The director of marketing of a recently acquired trust company has to prepare a marketing plan historically, the trust company has not had marketing or sales function. The director faces some major challenges: establishing marketing's role in the trust company; Goals: The company needs to have 20 billion under administration and acquire 2% of EB's customers by 1998, while achieving a 12% ROE as soon as possible.
Vision: To be regarded as the best provider of personal trust services in Canada Mission statement: Provide high quality and trust and investment services primarily to wealthy individuals through personnel committed to highest professional standards.
The Timeline: In March 1994 the company's President began the planning process, which was to be followed in May by the beginning of the marketing planning, which was to be written in a plan and detailed budget presentation for June. The approbation will only come in November and the tactical plan was to be delivered by December.
Culture: The Company is very dependant from EB banks, which has current base in West, but is new to the market in the populous East.
Strengths: Promising potential, Support of the EB bank structure, Growing market Weaknesses: Star-up mode, no historic measure to rely on, marketing director inexperienced in the industry, changing regulation, lack of exposure in the East. The company new Director of Marketing Sylvianne Lafontaine has a background in retail apparel sales and she joined the team in 1993, she has no previous experience in planning cycle with ET and in May 1994 she felt these were the major issues: Market share: No data, from their targeting they are going after a niche, small player in terms of customers served, but not necessarily in terms of asset managed 20 billions by 198 according to mission statement. But overall if we consider that 3 trillions dollars are expected to be transfer in the next decade, 20 billions remains a small number.