This paper shall discuss a marketing challenge within Bank of America. This challenge comes in the form of how to recruit new customers from its competitors in an efficient and cost effective manner. By analyzing the situation, utilizing tools such as PorterÂ’s Five Forces and PEST analysis, one can better understand Bank of AmericaÂ’s situation and see their strengths, weaknesses, opportunities and threats in relation to this challenge. Once these factors are established, a variety of alternatives will be discussed and the best one chosen. From this, an action plan will be developed, as well as a discussion on the expected ramifications of the plan, follow up methods, and how to evaluate for success.
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