Team 2- RESEARCH Brief

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Miami Dade College, Miami *

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3803

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Marketing

Date

Apr 3, 2024

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docx

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_______________________________________________ RESEARCH BRIEF BACKGROUND Originally founded to provide financial services to the immigrant population, Bank of America set itself apart by making loans to people and small enterprises that were frequently disregarded by regular banks. A.P. Giannini founded the Bank of Italy in San Francisco in 1904, and Bank of America grew out of it. Following a series of mergers, it changed its name to Bank of America in 1930. This strategic decision signaled the start of its development beyond California. Over the next few decades, Bank of America expanded by acquiring significant companies such as Merrill Lynch in 2008, therefore increasing its worldwide reach. The organization has had a significant impact on the American financial environment and has been a pioneer in implementing technology improvements. It has demonstrated its dedication to community development and corporate social responsibility via a variety of programs. Today, Bank of America is one of the world's largest financial organizations, offering a full range of banking and financial services to millions of customers. Its extensive history, characterized by invention and adaptation, makes it an appealing topic for in-depth marketing study. RESEARCH OBJECTIVES REQUESTED • Research Objectives will be further defined between team two and Bank of America with project approval, in order to develop the questionnaire or moderation guide • Bank of America wants to conduct a study to understand the following: 1. Understand what college students are expecting from a bank. 2. What are the needs and preferences of people who bank. 3. Analyze strengths and weaknesses of competitors for brand preference among the target audience. 4. What would make students bank with BofA for investing and future savings? 5. What are the current challenges or mistakes that come with banking as a student? 6. What is the student's perception towards banking services? 7. What is the awareness level of Bank of America in consumers ages 25 and under?

TARGET AUDIENCE Recognizing market dynamics and the need to fit with shifting customer tastes, our recommended marketing plan advises that Bank of America make a purposeful move from older generations to college students and younger demographics. This modification is based on the recognition that these younger cohorts represent a growing market with specific digital preferences and financial demands. The motivation for this strategy adjustment stems from the reality that college students and younger generations are digital natives who actively engage with material across several social media platforms. By targeting marketing efforts toward these channels, Bank of America may better align with their preferred forms of communication and content consumption. Furthermore, this movement recognizes the relevance of college students' life stages. Individuals in this age range face key financial decisions, such as managing student loans and establishing their first banking ties, and Bank of America's specialized advice may help create the groundwork for long- term client relationships. Addressing their individual demands at this early stage is critical to establishing trust and loyalty. TARGET MARKET (geography) South Florida and college campuses. TARGET PARTICIPANTS Screening Criteria ● Students who know about BofA ○ Business owners/entrepreneurs ○ Finance or accounting majors ○ Social media followers ○ Members who bank with them ○ Previously banked with BofA ○ College age adults who bank with other competitors ● Students who don't know about BofA ○ Foreign/international students ● Potential students who want to open an account ○ Students looking to bank TIMETABLE - Wed 2/21 - @4pm - Finalize Research Brief, Consumer Journey Map and Consumer Persona - Sun 2/25 - @11:59pm - Finalize research instruments 1) Draft of survey questionnaire - Draft of moderator guide - Wed 2/28

- @4pm - Upload Survey to Qualtrics or survey platform being used - w/o 2/26, 3/4, 3/11, 3/18 - recruit focus groups participants and send link to potential survey participants - w/o 3/4, 3/11, 3/18, 3/25 - Field Work, Data Collection, Data Analysis (close data collection for analysis by 3/29 latest) - 3/29-4/6 - Analyze data and prepare Research Findings Report (due Sun 4/7 @11:59pm) METHODOLOGY ● Quantitative surveys are the main methodology we will use to gauge our research objectives. Based on feedback from Bank of America and In person focus groups and in depth interviews will be conducted. All focus groups and interviews will be recorded and will be at least 60 minutes. SPECIFIC DELIVERABLE: Survey Questionnaire CONSUMER JOURNEY MAP There are many stages a consumer or potential client of BofA could experience when considering their service, gaining awareness, making a decision, their experience of the service and how they feel after being serviced. STAGE - Awareness “I just saw an advertisement on my phone for a bank that provides the services I am looking for.” CUSTOMER ACTION Looks more into the website and makes an effort to be in contact with BofA. This includes viewing the information on the website, in -app, on social media, and through a friend or neighbor. TOUCHPOINTS The resources available for the client to access information about the service includes traditional media, social media, website, and word of mouth. CUSTOMER EXPERIENCE Interest, motivation, curiosity, hesitation. KPIS Number of people who reached. Number of people who get serviced. Number of new accounts. BUSINESS GOALS Increase awareness. Target motivated populations who are looking to grow monetary wise. TEAMS INVOLVED Marketing, communications, customer service, bank consultant. STAGE - Decision “I have a few options to consider when it comes to me choosing who I end up investing my money towards. Before I put everything, let me start small to see how I like the service.” CUSTOMER ACTION Customer opens an account and touches base with the provider over details about the type of service they are looking to have. Including business, individual, and long term financial goals. TOUCHPOINTS In store maintains, website account tracking, mobile apps, and through the phone. CUSTOMER EXPERIENCE

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Excited, prepared, motivated, and persistent. KPIS Conversion rate and online sales. BUSINESS GOALS Increase customer rate and manage to keep them satisfied with service experience. TEAMS INVOLVED Marketing, communications, customer service, bank consultant. CONSUMER DESCRIPTION PERSONA Name: Amanda Fruzzel Age: 20 Occupation: Part-time front desk assistant Income: Hourly $15.00 Location: Miami, FL Interests: Painting, Road Trips, and Social Media Goals: Better management for staying on top of finances while on track to graduate. Pain points: Limited free time from school obligations. Budget friendly outings and grocery shopping. Only uses online transactions. Paying off student loans. Messages: Focusing on financial literacy for having a successful future. Wants to be effective with planning and keeping her business in good standings.

Team 2- RESEARCH Brief

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