Marketing Strategies for Bank AL-ALM

Question: Discuss about theMarketing Strategies for Bank AL-ALM. Answer: Marketing Strategy for AL-ALM Marketing strategies are considered to be of immense importance for any of the concerned organization as it helps in providing the desired elevation in the growth of the concerned firm. AL-ALM is one of the most recognized Fully-fledged Islamic retail bank engaged in delivering financial products to all its customers. The marketing strategies consist of several factors which should be identified in order to enhance the effectiveness of the firm (Berthon et al., 2012). These are market penetration, development of the market, identifying the strengths and weaknesses of the organization, designing of new fresh products for the clients. The management team needs to understand the desired requirements of the customers and should formulate as to enhance the efficiency of the business procedure throughout the targeted market areas. One of the best strategies to promote the products and services of the organization is the effective use of the marketing mix. It consists of four of the vital e lements such as products, price, place, and promotion. Products: Financial products, as well as services, are being offered by the firm to all the Muslim along with the Non-Muslim customers. The quality and the features of the products as compared with the other competitors need to be improved on a large scale (Armstrong et al., 2012). Prices: Differentiation should be adopted in the pricing strategy as it helps to provide the desired elevation in the work processes of the firm concerned. Place: Companys website and the online platform will help in evaluating the desired growth in the business procedure of the firm concerned. Promotion: The products offered by the bank can be effectively promoted with the help of the social media and by different types of campaigning. Some of the other means of promotion are television, radio, newspapers and distributing the leaflets and brochures. Brand Building Strategy for Al-ALM In order to develop the desired brand image of the firm, the most important is to deliver superior quality of products as well as services to all of the customers. Innovation in the services and the products will help in attracting the attention of the clients (Leonidou et al., 2013). Moreover, in order to develop the brand image, it is important to develop a trust in the eyes of the customers. Moreover, the concepts of Segmentation, Targeting, and Positioning needs to be evaluated as it increases the efficiency of the firm. Effectual communicational strategies help in providing satisfaction to the customers and improve the overall performance of the firm. Implementation of the multi-channel tools increases the will power of the customers to go and purchase produces from them. On the other hand, quick implementation of the respective economic scale is significant as it provides the preferred elevation in the growth of the firm. The corporate communication strategies have supposed to provide satisfactory services to the respective customers and this plays the major role in enhancing the brand image of the firm (Rustogi et al., 2014). Identification of the issues which sometimes comes while executing the business procedures needs to be removed and effective marketing strategies will increase the brand reputation throughout the concerned market areas. References Armstrong, G., Kotler, P., Harker, M., Brennan, R. (2012).Marketing: an introduction. Pearson Prentice-Hall, London. Berthon, P. R., Pitt, L. F., Plangger, K., Shapiro, D. (2012). Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy.Business horizons,55(3), 261-271. Leonidou, L. C., Leonidou, C. N., Fotiadis, T. A., Zeriti, A. (2013). Resources and capabilities as drivers of hotel environmental marketing strategy: Implications for competitive advantage and performance.Tourism Management,35, 94-110. Rustogi, H., Washburn, J., Hanson, S., Ham, S. (2014). Yale Lift Trucks: Brand building in the business to business market.Journal of Business Cases and Applications,12, 1.