An investigation of marketing intelligence practices on Product development in the banking industry: Case of Standard Chartered Bank Kenya limited

Abstract

Marketing intelligence is the key fundamental of any business strategy and is the method of turning raw data into valuable information, turning that valuable information into strategy, and turning strategy into business performance which can maintain a company’s advantage. Standard Chartered Bank has been selected for this study because of its steady performance despite the fierce competition in the banking industry that has seen many Kenyan commercial banks increase their branch network and marketing strategies. The aim of this study was to examine the relationship between product development and marketing intelligence by Standard Chartered Bank Kenya Limited. This was a case study since the unit of analysis was one organization. It was a method of study in depth rather than breadth and places more emphasis on the full analysis of a limited number of events or conditions and other interrelations. The population for this study comprised all the 16 senior managers of Standard chartered bank Kenya Limited. For the purpose of this study, 16 managers were interviewed as they were deemed to have more pertinent information for the study. The researcher used both primary and secondary data. Content analysis was used and the data was then presented in a continuous prose as a qualitative report. The study found that the Bank has developed new products like Diva Account, X-Account, Excel Banking and Priority Banking. The bank used marketing intelligence in its products development/modification by building brands through the creation of identities, interactions, and experiences. The study concludes marketing intelligence has affected new product development at the Bank through informing the bank on the possible features that would place the proposed products more competitive in the market. The many new products are developed from looking at competitors’ successes, and failures. This also involves developing business objectives, plans and strategies since the ability to craft achievable objectives depends upon knowing the competitive environment. This study recommends that the bank should make use of information technology in its marketing intelligences in the development of new products that are technology compliant to increase its performance in terms of product innovation, product development and market orientation. The study also recommends that market intelligence should have a single minded objective - to develop the strategies and tactics necessary to transfer market share profitably and consistently from specific competitors to the company