Marketing plan and positioning of a financial cooperative in colima, mexico

Marketing plan and positioning of a financial cooperative in Colima Mexico

1. introduction

At present, being a Student is not only developing in the academic field, or in the family, but it is also entering the labor field. As time goes by, the cost of living is higher every day, it becomes more and more necessary to have financial institutions that help to solve, to some extent, the demand for real estate that exists in our environment.

In the current era, the difference between social classes is very marked, there are families with high economic incomes, which allows them to live comfortably, on the contrary and according to information provided by INEGI, there are people who are forced, by their scarce resources, to live in much less favorable conditions, without having something essential such as decent housing.

This work refers to the lack of publicity and positioning presented by the “Del Occidente” Savings and Loan Society in the town of Colima, as well as the scope and limitations of this problem. In addition, they identify both the general and specific objectives that this project intends to achieve.

Mission

Define an adequate marketing plan for the entry and positioning of the Sociedad de Ahorro Del Occidente in the Municipality of Colima.

View

To be able to offer the market a way to promote, stimulate and systematize cooperative savings.

2. Business Philosophy

Referring to business terms, the philosophy refers to the way a company works, the communication and spirit that exists in it and the adoption of values that it tries to transmit to employees.

The Sociedad de Ahorro del Occidente was born on June 1, 2000 in the town of Villa de Álvarez, promoted by the Entrepreneur Edmundo Gómez García and 15 Associates.

In recent quarters, the company has wanted to extend its services in the municipalities of Colima, as well as towns such as Coquimatlan and Tecoman in the near future.

It is characterized by being a Social-educational Society, because it is above all a service, a work of mutual help between the partners and because we are an option for the community, to have in their hands an accessible financial instrument and without so much entanglement to be able to solve your own needs.

3. Business Evaluation

Due to the economic problems that the country presents, it is evident the need for consumers to look for means that facilitate improving their economic situation in some way. This is where the role of savings companies comes in.

However, as commented by the manager of the Savings Society, the existence of the Society El occidente, in the Municipality of Colima, goes unnoticed by most people; where they can carry out the necessary procedures for financial management, this, due to the fact that the Company has a large number of financial entities that offer the same services as the Savings Company. This problem does not appear in the offices of El Occidente in the municipality of Villa de Álvarez, since competition in that province is fair.

There is the unknown why, if in its central offices in Villa de Álvarez there is an acceptable customer attendance, in Colima the same does not happen but on the contrary, they lack enough customers.

According to the Deputy Manager of the Savings Society, a possible cause is that the consumer prefers to go to another institution of this type, to obtain the services that could be purchased at the Colima Branch.

It is here, where the investigation of the user's perception about this institution and its competitors, takes on great importance, since determining the positioning of the Sociedad de Ahorro Del Occidente, in the mind of the consumer and analyzing which are its main competitors It is then possible to develop a promotional plan that meets the profit disclosure objectives currently available to the Company.

In addition and very important, it will be possible to take an appropriate position in the mind of the consumer and with this take advantage of the competition, and that translates into benefits.

Market segmentation

Based on a market study by INEGI, the age of the people who use financial services is mostly between 25 and 40 years old. They are both married and single people, inhabitants of Villa de Álvarez and Colima, and belong to all types of social class.

Choice of Target Market

According to what was established through the surveys, it was identified that the main target market for the Society in the West is that of people of both sexes, aged between 25 and 40 years, residents in the Municipality of Colima, Villa de Álvarez and who are economically assets. According to the INEGI database we are talking about 100,000 people.

4. Service Analysis

As previously mentioned, the main service offered by this institution is to give loans to people who are able to save. So it doesn't matter that they don't have a stable salary, as long as you want to save they can be welcome.

Below I describe the types of service:

Savings accounts, also called free savings, 1. Purchase and sale of mortgage loans by themselves and by other authorized entities.

2. Family welfare loans (micro-business, car, medical expenses, studies, others)

3. Loans for the acquisition, construction, replacement and remodeling of houses, for urbanization works as well as for the release of liens.

4. School savings service, for groups of students who wish to withdraw the money with their interests at the end of the year

5. Sales Analysis

The success of the marketing of a service is closely linked to the selection, training, motivation and management of personnel. There are many examples of services that fail or succeed as a result of ineffective or effective management of your staff. The importance of people within service marketing has led to a great deal of interest in internal marketing.

This recognizes the desirability of attracting, motivating, training and retaining quality employees when executing jobs to meet individual needs.

Internal marketing is aimed at stimulating effective team behavior that will attract customers to the company, or what is commonly called Internal Training.

By recognizing the contribution that people make in acquiring and keeping customers, within the global marketing mix, the performance of the service company will be substantially improved.

A key differentiating factor for service companies is the quality of customer service. Customers are increasingly complex and demanding in their requirements and increasingly demand higher standards of service.

