LINKS BETWEEN STRATEGIC

MARKETING AND CORPORATE

STRATEGY OF AMANA BANK PLC –
SECTION A

1|Page
Table of Contents
INTRODUCTION.....................................................................................................................................3
AN ANALYSIS OF MARKETING GOALS THAT MAYBE SET FOR AMANA BANK.........................................4
AN IN-DEPTH ANALYSIS ON THE PROCESSES INVOLVED IN MARKETING MANAGEMENT IN AMANA
BANK......................................................................................................................................................6
CRITICAL ANALYSIS OF CONTRIBUTION OF MARKETING MANAGEMENT PROCESSES TO THE
ACHIEVEMENT OF CORPORATE OBJECTIVES OF AMANA BANK CONSIDERING FEEDBACK LOOPS TO
CORPORATE DECISION-MAKERS BEING USED.......................................................................................7
ANALYSIS OF PROCESSES INVOLVED IN STRATEGIC MARKETING IN THE LIGHT OF AMANA BANK.....10
CRITICAL ANALYSIS THE RELATIONSHIP BETWEEN MARKETING MANAGEMENT AND STRATEGIC
MARKETING AT AMANA BANK............................................................................................................11
AN INVESTIGATION OF MODELS USED IN SETTING STRATEGIC MARKETING OBJECTIVES AT AMANA
BANK....................................................................................................................................................12
CONCLUSION.......................................................................................................................................15
REFERENCES........................................................................................................................................16

2|Page
INTRODUCTION
In Sri Lanka's more than 100-year banking history, Amana Bank is also the first bank to operate
under the guidance of Islamic principles, according to the bank's website. They carry out all of their
operations with no consideration for the interest component. Amana Bank played a significant role
in getting consent as well as acknowledgement from the legal and statutory authorities for Islamic
Finance, and they are still at the top of the movement, bringing Shariah-based capital allocation
decisions to the Sri Lankan market while maintaining their leadership in the industry. Through their
strategically located locations (there are 24 in total) and over 1800 ATM access points, the bank has
attracted more than 200,000 customers by the end of 2015.

An investment company within the massive business group of Expo Lanka Holdings, Amana Bank
began operations as a commercial bank after converting from an investment company. A number of
foreign banks, including Bank Islam Malaysia, Islamic Development Bank of Saudi Arabia (IDB), and
AB Bank of Bangladesh, joined as strategic partners of this organization. In the year 2014, Amana
Bank became a publicly traded company on the Colombo Stock Exchange (Amana Bank, 2015).

Amana Bank provides a wide range of financial products and services to their customers under the
categories of Consumer Banking, SME & Corporate Banking. Current Accounts, Savings Accounts,
Term Investment Accounts, Foreign Currency Account, Children's Savings Accounts, Personal Salary
Accounts, Ladies Savings Account, Senior Citizen Savings Accounts, Senior Citizen Term Investment
Accounts, Savings Plan, Easy Payment Plan, Gold Safe Keeping, Solar Financing, Home Finance,
Ijarah, and Educational Finance are all available under Consumer Finance. Then, under SME Finance,
they offer Current Accounts, Savings Accounts, Term Investment Local Murabah, Import
Musawwama, Musharaka, Istisna, Thijara, Letters of Credits, Bank and Shipping Guarantees, Express
Cash, and Ijarah are all available through the bank's website (Amana Bank, 2015). Using this diverse
range of financial solutions, Amana Bank provided its customers with a more personalized service
than other financial institutions in the market. They use an asset-backed financing approach in all of
their products, which results in profits for both the bank and the customer. With the objective of
being an acknowledged leader in providing fair financial solutions, not only in terms of numbers, but
also in terms of winning the trust of our clients, workers, shareholders, and the community in which
we operate (Amana Bank, 2015).

