Marketing Plan for Assure Finance Limited: A Comprehensive Report

This report presents a comprehensive marketing plan for Assure Finance Limited, a new personal loan company. It begins with an introduction and outlines the company's mission statement, emphasizing its commitment to customer satisfaction and ethical practices. The report then details the products and services offered, including various loan options and doorstep services. A SWOT analysis is conducted to identify the company's strengths, weaknesses, opportunities, and threats. The core of the plan focuses on identifying the target market, segmenting it into non-customers, low-value customers, medium-value customers, high-value customers, and ex-customers, and understanding their specific needs. The report also explores strategies for meeting customer needs through internet banking, mobile applications, and enhanced data analytics. Finally, the report concludes with a summary of the marketing plan's feasibility and recommendations for achieving its objectives, including the importance of continuous market research and adaptation to the competitive environment. The report includes a budget planning table for the company.

Running head: MARKETING PLAN
Marketing Plan
Name of the Student:
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Table of Contents
Introduction................................................................................................................................2
Mission Statement and the Current State...................................................................................2
Products and Services................................................................................................................3
Identification of the Target Market............................................................................................4
Meeting the needs of the customers...........................................................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................9

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Introduction
Marketing plan refers to a comprehensive document which outlines the marketing
efforts of a business for the coming years. It gives a brief description of all the business
activities which are involved in the accomplishment of specific objectives within the time
period. In addition to this, it also comprises a description of the organization’s existing
marketing position, its target market and marketing mix, used for achieving the business
goals. The plan’s structure is formal yet flexible, which consists of some past data,
predictions and strategic methods for achieving the objectives (Armstrong et al., 2015).
The report throws light on a marketing plan of a new personal loan company, located
in a central area. Assure Finance Limited is a new personal loan company, which is located at
Texas. The marketing plans of the company consists of the situation analysis of the market,
budgets, action programs, financial statements and sales forecasts strategies. Furthermore, it
contains full analysis of strengths as well as weaknesses of the company.
The report highlights the marketing plan of the company along with its situational
analysis, thorough market research, target market and others. In addition to this, it consists of
a SWOT analysis of the company, in order to understand the strengths, weaknesses,
opportunities and threats of their services.
Mission Statement and the Current State
Assure Finance Limited is committed to meet all the banking needs of their
customers. Their mission is to offer value added services and products to the customers and
build strong and meaningful relationships with them, resulting in superior customer service
level. They provide unique services to their customers in a friendly environment of working.
Their services are based on retaining and hiring of the employees who works hard with

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integrity, honesty and higher standards of ethics. The major purpose of marketing plans is to
set up a specific course for the company’s marketing strategies. The marketing goals help in
aligning with the company’s objectives (Best, 2012).
For a new company like, Assure Finance, the marketing plan must emphasize on the
strategies for increasing the consumer base. The company’s goal is to improve their services
for the customers as well as the communities they live and work in. Their purpose is to make
life easier for the ordinary people and bring convenience. The company provides their
customers with instant loans at a very reasonable rate. They value their customers without
compromising on integrity and honesty. However, as the company is new, it is important to
help the business grow by setting up strong goals and implementing innovative technologies.
Moreover, improving collaboration and teamwork will also help in achieving the targets
easily (Ehrlich & Fanelli, 2012).
Products and Services
The bank offers a number of services and products to its consumers. They offer the
customers with loans at floating and reasonable interest rates. The services are government
guaranteed and their solutions include; multi family, residential construction, official, rental,
specialized industry and others. The company provides easy loan solutions which are easily
approved by seamless applications processes. Moreover, it offers the customers with doorstep
services for collecting the documents of loan application as well as their processing. There
are options of easy repayment within the tenure of twenty four months to more than sixty
months, in case of personal loans. However, the tenure for home loans is up to twenty years.
To understand the competitive advantages of the company, it is important to conduct a
SWOT analysis.

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Strengths
The company has a strong mission and goals of
providing the customers with value added
services and products. Customers are more
important to them and they do not compromise
on integrity and honesty. They offer diversified
services to the customers at their doorstep.
Moreover, the industry offers loans at reasonable
rates.
Weaknesses
The company is new and therefore, gaining a
strong customer base in the first place would be
difficult and challenging. This is the biggest
advantage for the company’s competitors. In
order to gain brand recognition, the company
needs to be more active on social networking
sites and post regular updates regarding their
services. Moreover, the company must also take
care of their marketing and promotional activities
(Hull, 2012).
Opportunities
In this competitive environment, setting up a
strong business strategy is very important. The
company can undertake differentiation strategies
in order to differentiate its products and services
from the competitors. Furthermore, it can provide
its customers with more flexible services in order
to gain a strong customer base. Feedback
machines must be installed for gathering the
opinions and views of the customers, to improve
their services (Kaplan & Mikes, 2012).
Threats
The biggest threat of the company is that it is new
to the market. Therefore, the competition is high.
Moreover, recession can pose a major threat for
the company. Thus, it needs to undertake several
strategies in order to stable its system (Hollensen,
2015).

