The Performance of the UAE Exchange - Assignment Example

Table of Contents Introduction 2 Marketing Environment 2 Strategic Direction 4 Segmentation 4 Current Product Description 5 Current Target Market 6 Marketing Opportunity 6 Proposed Product 6 Proposed Price 7 Proposed Distribution 7 Proposed Promotion Mix 7 Proposed Physical Environment 8 Proposed Process Element 8 Proposed People Element 8 Conclusion 9 References 10 Introduction UAE 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 Environment The 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 below Internal Environment: This aspect presents the manner in which internal environment will have an impact on the working and is as below Factors Influence on UAE Exchange Staff attitudes The 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. Assets This 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 numbers Participants 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’ people Organizations 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. Finance Managing finance helps to determine the manner in which the business will be financed and helps to ensure proper liquidity to finance the different projects Structure Structure 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 follows Factors Influence on the UAE Exchange Global & Local Economics The improving economy and growth rate will ensure that the economy will be able to highlight opportunities which will increase the transfers between countries Political Stability on the governmental form will ensure that the policies are implemented and will help to achieve better achievement of goals Social-Cultural The 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 things Demographic The 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 money Technological The growth in technology will ensure better equipments, skills and expertise to ensure that better developments take place Thus, 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 Direction UAE 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. Segmentation UAE Exchange has looked towards segmenting the market they are looking to tap and is based on the following fundamentals Who are they? People of all age with different products What do they buy? Transferring money from one place to another to increase the availability of funds to others When 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 transactions Why 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. Current Product Description One of the products which UAE Exchange looks to promote is the transfer of money over 30 countries over different locations. This is a segment which is slowly growing and witnessing a push. UAE Exchange looks to provide the function of transferring money through which they are able to ensure that customers are provided with a range of services based on which they will be able to ensure that customer satisfaction increases and has helped the financial sector to ensure proper liquidity within the economy. This is a sector which has grown but the major concern for UAE Exchange and needs to look towards ensuring that better services are provided at nominal rates so that more and more people look towards the services. Current Target Market The target market thereby is people of all age who are geographically spread over the entire region (Alvarez & Casielles, 2005). The prime reason for choosing the target market is that the population base is slowly growing and more and more people are beginning to use the services of transferring money. Determining the target market based on it helps to understand the manner in which UAE Exchange has been able to identify the target market and people they are looking towards targeting the different offerings. Marketing Opportunity UAE Exchange should look towards finding out the different economic factors and indicators based on which their performance can be enhanced. This will require that UAE Exchange focuses on the different aspects which will help to find out the different strategies and factors through which highlighting on the different factors will be able to increase consumer surplus. This will thereby require that UAE Exchange identify the different factors and looks towards dealing with those factors and multiplying the satisfaction level of the customers so that their satisfaction level increased and consumer surplus increases. One factor in this direction is the increase in demand of transfer of money which provides an opportunity for UAE Exchange to look into. The manner in which different insurance products are being developed and the manner in which the demand for the product is increasing presents an opportunity which can be looked at. Proposed Product UAE Exchange looks towards ensuring that the product served by UAE Exchange will ensure that customers are provided a service through which money is transferred at the quickest time at the minimum possible cost. This will ensure that the product served by UAE Exchange is of the highest quality and will ensure maximum productivity from it. Proposed Price UAE Exchange looks to price its product in a manner where they look towards charging a certain interest or nominal fees and looks towards ensuring that all the different cost are clearly highlighted. For this purpose UAE Exchange looks towards pricing their product as per the market norms so that they are able to fetch sufficient revenues for their business. Proposed Distribution UAE Exchange has to look towards hiring the best employees who can provide the required advice and direction to the people. This will also require that the use of technology is adopted so that people who are spread over different regions are also attracted towards the product. This will also require that the distribution channel looks towards working on the different parameters and ensures that the services are provided to maximum people. Proposed Promotion Mix Promotional campaign is an essential part in brand building as it is the heart and soul of the brand and being able to develop strong promotional campaign helps the product to succeed in the market (Laric & Lynagh, 2009). The promotional campaign takes into consideration different things like publications, events, news, speeches, advertisements and so on which are done with the purpose to spread awareness about the product (Duncan, 2008). UAE Exchange while looking towards developing brand awareness has to develop strategies through which they are able to market their product and create awareness among the people. This will require that UAE Exchange looks towards incorporating different elements and ensure that a strategy which uses different substance is developed so that based on it proper brand awareness campaign can be developed. This has made B UAE Exchange look different medium like television, radio, print, newspaper and so on. Proposed Physical Environment UAE Exchange will provide services both through the development of offices which have been established all around the city or using the internet where they provide customers with an opportunity to carry out the operations. UAE Exchange looks towards providing customers directly to the customer and ensure enhancement of customer satisfaction Proposed Process Element The process here should be transparent and unambiguous. UAE 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. This process will ensure that they are able to use the best possible method to ensure that customer satisfaction gets enhanced. Proposed People Element UAE Exchange has also looked towards ensuring that they look towards hiring the best people from the industry so that quality services can be provided. The company has a strong based of employees and looks towards ensuring that they are able to provide the best services and have ensured that the customers are provided with the best facilities. Conclusion UAE Exchange has to look towards developing strategies which looks toward identifying the different fundamentals so that the overall potential to establish a brand for its product can be developed. This will require working on the different parameter which will help to ensure that overall benefit is gained. This will thereby help to ensure maximum effectiveness and will help UAE Exchange to be able to create a halo effect through which the demand for their product increases. References Alvarez, B. & Casielles, R. (2005). Consumer evaluations of sales promotion: the effect on brand choice, European Journal of Marketing, 39 (1/2), pp. 54-70. UAE Exchange. (2012). UAE Exchange. Retrieved on January 4, 2012 from http://www.uaeexchange.com/ Bhattacharya, C. and Sankar, S. (2004). Doing Better at Doing Good: When, Why, and How Consumers Respond to Corporate Social Initiatives. California Management Review, 47 (1), 9-25 Duncan, Tom. (2008). Principles of Advertising & IMC, 2nd ed. New York: McGraw-Hill/Irwin Laric, V. & Lynagh, M. (2009). The New Marketing, IMC and the role of Online Promotion, Proceedings of ASBBS, ASBBS Annual Conference: Las Vegas, 16 (1) Read More