Amana Bank is the market leader in the niche segment in which they operate, and they are looking
forward to continuing their growth with new shariah products that will cater to the diverse financial
requirements of the Sri Lankan market, as well as new branches all over the country that will
broaden their reach. In 2013, Amana Bank revised its strategic plan and reorganized it as a five-year

3|Page
plan under the supervision of a newly established department called Strategic Analysis and Business
Process Reengineering, which is responsible for monitoring and reviewing the plan's success.

VISION

To be an admired leader in providing equitable financial solutions, not limited to numerics, but also
in earning the trust of our customers, employees, shareholders and country.

MISSION

To adopt a unique and people friendly approach with a passion for continuous improvement,
enabling growth and enriching lives of our customers.

Amana Bank, 2021

AN ANALYSIS OF MARKETING GOALS THAT MAYBE SET FOR AMANA

BANK

For a long time, the term "strategic" was only used in military contexts, but Steiner introduced the
term into the commercial sector. According to Steiner, strategy is defined as someone's cause of
activities in response to his competitors' current or future moves. The most important duty that top-
level management has to the organization, according to Steiner's elaboration, is that of strategy-
making. Strategy provides the fundamental direction towards the organization's mission and
describes the cause of actions that are required to achieve those milestones. Strategy for an
organization answers the questions of what the organization's current operations should be and
what the end results are that or will be achieved (Nickols,2012).

According to Henry Mintzbers' definition in Nickols' (2012) compilation, a vision is defined as a plan,
a pattern, a position, and a perspective, a plan that leads you to the place where you want to be, a
pattern of deeds and ideas over a specific time period, a position that your resources and decisions
have kept you in, and a perspective that leads you towards the vision.. According to Mintzberg,
strategy is an organization's long-term plan for managing its resources in order to obtain a
competitive edge in an uncertain market environment while also pleasing its stakeholders and other
stakeholders.

Marketing is the process of identifying and catering to the requirements of the society with a new
product or service in a lucrative method, according to Wikipedia. Marketing is a part of every aspect
of our lives and is everywhere we go. According to the American Marketing Association, marketing is
a set of actions and procedures that are used to originate, develop, and communicate the value

4|Page
addition that is made to the demands of consumers and the general public (Kotler & Keller, 2012).
Alternative definition: Marketing is a strategy for creating value for a company's stakeholders
through the development of customer relationships. This can be accomplished through developing
new customer relationships as well as strengthening and enhancing current customer relationships.
When management is able to discover and serve consumer demands while still earning a profit,
these relationships can be developed or strengthened between the two parties. Marketing is defined
in this way by the Chartered Institute of Marketing (CIM,1992) When Sidney Levy and Philip Kotler
published their book Marketing in 1969, they made it more explicit by noting that marketing is
involved in both service and product enterprises, as well as in profit and non-profit organizations,
respectively (Varadarajan,2010).

Because globalization has reached every corner of the globe, businesses are finding it increasingly
difficult to survive in this day and age. The dissemination of every new invention or technological
improvement occurs in a very short amount of time, reaching every corner of the earth. Because of
the latest options available throughout the world, consumers' demands and wants vary constantly. If
a firm is incapable of responding quickly enough, it poses a serious threat to the organization's
survival. Afterwards, the significance of developing or redesigning strategic decisions for a long-term
corporation was established.

Strategic marketing has been defined as a "mission for long-term competitive and consumer
advantage," and the fact that it shares characteristics with business strategy indicates that there is a
link between marketing and strategic planning. Strategic marketing is defined as "mission for long-
term competitive and consumer advantage" (Wind & Robertson,1983). Because strategic marketing
is critical to the success of every business, the main component of marketing in Amana Bank, in
accordance with the foregoing explanation, is human resource, and the fast delivery between
marketing strategy and human element of the organization will be able to achieve the company's
objectives and make profits in a variety of market conditions. In order for a company to achieve its
competitive advantage, marketing strategy must be at the heart of the organization. Marketing is all
about understanding consumer needs and generating value for those needs, and marketing is at the
heart of any business. The ultimate result of any business is the achievement of its objectives and
the establishment of a long-term sustainable business, and for this, strategic marketing decisions
provide the direction that allows the company to concentrate on its strengths and resources while
also assisting the organization in achieving market leadership position in the targeted market
through an accurate positioning process. In the absence of a strategic marketing plan, an
organization may miss out on opportunities and face numerous threats as a result of failing to

