Some Tips on How to Make the Write

8/8/2019 Some Tips on How to Make the Write

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For the MM-II Assignment #1, I chose to talk to Mr. Amit Goel, (Vice President, Private Banking

,HSBC). I selected him because I wanted to understand that how the functions of marketing are

performed in a financial company and how is it different from general marketing of goods and products.The business of the organization is portfolio and wealth management, and the major products

are mutual funds, bonds, stocks, etc. The market size of this segment is around 5000-70000where most of the business is diverted to the unorganised sector. In the organised sector the

market share of HSBC is around 5-7%. Its major competitors are banks like ICICI, Standard Chartered ,etc.

What is the ONE MAJOR bottleneck that restrains the company¶s overall growth ?

(Is it Technology, Is it Production, Is it Finance, Is it Market/Consumer Resistance).Here themedium of marketing is limited and so this is the ONE MAJOR bottleneck that restrains the

company¶s overall growth.

What is Marketing ± its role, and its importance in achieving firm¶s marketing success ?(verbatim)

Marketing is very important in achieving the firm¶s marketing success because today therebusiness is customer driven niche segment .

What is the importance of / how important is ±

service orientation (very important),sales training(not as important),

market research(very important),understanding consumer behaviour and competition is very important because as this a niche

segment which focuses only a set of people with a specific needs and wants, i.e.peophaving extra income and they want trustworthy advice for its investment ,

target marketing & segmentation for effectively shaping consumer behaviour ± very important(as discussed above)

What ³target market´ and consumer ³segments´ is the company addressing ± directing the

marketing effort at?The company is focussing on individuals who have ultra high net worth income, that is, income

of Rs 4 crore and above.

Are there really different ³segments´ in the total market? Please elaborate .Yes there are different segments in the market and they can be classified into four segments-

y Retail segment- people with income of < Rs 5,00,000

y Mass segment- people with income of Rs 5,00,000-25,00,000.

y High net worth individuals- people with income of Rs 25,00,000-4 crore.

y Ultra High net worth individuals- people with income of Rs 4 crore and above.



Why do consumers buy ? What is their major motivation, and what is your differentiationcompared to other competitors?

Consumers buy because they are having extra income and they want trustworthy advice for their investment. The differentiation compared to others is the expertise, the brand name of HSBC,

ethics, motivation.

Is it that any one of the four P¶s is more important ± from among - Product, Price, Place or Promotion decisions?

Yes - Product and Price.

Are you satisfied with your firm¶s success with consumers in target market?No ±there is still some scope for improvement.

Is there a larger, stronger brand in your product category ± whom you consider your major

competitor?Yes ± Citibank, Barclays ,etc.

On a scale of 10, how does the respondent senior manager rate

a) the organisation¶s marketing and brand building effort?8

b) the listening ability of the firm (ability to predict with reasonable accuracy what are currentconsumer

requirements, and the direction and speed with which changes are taking place in the marketetc.)

6

What is / are the mechanism(s) vide which the company furthers its understanding of theConsumers / competition / market? (Be specific).

Through customer feedback and information from other financial companies.

Do you have a separate market research department in your company ? or do you use externalmarket research firms ?

We use internal market research firms of our company.

Does your firm have separate brand management teams working on separate brands ? Whom dothey report to ?

NoHow much money (budget) does your company spend on communication advertising effort for

your brands overall in an average year ?Rs 4-5 crore

How much was spent last year ? Is it that firms are spending more or less annually on brandbuilding efforts ?

Rs 3 crore .YesWill the company do better this year than previous year or not ? Main reason why ?

Yes because financial markets have become better and now there is more wealth with theconsumers.



Discuss at least one decision the firm took / or changed after obtaining a ³different´ or

³changed´ understanding of the expectations and aspirations of the consumers in target market.As per customer feedback, the firm reduced their advisory charges upto a level wherein both the

firm as well as the clients were satisfied.

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Some Tips on How to Make the Write