The paper "Marketing Plan: Bank of Cancer Research" is a good example of a marketing case study. The Bank of Cancer Research is a financial bank that operates as a social enterprise, which makes profits for purposes of funding pieces of research in cancer. Consumers are provided with a choice regarding who should receive the profits generated from their banking, including choosing to fund researchers in cancer or to competitors' shareholders directly. The bank’ s mission is to bring philanthropy to each one by enabling customers to donate the profits they can generate from banking services (Bank of Research 2017).
It targets banking customers who can collaborate and utilise market– based ventures to fund a social cause – in this case, cancer research. The Bank of Cancer Research is registered as a charitable trading entity that sets up financial ventures to generate profits that are then directed to funding cancer research. In Australia, the Bank of Cancer Research operates through a single branch. The company’ s growth has been relatively slow because of stiff competition from a traditional financial banking institution. Therefore, it requires an effectively planned marketing strategy focused on the provision of varied banking and financial products to its target market in Australia (Bank of Research 2017).
The planned marketing strategy will, as a result, set up a road map regarding the marketing processes involving a variety of dimensions beginning with product design and ultimately providing services to customers. Therefore, the purpose of this marketing plan is to suggest a marketing strategy for the Bank of Cancer Research allow it to expand its social enterprise activities successfully and to open up new branches and to offer new products and services to end customers. 2.0 Micro factors 2.1 SWOT analysis 2.1.1 Strengths International Finance: As Bank of Cancer Research operates using a global social enterprise model, it has great potential to raise significant capital from across the globe.
It carries high goodwill on account of its social enterprise model and its mission of achieving a social cause, rather services its profit motive. It has a huge clientele made up of the world’ s famous billionaires such as Bill and Melinda Gates and Warren Buffet. This provides it with a significant global appeal (Bank of Cancer Research 2017). 2.1.2 Weaknesses Although the Bank of Cancer Research had a global outlook, it is a latecomer in the financial sector, and its brand is still not well established in the local and global market.
It has no branches to tap into the entire Australian market effectively. This also makes it inaccessible to many potential customers who may want to seek the service of the bank. The Bank of Cancer Research has to contend with stiff competition from the well-established banks like Westpac and Commonwealth Bank, which already have a huge clientele alongside a high credibility status to Australian youth.
This implies that the Bank of Cancer Research currently has a limited share of the market, and must, therefore, position itself in the market through intense marketing strategies to increase its market share (Petzer et al. 2008). The bank also faces still competition from more than 20,000 social enterprises that currently operate in Australia (Barraket et al. 2010).