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Identification of the Target Market
Identifying the target audience is very important and many factors are to be kept in
mind before making selections. On deciding the target market, the company needs to set an
age group of the consumers to whom they are going to serve. Moreover, they should gain an
understanding of the behavior and the forces affecting the consumer’s purchasing power. In
addition to this, the company must also keep a track of the competitive environment.
Knowing and identifying the target market is very crucial before starting a business
organization (Khan & Bhatti, 2012). The market segmentation is to be done in the following
manner;
Non Customers
The non customers are the ones who have never been in that particular bank before.
This primarily consists of the competitive banks’ customers and also the younger section of
the society, who are yet to form a banking relationship of the company. The company must
expand their banking services for targeting that segment by implementing more value added
services. However, this can be done by introducing new offers and deals for capturing the
market (Leeflang et al., 2014).
Low value customers
Low value customers comprise two groups; one is the limited income group and the
other is the one who diversifies financial products among financial institutions. For instance,
an individual might choose to save his/her money in four different banks. Therefore, the
bank’s major challenge is to convince them by offering more flexible services, in order to
stand apart from other competitive banks (McDaniel & Gates, 2012).
Medium value customers

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This group is segregated into two different segments. The first group comprises the
consumers having majority of their businesses with a particular bank and thus it limits their
potential of becoming higher valued customers. The second group comprises the people who
have financial businesses with other banks as well, due to special offers and benefits, in order
to diversify the accounts (Mitic & Kapoulas, 2012).
High value customers
They are the ones who have large deposits as well as loans with a particular bank.
They are responsible for forming the basis of the bank’s profitability. They are highly valued
and get additional benefits and services as the overall contribution is higher (Sørensen, 2012).
Ex customers
This segment mainly consists of the customers who became inactive and stopped
getting services from that particular bank. This can happen due to the competitive banking
environment. The preferences of the consumers might change anytime; therefore, the
financial institutions need to keep a track record of their behavior and attitude, so that they do
not lose customers (Weiss & Pollak, 2016).
Meeting the needs of the customers
The expectations and preferences of the customers changes, especially in banking
services. It is important to keep a track record of their behavior and changing preferences.
They prefer those banks which gives flexible services with less interest rate. However,
Assure Finance Limited can assure its customers with value added and flexible services. It
can implement new and innovative strategies for grabbing the attention of the customers.
Internet banking can help a lot in this. Now a days, applying for loans have become easier.

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Customers can get services at their doorsteps; therefore, the company needs to be more
efficient in these segments (Westwood, 2016).
For successfully accomplishing the goals and increase customer engagement, Internet
banking is the best solution. Assure Finance Limited must adapt new online technologies as
well as strategies for optimizing their online services. The websites and web pages must be
updated on a regular basis. Offering smart phone banking applications will help in providing
with necessary functionalities and security to the modern day consumers. This will be
convenient for the users as they can make payments sitting at their homes and at any time.
However, the financial institution needs to update and send text messages to their customers,
related to the services, offers or deals on a daily basis (Wu, 2012).
Moreover, alert messages can also be sent to the customers through texts for the
maximum convenience. This would help in meeting payment deadlines, preventing forgery or
frauds, wire transfers, large purchases, foreign transactions and more. Moreover, Assure
Company can also improve the customer’s digital experience by enhancing their data
analytics capabilities. In addition to this, it would also help in reducing the operation costs
and meet compliance and regulatory requirements. The bank also needs to enhance their
security and authentication as it is new in the market. Improvement in the business processes
can help in gaining a strong customer base. The customers must not face any issues regarding
the repayment of the loans. Therefore, the bank must have all the policies and procedures in a
written format signed by the authority, in order to gain the trust of the customers (Ehrlich &
Fanelli, 2012).
Particulars Amount
Office $30,000
Salesperson $7,500

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Advertising $9,000
Salaries $25,000
Employee benefits $34,000
Insurance $10,500
Interest $10,600
Maintenance and repairs $10,000
Office suppliers $9,500
Taxes $10,000
Telephone and Internet $5,400
Other utilities $6,000
Total $167,500
Figure: Budget planning of Assure Finance Limited
(Source: Created by Author)
Conclusion
To conclude, the marketing plan of the new loan company Assure Finance Limited is
feasible. However, the bank needs to be more effective and efficient in order to prepare their
strategies and compete with the existing competitors. New and innovative technologies must
be implemented. In addition to this, identifying the target audience also plays a major role in
the success of the business. Furthermore, a SWOT analysis of the bank has helped in gaining
useful insights. Identification of the threats and weaknesses are very important and actions
must be taken in accordance with that. This will help the company achieve its goals and
objectives, while benefitting the industry in a huge way. Therefore, before entering the
market the financial institution must do a thorough research of the current marketing

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strategies, competitive environment, customer’s needs and demands, trends and other
changes in the technological aspect.

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References
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction.
Pearson Education.
Best, R. (2012). Market-based management. Pearson Higher Ed.
Ehrlich, E., & Fanelli, D. (2012). The financial services marketing handbook: Tactics and
techniques that produce results (Vol. 150). John Wiley & Sons.
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
Hull, J. (2012). Risk management and financial institutions, Web Site (Vol. 733). John Wiley
& Sons.
Kaplan, R. S., & Mikes, A. (2012). Managing risks: a new framework.
Khan, S. A., & Bhatti, R. (2012). Application of social media in marketing of library and
information services: A case study from Pakistan. Webology, 9(1), 1.
Leeflang, P. S., Verhoef, P. C., Dahlström, P., & Freundt, T. (2014). Challenges and solutions
for marketing in a digital era. European management journal, 32(1), 1-12.
McDaniel, C., & Gates, R. (2012). Marketing research essentials. Wiley Global Education.
Mitic, M., & Kapoulas, A. (2012). Understanding the role of social media in bank
marketing. Marketing Intelligence & Planning, 30(7), 668-686.
Sørensen, H. E. (2012). Business development. In Palgrave Encyclopedia of Strategic
Management. Macmillan Publishers Ltd.
Weiss, A., & Pollak, S. R. (2016). Million dollar consulting: The professional's guide to
growing a practice. McGraw-Hill Education on Brilliance Audio.
Westwood, J. (2016). How to write a marketing plan. Kogan Page Publishers.