Team 2- RESEARCH Brief

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School

Miami Dade College, Miami *

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Course

3803

Subject

Marketing

Date

Apr 3, 2024

Type

docx

Pages

4

Uploaded by martinabriceno

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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
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