Bank of America Marketing Plan Essay

Abstract intrust of the States is a pecuniary institution, serving individual consumers, olive-sized and middle market businesses, corporations and Governments with a range of banking, investing, asset management and other financial and risk management products and run. I choose Bank of America for many a(prenominal) reasons it is brand name and good financial position largest bank in the America market and stable and growing sector in US. Through its banking and confused nonbanking subsidiaries throughout the United States and in international markets, the Company provides a range of banking and nonbanking financial services and products through five business segments Consumer & Business Banking, Consumer Real farming Services, Global Banking, Global Markets and Global Wealth & Investment Management.Bank Of America Marketing PlanCurrent SituationBank of America is a financial institution, serving individual consumers, small and middle market businesses, corporations and Gover nments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking and heterogeneous nonbanking subsidiaries throughout the United States and in international markets, the Company provides a range of banking and nonbanking financial services and products through five business segments Consumer & Business Banking, Consumer Real domain Services, Global Banking, Global Markets and Global Wealth & Investment Management. In October 2013, Bank of America Corporation announced the completion of the merger of its Merrill Lynch & Co., Inc. subsidiary into Bank of America Corporation.CompetitorsSome of Bank of America competitors are Wells Fargo, HSBC, JPMorgan, and Citigroup.Market ObjectivesMeredith Verdone, is Bank of Americas head of brand marketing. In an interview she state that the bank is trying to have more humility approach for a change. Bank of America focus is on customer needs. Bank of America has a new campaign life is better when we are connected. Message of bank of America is to be in the background and help people in their day-after-day lives.Product StrategyBank of America offers products and services to consumers and businesses. It offers checking, Savings, point of reference cards, loans, mortgages and investing options. Bank of America has competitive price based on the product and services they offer to their clients.PlaceBank of America serves its cliental worldwide. It is based locally and internationally.Promotion StrategyThe launch of the consumer campaign gave Bank of Americas retail branches, provide them with iPads and ATMs with videoconferencing capabilities as well as improvements to the banks website and mobile offerings. Bank of America claims that they see 50,000 downloads a week of its mobile app.Action ProgramsBank of America uses more human advertising and approach to its client. It wants to be involved with clients day-to-day activities. They frequently advertise on television using concrete situations with the logo life is better when we are connected.BudgetBank of Americas annual marketing budget is $2billion.Measurements SalariesThe average salary for measurements & reporting psychoanalyst bank of America jobs is $42,000. Average measurements & reporting analyst bank of America salaries can vary greatly due to company, location, industry, experience and benefits.WOT abbreviationSWOT AnalysisStrengthsWeaknessesStrong brand name and good financial positionLargest bank in the America marketStable and growing banking sector in USExcellent Service and product innovationOver 285,000 employee across the worldServes clients more than 150 countriesATM ConvenienceWeak asset positionConsumer credit rating controversiesBad MortgagesCriticized by its customers for raising interest ratesHigh staff turnoverWeak wholesale bankingOpportunitiesThreatsExpansion in other countriesDiversifying portfolios for customersGrowing credit card value f or the consumersFurther consolidation in the banking industryChanging government regulations and financial crisis like recessionsCompetition from other banksRestrictions in capital marketThe Mission Statement of Bank of AmericaOur mission is to offer lending and investment products thatServe low-and moderate-income individuals and familiesImprove underserved low- and moderate-income communitiesCreate sustainable practices for the long haul