FIND THE ATTACHMENT OF THE B2B DIAGNOSTIC REPORT. Executive Summary… FIND THE ATTACHMENT OF THE B2B DIAGNOSTIC REPORT. Executive Summary The discussion around overview of the Bank South Pacific the leading and the biggest commercial bank here in Papua New Guinea and other key areas that the bank is using to continue and compete against its two main competitors the Westpac and Kina bank. ?ey factors include brief BSP Bank history, the mission the brand. Products and services the BSP bank have and the discussing around one of the main product generating more income to the organization identify, which was loan product and comparing against its two commercial rivals here they PNG are known as ?nd also the situation analysis which includes environment, market, competition and customers around the BSP bank. Then the market segmentation how they are classified under respective areas, making sure the relationship is within the business and outside is a must and the whole process of buying behaviour.?.0 Background ?.1 Company history Bank South Pacific Limited exist in 1957 in Port Moresby as the branch of the National Bank of Australasia Limited. In 1995 an association form of Papua New Guinea businesses by developing bank the first and only PNG private sector owned bank. ?ank South Pacific rebranded to become ‘BSP’ in 2008. Our shareholders include major PNG Institutions – IPBC, Nasfund, Nambawan Super, Petroleum Resources Kutubu, Credit Corporation, MVIL, PNG Teachers Savings & Loan, Comrade Trustees, and the International Finance Corporate (IFC) ?oday Bank South Pacific (or BSP) is the largest bank in Papua New Guinea, with 35 branches throughout the country and in 6 countries. BSP currently services over 650, 00 business banking customers throughout the Pacific. ?ank South Pacific rebranded to become “BSP” in 2008. Our shareholders include major PNG institutions – IPBC, Nasfund, Nambawan Super, Petroleum Resources Kutubu, Credit Corporation, MVIL, PNG Teachers Savings & Loans, Comrade Trustees, and the International Finance Corporate 1.2 Mission ?SP Banks mission is to create value for our stakeholders by delivering innovative and cost-effective financial services.BSP brand add value to sport initiatives. The main focus is the quality, excellence, leadership and the connection they have between BSP brand and the people of Community. All these values are shared by the bank. ?hen we have the loans types. BSP business lends offers short, medium, and long term financing options to meet the needs of your business. BSP always support the customer request upon whatever business loan they requested.??????2.0 Situational Analysis 2.1 Environment ?s mention earlier BSP has tremendously become one of the major player within PNG and south pacific. PNGS’s economic growth in 2021 is projected to recover at 3.5% while the global economy is project to grow at double the rate at 6% – a big turnaround from the predicted – 3.3% in 2020 when the world was hit by the covid-19 pandemic. (BSP Group CEO Robin F, May6, 2021 PNG Economy to rebound,https://www.bsp.com.pg/about-us/media-centre/news-annoucements/png-economy-to-rebound-in-2021/) ?ith PNG’s economy is expected to rebound, BSP is also looking forward to have a good finish by end of this year and full swing comes next year despite the few incidences of covid-19. One of the major drawback was also the collapse in global tourism. Growth is still expected to remain between 9% below pre-pandemic levels. ?SP community contribution is ongoing through Papua New Guinea and South Pacific. They normally support any form of groups, it can be either professional groups, organization, or other groups with the worthy causes that are important to our employees and customers The partnership with other various committees, activities and charities to those in need, promote culture unit, development plus the environment sustainability, education, sports, health and well-being. Again one of the highlight was 2018, BSP corporate social responsibility (CSR) contribution was over K8 million including sponsorship and donations as a group. ?SP chief executive officer Robin Fleming states that the company continues to invest in new technology to improve its customer services. (Robin Fleming, Augusts 29, 2019, The National paper,https://www.thenational.com.pg/bsp-keepings-investing-in-technology/). ?or instance, mobile banking was one of the new technology product, increase the mobile banking culture and reduce the customer’s cash dependency, with addition the electronic funds transfer at point of sale (Eftpos), the internet and mobile banking products all technology way forward Bank South Pacific. ?owever, our main discussion will be based on the product loan. There are different loan type that are tailor for its customers, BSP’s business lending suite offers short, medium and long term financing options to meet the needs of their business. They support from small, medium or large scale enterprise.?he loan product that is provided by BSP bank are also facilitate by other commercial banks, and other financial institution who have the same. BSP loan product has been of the key product that started when the bank existed here in Papua New Guinea.??????.3 Competition Firstly, let’s unfold what we have with Westpac bank in terms of product loan, they provide loan for either personal or business, they have secured loans. The business loan it can be either short or long term however most often it will be suitable for long term finance. The loans are tailor to the business needs. The disadvantage they do have length process, which means you provide all the requirement with the charging fees and then you submit. Once you have submitted, it will then go to the screening process vie the system before the decision is made. Same with the kina bank however in terms of repayment amount they use at least 30 percent of business income, plus 100% funding of a business’s annual insurance premium or multiple premiums that offers fixed monthly instalments over 9 months. And finally with BSP bank as sharing the same common features with other two commercial bank Westpac and Kina bank however other features may be slightly different. I would say rates are much better than other two commercial banks. Again having both personal and business loan type with BSP bank, secured loans and have 100% funding of a business loan insurance. And with the repayment