MN2306K - Assessment 2: Individual Marketing Plan for OCBC Bank

This marketing plan analyzes the Singapore banking industry, focusing on Oversea-Chinese Banking Corporation (OCBC) as a case study. It begins with an executive summary and table of contents, followed by an introduction setting the context of Singapore's financial prominence and OCBC's significance. The report includes a company and competitor analysis, identifying key rivals like DBS and UOB. It details OCBC's marketing objectives, strategy formulation using STP (Segmentation, Targeting, Positioning), and a SWOT analysis. The plan further explores branding and internal branding strategies, product and pricing management, distribution strategies, and integrated marketing communications. It examines tactics for managing the brand, product, and pricing, providing rationale for each approach. The plan concludes with implementation considerations, including the adoption of technology and diversification, and references supporting the analysis.

Marketing Strategy
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Assessment 2 – Individual Marketing Plan
Executive Summary
There are six local and almost 150 overseas banks in the banking industry of Singapore.
The competition in the industry is very high, and all the competitors strive for their position in
the domestic market as well as in the Asian Pacific Market. The banking industry of Singapore
could be categorized into two groups, one is overseas banks and the second one is local banks. In
the year 2017, the growth rate of the banking industry in Singapore was 3.9% which is estimated
to increase almost 4.8% by the end of the year 2018. Some external environment factors have
profoundly affected the banking industry of Singapore as the industry has less control over the
external factors. The implementation of technology accessible by all and diversification are the
leading factors of success for the banking industry of Singapore.

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Assessment 2 – Individual Marketing Plan
Table of Contents
Introduction.................................................................................................................................................3
Company Analysis......................................................................................................................................3
Competitor Analysis....................................................................................................................................3
Marketing Objectives & Strategy Formulation – STP.................................................................................4
Marketing Strategy Formulation – Branding & Internal Branding..............................................................6
Product Management...................................................................................................................................7
Pricing Management....................................................................................................................................8
Distribution Management............................................................................................................................9
Integrated Marketing Communications Management................................................................................10
Implementation & Control.........................................................................................................................11
References.................................................................................................................................................12
Appendices................................................................................................................................................14

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Assessment 2 – Individual Marketing Plan
Introduction
The paper will analyze the Singapore's banking industry, and Oversea Chinese Banking
Corporation (OCBC) has been considered as a brand of choice. It will develop a marketing plan
which could be implemented by the organization. Singapore is among the top financial centers in
the world due to its banking industry. The Monetary of Authority of Singapore controls the
banking industry of Singapore. Moreover, the fourth largest market of foreign exchange in the
world is in Singapore after London, New York, and Tokyo. The paper will evaluate analysis of
company and competitor's, marketing strategies and formulation of policy, formulation of
marketing strategy on branding and internal branding, product management, pricing
management, distribution marketing, marketing communication management and
implementation and control of OCBC.
Company Analysis
Overseas Chinese Banking Corporation is a public listed financial institution with its
head office in Singapore. It was formed in 1932 through the consolidation of three banks such as
the Chinese Commercial Bank Limited (1912), the Ho Hong Bank Limited (1917) and the
Overseas Chinese Bank Limited (1919). Lee Group of Companies is the largest shareholder of
this bank, in spite of being publicly listed (Awanis, 2017). Lee Kong Chian and his son Lee Seng
Wee were the chairmen of this bank in the earlier 1930s and 1990s respectively. It is recognized
to be the oldest local bank of Singapore with the assets of more than 224 billion SGD. It became
one of the largest banks in South East Asia by expanding its operations in the subsequent years.
Competitor Analysis
The top competitors of Oversea-Chinese Banking Corporation are DBS Bank, Standard
Chartered, HSBC, UOB, HSBC, Citigroup, BEA, Axis Bank, ICICI Bank, and UBS (Cheng,
Zhao & Zhou, 2016). Altogether, they have raised more than 6.8B between the estimated 812.7K
employees. It is ranked 6th among its top 10 competitors in its quarterly and annual revenue.
Considering its employment history, it is listed in 7th among its top 10 competitors. Given this, its
top 3 competitors are:

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Assessment 2 – Individual Marketing Plan
 DBS- It was founded in 1968 and has headquarters in Pathumwan in the Bangkok
province. Operating in the banking industry, it generates less revenue by $7.2B as
compared to OCBC and is one of its top competitors.
 UOB- It is the top competitor of OCBC. It was founded in 1935 and has is headquartered
in UOB Plaza 2. It generates lesser revenue in comparison to OCBC by $985.1M
 Standard Chartered- It is recognized as one of the fierce competitors of OCBC and was
founded in 1969. It has its headquarters at London in England and generates high
revenue than OCBC by 96%.
Marketing Objectives & Strategy Formulation – STP
Objectives Related To Company Analysis
The marketing objectives of OCBC are as follows:
 To set targets for the promotion of its products and services to potential
customers
 To achieve the overall goals of the bank
 To provide information about the product, increase the awareness about its
product among its targeted customers, and reduce customer resistance to purchase its
product
Marketing Strategy
OCBC has adopted an event-based marketing strategy and a people-powered content
marketing strategy. The event-based marketing strategy of the bank is determined by as
information warehouse which checks the activities of the customers in branches, call centers,
online networks, and other channels. The people-powered content marketing strategy by
FRANK, one of the brands of OCBC concentrates on exposure gain, attract new clients and give
resources to the current clients. The people-powered content marketing strategy has drawn lots of
youths especially the Millennials which is a promising group and have high buying power.
STP And Rationale Based On Marketing Strategy
OCBC has increased its overall marketing output, and the total number of its marketing
campaigns has reached 1,200 in a year, which is 12 times more than before installation of IBM
EMM (Yeung, 2017). OCBC found that the Millennials has more interest in curated posts which