The customer service perspective deals with building links with customers and other markets or groups that ensure long-term, mutually beneficial relationships that reinforce the other elements of the marketing mix.

An advertising strategy of selective demand will be carried out, to achieve a greater positioning of the Sociedad de Ahorro Del Occidente in the users of financial institutions, the main motto for this advertising campaign will be:

"Del Occidente Sociedad de Ahorro for your well-being at your fingertips"

Implement a gift plan for current clients of the institution, on important dates such as their birthday.

Delivery of incentives to current clients of the institution who recommend the use of its services to another person.

Promote a plan that encourages individual child savings.

Paid advertising will be complemented with unpaid advertising, through the gift of promotional objects to our clients.

Delivery calendars reinforcing promotional theme of advertising.

Promotional advertising on television.

Advertising in the press

Radio advertising

The client who manages to involve another person with the services of the Savings Society, will be worthy of a gift provided by the institution, which will consist of three options to choose from:

to. A blender

b. An iron

c. A savings book with $ 1500.00 for your children.

This last option will help us keep current clients, as they will be committed to continuing to save and attract more clients to the institution.

30 vouchers for toys will be given away during the month of December at the Walkmart Colima store

For older people

A contest will be held in which the person who has been the most consistent in their payments and savings will be given a VTP trip to Manzanillo 3 days and two nights.

Promotional gifts such as two t-shirts, two caps, etc. will be sent to those who meet their accounts well each year.

6. Estimation of Potential Demand

"The Market is a group of people with needs to satisfy, money to spend and the will to spend it."

My potential market is all those people who do not use financial services or better still those who already have them and who know that the worst way to invest their money is in banks. My potential market will be all those who meet the characteristic of wanting to save, for example a 23-year-old adult student who still does not work but will do so in the future, I can offer my services. Speaking in numbers, the population of the municipality of Colima and Villa de Alvarez is approximately 138,535 people and these are my potential market.

7. Analysis of Competition and Strategies

As the Sociedad de Ahorro Del Occidente is new, I will begin to form market strategies to be able to compete with the competition.

In the state of Colima there are 6 savings and loan companies of which the one with the highest position is National Savings Bonds, this organization is at the federal level.

The one with the greatest growth in the state was the popular savings bank of the Pacific, but as you know, that bank has already been withdrawn due to bankruptcy. Currently the one that occupies that place is the Caja Popular La Providencia, it was founded in the municipality of Comala and the good services they offer are similar to those that the Society of the West offers. The strategy that unisap uses is to offer better returns and to have the lowest monthly interest of 1.7%, as well as to offer a bonus for being a member of that organization.

This organization is the one with the largest number of partners and well the other competition is handled in the same style. In order for me to compete, apart from the aforementioned strategy, it will be to improve the returns for every thousand that you deposit, in addition to charging a monthly interest of 1.0%, in addition, a car will be raffled every year, this will serve me as a plus and with this I will be able to have a strong presence among the boxes as well as to generate expectations with my clients.

8. Analysis of the External Environment

SWOT Analysis

Strengths:

1. Financial solvency (enough capital to face your operations)

2. Holding of several branches

3. Excellent customer service

4. Agile procedures

5. Trained staff

6. Own buildings

7. Variety of customer services

8. Higher interests than the competition in investments

9. Excellent presentation of staff

10. Advanced technology

11. Young entrepreneurs

Weaknesses:

1. Little publicity

2. Little information to clients about their services

3. Recent foundation.

4. High interest rates on loans

5. Inadequate location of some of its branches

6. Little market research conducted

Opportunities:

1. State bureaucracy (client does not like long lines and excessive paperwork)

2. State with a young population (people who are beginning to acquire their assets)

3. Commercial opening (they can be integrated into new markets outside the national one)

4. Natural disasters (repair and construction of damaged homes)

Threats:

1. Lots of competition

2. Economic crisis (investments decrease)

3. Trade openness (increased competition)

4. Decrease in the credibility of users towards financial institutions

5. Changes decreed by the government

6. Increase in publicity of the financial market (more information to the client)

7. Unemployment (investments and the ability to apply for loans decrease)

9. Statement of Objectives

Based on the SWOT analysis that I carry out, my objectives are still present since I want:

Get into the participation in the financial market of the Savings Companies. Publicize the Western Savings Society; its location and the services it offers. Keep current partners in the institution. Attract new clients through various strategies. Form a Savings Society with democracy, responsibility, equity and equality before all partners.

The previously stated objectives are classified as achievable, that is, there must be the possibility of achieving it, in case of not fulfilling them it may generate frustration and with them problems in the company, as well as lost economies.

