Marketing Plan for Lloyd Banking Group: An In-Depth Analysis

This report provides a comprehensive analysis of the marketing plan for the Lloyd Banking Group. It begins with an introduction to marketing and the importance of marketing plans, specifically in the context of the Lloyd Banking Group. The report outlines the bank's mission and vision statements, followed by an examination of its STP (Segmentation, Targeting, and Positioning) strategy, including geographic segmentation and mass marketing. A market audit is conducted, identifying strengths and weaknesses. The marketing mix (7Ps) is then explored, detailing the product, price, place, and promotion strategies employed by the bank. A budget breakdown is also provided, estimating costs for research and development, promotion, online marketing, and website development. The report concludes by summarizing the effectiveness of the marketing plan and referencing relevant academic sources.

MARKETING ESSENTIALS

TABLE OF CONTENT
 IntroductionIntroduction
 Importance And Value Of Marketing Plans
 Marketing plan
 Conclusion
 References

INTRODUCTION
 Marketing may be defined as a process of
creating the relationship with the customers and
to keep them satisfied in order to achieve the
objectives of the organisation effectively and
efficiently.
 Marketing plan may be defined as a blueprint
which covers the list of actions that have to be
carried out in order to advertise and market the
services of the Lloyd banking group.

Importance And Value Of Marketing
Plans
 . preparation of marketing plan of Lloyd banking group is very helpful in
satisfying the needs and wants of the customers and to select the
target market.
 Marketing plan helps efficient utilisation of resources towards
attainment of objectives of the bank

Executive summary
 Lloyd banking group is one of the most famous financial
service provider of UK.
 It provides services all around the world. The banking
group provides services such as loans, mortgage,
insurance, savings, current account, credit card, etc.

Marketing plan of Lloyd banking group
Mission statement
Mission of Lloyd banking group is to be the best
financial service provider in UK as well as in other
markets and to provide great environment to its staff
members as well as customers
Vision statement
vision of Lloyd banking group is to provide
specialised services of insurance and re-insurance so that
entire world can take risk.

STP strategy

Segmenting strategy
 Lloyd banking group uses geographic segmentation in order to segment its
customers.
 Geographic segmentation means segmenting the customers based on their
geographic location that is people of a particular area are grouped together such as
people of same state, region, country, etc.

Targeting strategy
 Lloyd banking group uses mass marketing targeting in order to target the
audience.
 Under mass targeting primarily all the people of united kingdom are
targeted regardless of their age, income and gender

Positioning strategy
 Lloyd banking group has used structured approach in order to position
its services in the mind of customers.
 Under this approach the company positions its services based on point
of parity and point of difference.

Market audit
strengths
 well established brand image
 positive perception in the mind of customers
 very strong distribution network
weaknesses
 limited success outside core businesses
 banking group is unable to tackle challenges

Marketing mix
Lloyd banking group analyses and utilises 7Ps in the organisation and to serve the
financial services in the market effectively.
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