction............................................................................................................................5
3. Application of theory into practice........................................................................................6
(1) Marketing process and STP..................................................................................................6
(2) A critical evaluation of the marketing mix of chosen organization...................................12
(3) The role of marketing models, tools and techniques in developing new products and
effective marketing plans.........................................................................................................18
4. Conclusion and Recommendation........................................................................................26
Reference list............................................................................................................................28
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2. Introduction
Emirates NBD, the leading baking group in United Arab Emirates, was formed in 2017 when
the market shares of this banking group finally registered on the DFM (Dubai Financial
Market) (Galbraith, 2015). Details about 2007 Emirates NBD merger between National Bank
of Dubai (NBD), and Emirates Bank International (EBI) outlined the fact that the official
merger has become a regional consolidation plan for the finance and banking industry as it
combined the fourth and second leading banks in the nation (emiratesnbd.com, 2018). The
merger has been made to form a banking propaganda capable of delivering effective value
across Islamic, retail, private, corporate and investment banking throughout the region.
The bank currently has around 227 branches and approximately 1065 SDMs and ATMs in the
United Arab Emirates, overseas and one of the large social media following. This bank is the
only bank around the Middle East, which is ranked among the top twenty in the ‘Power 100
Social Media Rankings’, accumulated by The Financial Brand (emiratesnbd.com, 2018). This
is one of the major organizations in the entire UAE corporate and retail banking area that has
effective Islamic Banking, international Markets and Treasury as well as has strong hold in
Investment Banking, Asset Banking, Brokerage Operations and others. From the current
evaluation of the banking performance in the United Arab Emirates, it has been pointed out
that over 9,000 people, representing around 70 nationalities are employed by this banking
group, making this company one of the leading and culturally enriched working place in the
UAE.
Figure 1: Current profit growth of leading banks in UAE
(Source: Babu Das Augustine, 2018)
It has been found out that Emirates NBD has delivered a record number of results with total
profit growth around 29 per cent to AED 5.0 billion. Net interest income of this bank has
developed around 20 per cent y-o-y due to improvements in margins and a loan growth. The
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operating performance was also developed by a 40 per cent improvement in provisions
(emiratesnbd.com, 2018).
3. Application of theory into practice
(1) Marketing process and STP
As per the present scenario, the entry plan into international market of Emirates NBD will
initially include market process analysis and the current STP strategies. After that, this
section of the report will indulge in evaluating the future plans for the company.
Strategic marketing process analysis
The strategic marketing procedure is a deliberate series of steps to assist an organization to
recognize and reach to the set goals (Grant, 2016). After this analysis an organization will
able to discover customers’ want and develop products according to that.
Figure 2: Processes of strategic marketing planning
(Source: McDONALD, 2016)
Corporate mission of Emirates NBD
The corporate mission of Emirates NBD is “To become a service provider of value-added
management solutions and services that will ultimately add strategic value to Emirates NBD
Group in the Property Business” (emiratesnbd.com, 2018). According to the present market
activities and target of expanding business into the international market, it could be said that
this organization should invest in proving consumers’ lives simpler with financial help that
fulfil their economic aspirations. Therefore, it could be said that the new mission for this
company should be “providing solutions that help them fulfil their financial aspirations of
their consumers” (emiratesnbd.com, 2018).
Corporate objectives of Emirates NBD
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 To develop the entire financial performance in the upcoming years by investing in the
international market
 To find out effective policies that are helpful in delivering more efficient services to
global and domestic consumers
 To develop the online marketing channels and operations
Situational analysis
In the situational analysis, the 5C analysis of Emirates NBD will be held for developing
understanding regarding the effective business environment, competitors, company,
customers collaborates.
As per the present context, it could be said that this organization needs to indulge in
developing presence of their company through mobile banking, which will forgive a
connection between banks and their consumers (Steger, 2017). On the other hand, it is
necessary to understand the financial market environment and competitors’ in the global
market so that effective banking collaborations (suppliers, distributors, partners) could be
done in future while expanding the market into the global platform (Yeung and Coe, 2015).
Marketing strategies
The marketing strategies will be based on targeting the customers, setting measurable goals
and identifying a set of marketing budget (Christopher, 2016). About the Segmentation
details of Emirates NBD UAE will be discussed later in this section.
Objective 1: To develop the entire financial performance in the upcoming years by investing
in the international market
Specific To develop the financial performance of the
company within two years’ of international
market expansion
Measurable To increase the profit shares of international
market by 40% in two years.
Achievable To enhance service quality and variety to
achieve this objective.
Relevant This objective is fit with the overall
business expansion target of Emirates NBD
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UAE.
Time-bound Two years.
Table 1: SMART objectives for international growth
(Source: Created by the learner)
Objective 2: To find out effective policies that are helpful in delivering more efficient services
to global and domestic consumers
Specific To provide child plans, educational loans
and mobile banking services to the global
customers apart from the traditional banking
experiences.
Measurable Developing the banking services by 50% in
next two years.
Achievable Developing employee capabilities and skills
of investment banking department
Relevant This objective is fit with the overall
business expansion target of Emirates NBD
UAE.
Time-bound Two years.
Table 2: SMART objectives for international growth
(Source: Created by the learner)
Objective 3: To develop the online marketing channels and operations
Specific To enhance the mobile banking platforms
and online banking procedures.
Measurable To enhance the mobile banking facilities by
30% in next two years
Achievable Developing skills of the present online
banking department and online channels in
Emirates NBD UAE.
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