Credit Wisdom LLC Marketing Plan
Introduction
Credit Wisdom LLC is a business idea developed after significant research indicated an elevated percentage of credit-based issues with individuals working in the Wall Street corporates. The enterprise aims at providing a solution for people at a convenience fee to alleviate the increasing issue. Therefore, the company is located on Wall Street, New York, for strategic access to the target market. Over the decades, technological advancement fostered the incorporation of strategies that boost service experience among clients. One of the major sectors that optimally uses computerization is the banking industry leading to the automation of transactions through cards and mobile applications. The organization provides an essential service to the clientele base that involves the correction of errors involving a person’s credit status; apart from the service, the corporate aims to elevate the essential factor of online systems through artificial intelligence as a form of an immediate solution provider via software integrated into the mobile phones. The marketing plan explores the dynamic variables influencing the growth and profitability scale of the population.
Mission Statement
The mission is to teach people to understand credit, repair, and maintain credit score for the victims hence alleviating the core issue of insufficient funds facilitating a good quality of living.
Goals
The company aims at making enough profit margin for an optimal return on investment for the financiers while alleviating the issue affecting the target consumer base on credit-based services. Apart from providing high quality services, we also maintain a professional, creative, and innovative working environment showing respect to socio-cultural diversity and appreciating new ideas. In this case, it is the responsibility of the management to establish effective strategies to enhance the performance and development of a competitive advantage.
Short Term
Improving the website outlook and navigation for the clients for optimal attraction of the potential customers within 3 months.
Increasing the market share through incorporation of competent promotional frameworks within six months.
Establishing a new product adoption rate based on the diversification of credit-based services.
Enhance customer engagement through the website features and the in-person sales as a competitive advantage.
Implement the dynamic marketing initiatives to render a higher profit margin score within the first 3 months.
Long Term
Promoting the services using affiliate referrals from loyal customers.
The utilization of paid advertising features through online platforms.
Intensify the leverage regarding email-based marketing among the global customers.
Enhancing the cumulative online reviews from our clients as a marketing strategy and build-up of confidence index.
Increase the return-on-investment mark through the increase in profit margin.
Diversify the service offered from distinct training towards the incorporation of artificial intelligence system that automates the process for our clients.
Environmental Analysis
The human society has evolved under the gradient of technological advancement hence fostering a change in the business culture operations. It is a phenomenon that renders the proficiency in the competence across the global enterprise market. Researchers argue that the intensification in the incorporation of automation structures and the customization of services for clients is an ideology that is a competitive advantage in corporate banking. Examples of the systems attributing to computation as an emerging trend encompass immediate payment service (IMPS), online banking, telebanking, national electronic funds transfer (NEFT), and real time gross settlement (RTGS) (Shilling & Celner, 2021). The industry demands the incorporation of the dynamic shifts to enhance the growth, development, improvement in the operations and performance outlier.
Business activities encompass an interplay of different entities that enhance the satisfaction of stakeholders’ needs while spearheading growth and development. In this case, Hearit (2018) establishes that one of the factors to assess during the determination of strategic management approaches is the enterprise environment. The researcher establishes that there are three levels of a locale and include relevant, competitive, and task-oriented. The corporate banking sector is service-based hence the prominence determining the various elements attributing to customer’s experience. Online banking as an emerging trend significantly enhanced the evolution of the environmental structure based on the establishment of niche variable.
Competitive Analysis
The major competitors include multinational corporations that offer solutions to poor credit score and other emergent issues to the customers. The diversification of the services renders the significant acquisition of the market share. In this case, the counterparts include Capital One, JPMorgan Chase, American Express, Bank of America, Citigroup, and Discover Financial. These enterprises pose direct competition to the organization due to the significant profitability and the popularization across the New York region. However, the direct competitors, mainly focus on upper class entities and firms hence posing as a weakness and opportunity for Credit Wisdom LLC to optimally attract the locally-based clientele. The indirect rivals include Wells Fargo and Regions Bank. The institutions offer credit repair services as complementary hence sub-standardized approach that is a major weakness to the competitive advantage. It is an opportunity for Credit Wisdom LLC to establish significant contest against the indirect combatants.
Economic Analysis
Sustainable financing is another emerging trend in the corporate banking due to the consequences from the COVID-19 pandemic. In the research by Shilling and Celner (2021), the authors note that there is a profound impact to the capital markets across Europe, Asia-Pacific, and American regions. Although the sector encountered dynamic challenges pre-pandemic era, the emergence of the event triggered the process based on the lockdown, social distance, and virtual work from home concept. Shilling and Celner (2021) further establish that International Monetary Fund approximates at least a 4.4% decline in the global gross domestic product that is equivalent to US$ 6.2 trillion. The distinction between the current pandemic effect and the global financial crisis encompasses the ability of the institutions to adopt proactive measures for minimal impact on depression.
