College of Management and Information Technology American International University West Africa (The Gambia)

College of Management and Information Technology
American International University West Africa (The Gambia)
Course code: BA 207
Course name: Principles of Marketing
Student name; Isatou Njie
Fall: January-May, 2020
Subject: End of trimester assignment
Lecturer: Mr Ozioma Ikonne
Student ID: A00203448

Exercise:
Trust bank Gambia Ltd purchased another financial services business, bayba
financial services. Following your reading of the attached case study and PPT,
suggest how Trust bank Gambia should adjust its product mix in order to meet the
needs of the Bayba Financial services target market.
Trust Bank acquired Bayba Financial Service, which is the banks wholly owned
subsidiary that is into their fourth year of operations. This shows the commitment
and the realization of expansion drive objective of bringing banking to the doorstep
of the customers. It is therefore the board’s view that robust organic growth from
the bank’s core banking activities alone will be challenging and that the bank will
continue to work on strategic diversification into to enhance the earning capacity
of the bank.
Bayba Financial Services is a Money Transfer Organization (MTO) incorporated

in January 2011 to take over the business of Bayba Express. It is a (100%)
subsidiary of Trust Bank Limited, the leading bank in the Gambia.
Bayba Financial Services has agents in USA, Europe, Qatar, Saudi Arabia, and
Kuwait, UAE, West Africa and other countries. It is a household name and
reputable money transfer organization synonymous with excellence. Despite
competition from internationally recognized brands, Bayba Financial Services still
remains a very strong choice Gambians both home and abroad.
The company’s goal is to continue to be the most innovative MTO by providing

the highest level of service to the broadest selection of people at the most
competitive prices.
Vision Statement
Cutting edge service delivery anytime, anywhere rather than the customer traveling
the distance for their remittances, our vision is to virtually meet them by opening
more pay points and forming strategic partnerships.
Mission Statement
Our mission is to be the preferred choice of customers by acting in the spirit of our
vision. To achieve this we will use the most advance technology, highly trained
staff and have the widest network in the host country. The end result is to make
significant impact and thus deliver value to our customers, employees, host
community and shareholders.
Introduction
A company’s product mix has four important dimensions: width, length, depth, and
consistency. Product mix width refers to the number of different product lines the
company carries. These product mix dimensions provide the handles for defining
the company’s product strategy. The company can increase its business in four
ways. (1) It can add new product lines, widening its product mix. In this way, its
new lines build on the company’s reputation in its other lines. (2) The company
can lengthen its existing product lines to become a more full-line company. (3) It
can add more versions of each product and thus deepen its product mix. (4) The
company can pursue more product line consistency or less depending on whether it
wants to have a strong reputation in a single field or in several fields.
The second important part of the STP process is to determine which, if any, of the
segments uncovered should be targeted and made the focus of a comprehensive
marketing program. The acquisition of bayba financial services by trust bank ltd
will promote accessibility, profitability and add value to the company and also
boost customer satisfaction. The great impact trust bank ltd has on the lives of
Gambians will serve as a tool for bayba financial serves to be able to be a
household name in the Gambia. The company should consider using a
differentiated targeting approach to meet the needs of bayba financial services
customers.
This approach will enable the company to target different segments which will be
attractive to the company. The market segmentation concept is related to product
differentiation. Trust bank aims at offering different products to satisfy those
segments and equally adapt different versions of offering this appeal to the
different market segments. Since there is little or no significant differences
between customers of trust bank ltd and bayba financial services within the market,
trust bank ltd should focus on what is common rather than what is different within
the target market. Their product and marketing mix should be designed to appeal to
the largest number of customers, relying on quality, mass advertisement to give
their products a superior image in people’s minds.
By offering product and marketing variations to segments, trust bank ltd will be
able to boost higher sales and a stronger position within each market segment.
Trust bank ltd should be able to identify and analyze bayba financial services target
market to be able to adjust its marketing mix to suit the needs of the customers.
The clear understanding of the products target market is crucial to developing a
useful product mix; this will enable the company in winning customers from
competitors by delivering greater value.
However, before trust bank ltd can satisfy consumers, it must first understand their
needs and wants. So, sound marketing requires a careful analysis of consumers.
Understanding of buyer behavior guides this process. Trust bank ltd knows that
they cannot satisfy all consumers in a given market - at least, not all consumers in
the same way. There are too many kinds of consumer with too many kinds of need,
and some competitors might be in a better position to serve certain segments of the
market. As a consequence, the company must divide the total market, choose the
best segments and design strategies for profitably serving chosen segments better
than its competitors do.
The acquisition of Bayba is in fulfillment of Trust Bank’s objective to stretch,

grow and diversify its income source. “We will use this new resource to help
support businesses and the Bank’s social development, said the board chairman of
Trust Bank, Ken Ofori-Atta, adding: Trust Bank will continue to search for good
opportunities for growth and expansion either through organic or mergers and
acquisition opportunities.” Trust bank offers includes different accounts for
customers to use for example: current accounts, savings accounts, savings for
children, current account, Time deposits, treasury bills, loans and overdrafts, E-
banking, other products are investment advice, loans and agencies, international
banking among others.
The customers of trust bank ltd and bayba financial services will be able to satisfy
all their needs and wants from one whole company. This will give their customers
the opportunity to enjoy variety of services offered by the company. He explained
that Bayba has now doubled its networks and opened new pay points in Trust
Bank’s provincial branches at Basse, Farafenni, Soma and Barra, and plans are at
advanced stage to open more outlets before the end of the year. The acquisition of
Bayba by Trust Bank will create a valuable and reliable source for forex and cash
remittance as well as help to stabilize the flow of foreign currency into the
country.

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College of Management and Information Technology

American International University West Africa (The Gambia)

Course code: BA 207

Course name: Principles of Marketing

Student name; Isatou Njie

Fall: January-May, 2020

Subject: End of trimester assignment

Lecturer: Mr Ozioma Ikonne

Student ID: A00203448

Bayba Financial Services is a Money Transfer Organization (MTO) incorporated

The company’s goal is to continue to be the most innovative MTO by providing

The acquisition of Bayba is in fulfillment of Trust Bank’s objective to stretch,

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