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Assessment 2 – Individual Marketing Plan
are connected to financial advice, lifestyle, events, and news that are posted in the social
networking site. The content of a Facebook page of OCBC was designed to deliver information
on financial knowledge, advice on the selection of lifestyle, and social-related content to enhance
the customer engagement and observe their interests in present situations.
SWOT
Strengths Weaknesses
 OCBC Bank is the
largest bank in Singapore in terms of
market capitalization.
 It has the highest credit
rating in Singapore.
 It has a high level of
customer satisfaction and the ability to
perform well in new markets (De
Leon & Donoso, 2017).
 Regarding global
presence, it is the smallest bank in
Singapore.
 It is highly dependent
on Singapore and Malaysia.
 It has limited success
outside the core business due to which
it faced challenges in shifting to
another segment of products.
Opportunities Threats
 It has a considerable
chance of expansion in emerging
economies like India and China
through acquisitions.
 New trends in the
consumer behavior open a new market
for OCBC Bank.
 There is a growth in
retail banking and commercial
banking due to the increase in private
consumption and spending in the Far
East.
 Development of new
technologies by the competitor or
market disruptor is a significant threat.
 The bank is severely
affected because of regulatory changes
across the world.
 Due to decreasing
investments in Malaysia and
Singapore, the bank has a severe
effect.

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Assessment 2 – Individual Marketing Plan

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Assessment 2 – Individual Marketing Plan
Marketing Strategy Formulation – Branding & Internal Branding
Appropriate Objectives of Brand Management
To realize the needs of the target audience for more content related to lifestyle, FRANK
has introduced several content list, with the objective of guiding the Millennials. The making of
content marketing theory by OCBC is hugely depended on the willingness of bank in hearing
their customers and align their content with the present trends, which are popular among their
targeted audience.
Tactics for Managing the Brand
The content marketing team of OCBC has implemented the look and texture of hipster art
for the products of FRANK with the help of photography infographics, and design layout. The
bank has continued to maintain a group of an active audience on their Facebook page, which was
created on three main methods of engagement. It was found to be the most exciting theme to
their targeted audience. OCBC found that the Millennials has more interest in curated posts
which are connected to financial advice, lifestyle, events, and news that are posted in the social
networking site. The content of a Facebook page of OCBC was designed to deliver information
on financial knowledge, advice on the selection of lifestyle, and social-related content to enhance
the customer engagement and observe their interests in present situations.
Rationale for Tactical Approach
In the year 2011, OCBC had made a people-powered content marketing strategy by
hearing the demands of the customers. FRANK cards of OCBC offers more than 100 designs of
cards to the customers. The FRANK cards also help the customers to obtain discounts at
different online shipping sites. Taking the hint from the popularity of burgeoning from the
hipster culture of Singapore during the time of its launching, FRANK of OCBC has analyzed the
trends of youth's lifestyle and young professionals and consequently designed the content (Gupta
& Xia, 2018). OCBC aims to spread the information that FRANK is not only about credit cards,
and the bank wants to share stories which are appropriate to the people.

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Assessment 2 – Individual Marketing Plan
Product Management
Appropriate Objectives of Product Management
Objectives of product management
 To design excellent strategies for products offered by OCBC Bank
 To identify various marketing opportunities for services and product
 To formulate new strategies considering different stages of the product
lifecycle
 To innovate new ideas relating to new products
Tactics for Managing Product
 Knowing the market and its demand which can be done through a
comprehensive SWOT analysis or marketing mix model.
 Giving an extension to the product by offering a guarantee, warranty
services, and discounts.
 Making a regular assessment of the requirements and needs of the
customers for their satisfaction.
 Promotion of the products in a proper manner through effective sales and
advertisement.
Rationale Provided For Tactical Approach
Development of tactics for managing the products requires much time, resources and
commitment of highly experienced personnel. It helps in focusing on the relevant things and
allocation of resources to such activities resulting in huge benefits. Moreover, it should take care
of the critical issues of the product so as to strengthen the position of OCBC in the market. It
creates a forum in the development of a shared vision. It also produces an understanding of the
complex and dynamic processes among the employees, pressurizing them to deal with such
methods effectively and get success (Koh, 2018). It provides a platform for the measurement of
the performance and creates a collaborative environment. It helps to maintain a proper balance
between the expense and revenue. Further, it recognizes the effects of changing the business
environment on the bank, thereby taking adequate steps to gain a competitive advantage.

