Sagicor Jamaica has set its sights set on becoming the number two bank and usurp Scotiabank that now holds that position. It knows that the marketplace is highly competitive, and even though, they have set their eyes on the number two position, they know that JN Bank and JMMB Bank with their huge market share could make a credible run for the number 2 position. They also believe that the size of their (Sagicor's) life insurance portfolio gives them a large starting customer base to stave off the threat of JN Bank and JMMB. Sagicor sees its individual customers as being trendy, sophisticated, entertainment seekers, upwardly mobile, career-driven and go-getters. As such, they reached out to Dream Entertainment group and signed a contract with them to be the official financial institution for the Dream Weekend. They see this arrangement with Dream as taking them closer to the target market. Small Business is another growth area that Sagicor is focused on. They recognize that the economy needs to be stimulated and that the SMEs are the engine of growth. Coming out of research that was conducted among SMEs they realized that the devaluation in the Jamaica Dollar and governmental policies that favour imports and not exports are of concern to them. The SMEs want a financial institution that can make foreign currency available to them at competitive rates and that can assist in developing trade markets. Sagicor figured that it needed to align itself with the needs of the market. It decided to renovate its buildings to look more modern to appeal to their target market, hire staff members with established strong public profiles to help to build the brand profile and develop a product suite that is more in keeping with the needs of its existing and prospective customers. (Disclaimer: The information contained herein was adapted to reinforce key consumer behaviour concepts. It is no way a representation of material facts.)

Question Using the 5 C's, assist Sagicor in conducting a market analysis. [CLO 1]