Contemporary Retail Marketing Research Paper Example | Topics and Well Written Essays - 2750 words

Contemporary Retail Marketing - Research Paper Example The market will be segmented based on varied demographic factors and occupation of people residing in Whitechapel London, UK. In addition, the target customers will be the young group of people including both businesspersons and employed people. The rationale behind targeting these customers is that the services of corporate banking such as providing loans and financial services are highly demanded by this people group. Moreover, these sorts of target customers in the region prevail in a higher proportion as compared to others, which in turn will create better profitability position for the company in future.It is quite indispensable for Lloyds bank to adopt a sound strategy in order to attain the above-discussed objectives. This strategy will mainly include identifying the requirements as well as the demands of corporate banking services amid the young people residing at Whitechapel. Moreover, the strategy will also entail include appraising the services that are provided by the com petitors of the bank to the customers. In addition, the offerings of the company will be positioned in the target markets through making advertisements in newspaper and media. It is worth mentioning that the aspect of marketing mix will be organized through creating an effective distribution channel for the product or services that will be available to the customers in any situation. In relation to price, discounts may be provided on loans and new terms of payment will be introduced (Sharma, 2009, p. 122).