5|Page
identify their own strengths and weaknesses. Strategic marketing would analyze the micro and
macro environments of the business, identify the segments, and then implement appropriate
targeting and positioning strategies. It is essential for a company's strategic marketing plan to be
connected with the company's corporate strategies in order to be successful in competitive market
circumstances.

AN IN-DEPTH ANALYSIS ON THE PROCESSES INVOLVED IN

MARKETING MANAGEMENT IN AMANA BANK

Choosing the Value Providing the Value Communicating the

Value
Customer Market Value Product Service Pricing Sourcing Servicing Sales Promotions Advertising
Segmentation Selection Positioning Development Development Force

Strategic Marketing Tactical Marketing

A marketing process can be separated into three stages, as seen in Table 1. The process begins with
a study of the macro and microenvironments, as shown in figure 1. The usage of models such as
PESTEL and Porter's five forces is used to study the environment in order to discover potential risks
and opportunities in the marketplace. An internal analysis would be conducted to determine the
organization's strengths and weaknesses, and by integrating these, a SWOT analysis would be
created, which would serve as the foundation for planning, by converting weaknesses into strengths,
capitalizing on opportunities, and mitigating risks. The first phase in the process is deciding on the
value, which includes segmenting, targeting, and positioning the product or service. This is the
marketing component that is strategic in nature. Two sections are included in the tactical
component, which are referred to as the Seven Ps, which are referred to as creating value using six
Ps (Product; Price; Place; Process; People; Physical Evidence); and third, communicating value to the
target market through promotional activities such as advertising; direct marketing; public relations;
sales promotion; and personal selling.

6|Page
CRITICAL ANALYSIS OF CONTRIBUTION OF MARKETING
MANAGEMENT PROCESSES TO THE ACHIEVEMENT OF CORPORATE
OBJECTIVES OF AMANA BANK CONSIDERING FEEDBACK LOOPS TO
CORPORATE DECISION-MAKERS BEING USED

Marketing management plays a key function in today's corporate environment. Most parts of the
company depend heavily on how successful it is in marketing. This task focuses mostly on the
identification of marketing concepts and how they are used for the development of the company.
This research demonstrates generally the requirement for an adequate marketing approach to sell a
product. Marketing is not the selling product, but the art of marketing things to clients who are
eager and willing to purchase to meet their requirements. Since marketing covers all customer
satisfaction criteria, marketing management should be part of the job of all employees. The
American Marketing Association (1995) defines "Marketing as the activity of anticipating and
executing the design, pricing, marketing and distributing of ideas, products and services and
exchanging them in the way to meet individual and organisation's goals." The William and Ferrell
company (2010: p.5) must describe its product not by what it produces but by how it satisfies its
clients. The reason for this is that despite the products and services are of the finest quality,
nevertheless the client is prepared to buy them.

In Kevin's and Peter's perspective, company can only find and maintain consumers through
marketing. The development of the product is of great importance to the preparation of a marketing
plan for Swan branded stream irons as it teaches the general public about the firm and its goods,
improves sales and profits and increases the reputation of the company. Swan irons' best marketing
technique contributes more to achieving their business goals and may highlight the importance of
the marketing they can enjoy as follows.

Marketing improves client product awareness. Because of marketing, consumers are informed about
the firm and the products in particular via advertising and promotional programs.

If the public learns about the firm through advertising, commercial and other advertising programs,
this will help them improve their sales and income growth. Even under unfavorable business
conditions, companies may still be profitable and sustained by enhancing their brand awareness
through marketing inside industry. Marketing improves the reputation of the firm in the long run.