10. Strategy Design of the Commercial Mix

Price - Place - Product - Promotion

»- Product is everything that is offered to the attention of a market for its acquisition, use or consumption and that can satisfy a need or desire; includes material objects, services, people, places, organizations and ideas.- «

(Philip Kotler)

Marketing consists of bringing the product or service that the consumer needs and wants to the precise point of sale at the appropriate price - and making it known to the consumer through different types of promotion.

These are the functions of a business that are involved in the movement of goods and services from producer to user.

The goal of the marketing executive is to bring all these components together in the most appropriate way and thus achieve maximum profit, the total of these parts for a product or service is known as its "marketing mix." This mix is different depending on the type of service offered to the customer.

The starting point for making any decision about the marketing mix depends on how the service is positioned and the market segments to be served.

The advantage of using a marketing mix structure is that it allows you to adjust the different elements to be considered; This mixture must be shaped in such a way that each of its components reinforces and supports the other parts. The concept underlying the scope of each of these elements is to use them to support each other, to reinforce product positioning, and to deliver an appropriate quality of service in order to achieve competitive advantage.

Price

"In simple terms, the price is the amount of money, or other types of useful objects, necessary to satisfy a need that is required to acquire a product."

The price does not only mean money, there are other means of payment such as "barter", which can be defined as the exchange of goods and / or services for other products.

In the case of services, the price is subject to many variables since clients do not always assign the same value to the different services, but rather consider variables such as training for the use of the service, information before obtaining the service and the quality of customer service

Square

Distribution

The ownership of a product must be transferred in some way, from the individual or organization that makes it to the consumer who needs it and buys it, this is where the channels used to provide these services intervene, which are key in the purchase decision since the consumer expects to obtain the service in an accessible place and with a conducive and pleasant environment.

The goods must also be physically transported from where they are produced to where they are needed. As for services, they generally cannot be shipped, but rather are produced and consumed in the same place.

A distribution channel is made up of people and companies who are involved in the transfer of ownership of a product, as it passes from the manufacturer to the end user.

Location is concerned with the decisions a company makes regarding where its people and operations will be located. The importance of location to a service depends on the type and degree of interaction involved.

There are different types of interaction between the service provider and the customer:

• The customer goes to the service provider

• The service provider goes to the customer

• The service provider and customer conduct business transactions at their fingertips.

When the customer has to go to the service provider, the location of the site becomes important.

When the service provider goes to the client, the location of the site becomes less important as long as it is close to the clients so that they can receive a good quality of service.

When the customer and the service organization conduct transactions at their fingertips, the location may be irrelevant.

Product

Set of tangible or intangible attributes that satisfy a specific need, thus the product is the integration of a series of visual satisfiers combined with elements of satisfaction that are not clearly perceptible but that together give the consumer the feeling of satisfaction to their needs and desires.

My product is intangible since it has no size or packaging but it does have service and quality in addition to being a durable product since it has great support. In comparison, my product can be heterogeneous, since it presents slight variations with respect to the competition.

As for the life cycle, my product when introduced, will begin to be known in the market and compete with the big ones. When it manages to move to the growth stage, it will begin to expand as well as general power a position among the population and it will also begin to invest. When it reaches maturity, it is expected to have a membership base of more than 50,000. With this it will be possible to give great returns to the partners as well as large investment and expansion projects. In terms of maturity, the product will equal or exceed 50,000 partners, with this it will be possible to establish low interest rates as well as open to new investors. The decline can occur in any of the aforementioned stages, but if so, the strategies will be changed as well as the opening to new investors for their rescue.

11. Promotion

Basically, promotion is an exercise in information, persuasion and influence, these three terms are related in what the information seeks and inversely, if a person is convinced, it is also likely that he will be informed.

Promotion adds meaning to services; It can also add tangibility and help the customer make a better evaluation of the service offering.

Service promotion comprises several main areas, which are known as the communication mix or promotion mix, and include the following elements:

• Advertisement

• Personal sales

• Sale promotion

• Public relations

• Oral communication

• Direct mail

Different factors indicate the need for promotion today, firstly, as the physical distance between the producer of the service and the consumer increases and as the number of potential customers grows, the market communication problem becomes one very significant.

Consumers make the purchase decision according to the degree of information they receive from the service provider, they want to be completely sure that the characteristics that the service offers are according to their needs.

Tactics Design

The promotional campaign is the springboard by which every company must start, regardless of the type of service it uses, it is made up of a series of promotional efforts built around a simple theme or idea and designed to achieve a predetermined goal.

Television Advertising

The promotional advertising on television will be on TEN TELEVISON (see various annexes); specifically in the evening soap operas with these I will attack the female market, at the time of the sports summary of the protagonists live, as well as on MTV in the TOP20 in order to reach the male audience.

