The initial scope of Monzo expansion in the US is limited to the distribution of several thousands of debit cards to live events visitors in several major cities (Monzo, 2019). The following sub-sections outline each of these dimensions for the Monzo organisation. The unique element of this model is its sixth dimension determining the control measures critical for measuring and monitoring the resulting performance to quickly identify any deviations from the plan or areas of inefficiencies (Safanta et al., 2019). Afterwards, the marketer develops specific strategies, tactics, and actions necessary to achieve these goals. It offers a comprehensive solution starting with a situation analysis to identify where the company is right now followed by the development of objectives outlining where it seeks to get to. The SOSTAC planning framework is widely used by specialists to develop effective marketing plans (Chaffey and Smith, 2017). While the company enjoys a substantial success in the UK market, it is presently considering an expansion in the United States by offering its debit cards to US consumers in several major cities. It presently has more than 1 million customers and a generally positive reputation based on its high perceived security, a wide range of services, and its strategic partnerships with other technological start-ups providing additional services to its cardholders free of charge or at a discounted price (Cook, 2019). Monzo is a UK-based mobile-only bank that was one of the pioneers of digital banking in this country (Carey, 2018). This report explores the expansion of Monzo to the US market and provides a SOSTAC plan for this company aimed at addressing the key challenges of this internationalisation move. The SOSTAC framework successfully addresses most of these elements by providing a solid foundation for building a comprehensive marketing strategy progressing from situation appraisals to implementation tactics and monitoring measures (Chaffey and Smith, 2017). This activity is characterised by increasing complexity because decision-makers need to account for multiple factors including the available resources, the competence of existing staff members, the unique ways of creating customer value, and the targeting decisions defining the scope and focus of future campaigns. The market situation in the modern environment is changing quickly due to disruptive innovation trends, the entry of new market players, and the development of new communication technologies, which forces most companies to revise their marketing plans more often than before (Bolton et al., 2019).
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