Assignment 5.1 - Bank of America The New Brand Name...

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Bank of America- The New Brand Name Assignment 5.1 Bank of America- The New Brand Name 1
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Bank of America- The New Brand Name V. Market Mix 1- Product/Service Brand Definition i. Brand Name The brand name of Bank of America must change. The name is in poor taste in the minds of consumers due to the announcement of a debit card fee beginning next year. This has caused the acceptance rate and the number of new members to falter during the past couple months since the announcement. Essentially, the brand name is steadily reducing in value and change needs to be made to keep the brand loyalty high. Therefore, I purpose that the existing brand name of Bank of America be changed to The Bank of Progress. Members of Bank of America aren’t look for a short-term investment. They are looking to develop a relationship with the bank that allows, not only income for the bank to increase but also savings for the individuals as well. This is why The Bank of Progress would be a strong brand name to change to, it gets away from the negative publicity and opinion of Bank of America while still enhancing the concept of financial growth. Although the geography brand name strategy originally was very strong, people are being dissociated with the idea of nationalism in the bank. The Bank of Progress would be an effective brand name since it suggests the benefit in the title, its easy to pronounce, and distinctive. It uses a blanket family name strategy since it is integral that we make it clear that Merrill Lynch investments are tied together with the current Bank of America. No longer will they have separate identities, but rather 2 different brands under one family brand name, The Bank of Progress. 2
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Bank of America- The New Brand Name ii. Brand Personality The brand personality would be a fiscally stable family. The Bank of Progress would be marketing mainly towards families since they represent tons of investments and
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Assignment 5.1 - Bank of America The New Brand Name...

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