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Marketing Plan for Lloyds TSB

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Introduction

Word count: 2499 James Noton 051543778 ACE2005 Contents 1 Marketing Communications Strategy and Objectives 2 Promotional Mix 3 Scheduling and Implementation 4 Evaluation and Control 5 Feedback Marketing Communications Strategy and Objectives Lloyds TSB bank is one of the "Big Four" banks, and historically goes back to a rash of mergers in the early 1900's. It's expansion to the present day came in 1995, in the form of two major mergers- the first with the Cheltenham and Gloucester, and then with TSB which was then the UK's fifth high street bank. The bank now has over 2000 branches. Today, the group includes other big names: Scottish Widows for investments and pensions, and Lloyds TSB Asset Finance, which has a reputation for business finance and factoring. They have also just announced the acquisition of the Goldfish credit card (and loan) business. Lloyds TSB Mission statement is "to be the best financial services company, first in the UK, then in other markets. To be a great place to work, to be a great place for our customers to do business and to generate great returns for our shareholders." Lloyds TSB reported full-year profits before tax to be �4.25bn ($8.3bn) last year, up 11% from 2005. Lloyds said 2007 will be a challenging year. It predicted slower growth in unsecured loans and increased regulation costs. A short time ago, banks such as Lloyds TSB had a reputation for ignoring customer needs. ...read more.

Middle

According to Fill every advertisement must have a message, content of the advertisement that focuses on the key benefits of the product that are important to a prospective buyer in making trial and adoption decisions. Advertising for the Lloyds accounts will have a message designed to appeal to the target consumers, middle aged individuals that will subscribe to premium credit cards, and also students and OAPs. Different messages will be sent to the three different target markets. Each target market will be informed of the appropriate beneficial services that we provide. The middle aged will be informed of the benefits that getting a credit card will bring. The students will be offered a free iPod. Old people will benefit from life insurance. The message will be simple and straight-forward. The ads will not contain any technical details. Otherwise, consumers will get too overwhelmed with the details and miss the main point. Also, it is important to keep the message short and simple so that the potential consumers, who may have limited time to read advertisements, can get the basic point about the Lloyds TSB account and its main personal benefit. The advertisement's message will be wrapped in persuasive content. Ads will have three themes in appeal: � Sex Appeal. One theme in appeal will be sex appeal. For example, a picture of an attractive male or female pulling up outside Lloyds in a stylish Porsche. Such an ad will imply that the person who uses Lloyds services will be as attractive and look as good in his or her car as the person in the ad. ...read more.

Conclusion

Scheduling and Implementation The following GANTT chart provides a graphical representation of my 2008 project schedule. Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Internet X X x x x X x X x x X x Print adverts x X X x X X x X x Billboard adverts x x x x TV adverts x x x X Sponsorship of 2008 Rugby League World Cup x X x X Sponsorship of Exhibition x X Noto Points System launched x I will now approximate my costs. TV 10 X 30 second spots, 3 peak + 7 off peak �14,600 Billboard �1800 Print 5 x 10 Hotline strips �2,500 Internet Top slot banners across The Guardian site �3,100 Sponsorship 2008 Rugby League World Cup �12,000 Total �34,000 Evaluation The evaluation of the campaign will be based on how well we reach our target market and achieve our communication objectives. First, I would analyze consumer response to the advertisements on the various media. Simply stated, I would want to see if the ads are effective enough to catch our target market's attention and interest. Second, we will be evaluating customer experience with our services. This would be accomplished through surveys at the sponsored events and through mail and telephone calls to registered account holders. In this way, we can achieve a better understanding of the effectiveness of the both the advertising and the service itself. Sources Marketing Communications: An Integrated Approach by P.R. Smith and Jonathan Taylor Marketing Communications: engagement, strategies and practice by Chris Fill Language of Advertising ebook By: Goddard, Angela http://news.bbc.co.uk/1/hi/business/6388707.stm http://209.85.129.104/search?q=cache:tUBk42AVrE4J:www.adinfo-guardian.co.uk/courses/university-2007/university-2007-lr.pdf+cost+of+a+print+advert+in+the+guardian&hl=en&ct=clnk&cd=1&gl=uk ...read more.

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