Advertising in the press

The promotion in the written press will be in the newspapers of the "Diario de Colima" and the "Coliman", with this advertising I will be able to reach older people since they are the ones who buy the most newspapers in Colima

Radio advertising

Advertising within the radio will be carried out on two stations, namely:

“Satélite FM” and “Radio Variedades”, with the first station, intends to attack the young market since it is very popular with young people between 15 and 22 years old. The radio variety is more focused on housewives and secretaries.

Incentives to clients

The incentive is very important since it will stimulate the partner who does not retire. The partner who manages to involve another person with the services of the Savings Society, will be deserving of a gift provided by the institution, this is very important since the actions must start from within, this option will allow us to do an internal marketing and This way, new partners can be accepted.

Annexes:

Satellite fm:

Individual: $ 49.00 10 second commercial

Per package: 10 times a day would be 490 + VAT

A campaign of a week 6 spots a day and the peak days that are the mere days of advertising and the peak day 15 spots are broadcast. All this for $ 3500.0

All packages include advertising within the live programs as well as the right to a live interview.

Channel 10 ten television:

Advertising campaign $ 9000.00 includes advertising screen by Telecable, interview in live programs, commercials within the national programming 7 televisa 13 of TvAzteca on Telehit and on MTV, in addition to including headlines on the main channels.

Schedule of activities

Each activity presented in the action plans will be carried out in specific time intervals and according to the opportunity determined according to the date, this schedule aims to maintain an order in the performance of each activity.

The specific dates proposed for each of them are detailed below:

- Gift of promotional items During December 2003

- Advertising plan (TV, Radio and Press) Second semester of 2003

- Incentive plan for current clients Variable (birthday dates - 2003)

- Incentives for customer recommendation Permanent, during the second half of 2003.

- Incentive for child savings From September to December 2003

- Vouchers for toys in Walkmart store April 30, 2003

12. Budgets

The costs of advertising promotion are broken down as follows:

Advertising Cost Chart
Medium	No. Guidelines	Monthly cost	Transmission Days	Program	Semi-Annual Cost
TV	TEN TELEVISION	Package	$ 9000.00	L - V	MtvNovelasFootball	$ 54,000.00
Radio	Satellite FM	Package	$ 3500.00	L - M and V	Various	$ 21,000.0
Total cost			$ 12,500.00			$ 75,000.00

Table of customer incentive costs

Buying gifts

50 Toy Vouchers for April 30 $ 12,500.00

Savings book for adults Internal: $ 1500.00

Savings book for children: $ 500.00

Weekend at the beach 2 pers. $ 5000.00

200 Promotional T-shirts: $ 5600.00

200 Promotional caps: $ 9000.00

200 Promotional keyrings: $ 1800.00

400 Promotional calendars: $ 3400.00

Total incentive cost $ 39,300.00

Total cost

Once the advertising costs and the incentive costs for clients are determined, a grand total of the cost represented by this project is obtained, which is shown in the following table.

Total costs chart

Variable Cost

Advertising $ 75,000.00

Incentives to clients $ 39,300.00

Total Cost $ 114,300.00

The implementation of the repositioning project in the minds of the financial services consumers of the Sociedad de Ahorro del Occidente, will have an approximate total cost of: $ 114,300.00

Evaluation and Control

The only way in which it will be possible to comply with marketing strategies efficiently is by establishing control measures that allow to verify their correct development, for this it is necessary to review some basic concepts of control, supervision and evaluation.

The preventive control anticipates the possible causes of the problems since it is carried out before the occurrence of the same. This method consists of analyzing the strategies a second time for their possible correction or debugging. In the Concurrent control it is presented when the action is being carried out, with this method direct supervision is applied. Feedback is applied when an activity or strategy has been applied once it is finished, the advantages and disadvantages are analyzed, then comments are presented and used for future planning.

In order to carry out an evaluation and control I will apply some surveys in which I would realize that the investment of the money was worth it as well as the strategies used were correct. Thus, in case of seeing that there is an anomaly, I will be able to establish improvisation mechanisms as well as preventive ones, to avoid losses.

13. Conclusions

With the completion of this research we enter the field of finance as well as savings. We understood that saving is the key as well as knowing how to invest since you will obtain profits in the future. We see that competition is stiff and that banks continue to rule the market. We understood that the media are a fundamental part of Colima since people still do not forget what the JOV popular savings banks did with their savings, that uncertainty is a disadvantage for all credit institutions and it is with it that we have to compete.

With this project, the acquired knowledge was put into practice, as well as that of my colleagues who always support each other to carry out research. The greatest satisfaction will be to see this institution grow and even more so that the ideas serve to improve this organization.

14. Bibliography

1. William J, Stanton - Michael J, Etzel - Bruce S, Walker. Marketing Fundamentals, 10th. edition, Mexico 1980.

2. Adrián Payne. The essence of service marketing. Mexico, 1993.

• Manual to develop a Marketing plan

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