Purpose of Study
Marketing is one of the fields that have influenced me the most. I have been very keen to study this subject and I had a chance in my previous academics to study, understand and explore this subject. It is not the first time that I am involved in the preparation of the project related to marketing. I have been through the basic level of project preparation of the same subject. I feel myself lucky that I have been given a chance to explore this interesting subject. The basic purpose is off course to complete the requirement of my degree, but apart from that I will have a chance to further analyze the different marketing techniques and to analyze different models more closely. The previous study was restricted to basic marketing techniques that gave me the understating of the subject and enabled me to analyze the different aspects of marketing in a general overview. Now by working on this project I will have a chance to deeply understand and evaluate the different aspects of marketing and would be able to come up with the more authenticated results and facts of marketing techniques.
This research study will help me to explore the potential and innovation that marketing techniques can create by implementation of different techniques. Every organization requires the success and the main factor behind the success is the marketing of the products or services that the organization is offering to its customers. I have selected the banking industry to analyze the weaknesses and strengths in the marketing sector. For this purpose I will be putting my efforts together to analyze the current marketing techniques adapted by Bank Alfalah for the promotion of its very renowned product, Credit Card. There are many public and private sector banks that are operating in Pakistan.
Study of Banking Sector
Banking business is considered to be one of the very important and most sensitive businesses across the globe. It plays a very major role in the overall economy of any country. Banks are performs different function that relate to economic activities like mobilization of resources, eliminating poverty in the country, distributing and producing public finance. I would be able to study the banking sector as well which will open new gates of information and understating will be developed that will help to complete this project and also will increase my knowledge.
At the point of time Pakistan has a very well developed and mature banking system, which contains a wide range of institution that range from the central bank to commercial bank in public and private sector and specialized intuitions for specific sectors. At the time of establishment of the country in 1947, Pakistan did not have any strong banking system. But the 1st decade of 21st century proved to be very flourishing for the banking sector all across the world especially in Pakistan. It has given the chance to people to improve their living standard.
Study of Credit Card Growth
Credit cards have gained popularity in Pakistan's industry very rapidly. The growth in credit card users increased in this decade. The easy payment plans and low interest rates pushed the customers to become the user of credit cards. This increase in the user base also increased the default rate. Recently State bank of Pakistan has taken some steps to decrease the default rate and to control the frauds in this sector. Now a day after viewing different reports from government and private sector it has been found that there is a negative growth trend in the usage of credit cards in Pakistan. But still there is a room where efforts can be made to increase the customer base with a steady pace and to serve the existing customer even better.
Study of Islamic Banking
Islamic Banking and Financing services are also in operation parallel to conventional banking system. According to the Islamic Principles and rules the interest factor is eliminated from the banking system. Other instruments were introduced by the Islamic Banking system that eliminates the interest factor and are focused on profit and loss sharing. There are different Islamic Banks that are operational in Pakistan and as already mentioned there is no concept of interest in this type of Banking system, so it is obvious that credit card are not offered by these banks. By this research study I will also have a chance to compare some aspects of Islamic and conventional banking system. That would be another information gaining experience for me that will definitely help me in future.
Purpose of Research
Credit Cards are considered to be the most secured and convenient way of shopping these days. People are using credit cards and maintaining their cards according to their own convenience. In Pakistan there are several banks that are providing credit cards to its customers with numerous benefits and different promotions. Bank Alfalah is one of the leading Banks operating in Pakistan. The Bank is well known for its quality customer services. Bank Alfalah provides a range of credit card products to its valuable customers. Each product (credit card) has its own target market and the card features are designed according to that target market. The basic purpose of this research thesis is to conduct and in-depth analysis of the Marketing Strategies adapted by Bank Alfalah to promote their Credit Cards. The research will be conducted according to the fundamentals of the marketing strategies. The basic aims and objectives of the research study are as follows:
Ø To evaluate the Bank Alfalah position in Pakistan Banking industry.
Ø To evaluate the impact of Bank Alfalah's Marketing Strategies for Credit Cards in Pakistani Market.
Ø To evaluate the Marketing environment for Bank Alfalah.
Ø Critical Product (Credit Card) evaluation.
Ø Understand the Consumer Behavior related to Bank Alfalah Credit Cards.
Ø Comparison of Bank Alfalah Credit Cards with other Credit Cards offered by Banks.
Ø To evaluate the Target Market of each Banks Alfalah Credit Cards.
Ø Understanding Product Strategies adapted by Bank Alfalah.
Ø Understanding of Pricing Strategies adapted by Bank Alfalah.
Ø Evaluation of the Product life cycle stages.
Ø Evaluation of the position of Banks Alfalah Credit Cards in BCG Matrix.
Ø To evaluate the basic features that the bank is offering to its customers.
Ø To evaluate the promotions offered by Bank Alfalah to its card holders.
Ø Understanding the Pricing Strategies adapted by Bank Alfalah for the Credit Cards.
Ø To suggest Bank Alfalah for the better Marketing Strategies.
To meet the above objectives of the research project I will widely study the articles and publications related to my topics. Official Sources will be consulted and I will try to get maximum information from external as well as internal sources of Bank Alfalah. This will help me to evaluate the Marketing Strategies followed by Bank Alfalah especially for their Credit Cards.