Marketing Plan For MBNA Platinum Credit Card Assignment

Marketing Plan For MBNA Platinum Credit Card - Assignment Example credit card market. MBNA kept issuing the credit cards 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 while preparing a marketing plan for MBNA Platinum cards we need to consider this aspect as well. MBNA Corporation 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 strategies; A marketing plan for MBNA forms an integral part 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 company's approach in attracting potential customers to its cards and convincing them to buy. In general the components of a marketing plan may include: 1. 1. Terms of Reference: MBNA requires a feel of the market, particularly after its merger with Bank of America, renewed emphasis 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: Year 2007 may well prove to be a very happening year for MBNA on account of; Its 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 UK UK market being very divergent will also present unique experience to the company. While the strengths of both MBNA and Bank of America give the new organisation more strengths, their weaknesses too will make matters difficult for it. MBNA needs to approach the prospective customer in order to enroll the new customer and continuously nurture the customer base in order to retain their loyalty. 3. Marketing Mission and Vision: Stating the founding philosophy called the mission statement 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/ Competitor 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 analysis will help in identifying the competitive strength of MBNA while taking cues from competitors' strengths. Some of the top competitors of MBNA are Capital One 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