The paper "Marketing Environment of Union National Bank" is an excellent example of a case study on marketing. Union National Bank is one of the leading local banks in the UAE or the United Arab Emirates. It has its headquarters at Abu Dhabi and was established back in 1982 primarily as a public joint-stock company. The bank offers a wide variety of customized products and tailor-made services that are aimed at meeting the heightened needs of its customers which range from basic personal requirements to highly complex needs of the corporate society.
Union national bank is the only bank in the region that is jointly owned by Dubai and Abu Dhabi governments. The bank’ s electronic channels of delivery are well supported by extensive and well-coordinated banking centers that are equally spread across the entire emirates to conventional banking services to the esteemed customers. It has around 56 branches which are spread across the United Arab Emirates. Union National Bank has expanded outside the United Arab Emirates. It has branches in Egypt and takes a good share of the Egyptian Banking Sector. UNB is also present in China, Qatar and Kuwait and plans are underway to establish branches in other countries in the Middle East that will boost the shareholders' value. Marketing Environment The marketing environment is broadly defined as anything that surrounds a given company’ s marketing function and has the power to impinge on it.
The marketing environment is comprised of both micro and macro factors. The macro-environment basically describes the elements that are beyond the whose effect on the organization is not imminent while the microenvironment describes the elements that impinge an organization directly (Kaplan, 2006).
The microenvironment includes individuals and other organizations that pose a threat and affects the activity of the bank either directly or even indirectly. Some of the key microenvironment factors that affect the Union National Bank includes: - Customers – due to advancement in technology and the changing customer needs the banking industry is experiencing a transition caused by the rapid changes in the political, economic and social environment that are evident in the current world and there had been known to influence the transformation of competition in the market arena.
Union National Bank should be continuously monitoring these changes and be concerned about the changing customer requirements to be able to comfortably satisfy their heightened needs. Intermediaries: - intermediaries usually provide a very valuable link between a company and both its customers and authorized agents. Stakeholders: - Union National Bank has subsidiaries to help it reach its customers better. One of the subsidiaries is Union Brokerage Company, which is among the oldest brokerage firms in the United Arab Emirates. AI Wifaq Finance Company is another Union National Bank Subsidiary that offers financial services and products which are compliant to Shari'a to corporate clients and individual small business entities.