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Báo cáo tiếng anh- Marketing mix thẻ BIDV CREDIT CARD, 9 ĐIỂM!!

Final Assignment INTRODUCTION Integrating international economy is general trend in Viet Nam. Recent years, many economic achievements we have been developing are big and important devotions in accomplishing many business policies at present. With the general development of social economy, the market of financial and banking field has widened strongly since years. The customers’s needs are being satisfied better by many new products and services. Beside the essential strengths such as saving account, traditional loan, the development of retail market has been become the potential market and estimate that can bring more profits in the future, especially in this difficult case. Joint stock of Bank for Investment and Development in Vietnam (BIDV) aim to retail nearby recently is the top importance of development strategy. However, because the products of many banking competitors are likely, it cause the severe face up about the expenditures, even some banks are trouble of selling services at a extremely loss. These put BIDV in challenge that finding where to focus and how to change to become a realy moderning retail bank. Attaching importance to simulate the trading card market is the service branch that gives customers many conveniences in payment as well as administrates their consumption. In 2012, BIDV has had many basic achievements in increasing guest market; develop new products and business strategy of card branch. In the end of 2012, BIDV cross-overed many competitors to own the monopoly authorization of issuing credit card Visa BIDV MU (brand joint ownership with Manchester United football club). As the marketing CEO of BIDV, I recognize that BIDV MU visa credit card is a distint and special item for Manchester United’s fans. There are an extremely large numbers of MU’s fans all over the world, and arcording to MU’s datas from May 2012, these are about 659 milion fans, make up 1/10 world population, a record number.
4. 4 12_093_NGUYEN THI KIM HOANG_MKT 601 _Final Assignment To create more chances for expanding card market particularly and for retail banking products of BIDV generally, I concentrate to develop card products to foreign market, prior to Russia Federation. BIDV OVERVIEW: Joint stock of Bank for Investment and Development in Vietnam (BIDV) was established in 1957, the most long-standing bank. BIDV brand formed by choice, belief of economic organizations, business and retail in approaching financial banking services, and acknowledged as one of the big banks in Vietnam by community inside and outside. In VNR500’s ranking board year 2012 of Vietnam Joint Stock Company of Report and Assessment (Vietnam report), BIDV overcome many big corporations to stand 16th in 500 corps in ranking list and become top 3 big Bank in Vietnam. BIDV concentrates in banking, insurance, security, financial investment field. At present, BIDV has 117 branches and more 551 customer service office, 1300 ATM/POS at 63 provinces/cities in Vietnam. Nonbank nets include security investment company (BSC), finance renting company, insurance investment company (BIC) with 20 branches in Vietnam… BIDV presents in Laos, Cambodia, Myanmar, Russia, Czech…, simultaneously cooperate with foreign banks comprises cooperate VID-Public bank (Malaysia partner), cooperate Laos-Viet bank (Laos partner), Viet-Russia bank-VRB, cooperate tower BIDV company (Singapore partner), cooperate management and investment BIDV – Vietnam Partners ( American partner)… It founded on 26th April 1957 under the name Bank for Construction of Vietnam. From 1981 to 1989: Under the name Bank for Investment and Construction of Vietnam From 1990 to 27/04/2012: Under the name Bank for Investment and Development of Vietnam (BIDV) From 27/04/2012 to now: Under the name Joint Stock Commercial Bank for Investment and Development of Vietnam
5. 5 12_093_NGUYEN THI KIM HOANG_MKT 601 _Final Assignment Abbreviated name: BIDV Address: BIDV Tower, 35 Hang Voi Street, Hoan Kiem District, Hanoi Website: http://bidv.com.vn Slogan: Share opportunities, Share successes The Mission: Complete s professional, effective organization and become to the modernized, international standard operation as well as coordination between business units towards product development and customer orientation aligned with international best practices. The vision: BIDV striving to become one of top 20 banks of high quality, efficiency and reputation in Southeast Asia in 2020. MARKETING MIX OF BIDV: I. Theory Marketing mix is the set of marketing tools that the firm uses to pursue it marketing objectives in the target market (Kotler, 2002). The marketing mix has an important role when determining a product or brand’s unique selling point (the unique quality that differentiates a product from its competitors). The marketing mix is classified into four broad groups known as the 4P of marketing: price, product, promotion, and place. The firm makes numerous decisions based on these four Marketing Mix variables in order to market and sell its products. PRICE The price is the amount a customer pays for the product. The price is very important as it determines the company’s profit and hence, survival. It includes of list price, discount, allowance, payment method,… PLACE It refers to providing the product at a place which is convenient for consumers to access. Place is synonymous with distribution. It relates channels, coverage, location, Inventory, transport. PROMOTION Represent all of the methods of communication that a marketer may use to provide information to different parties about the product. Promotion comprises elements such as: advertising, public relations, personal selling and sales force, PRODUCT A product is seen as an item that satisfies what a consumer needs or wants. It is a tangible good or an intangible service.
