A marketing plan for the PinoyRemit visa card

• Main Author: Abellana, Irene Magdalene L.
• Format: text
• Language: English
• Published: Animo Repository 2011
• Subjects: Advertising > Debit cards; Debit cards > Philippines; Marketing
• Online Access: https://animorepository.dlsu.edu.ph/etd_bachelors/18061
• Institution: De La Salle University

OFW remittances are 10% of the Philippines' gross domestic product. As more and more OFWs are getting deployed, the market for OFW remittances increases. Mediums of sending remittances used are through banks, remittance agencies and telecommunications companies. Bank to bank transfers, branch pick-up, and mobile transfers are commonly used modes of sending and receiving remittances. Due to technological advancements and increasing competition, companies are further exploring through these innovations as the demand of fast and convenient transfers from the customers are also increasing. PinoyRemit, one of the leading Filipino-owned agencies, banked on technological innovations introduced the PinoyRemit visa card and other services. The main product benefits are fast transfer, cashless shopping and convenience. However, theses benefits are not communicated well in the Philippine market thus resulting to low awareness, trial and repeat purchase. The researchers then proposed a marketing plan which covers product innovations, communication channels overhauls, sales promotions, new modes of product distribution and various advertising programs and events that fit PinoyRemit's objective to utilize low-cost yet effective advertising. Investment plans are also included to show the profitability if goals are met and strategies are properly executed. The proposals cover a one-year aggressive promotions program and a 5-year sustainability program. The proposals were based on an initial research done by the proponents on the potential market, on recommendations from a third-party marketing communications agency and creative ideas of the proponents.