7|Page
Amana Bank's vision is to be the leader in the financial sector by providing ethical financial solutions,
and its mission is to move towards that vision by adopting a people-friendly approach, enabling
continuous growth, and improving the status of customers. Amana Bank's vision is to become the
leader in the financial sector by providing ethical financial solutions. In order to effectively express
their vision and objective, they have developed their logo, corporate colors, and physical location so
that customers may experience the bank's culture and service. Amana Bank produces its corporate
strategy and marketing plans in accordance with their vision and goal, and all of their tactics are
aligned with their core values and principles. As an example, according to shariah law, which is the
foundation of Islamic Banking, calculating interest is prohibited. As a result, Amana Bank is not
permitted to design any of their products that involve an interest component. They have stated a
few corporate plans for the next five years in order to comply with all of these regulations while still
moving towards their vision, such as launching new shariah-approved products, narrowing their
business focus to the small and medium segment, which includes non-banking and under-banking
businesses, and expanding their reach island wide by opening 50 new branches within a five-year
period (Amana Bank, 2015).

8|Page
Figure 2 – Ansoff Matrix

Figure 3 - Gap between the current and expected Portfolio value

It is Amana Bank's predicted objective for the year 2016 in their Ijarah Portfolio that they would
achieve a 40 percent increase in revenue over the previous year. As a result, ABL will have to employ
intensive growth strategies adapted from the Ansoff Matrix (figure 04), where you can employ
Market Penetration strategies as well as market development strategies in order to close the gap
between current and projected Ijarah portfolio growth, as shown in the following chart: ( figure 05).
Amana Bank can use a hybrid strategy between market penetration and market development to
achieve its growth objectives for the coming year. Under market penetration, they can offer lower
profit rates for their Ijarah facilities, enter into partnerships with vehicle importers and dealers,
conduct awareness campaigns, improve the efficiency of their approval process, and offer special
bundled benefits. This penetration strategy would allow Amana Bank to achieve an approximate 25
percent increase in the size of their Ijarah portfolio in the calendar year 2016. Amana Bank can use
market development techniques such as new branch openings to broaden the bank's reach and then
target market categories that have previously been overlooked, such as government employees and
non-banking businessmen, in order to cover the next 15 percent of portfolio growth. Amana Bank
would be able to raise their Ijarah portfolio by 15 percent in 2016 if they used these market
development methods, as opposed to the previous year.

9|Page
ANALYSIS OF PROCESSES INVOLVED IN STRATEGIC MARKETING IN
THE LIGHT OF AMANA BANK

The topic of strategic marketing planning cannot be discussed without first discussing the corporate
strategy of the company. As a result, it is critical to recognize the similarities between two concepts.
Strategic marketing planning is an extremely essential element of the corporate management
strategy, and it is critical to recognize the similarities between two concepts. Strategic marketing
planning can be defined as the process by which top management matches a company's
competencies or strengths with related opportunities and threats; this means that you adapt to the
environment. When we compare this explanation with the above definitions, we can come to the
conclusion that strategic marketing planning and corporate strategy are inextricably intertwined
concepts. As depicted in Figure 01, accomplishing the business plan and corporate objectives would
be a major accomplishment. The most successful businesses have realized that marketing activities
are more than just a business department; they are also a business philosophy that guides practically
all of the company's business activities in the right direction. The usefulness of concepts, marketing
processes, tools, and diverse strategies has been clearly recognised by those organizations, and they
have demonstrated a high level of expertise and consistency in their application. They are defined in
large part by a high level of inter-functional assistance that facilitates the execution of a marketing-
oriented business philosophy and the development of a better and more solid planning strategy. A
key component of this definition is environmental sensitivity, customer focus, and competitive
advantage. These are the three basic ideas that successful organizations would incorporate into their
marketing approach (Musibau and Oluyinka, 2011).

