Hello Tutor, i have a case study followed by few questionsat end:

MERIDIAN CREDIT UNION

Since 2014, Meridian had experienced good growth in both members and market share. In September 2019, Meridian's executive team reflected on its recent growth and discussed new opportunities to grow market share. One growth area identified was Meridian's credit card business. They had recently developed two new innovative credit cards and have now tasked the Marketing Department to make Marketing Plan that would ensure a successful launch in March 2021.

CREDIT UNIONS

Canadian credit unions are full-service financial institutions that provide many of the same products and services as banks - chequing accounts, credit cards, mortgages, loans, investment advice, etc. Although credit unions had been around for over 100 years, they have only 20 percent of the market which is dominated by Canada's five big banks. Currently, there are 252 credit unions nationwide serving over 5.7 million members. Although credit unions hold 20 per cent of the market in Canada, they have only a 4 per cent market share in Ontario.

Unlike banks, Credit unions run on a not-for-profit model that reinvests profits back into the business, issues dividends to members, and donates to local charities and community programs. While each credit union is independent and locally controlled by its member- owners, all credit unions share a common bonda dedication to the people and communities they serve

Credit unions have been rated as the best at Customer Service Excellence and Branch Service Excellence; among all financial institutions in Canada for the last 14 years. Credit unions also lead the way in innovation, ingenuity and leadership. Some of the products and services that they introduced include:

First financial institutions to lend to women in their own names

First to offer daily interest savings

First full-service ATMs

First fully functional online banking

First loans based on borrower character

First payroll deduction service for deposits and loan payments

First open mortgages

First home equity lines of credit

First debit card service

First registered education plans

First branchless bank (Citizens Bank)

First cheque imaging service

MERIDIAN

Background

Like most other credit unions, Meridian is extremely committed to supporting the communities it serves and to giving its members a far less bureaucratic and punitive environment that the five major Canadian banks were operating in.

The core essence of Meridian's value proposition was "where banking feels good," while its mission or purpose was "to make it simple for Canadians to achieve a better life." Meridian is Ontario's largest and Canada's third largest credit union. It serves its 350,000 Members, through a network of 91 branches, 11 commercial banking locations, and 24/7 phone and mobile banking Meridian earned approximately $370 million in revenue in 2018. Meridian has a close relationship with its 350,000 members and is deeply committed to supporting the communities it serves. Its strategies are based on what is in the best long-term interest of its Members, not short-term corporate earnings objectives.

Strategic Imperatives

To support its aspirations for continued growth, Meridian identified five key strategic imperatives.

1. Deliver a Superior Member Experience

2. Provide an Exceptional Employee Experience. Meridian recognizes that delivering an excellent member experience requires skilled and motivated employees. In 2017, Meridian was recognized as having one of Canada's most admired corporate cultures.

3. Demonstrate a strong commitment to its members and the communities it serves. This commitment was reflected in five ways: improving financial literacy, investing in communities, engaging employees, contributing to a healthier environment, and supporting other member-based financial institutions.

4. Continued Market and Membership Growth - Meridian executives saw Credit Cards as a way of attracting new customers as well as increasing the business they have with existing customers.

5. A Diversified Business Model

Meridian Image Visa Credit Card

The Meridian Visa product team has just developed a new credit card (see Exhibit 1 for details). Your team's task is to make a marketing plan for this card. Please review the rubric carefully and follow the framework provided

Please note: You cannot change any of the card's features and you must keep the scope of your tactics within Marketing's responsibilities (e.g. - you can't train staff, etc).

Questions:

1) After reading this case make Situational Analysis (S.W.O.T) followed by issues and tactics - 7 points backed with data.

2) . Objectives(no more than 3)

• Describe what the program will accomplish if successful in the eyes of the Meridian executives.What are the quantified goals you are trying to achieve?
• Make sure your objectives are S.M.A.R.T.