Promotions Strategies
To obtain a strong position in the market, Maybank needs to give special prominence on effectual promotional activities. The existing of the product in the minds of customer can assist the bank to encourage higher demands of the products. The aspects of promotions include the ongoing activities of advertising, sales promotion, public relations, personal selling, direct mail and direct response advertising. In promotion, communication is the most important elements to spread information among the public. Maybank must have the communication objectives which are include the awareness, intentions, and preference using the communication tools. In order to get the higher market share and customer base, there are various types of communication tools that can be apply in marketing promotions such as:
- Advertising
Maybank can use the mass communication sources such broadcast media such as television, radio or regional magazine and newspaper to raise public awareness about the Premier Lady Savers. To get more intention from public, Maybank also can make different message but focus to the same objectives to make people impressed to the product. Advertising is the most effective way to reach the customers and position the product in their mind. Throughout the effective advertising, the bank will hope to get increasing of customers.
- Comparative advertising
Another communication tools that can be apply by the bank in the promotion such as comparative advertising which is compare with one or more competing brand provided by another bank or institutions. The unique and privilege of the product make it look different from another products. This tool should be applied by Maybank to attract new customers and gain intention from existing customers.
- Campaign And Corporate Social Responsibility(CSR)
The existing nor new customers who need to peer support may get the counselling session that are given by Breast Cancer Welfare Association Malaysia(BCWA) from join venture as a non-profit programme with Maybank. In this regard, Maybank indirectly involve in corporate social responsibility (CSR). From this non-profit programme, Maybank together with the BCWA can make the campaign to exposing and giving knowledge to the public especially among the women about the breast cancer and the protection, investment and saving for retirement at once Maybank can promote this Premier Lady Savers product in order to find their new customers. According to Dusuki & Dar (2005) Corporate Social Responsibilities outlines the standard of behaviour to which a firm must subscribe to impact society in a positive and a productive manner at the same time as abiding by values which exclude profit seeking at any cost. CSR is a set of management practices that ensures the company maximizes the positive impacts of its operation on society or “operating in a manner that meets and even exceeds the legal, ethical, commercial and public expectations that society has of business” (Samina, 2012). The customers always concern about the ethic, if one bank get involved in CSR, it is give a high expectation in eyes of customers in order to make people believe and confident to the product.