10 | P a g e
CRITICAL ANALYSIS THE RELATIONSHIP BETWEEN MARKETING
MANAGEMENT AND STRATEGIC MARKETING AT AMANA BANK

It is critical to understand how an organization is positioned in order to grasp the link between
management positioning and marketing methods. The positioning of Amana Bank is depicted in
Figure 19. The value of the models used in the marketing planning process of Amana Bank extended
its support to Amana Bank's corporate planning, positioning of Amana Bank's services and products
which are constructed and asked to meet customer's needs and to gain the most profit margins,
while Amana Bank perfectly placed the services offered to the customers on the strategy based on
providing it's service to its customers The tactical marketing strategy must be based on these
positioning statements.

Amana Bank focuses on the Vehicle Financing Service when it comes to the 7 Ps: Ijarah, thank you so
much for your help (Islamic Leasing) approval within 24hrs on receipt of application Location:
Available at all branches, with the process being centralized in the Central and Eastern areas.
Promotions include sales force recruitment, personal selling, and other methods. To be determined
based on Central Bank Lending Rates, a rate that compares the price set by leading companies in
Vehicle Financing will be established.

Consequently, Amana Bank must be vigilant and proactive in the selection of tactical marketing tools
that will add more value to the bank while also ensuring that the corporate strategies and placement
of Amana Bank in the banking industry are not compromised. As a result, Amana Bank must ensure
tactical marketing techniques are effectively implemented with proper training on system
administration and maintenance.

Because businesses must utilize tactical marketing tactics to attract more customers, the four
aspects of the promotional mix (advertising, public relations, sales promotions, and sales force) and
the buyer behavior model AIDA (attention, interest, desire, and action) can be related. As Amana
Bank is primarily focused on the Muslim Community, its promotional mix is primarily focused on the
Muslim Community; however, Amana has taken steps to raise awareness among other communities
as well through its promotional mix. Amana Bank's main promotional mix element is its Sales Force,
as Amana Bank has its own Sales Teams which are responsible for generating interest and desire in
non-interest based banking. Other elements of the promotional mix, such as advertising, public
relations, and sales promotions, are also prioritized by Amana Bank. Advertising is carried out

11 | P a g e
through newspapers, particularly English and Tamil news papers, radio (primarily on Sri Lanka
Broadcasting Cooperation Muslim Radio Chanel), electronic media (E Banners, webpages, and
emails), and social media platforms, among other mediums (Facebook, Twitter). The bank also
participated in numerous sales promotions, including collaborations with leading vehicle suppliers in
Sri Lanka, sponsorships of prominent Muslim school sports events, and the distribution of
promotional materials such as banners and flyers to raise awareness of vehicle financing as well as
the other products and services offered by Amana Bank, among other things.

All of these promotional pieces will contain the positioning attributes, which are a hybrid strategy
based on Selective Specialization that provides products and services at low interest rates and with
competitive pricing while maintaining a high level of customer care. The report concludes with a
thorough discussion of strategic marketing concepts, including the role of Amana Bank's Strategic
Marketing Plan, its relationship to corporate strategy, and the importance of models used in
planning, as well as the relationship between Amana Bank's positioning and the marketing tactics
used in Amana Bank vehicle financing.

AN INVESTIGATION OF MODELS USED IN SETTING STRATEGIC

MARKETING OBJECTIVES AT AMANA BANK

Some days now, organizations are functioning in a fiercely competitive environment connected to
new words like the ICR, the environmental variety, the technology revolution and globalization. And,
as the fundamental objective of organizational manager is to enhance the wealth of its owner,
managers in the banking industry in particular operate under shareholders' pressure, the
international financial crisis and the central bank rules. These variables have profoundly influenced
management methods and actions. In the banking industry, triggering Safety Products can be seen
as a tool for retaining current customers and acquiring new customers. As the marketing manager in
a business, the primary link with the customer and the competition is that bank managers now face
different attitudes and behavior in the marketing process. For this, the marketing manager must pay
special attention to the organization's position in the market and marketing mix and the overall
reputation of the firm and its goods (Weelen, 2006). These strategies are,

