Marketing Plan: Week 3 Assignment: Situation AnalysisYuxing ZhengTrine University MKTG 6943November 16, 2016Section 4. Situation AnalysisThe customer base for Better Student Banking (BSB) is the student population of New York City, which is approximately 197,000 people as of the 2000 census. A snapshot of the age demographics of the customer base is presented in Table 1 below. The age groups that should be most targeted should be the 18-24 year old demographic, whose members will most likely be opening their first bank account or getting their first student loan; the 25-44 year old demographic, whose members probably have less established and loyal relationships with other banks; and the 65 and older demographic. The next demographic to consider in your marketing strategy is the income of your target population. Due to the rapid gentrification of New York City and the influx of residents from richer socioeconomic status has increased substantially since 2000. Strategies to capitalize on the higher income demographic of the customer base follow in SWOT.a. SWOT Right now, nonprofit banks like student credit unions have significant opportunities to maximize their customer base and increase brand awareness among potential consumers. Due to the 2008 financial meltdown, the reputation of commercial banks has been decimated, which presents an opportunity for BSB to educate consumers whereas previously loyalty to commercial institutions precluded BSB from effectively communicating crucial information that influences decisions to potential customers. There are no fees associated with the account services; we offer referrals at low interest rates on personal loans and student loans; and we offer students more... half of the document... pain points, opportunities and risks to provide a solid foundation, which is the springboard for identifying the next actions of the marketing plan. (see Chapter 2)( b) Industry Analysis: Provides context for subsequent, more detailed analysis of the company's competition, company, and customers. (see Chapter 2) (c) Competitor Analysis: Demonstrates that the company has a realistic understanding of its major competitors and their marketing strategy. (see Chapters 2,3, 8 and 9) (d) Business Analysis: Provides details of the company's strengths and the marketing strategies that will enable it to achieve the mission and objectives identified above. (see Chapters 2 and 8 )(e) Customer analytics (customer characteristics, etc.): Identifies who your customers are and provides insight into any key trends that could have a potentially large impact on the business. (see chapters 5, 6, 7, 8 and 9)