Marketing Plan For MBNA Platinum Credit Card Assignment

Marketing Plan For MBNA Platinum Credit Card - Assignment Examplecredit card market. MBNA kept subject the credit card with its own brand identity till late in 2006, but gradually, all these cards will be replaced with credit cards from Bank of America in 2007. Therefore plot of ground preparing a merchandise plan for MBNA Platinum cards we need to consider this aspect as well. MBNA mickle also offers deposits insurance products and consumer loans. The US, UK, Canada, Ireland, Spain, Mexico and China are the main operating areas for the company, employing about 26,300 people. MBNA credit cards are offered on the MasterCard, Visa and American Express networks. It offers a variety of customized credit cards endorsed for affinity programs and for programs under its own brand name. The cards include standard, gold, Platinum Plus and Quantum. While devising a marketing plan for MBNA Platinum Plus cards for the year 2007, we need to think about two broad strategiesA marketing plan for MBNA forms an integral conk out of its broader business plan implying in words and numbers how, where and to whom MBNA proposes to sell its Platinum Plus cards, outlining the companys approach in attracting potential customers to its cards and convincing them to buy. In public the components of a marketing plan may include1. 1. Terms of Reference MBNA requires a feel of the market, particularly after its jointure with Bank of America, renewed strain of ITES services from Europe, USA etc. towards countries like China and India, other cost cutting exercises to take on the competition more effectively..2. Executive Summary yr 2007 may well prove to be a very happening year for MBNA on account ofIts merger with Bank of America, and the process of completion of the merger formalities.The Platinum Plus Card will invite stiff competition from the likes of HSBC in UKUK market being very divergent will also introduce unique experience to the company. While the strengths of both MBNA a nd Bank of America give the new organisation more strengths, their weaknesses too will make matters difficult for it.MBNA ineluctably to approach the prospective customer in order to enroll the new customer and continuously nurture the customer base in order to stay on their loyalty.3. Marketing Mission and Vision Stating the founding philosophy called the mission tale and company objectives provides the target/s to be achieved by the company and forms the guiding principles while doing the business. For example MBNA UK has a strategic plan that can be summarised in nine words, Success is getting the right Customers ... and keeping them. A mission statement needs to take care of Key market, Key Contribution and Distinction of the company in selling this particular proposition.4. External Marketing Audit/ enemy Analysis Such an analysis in the marketing plan helps in explaining in detail the external challenges and opportunities a business may face in the coming year. Such an ana lysis will help in identifying the competitive strength of MBNA while taking cues from competitors strengths. Some of the top competitors of MBNA are Capital mavin Financial Corporation, Citigroup Inc., HSBC Holdings plc, JP Morgan Chase & Co, KeyCorp, Morgan Stanley, Wells Fargo & Company, Comerica Bank, Discover Financial Services, Inc. etc. HSBC for