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Launching new financial product in emerging market: - Literature review Example

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Launching new financial product in emerging market:

Buoyed by strong economic performance and political unity, the emerging markets like Thailand, India, China, and South have become the hot spot for foreign investment (Allan and Michael, 2010). The banking systems of these countries follow the Basel II accord and this has brought standardization and improved risk minimization and risk diversification. Banks and financial institutions from the emerging markets are setting up their operations in the overseas countries. Statistics indicate that since the past 10 years, the rate at which foreign banks from developed countries set up overseas operational base increased by only 17% (Bajaj, 2001). On the other hand banks from the developing nations have increased overseas diversification by 15% in only 5 years (Benner and Sandstrom, 2012). It is estimated that at this rate the overseas diversification of the foreign banks from developing countries will come to stand at 25% (Bonaccorsi and Daraio, 2009). The research study presents the marketing plan followed by ING Group (ING) a Dutch multinational banking and financial services corporation after it acquired TMB Bank of Thailand (TMB). After acquiring TMB Bank, different types of financial products were introduced by ING group (Chiefele, 2012). TMB bank was acquired in 2007 and at that time the concept of internet banking still did not pick up pace in Thailand. This presented ING group with a unique opportunity to introduce internet banking as a new financial product in Thailand (Clark and Mathur, 2011). The research report indicates the different types of strategies like the international marketing plan, marketing planning phase, factors that ING Group considered before introducing internet banking and the incessant difficulties that came in the way. International marketing plan ING concentrated on three different market segments in order to position its products. The three different market segments are foreign tourist market, retail customers market and the commercial transactions market (Cravens, 2010). Further research conducted by ING revealed that the there are only two to three banks in Thailand that can service the needs and demands of the foreign customer. Choice of target market and its justification The foreign customers mostly relied on internet banking for conducting transactions in Thailand (Das, Quelch and Swartz, 2000). This is because of the reason that the internet banking facilities offered easy conversion of currencies and also accepted a wide range of credit cards and debit cards. Whereas most of the banks offered online facilities that could barely match the needs and demands of the foreign customers and also charged a hefty amount as transaction charge (David, 2010). The nationalized banks that offered internet banking facilities did not have any overseas accounts, so most of the time the customers either have to spend the remaining local currency or can have to convert them if they wanted to use them in their own countries (Flint, Woodruff, and Gardial, 2002). Choice of product and positioning strategy The flagship product chosen is ...Show more

Summary

Launching New Financial Product in Emerging Market Table of Contents Table of Contents 2 Introduction 4 International marketing plan 5 Choice of target market and its justification 5 Choice of product and positioning strategy 5 Positioning strategy 6 Marketing objectives 6 Product strategy 7 Promotion strategy 7 Pricing strategy 8 Marketing planning phase 8 Factors of the emerging market 10 Argument on standardization and adaptation 12 Distinguish marketing plan 13 Implementation of the plan 14 International market selection 14 International targeting strategies 15 Mode of entry 15 Marketing mix 16 Product 16 Price 16 Promotion 17 Distribution channel 17 Scheduling of marketing operations 17 …
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