Case-1 : Target marketing, promotion pricing and branding

A bank's product development department is planning to extend their retail product. With this objective they are designing a home loan product. This product will be offered to the existing and potential clients aged between 35 to 45 with a minimum monthly income of Tk. 60,000. The potential clients should have a stable income sources from salary or established business. The EMI amount should not exceed 40% of the monthly income. The loan will include competitive interest rate, flexible loan tenure, prepayment and moratorium facility along with easy deals for insurance coverage. To reach the target segment the time plans to use multiple communication channels like advertising on mass media and digital platforms. They also partnered with a prominent real estate company. People buying flats from the company will get easy access to the home loan product. The real estate company also incorporated the feature in their advertising. For pricing the product cost of raining fund and operational cost of running the bank was considered.

Task : As a member of product development and branding division evaluate the marketing strategy and provide recommendation for improvement.