COVID-19 rendered the adoption of a different system and human behavior mainly on the types and level of engagements. Due to the decline in the economic activities, Shilling and Celner (2021) postulate that banks across the various regions will loan at least US$318 billion between 2020 and 2022. It is a documentation that is lesser than the recorded loss incurred between 2008 and 2010 at 6.6%. However, the comparison between US, Europe, and Asia-Pacific indicates that in the second financial quarter in 2020, the best performing banks had issued loans totaling to US$4103.4 billion, US$62.5 billion, and US$68.8 billion respectively (Shilling & Celner, 2021). Primarily, the pandemic fostered the emergence of the trend as a necessary measure to boost the performance of enterprises within the various regions with Asia-Pacific posing a higher chance of recovery. The global positioning of the entities in the sector encounters the opportunity to boost the competence based on the necessity to remit loans to individuals for the growth of their businesses. In this case, the emergence of sustainable financing is a strategy featuring as a baseline solution to the ideal operations within America.
Sustainable finance is a multifaceted phenomenon that involves the integration of dynamic facets during investment decision-making. The main goal of the initiative encompasses fostering a long-term effect and security for the client through the projects and activities. As a result, it is vital to consider the social structure, governance, and the environmental state in corporate banking. The initial policy in corporate financing engulfed the provision of capital without the regard of its benefit to the region (Lurie et al., 2021). However, the onset of the post-pandemic era renders the prominent factor in considering the importance of the facility to individuals and the effect to the governance structure in America. The major products involved in the conceptual framework encompass: savings, insurance, credits, and investment funds.
Political and Legal Analysis
The American government plays a proficient role in the regulation of credit score and the investment portfolio based on the country’s economic growth index. An excellent example is the onset of COVID-19 pandemic that led to the significant decrease in the activities and the flow of monetary elements leading to a rise in unemployment. In this case, the administration focused on the implementation of policies that enhance the remittance of credit finances to the American population to facilitate the healthy lifestyle. Therefore, the political and legal analysis involves the regulation of taxes and the trade operations to boost the safety and capacity for growth and development.
Technological Analysis
Over the decades, technological advancement intensified the quality of business competition and management strategies. In this case, a significant percentage of enterprises focus on the essence of incorporating designs that elevate productivity and customer service experience. Another factor that attributes to the prominent aspect of innovation enshrines the emergence of a well-informed consumer baseline. Artificial intelligence is the key solution to the contemporary challenges encountered during service delivery. According to researchers, it is crucial for relevant stakeholders to incorporate approaches that integrate the computerized tool with discrete distribution statistical formulas to enhance the performance across the organization (Shilling & Celner, 2021). There is a profound interdependent relationship between purchasing behavior and the cultural structure of a company.
Sociocultural Forces Analysis
Corporate and credit banking is part of a vast community whose capital fosters the growth and development of the industry within America. Shilling and Celner (2021) indicate that the pandemic exacerbated the disparity in the distribution of income among the various parties in addition to the integral values of racism and gender discrimination. An excellent example of a company that spearheaded the sustainable financing during the COVID-19 era is JP Morgan that committed US$30 billion aiming to enhance the welfare among personnel and reduced the marginal difference in wealth acquisition. It is a practice that the researchers argue is an insight to the ideal solution in the expansion and articulation of ethics and moral ideologies across the region. Forest Jr. (2019) depicts that the externality is the ability of an institution to enhance the relationship with different stakeholders across the industry to enrich the network. It is an approach that renders the social sphere empowerment due to the ability to implement policies intensifying the trickle-down effects.
Under the spectral view of sustainable financing, a significant paradigm shift in the corporate responsibility attitude encompassed the focus on safety and precautionary activities. The consequences from climatic change triggered a difference in the strategic management and public relations among companies. As a result, the organizations established affiliate relationships with the parties identified with green initiative. It is a practice that led to the improvement in the competence across America based on the association with the entities implementing the green initiative (Lurie et al., 2021). In this case, the components focused on boosting the value chain through the incorporation of the concept in the dynamic activities and engagements such as distribution of reliefs to communities highly affected by the COVID-19 outbreak.
The profitability of a firm relies on the interdependence between the macroeconomic, conditions in the industry, and the positioning to determine the performance. In this case, the various dimensions of the sector include customers, products, geography, production stages, and the abound activities (Hearit, 2018). Primarily, an integration of the dynamic components influencing the operations fosters the advancement to the competence based on the outlying conditions of effective management.
SWOT and Needs Analysis
The establishment of a credit repair company in America is a strategic initiative due to the proficient diversification of customer’s choice based on pricing and quality of service experience. It is important to assess the strengths, weaknesses, opportunities, and threats to determine the competence level of the organization. In a different spectrum, the analysis renders a significant alleviation of the adherent challenges while implementing the management approaches.
