IntroductionUAE Exchange is a global money transfer agency based in UAE and looks towards providing services by ensuring that the funds of people are tranferrred over different regions and areas. UAE Exchange has grown their business and has ensured the presence of different branches and looks towards providing 24 hours services in the form on online and telephone services. UAE Exchange looks towards offering a wide range of services and has relation with over 150 global banks which has helped them to reach over 3.5 million customers. UAE Exchange has grown over the years and has over 600 offices in 30 countries which have enabled them to get a global reach.
The exchange has been able to contribute positively towards the growth of the economy and have contributed in the financial business which has thereby ensured better growth for the business (UAE Exchange, 2012). The report thereby looks to present the different aspect of the marketing mix for UAE Exchange after looking into the marketing environment and the target market. This thereby helps to identify the key factors and the manner in which the transfer of moeny is performing and the different directions that UAE Exchange needs to work and develop so that better services are provided to the customers.
Marketing EnvironmentThe marketing analysis looks towards looking into both the internal and external factors which will help to understand the manner in which different factors will have an impact on the performance of UAE Exchange. The following has been illustrated through the table belowInternal Environment: This aspect presents the manner in which internal environment will have an impact on the working and is as belowFactorsInfluence on UAE ExchangeStaff attitudesThe attitude of the employees is important as it determines the success as being able to highlight positive attitude will improve the reputation of the business and will make it easy to implement strategies for the business.
AssetsThis helps to deliver the required objectives and having proper equipments, trainers and technology with the exchange being placed over different regions and will help to reach more customers. Participation numbersParticipants determine the manner in which services are provided and help to acquire the required funding from the government and ensure better delivery of the objectives.
Skills of the organizations’ peopleOrganizations are limited by the knowledge, experience and capability of its own people. In a financing organization this might include administrators, customers, and lenders and so on. FinanceManaging finance helps to determine the manner in which the business will be financed and helps to ensure proper liquidity to finance the different projectsStructureStructure determines whether the business is able to find out the manner in which the different hierarchy is able to work and provide efficiency within the system The external analysis is as followsFactorsInfluence on the UAE ExchangeGlobal & Local EconomicsThe improving economy and growth rate will ensure that the economy will be able to highlight opportunities which will increase the transfers between countriesPolitical Stability on the governmental form will ensure that the policies are implemented and will help to achieve better achievement of goalsSocial-CulturalThe change in culture has resulted in an increase in the use of financial services for all purpose of transferring money will look towards ensuring that more and more people look to use it for their services of different thingsDemographicThe growth in younger population will ensure more and more people look towards capturing the market as they will look towards using the services of the finance sector in transferring moneyTechnological The growth in technology will ensure better equipments, skills and expertise to ensure that better developments take placeThus, the situational analysis helps to identify the manner in which this will help to ensure that UAE Exchange is able to develop its business and ensure better opportunities in the future.
Strategic DirectionUAE Exchange has look towards promoting transparency by creating awareness among the stakeholders and the customers along with the employees who has helped to ensure that better corporate responsibility can be achieved and the business is able to meet the demand and supply that the market presents.
The fact that global money transferrer looks to safeguard the money of the consumers and ensure that the loss due to theft or other reasons are controlled and has ensured that funds are transferred from one person to the other has ensured that customers are able to receive extra and get a surplus.
There are many factors and parameters based on which a consumer feels that surplus is generated and is as follows (Bhattacharya and Sankar, 2004). This thereby presents a direction based on which UAE Exchange can perform and will help to increase the overall business and ensure that UAE Exchange is able to provide better services to its customers. SegmentationUAE Exchange has looked towards segmenting the market they are looking to tap and is based on the following fundamentalsWho are they? People of all age with different productsWhat do they buy? Transferring money from one place to another to increase the availability of funds to othersWhen do they buy it? When the need to transfer money from one place to another is required for different pusposes How do they choose? People choose the product based on the requirements like sending remittance, purchasing something or other similar transactionsWhy they prefer a product? Teenagers purchase a product they feel and look to pay to the suppliers by transferring money through this medium How they respond to a marketing program? Teenagers look for slogans or words which are catchy and flashy so that it captures their imagination.
They look towards products or services which are able to create a positive impression on them about the product and services. This has thereby ensured that UAE Exchange look towards segmenting the market based on the different products offered by them and look to tap the entire market irrespective of age and income.