6. 6 12_093_NGUYEN THI KIM HOANG_MKT 601 _Final Assignment To introduce clearly the services of BIDV, the author will use the theory of Marketing Mix. II. Marketing mix on BIDV operation. 1. Products/Services Like other financial organization, BIDV has variety products for all customers. People are in favor of BIDV’s products, so in 2011, BIDV is top 20 best-known brands of Vietnam by the National Office of Intellectual Property of Vietnam, the Association of Intellectual Property of Vietnam in coordination with relevant Ministries and Agencies. Beside the traditional products such as saving products, loan products, remittance, trade finance…, BIDV has a modern financial products like E-banking, mobile-banking, International credit card, Insurance, asset management, derivatives… These products are classified for each category customer like individual customers, corporate customers and financial institutes.
7. 7 12_093_NGUYEN THI KIM HOANG_MKT 601 _Final Assignment Furthermore, BIDV design products fit to each customer categories like products package for big corporate with many agency in many cities like cash collection service plus demand deposit with automatic capital management service, so the customer can manage their cash flow easily and receive the interest rate higher the normal demand deposit account. Or the individual customers can get free insurance when they borrow money…. BIDV has been investing to Indochina area by putting capital into the bank in there, but almost the BIDV’s products have not exported oversea yet. If BIDV want to export its services to Indochina, BIDV has to research market fully. For the several recent years, returns from other services have been increasing, but the lending returns are major. 2. Price Price is the one of the aspects of the marketing mix, which creates sales revenue. In theory, price is really determined by the discovery of what customers perceive is the value of the product on sale. Price of the bank’s services are the interest rate (in both loan and deposit). Fee, charges, foreign exchange rate… Price of the bank’s services is affected by vary factors like regulations, competitors’ price, which market… Currently, the price of the banking services among the banks is almost the same except some of small banks have dumping. However, the banks’ pricing policy will vary according to time and circumstances, example : the bank calculate total benefits that a customer bring to the bank is up on vary services customer used, may be the bank decrease foreign exchange rate (the bank may be loss in this transaction) but increase loan interest to compensate for all transactions with the customer. So, the price policy of BIDV is flexible for each product and for each customer (group). 3. Place Place refers to the means by which your customer acquires your product. It may be the actual place like a department located on some street, and internet. So, BIDV has taking advantage of the widespread network to distribute their services to their customers and customers of the other banks. As at April 8th 2013, BIDV’s network including 117 branches, 551 transaction offices. BIDV’s ATM, POS Network total number of ATMs are 1,300 ATM and
8. 8 12_093_NGUYEN THI KIM HOANG_MKT 601 _Final Assignment 6,203POS terminals. BIDV’s ATM is linked to banknet-system with 12 other banks to increase capacities to serve customers. Along with domestic network expansion, in 2011, BIDV opened the representative office in Laos, Lao-Viet Joint Venture Bank’s branch in Atapu, the Cambodia-Vietnam Securities Joint Venture Company (CVS); BIDC’s branches in Ha Noi and Kampongcham and the Finance Company in Czech Republic. Notably, BIDV increased the chartered capital of Lao-Viet Joint venture Bank and adjusted the percentage of ownership thereof to 65%, aiming at becoming the first Vietnamese bank that owns a foreign subsidiary bank. BIDV network has developed in both quantity and quality. Besides developing the units (including branches and transaction offices), BIDV has concentrating to develop services on internet which are the 24/24, comfortable and modernized office. BIDV has actively developed software programs to extract data from units managed directly by transaction offices and savings counters to support the assessment of their operational efficiency. Meanwhile, policies on rewards and disciplines have been adopted to associate their operational performance with the pay allocation, which would act as a strong motivation for enhancing their quality and operational effectiveness. 4. Promotion Promotion is the direct way that a bank tries to reach its publics. This is performed through the five elements of the promotion mix, i.e advertising, sale promotion, personal selling, public relation, and direct marketing. The role of promotion has been redefined into managing long-term relationships with carefully selected customers. Advertising: Use the important printed media such as financial time newspaper, youth newspaper… and electronic media such as TV channels having a mass watchers, or Internet, BIDV’s website. Banners display at branches and transaction offices and billboards display outside. Leaflet distributed at branches and transaction offices. Selling promotional: BIDV has been launching many program for customer such as Reward Saving, free annual fee for Visa card,… to attract customers. Besides it, BIDV built customer policies to take care to the customers such as give gift, give a travel for customer(s)’s family. Public relation