Table 1: SWOT Analysis
Note: Strengths, weaknesses, opportunities, and threats for company.
Strengths
The intensification of the interaction between the employees and the customers offers a profound alternative solution to ethical issues. In most instances, the employees get poorly nurtured and limited to utilizing their creative aspects. In a different perspective, the workers acquire poor interaction techniques from the senior management mentors. As a result, the laborers use the derailing interacting techniques that eventually affect the company’s productivity (Wigert & Harter, 2017). Apart from establishing a channel of communication with representatives from different departments, the system promotes the creation of a platform to address networking. Essentially, networking enables the attendant to interact in a safe environment to understand and appreciate each other’s differences on social and personal value. Therefore, the integration of excellent relationship building among the parties and the diversified service portfolio as stated in Table 1 poses an intensified continuous growth in revenue margin.
In a different scenario, employees from various religions, races, and ethnicity use diverse slang language that increases the tendencies of harassment in the workplace. The use of slang language among the workers poses a significant challenge in the flow of information across the distinct departments. Additionally, language proficiency differences highly affect the coordination among personnel in delivering services to the consumer. In essence, poor networking is an ethical issue mainly because the staff member constantly maintains contact channels with the clients (Wigert & Harter, 2017). Therefore, a translation of the communication challenge during an interaction with the buyer renders a poor service experience that eventually affects the customer’s confidence and loyalty.
Weaknesses
The company faces dynamic weaknesses due to its status as a start-up for the market locally and internationally. One of the challenges is poor online presence over the competitors as stipulated in Table 1. It is crucial to establish the value of internet and the global outreach for the potential customers. Additionally, the organization encounters a significant hindrance encompassing the limited financial resources for the expansion. The industry is dominated by well-established multinational corporations. As a result, the necessary value for the sustainable competition involves alleviating the hurdles experienced during the service delivery through the incorporation of an automated system to elevate the efficiency.
Opportunities
One of the opportunities involves geographically expanding to other regions for significant market share acquisition. It is an initiative that boosts the presence both online and nationally. In a different spectrum, the company diversifies the service portfolio towards advisory services as a form of boosting the competitive advantage against other players. The enterprise faces another opportunity encapsulating merging with other institutions to intensify the growth and development scale as stated in Table 1. The incorporation of technological tools elevates the key value of effectiveness as the component of variant distinction in performance outlier.
Threats
The major threats include entrance of new players, vulnerability to the policy change, and the declined business operations. It is important to establish the major factors affecting business growth and development within the industry. In this case, the management attains the insight regarding the prominent value of integrating technology and dynamic strategic management initiatives. The primary responsibility of a company’s administration entails implementing approaches that alleviate the imminent risks.
Needs Analysis
The main purpose for the establishment of Credit Wisdom LLC involves alleviating the increased cases of credit errors and issues among the Americans in the formal employment sector. COVID-19 fostered the decline in economic activities and an increase in solvency rate. Therefore, the institution contributes in providing a solution to the inherent challenge facing the target audience in the spectrum. Apart from the consumer’s needs, the organization faces a profound urgency to outsource additional financial resources for the expansion of the operations. In this case, the enterprise intends to incorporate investors in exchange for equity percentage in the profit sharing and utilization of artificial intelligence system to automate the processes.
Conclusion
Credit repair is an essential factor in the business environment due to the trickle-down effect of the benefit to the clients. It is an approach that enshrines the prominent integration of values and ethical practices to intensify the financial transactions. Poor implementation of the managerial strategies risks the lack of profitability regarding the significant competition from multinational corporations. Primarily, the advent of coronavirus fostered the profound loss of job opportunities globally increasing the poverty rate. Lack of finances is an issue that affects the entire international community mainly because of the essence of poor living conditions, the flow of economic operations, the rise in debts, and dependence levels. As a result, it is the responsibility of the banking sector to establish green approaches in lending money while monitoring the optimal utilization of the resource to boost the quality of living within America. Notably, the enterprise ideological construct focuses on intensifying the value of capitalism and quality of living among the Americans during the COVID-19 era.
Sources
Forest Jr, L. R. (2019). Inaccuracies caused by hybrid credit models and remedies as implemented by ZRE. Z-Risk Engine. Web.
Hearit, L. B. (2018). JPMorgan Chase, Bank of America, Wells Fargo, and the financial crisis of 2008. International Journal of Business Communication, 55(2), 237-260. Web.
Lurie, N., Keusch, G. T., & Dzau, V. J. (2021). Urgent lessons from COVID 19: why the world needs a standing, coordinated system and sustainable financing for global research and development. The Lancet. Web.
Shilling, M., & Celner, A. (2021). 2021 Banking and Capital Markets Outlook. Deloitte Insights. Web.
Wigert, B., & Harter, J. (2017). Re-engineering performance management. Katherinespinney.com. Web.