schedule it is also good for the business because they have enough term in order to repay the loan bank. 2.4 Customers When looking at the customers they are the lifeline. Every knows of course that only customers create value. You can design all the products in the world, you can have all the inventory in the world, but if you don’t have a customer, you don’t have a business.” (Sueanne Carr| Jul 10, 2018|Customer Strategy). The value that B2B firms create to the customers revolves around their contribution in assisting the customers in creating value. (My MarketingDept.com 2013, Comparing B2B versus B2C Marketing, viewed on 11 Now 2013 (http://www.mymarketing.com/comparing-b2b-versus-b2c-marketing/).?ll commercial banks and other financial institution challenge among themselves in various ways by showcasing different products and services in order to attract customers. With commercials banks they normally offer a full range of services and attract customers with “one-stop” banking. And one of that product is loan which we are discussing. Looking at BSP bank they are an example of commercial bank they attract all sort of different group of customers because of their different range of products and service, rates and chargers and most importantly customer’s services. Whereas with other two commercial banks they are picking up slowing in terms of customers. I’m not saying that they don’t have a customer they do have customer’s and some a very royal them since the existing of banks, however most customers are banking with BSP because of the reasons that we have talked about earlier. In terms of loan product kina bank has tremendously are almost same with BSP why, because they have assessed and compare, and shifting from their current loan product for example by changing their rates and chargers, loan criteria and processing of their loan application. 3.0 Market Segmentation ?irstly, the existing customers can be group into different segment. The government, corporate companies including both private and public, other financial institutions and general public as whole. There are still more potential customers to join BSP, Kina & Westpac bank. With the recent announcement of Westpac doing away with the retail banking this will now move all the customers specializing in retail banking of Westpac to BSP and Kina Bank. However, the corporate once that are still currently with Westpac might also want do banking either in BSP or Kina bank this now depends on their situation.?4.0 Relationships Developing and nurturing close and long-term relationship is an important element for the business marketer. Built on trust and demonstrated performance, such as strategic partnerships require open lines of communication between multiple layers of the buying and selling organizations. This has triggered relationship management skills in business marketing (Hutt & Speh, 2013). And this is something that what most business would like to do including ways to improve their product and services. BSP and include other two commercial banks such Westpac, Kina bank all are somehow have relationship depending on whatever agreement they have made. For instance, BSP have this relationship with insurance company for their insurance product, charity other classic example and most importantly all the commercial banks and other financial institution adhere to Bank of Papua New Guinea they are in charge of regulating banking and other financial services and also foreign exchange etc. Building relationship is critical as this world lead to building competitive advantage. Strong long-term-buyer-seller relationship is hard to copy by competitors. (Tiemo, AJ. (2013). Conceptualizing customer relationship management using a descriptive approach, Journal of Emerging Trends in Economics and Management Sciences, vol.4, no.3, pp. 337-342). 5.0 Buyer Behaviour ?inally, with buyer behaviour is a process and this includes identifying what type of product and service the bank needs, searching and evaluating of the options that has been collected. Then buying process initiate and ensure post purchase behavior is listed in banks process. Cultural, social individual, and psychological factors affect all steps. BSP and other two commercial banks will ensure all this process that have discussed earlier are implemented. All Commercial banks are can be identified as customers which they can undergone the buying behaviour methology. Whereas looking at the customer perspective it will be the same. Customers will have to follow the same process however different situation or circumstance by individual, groups or professional bodies in order to start a buying activity.Conclusion To conclude, after going through a particular commercial bank BSP and knowing a product purposely loan and how their product is compared among its two other competitor Westpac and Kina bank and identifying and discuss some of the key areas that are used to sustain and improve for any business to continue survive.??????UESTIONS ?.Outline the target market of the selected B2B product – explain the relationship strategy for this specific target market, to grow the business of the selected product.2.Outline the SWOT analysis for this business.3.Develop marketing objectives for this product.?.Formulate the position strategy, for this product – outline the core competency that the business has in the industry. Formulate the possible positioning statement for this product, considering: the target market, core competencies, and reason to believe.?.Describe the product mix.6.Describe the service strategy for this product – outline the customer’s service need for this product. Detail the service strategy required to meet the customer’s service need for this product.?.Formulate a new marketing distribution channel strategy for this product.8.Formulate a corresponding pricing strategy for this product.Explain the IMC strategy for this product – Select at least two IMC tools to support thisproduct and explain the rationale of using these two tools.?0.Outline how the marketing plan will be evaluated – Outline the key performance indicator/s(KPI/s) for this product. Outline the evaluation plan against the KPI/s.Arts & HumanitiesCommunicationsMarketingSBPP 3.21209Get a plagiarism-free order today we guarantee confidentiality and a professional paper and we will meet the deadline.
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