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Essays on ANZ Student Credit Card - Current Market Conditions, Competitive Environment, SWOT Analysis, Promotional Activities, and Bank's Benefits Case Study

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The paper “ ANZ Student Credit Card - Current Market Conditions, Competitive Environment, SWOT Analysis, Promotional Activities, and Bank's Benefits” is a   cogent example case study on marketing. Student credit card is a new financial service being offered by banks in Australia for Australian and international college students. Student credit cards are considered to be useful in paying tuition and education-related fees such as books and school supplies. It is also being considered by this marketing report common debt problems facing students, particularly in paying. The Australia and New Zealand (ANZ) Banking Group (Ltd. ), which currently does not provide such service for students, plans to introduce and market a student credit card that is unique, innovative, and student-friendly.

Since the intended market is students who maybe 16 to 21 years old, the proposed product is designed to assist incoming college students in their studies. The student credit card has been designed by keeping in mind student buying behaviors and credit card usage. Thus, the strategy of putting the product in the market would implement a campaign aimed at increasing awareness about proper financial management.

About ANZ: Melbourne-based Australia and New Zealand Banking Group Ltd is one of the largest banks in Australia that offers a wide range of products and services offered to retail, small businesses, corporate, and institutional clients. In its latest financial report on September 30, 2010, ANZ said it earned US$13.9 billion in revenues and US$4.5 billion in net income (Yahoo Finance, 2011). Among its services include among many others the consumer credit cards, electronic payment products, ATM services, personal loans, transaction banking and saving products, and other financing products. The bank also provides other forms of financial transactions, such as insurance, providing working capital solutions, project financing, and more.

ANZ was founded in 1835 (Yahoo Finance, 2011). In the mortgage market, ANZ commands one of the biggest shares with Commonwealth Bank of Australia and Westpac Bank holding a combined 56 percent of the market growth in February last year. In the same month, ANZ was considered the fastest-growing major with $1.54 billion (The Adviser, 2010). The Product: ANZ Student Credit Card A student credit card is a popular financial service but it is often claimed as disadvantageous for students, who may not already be financially-capable of paying debts.

The challenge here is to market a student credit card that would make students feel smart about having one because they are educated about managing finances. With numerous student credit cards in the Australian market today, ANZ Student Credit Card will be differentiated from the others by focusing on low to zero annual fees, reasonable interest fees, and credit limit ranges. In this regard, the ANZ Student Credit Card is designed to be student-friendly with an annual fee that is waived for the first year instead of a 55-day interest-free on purchases that the competitor banks offer.

The following year or so, ANZ designed the student credit card to give a lower interest rate than offered by competitor banks. To do so, we will give a ten percent lower interest rate from 20.24 percent to 18.22 percent only. The purpose is to allow students to experience spending on their own and paying on their own when they take part-time jobs. In turn, students will be proud to have used their student cards in paying tuition fees and other school-related expenses as a symbol of independence and gaining credit credibility history.    

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