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Assessment 2 – Individual Marketing Plan
Pricing Management
Appropriate Objectives of Pricing Management
The objectives of OCBC are as follows:
 To develop an information-based and customer-focused pricing strategy of
the bank
 To in be a better position to utilize the pricing as its competitive benefit
through different segments of market and client and also the whole collection of deposit,
loan, and products and services of the transaction
Tactics for Managing Pricing
The pricing strategy of OCBC has aligned with a valuation of their products and services
by different clients. The bank has replaced their traditional pricing strategy with a holistic
information-based approach which consists of demands, behaviors, preferences, buying patterns,
and costing sensitivity of the customers. The information-based and comprehensive pricing
strategy of OCBC has created more value than the bank alone could get from reducing its
variables and fixes prices or maximize its volume. OCBC is an experienced partner of customers
in cash management, and they understand the significance of increasing the liquidity for its
businesses through its cycle of cash conversion. The bank has correct solutions for its customers
while offering current operational capital by providing efficient solutions for receivables
management or payables methods for engineering.
Rationale for Tactical Approach
OCBC has estimated S$1,000,000,000 or 4% was for its Capital Securities and will be
first callable in the year 2023 under the Programme of Global Medium Term Note. The budget
of this Programme has been estimated to be US$30. The Capital Securities has been proposed
to qualify as capital of OCBC in the Additional Tier 1 under the Monetary Authority of
Singapore (MAS) (Krishanan et al., 2016). The total profits from the Capital Securities would be
utilized for the overall business purposes of the bank.

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Assessment 2 – Individual Marketing Plan
Distribution Management
Appropriate Objectives of Distribution Management
The objectives of the distribution management in OCBC are as follows:
 To offer a variety of products and services wealth management to
customers like, products of bancassurance, deposit products, and customer loans like
home loans, car loans, personal loans, and credit cards.
 To give complete financial services to big firms, financial institutes,
government organizations, and small and medium-sized enterprises (SMEs)
Tactics for Managing Distribution
OCBC has many distribution channels to the market for its customers. The distribution
channel of the bank is a path to provide the products or services of the OCBC to its customer.
The distribution channels are branches, call centers, ATMs, online networks, portals, and net
banking (Yamaguchi, 2018). The bank has been gaining the rewards of multiple-year change in
the customer-based retail bank with the help of IBM Enterprise Marketing Management (EMM).
The event-based marketing strategy of the bank is determined by as information warehouse
which checks the activities of the customers in branches, call centers, online networks, and other
channels. That information is extracted regularly to find out the unusual action of the customer,
on the basis of a large number of fixed clients signify huge transactions, reducing the frequency
of the customer’s spending and redemption of first rewards.
Rationale for Tactical Approach
OCBC operates through different distribution channels with the expectation that the
customers can carry on their business through online or phone. It has been noticed that the
customers mostly prefer branches (Wahyudi & Azizah, 2018). OCBC has made significant
investments in the development of online services. It has led to a growth of the usage of the net
and mobile banking, as well as the ATM.

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Assessment 2 – Individual Marketing Plan
Integrated Marketing Communications Management
Appropriate Objectives of Marketing Communication Management
The objectives of OCBC are as follows:
 To understand better outcomes from its campaigns of general mass
marketing, reasons for losing opportunities of revenue and compromise its market
position in high competitive banking market of Southeast Asia
 To develop an appropriate strategy for communications in the bank in the
perspective of the client's expectations
Tactics for Managing Marketing Communication
OCBC, one of the largest banks in the market of Singapore is winning the business and
loyalty of fickle- minded clients with its personalized marketing communication strategies at
each touchpoint, which is increasing the cross-selling and creating long-term relations. The bank
has been gaining the rewards of multiple-year change in the customer-based retail bank with the
help of IBM Enterprise Marketing Management (EMM) (Lai & Tan, 2015). The bank has
transformed from general marketing into organized and personalized marketing communications
over ten channels of communications and touchpoints which consists of emails, branches, call
centers, ATMs, text messages and net banking from 3G mobile (PY Lai & Samers, 2017).
Rationale for Tactical Approach
The bank is explicitly targeting its clients on the basis of their activities, with an increase
in its main metrics by double digit and triple digit from the time when the program was
introduced in the year 2005. Return on Investment (ROI) was achieved by the bank on its
application of its IBM EMM in 18 months. The bank is also close to double-digit increment in
cross-selling with the help of marketing solutions of IBM, with its increment almost 40% for
some of its campaigns (Sinha, 2017). Moreover, the revenue of the bank has seen triple digits
increment percentage which is 417%, while the cycle of the campaign has decreased to 40%.