Marketing Plan In this group assignment, you will be required to develop a comprehensive marketing plan for the launch of a new banking product or service within your community or country. The goal is to showcase your understanding of marketing concepts, strategic thinking, and teamwork while addressing the specific challenges and opportunities of introducing a financial offering in a realworld context. Task: Your team will create a detailed marketing plan for the new bank product or service. Your plan should cover all essential aspects of marketing strategy and implementation, and it should be well-supported by relevant research and analysis. Assignment Guidelines: 1. Product/Service Selection : Choose a specific banking product or service to focus on. Explain why you believe this product or service is needed in your community/country and how it aligns with current market trends and demands. 2. Market Analysis : Conduct a thorough analysis of your target market. Define the target audience and provide demographic, psychographic, and behavioral insights. Identify competitors and analyze their strengths and weaknesses. 3. Marketing Objectives and Goals : Set clear and achievable marketing objectives for the new product/service launch. These objectives should be specific, measurable, attainable, relevant, and time-bound (SMART). 4. Marketing Strategy : Develop a comprehensive marketing strategy that includes the 4Ps (Product, Price, Place, Promotion). Explain how each element will be tailored to your target market and contribute to achieving your objectives. 5. Implementation Plan : Provide a detailed timeline and action plan for the implementation of your marketing strategy. Specify responsibilities within your team for each task and consider potential challenges and contingency plans. 6. Budget and Resource Allocation : Create a budget for your marketing plan, allocating resources for various marketing activities. Justify your budget decisions based on expected outcomes. 7. Evaluation and Metrics : Define key performance indicators (KPIs) to measure the success of your marketing plan. Explain how you will track and assess the effectiveness of your strategies