Kiwibank Limited is a government owned bank of New Zealand established in 2001. Kiwibank has established itself as a relatively small player targeting private individuals, families, family trusts, and self-employed as well as clients from government and non-profit organisations. Kiwibank has established over 250 branches throughout New Zealand and is attracting 500 new customers daily. To help deal with this rapid growth and successfully be profitable Kiwibank needs to implement a successful marketing plan to make a profit for the first time in 2005 and continue to be profitable. Kiwibank Limited's triennial strategic plan 2004-2007 aims to strongly position the company in the market and to help it become a large player in New Zealand's financial market.
A situation analysis was performed to analyse the type of market Kiwibank competes in and the external forces that will have significant effects on Kiwibank's operations. The industry was reviewed including the reasons Kiwibank was introduced, its competition, distribution channels and their customers.
The threats, opportunities, weaknesses and strengths (TOWS) for Kiwibank were developed using the data collected in the industry and market review. The results of the TOWS analysis were used to formulate the critical success factors for Kiwibank and the problems and opportunities were derived. This analysis displayed the current position of Kiwibank in the financial market and illustrated where it improves and the success it has already achieved.
In order to develop financial and non-financial marketing objectives the strategic position of Kiwibank was determined, including market attractiveness and competitive position. These factors were determined by using a number of tools including, Product Life Cycle, BCG and GE Matrix. Competitive Advantage using Porter's Generic Competitive Strategies Model was also analysed. This was followed by the determination of Kiwibank's target market segments. Financial and non-financial objectives were developed using the...