9. 9 12_093_NGUYEN THI KIM HOANG_MKT 601 _Final Assignment Maintain the friendly image to the public. BIDV implement corporate social responsibility (CSR) programs for the sake of people with recognized contributions to the State, soldiers in remote bordering stations as well as other CSR activities such as presenting gifts to poor households, providing scholarships to poor students, financing heart surgeries for poor children… Sale Force: BIDV’s sale force is young, enthusiastic and creative staff. They are the tellers, customer relationships staff. THE CO-BRANDED CREDIT CARD BIDV – MU: In recent years, trending comsumption in super market, shopping central mall has increased speedily. Therefore, modern payment channels such as cards, online…also develop strongly. Instead of bringing amount of money, it is inconvenient, dangerous, customer just take a small and thin card which is simple to pay and also have many preferences, surplus values from bank. Grasp this consumption trend, BIDV focus on carry out products-services of modern payment card, especially international credit card. And now, BIDV is the top bank in publishing cards market with many services and products of cards. For instance, debit card with many types of this suitable with any object (Etrans card for office agent, Moving card for student, Harmony card designed according to Eastern philosophy by five basic elements metal-wood-water-fire-earth), BIDV Master Platinum credit card and BIDV Master ready debit card, BIDV Visa credit card (Visa Flexi, Visa Precious). Continuing successes of Vietnam card market, recently, BIDV officially becomes the first bank which is authorized to publish BIDV Visa MU- Manchester United international credit card. BIDV ‘s card types:
10. 10 12_093_NGUYEN THI KIM HOANG_MKT 601 _Final Assignment The BIDV – MU credit card: Manchester United is the most famous and traditional football club in England, this big brand has long and glorious history, strong finance and a big numbers of fans, Card types Card name Image Maximum credit limit Interest rate Annual fee Credit card Visa – BIDV Flexi VND 60 million 16% p.a VND 100.000 Credit card Visa -BIDV Precious VND 300 million 15% p.a VND 200.000 Credit card Visa BIDV – MU VND 300 million 15% p.a VND 400.000 Debit card Master – BIDV Ready Phụ thuộc số tiền trong tài khoản của khách hàng 15% p.a VND 100.000 Credit card Master – BIDV Platinum Preparing for Deployment VND 1 billion 15% p/a VND 1.000.000
11. 11 12_093_NGUYEN THI KIM HOANG_MKT 601 _Final Assignment standing in top rank on the world (follow the datas of international market searched by Kantar company on half June and August 2011, Manchester United has 659 milion fans on the world). In Vietnam, Manchester United is also the football club which is liked best with 26 milion fans (Kantar, 2011). BIDV-Manchester United Visa has officially issued broadly since 25/4/2013. This product confirms official cooperation and monopoly of Manchester United- a great football club with the great numbers of BIDV fans – the top commercial bank in Vietnam. BIDV expects to appear international debit card- Manchester United Visa in August 2013. Generally the uses of credit card Visa and Visa BIDV-MU particularly, customer will have special “consumption and then pay bank” preference, free interest rate payment in 45 days. This payment type is responded by high-income customers and the MU’s fans. On the occasion of MU Visa credit card appearence event from 25/4 to 26/4/2013, customer registers BIDV MU visa form will have a shirt as a souvenir of BIDV MU Visa card ( sum of 1000 ones) and attend a random number game programme to have opportunities to win many great presents such as 1 trip for 2 people to watch a live football match at England with the attendance of Manchester United, 10 trips to Hong Kong to watch live football match in Manchester United’s friendly match tour 2013-2014 and MU team uniform shirt, souvenir flag with football player’s signature……. BIDV-Manchester United Visa credit card is designed attractively with the picture of many legendary football player of MU team over periods as : Eric Cantona, Roy Kean, David Beckham, Ryan Giggs, Wayne Rooney. With enough features of credit card, one more special convenience of MU visa is that customer can be given high withdrawable money limit at 200 million VND. BIDV MU Visa credit card is accepted to pay goods at millions of places on the world and online trading on many famous web. Card owner can be completely safe because of its magnetic set-up with the chip follows EMV qualification supports secrect password security and restrain producing fake card. It is not only a useful payment card, but also BIDV-Manchester United Visa is a bridge between the Vietnam MU fans and their favorite team by many special preferences and sole for instance : 5 BIDV MU Visa credit card owners have highest payment income from 1/5 to 31/12/2013 will get 1 trip to England to watch Manchester United match at Old Trafford values more than 70 million VND
12. 12 12_093_NGUYEN THI KIM HOANG_MKT 601 _Final Assignment Card owner can have opportunities to talk to and have signature Alex Ferguson and MU football players lively as Wayne Rooney, Van Persie, Ryan Giggs,…and watch a training match of team 1. Go to Old Traford, sit on a coach and visit MU’s museum. These will be an unvaluable chances for any MU’s fans, specially in Vietnam. Attend collecting gift score programme to be with Manchester United win the Premier League championship 1 score for each 10.000 VND paid by credit card. The score will be multiplied with 5 when customer pays after one closest day in which MU win. The gift score will exchange into money at the end of programme’s period. Enjoy many special preferences from Manchester United when paying by credit card BIDV MU Visa : Deduct 10% when buying goods at Manchester United online megastore www.manutd.com. Deduct 10% MU’s fan club fee charge. Deduct 10% when buying goods at Megastore and Red Cafe at Old Traford stadium, Manchester City, United Kingdom. Deduct 20 % when making reservation for visting musium and stadium Manchester United tour, Manchester city, United Kingdom. DEFINE EXPORT STRATEGY TO RUSSIA FEDERATION I. Market Research To enter the international market in financial sector is very difficult because this is the special industry. It relates the barriers of regulation, the behavior of customers…



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