Introduction
Today, when one is obliged to operate in the context of global instability, both political and economic, beginning an entrepreneurship seems to be rather challenging. Whereas numerous banks carry out powerful advertising campaigns that are full of promising slogans, the problem of responsibilities fulfillment remains acute. Whether it is a small business or vested interests, the representatives of these groups agree on the fact that there is an urgent need for reliable and sustainable organizations that would be able to provide a beneficial long-term cooperation based on the clear and transparent conditions.
Thus, one suggests that the appearance of I-Bank, the key mission of which is to create a positive environment for the development of national entrepreneurship, is the right decision to fit the social demand.
Mission, Goals, and Objectives
I-Bank strategy implies the implementation of low loan interest rates for small business representatives and the introduction of special offers for new coming entrepreneurs. Therefore, the main goal of the bank is to encourage the local community to begin their business projects with I-Bank. It is presumed that the competitive advantage will be determined by the favorable terms of cooperation and the high-quality consulting service.
Among the short-term objectives, one points out the I-Bank’s establishment in the UAE market as a trustworthy and advantageous partner for the local small business’s representatives. It is important that potential stakeholders get acquainted with the corporate strategy and the benefits of the offered terms of collaboration through various sources including a powerful advertising campaign.
The immediate objective is to launch new innovative programs aimed at supporting new coming entrepreneurs as well as to forge close links with other national companies whose partnership might be beneficial for I-Bank. Another step that immediate objectives’ list includes is entering the international market and becoming a strong player in the framework of the global economy. As a consequence, the expected long-term outcome is to build up a prosperous bank that will perform significant contribution to the support of the national small business.
Target Audience
As it is stated in the I-Bank strategy, the principal mission of the company is to encourage the development of national small business and entrepreneurship. Therefore, it is presumed that the key target audience will be represented by new coming entrepreneurs who have bold plans and innovative ideas and search for a reliable partner that will provide an effective assistance for their realizations. One can suppose that business circles are likely to prefer I-Bank to other firms owing to its favorable terms and special programs for beginning businessmen.
As far as I-Bank is determined to provide consistent consulting service, one might, consequently, expect that a large part of its target audience will be represented by small entrepreneurs that have already been present in the relevant market for some period of time but are currently experiencing certain difficulties. Whether it is an unfavorable financial design or disadvantaged loan terms, I-Bank will be able to provide its assistance in working out an effective resolution.
Meanwhile, whereas the main focus will be put on the corporate body clientele, I-Bank will, nevertheless, make a lot of effort to remain attractive for physical parties as well. Hence, its fundamental principles of sustainability and steadiness along with the beneficial terms of cooperation are likely to turn the bank into a preferable partner for UAE citizens regardless of their social status or the occupation field.
Moreover, in the long term, I-Bank plans to launch a series of international projects aimed at the encouragement of the collaboration with foreign clients and companies. Therefore, one might claim that international clientele is, likewise, included on the target audience’s list at a later stage.
Points of Parity and Points of Difference
In order to gain the necessary competitive competence, I-Bank will provide the service that is likely to fit the social demand and measure up to exacting standards set by the competition. Thus, as well as other UAE banks, I-Bank will offer the following options:
- Personal and Corporate Banking (basic operations, mortgages, and investment on the safe and transparent terms).
- Convenient cash management and payment system with a series of I-Bank cards designed with allowances for the needs and demands of every social group.
- High-quality service provided by helpful and professional specialists.
- Fixed rate loans.
- High privacy respect.
In the meantime, I-Bank realizes the necessity to offer extra beneficial options and conditions that will determine its attractiveness for the target audience. Thus, among the distinguishing features of the I-Bank’s services, one might mention the following points:
- Low interest rates for small business.
- Special programs for new coming entrepreneurs’ support.
- Efficient consulting department comprised of the top professionals in the business consulting field.
- Innovative technologies (Web apps and platforms worked out in order to facilitate money operating).
- Consistent risk evaluating (sustainable returns for shareholders).
Brand’s Place in the Framework of Hofstede’s Cultural Dimensions
Power Distance Index (PDI)
As far as I-Bank’s policy is based on the principle of equality, and the company does its best to make its service available for every social group, one can state that the brand will be generally well accepted in every nation regardless of its PDI. Meanwhile, some particular projects, such as VIP Customer Program, which has strong luxury and exclusiveness implications, might specifically appeal to the representatives of the cultures with a high PDI as in Latin and Asian countries. Such customers are particularly likely to appreciate the “gold cards” and the “premium services” as long as the former may serve to emphasize their social status.
Individualism vs. Collectivism (IDV)
As well as any beginning project, I-Bank is determined to fulfill its short-term objectives as soon as possible. However, it will be rather problematic in collectivistic countries where the preference is given to the well-known organizations even if their service’s quality has already lost its competitiveness.
The fact that the key message of the I-Bank brand is aimed at encouraging people to put their plans and ideas into practice makes one expect that the company’s performance will show the best results in the individually-focused cultures. The appeal for acting boldly and achieving one’s potential is likely to be highly attractive to the representatives of the individualistic mentality like the Americans or the Europeans. On the contrary, collectivistic commitments are apt to contradict with the idea of taking a risk.
Masculinity vs. Femininity (MAS)
The public rhetoric of the bank does not include any gender implications that will potentially facilitate its operation in any country regardless the masculinity-femininity index. At the same time, one might suggest that the Premium Service the company offers might particularly appeal to the representatives of the masculine societies such as, for example, Japan. These types of services will serve as the indicator of men’s prosperity that is of high importance in the relevant cultures.
Uncertainty Avoidance Index (UAI)
It is important that I-Bank puts a right emphasis in its appeal in accordance with UAI of the culture within which it operates. Thus, in countries with low UAI, such as Germany and Belgium, I-Bank’s public rhetoric should focus on the new prospects and opportunities that its services are likely to bring. In the meantime, in the society that shows high UAI, such as the Latin American one, it is preferable that the company mainly points out the reliability and the sustainability of its strategy.
Long-term orientation vs. short-term orientation
I-Bank’s emphasis on the development of national entrepreneurship is likely to resonate with the local mentality of its home country as the UAE tends to prefer the preservation of the long-term orientation’s values. Meanwhile, while operating out of the country, I-Bank’s service is more likely to fit the short-term orientation’s context. Otherwise, the representatives of similar convictions as there are in the UAE would rather give preference to the local firms the reliability of which has been proved in throughout the course of years.
Brand’s Mantra
I-Bank’s mantra is supposed to unite the two key principles of the brand: the new perspectives and opportunities, on the one hand, and the reliable and long-term cooperation, on the other hand. Thus, the relevant mantra might be expressed by the four words: High Sustainability, Low Risks. It is important to note that all the potential slogans that I-Bank will employ in its advertising campaigns should express the relevant idea in any matter whatsoever. One can presume that the following concept is likely to appeal to all the representatives of the target audience.