Marketing Audit - Bank of America Research Paper by Statgirl

Marketing Audit - Bank of America
An in-depth look at effects of certain changes on Bank of America.
# 111890 | 3,992 words | 13 sources | APA | 2007 | US
Published on Feb 03, 2009 in Business (Companies) , Business (Finance, Investment and Banking) , Business (Management) , Business (Marketing)


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Description:

This paper presents a marketing audit of Bank of America, looking at the many changes that have taken place over the past four years, through a variety of merger and acquisition activities that have posed numerous marketing challenges. A large section of the paper is primarily concerned with consumer and small business retail banking and credit card activities. The author has also included some illustrations and tables for clarification.

Outline:
Executive Summary
Environmental Aspects
Markets
Technology
Customers
Marketing
Objectives
Strategies & Tactics
The 4 Ps
Products & Prices
Promotion
Place
Profit & Loss Analysis
Conclusion
References

From the Paper:

"Bank of America, completed its acquisition of MBNA on Jan. 1, 2006. At the close of this $35 billion acquisition, Bank of America had "...40 million active credit card accounts on its ledger, making it one of the leading worldwide payments-services companies and issuers of credit, debit and prepaid cards based on total purchase volume" (CBS News, 2006.). A few years prior, on October 23 of 2003, Bank of America announced its intent to purchase Fleet Bank for $47 billion. At the time, Bank of America was already the industry leader in consumer banking. The merger gave Bank of America immediate access to the northeast region of the United States. "The new BofA would have 5,700 branches and control 9.8% of the USA's bank deposits" (USA Today, 2003).
"Over the past few years, Bank of America has not been the only bank to take part in merger and acquisition activities within the banking industry. Consolidation within the industry has been on the rise. In January of 2004 J.P. Morgan Chase bought Bank One. In May of 2004, Citizens Financial purchased Charter One while SunTrust purchased National Commerce. In May of 2005, Wachovia purchased Golden West bank. Within the past 20 years, the industry has experienced a massive consolidation. According to the American Banker's Association, in 1987 17,325 banking institutions existed. By the end of 2005, this number had shrunk 8,832. At the same time, the number of banking offices increased from 84,543 to 92,379 and the number of branches increased from 67,218 to 83,547. Merger and Acquisition activities varied greatly by state, size, and purpose."

Sample of Sources Used:

  • American Banker's association (N.D). Retrieved from:http://www.aba.com/Industry+Issues/Issues_MA_Menu.htm
  • Bank of America 2006 fact book. Retrieved from:http://media.corporate-ir.net/media_files/irol/71/71595/factbooks/FY2006_Factbook.pdf
  • CBS News (2006). Bank of America Acquires MBNA. Retrieved from: http://www.cbsnews.com/stories/2006/01/01/business/main1172538.shtml
  • De Paula, M. (2004). Mergers & Acquisitions: Ad campaigns forge ahead: BofA merger doesn't halt marketing efforts. US Banker. 114.1 (Jan 2004): 12. Retrieved from:http://find.galegroup.com/ips/infomark.do?&contentSet=IAC-Documents&type=retrieve&tabID=T003&prodId=IPS&docId=A111860063&source=gale&srcprod=ITOF&userGroupName=uphoenix&version=1.0
  • Kotler, P. (2000). Marketing Management. Prentice-Hall: Sydney.

Cite this Research Paper:

APA Format

Marketing Audit - Bank of America (2009, February 03) Retrieved March 26, 2023, from https://www.academon.com/research-paper/marketing-audit-bank-of-america-111890/

MLA Format

"Marketing Audit - Bank of America" 03 February 2009. Web. 26 March. 2023. <https://www.academon.com/research-paper/marketing-audit-bank-of-america-111890/>

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