CUSTOMER OUTREACH

As marketing strategy, customer outreach is becoming essential simply because many banks rely on
digital and social marketing. Connecting with consumers on a one-to-one basis may do far more for
customer relationships than any amount of banking internet marketing. While Amana Bank

12 | P a g e
concentrates on providing actual value to customer support they also opt to give financial literacy,
internet security and even mobile banking courses and workshops. Where they counsel quickly, offer
insights into investment portfolios, or anything more suitable for the brand and demography of
Amana Bank. It is also vital for the employees during informational events to be able to give warm,
pleasant and above all helpful advice and support without marketing their products and services.
Marketing strategy for banking goods should always be about establishing connections, not selling.

CUSTOMER VALUE

Most consumers value you a lot, it is vital that you provide your favor back. This might need you to
examine and upgrade your goods, cut outdated products which you no longer supply for consumers,
and streamline your procedures and services in order to improve the offerings linked to the
marketing strategy of Amana Bank.

For example, what are the real advantages Amana Bank’s clients may obtain by utilizing their
products compared to their competitors? For example, although many banks have offered standard
lending, bank accounts, savings accounts and other service packages traditionally, most modern
consumers benefit from flexible and modular packages where they can add or remove services on
will, especially if they have limited time online until approval.

DEMOGRAPHIC TARGETING

The majority of banking marketing tactics are targeted at generic and broad groups including Gen Z,
Millennials and Baby Boomers. The marketing methods of Amana Bank are more successful, with
local, particular and smaller populations targeted. For instance, they can identify the bank provides
services that are particularly beneficial to Gen Z high school graduates and transferring to university
and college, where they are able to develop a powerful marketing campaign. Their services are also
better suited to middle-income baby boomers seeking a retirement savings program where a robust
marketing campaign has been established. Even targeting a local demographic has allowed them to
build more customized marketing offers, making it easier to distinguish Amana Bank from rivals.

DIGITAL APPS

It is believed now that 7.9 million people in Sri Lanka have an active social media account. Many
people move away from personal banking and to digital banking, which is comfortable, easy to use,
and frequently more quicker. If you have a high quality digital app or online site, and ideally both
Amana Bank has used them in their marketing efforts and shared them with the public. You may

13 | P a g e
accomplish it through the creation of marketing and social media campaigns, but also through
training, security information and training for elderly users who might not be as technologically
knowledgeable as younger generations.

Why is this smart technique for banking marketing? The Sri Lankans are increasingly interested in
traveling to physical banks and telling them that Amana Bank has digital services.

LOYALTY PROGRAMS

Loyalty programs are one of the oldest marketing tactics of the banks but they must not collect
points using a credit card (although this is still a viable tactic). Good loyalty programs reward clients
for their active involvement in the use of the bank and should generally encourage the consumer to
remain with the bank.

The first non-interest-based regulated commercial bank, Amana Bank, for example, began a program
to reward its debit card members by wiping away invoices up to Rs. 5,000 per day. Customers must
register for certain services, such as auto-pay to qualify, and must be among the most engaged
customers. Why works this more than just points? It costs you the same but gives each client a
genuine, concrete value and compares it to the rates given by rival banks.

PERSONALIZATION

Most banks have more data than they know. Amana Bank is no exception. No exception. Big data is
an essential element of their marketing strategy since they can utilize it to provide better, more
customized, more personalized banking goods and services. For instance, they utilized simple
automated algorithms to propose items and services based on prior use to clients. Where individuals
may approve loans and mortgages for themselves so that they can know what they are eligible for
and their interest rates prior to ever shopping with competitors. They also utilize big data to propose
updates and adjustments at critical times, for example when people graduate from college, purchase
their first house or buy a car.

PRIORITIZE CUSTOMER EXPERIENCE

The event is all about modern marketing and materialism. Amana constantly provides clients a high
quality experience for the customers contacting customer support from their digital platform and
app. Bank marketing should concentrate on building a good, helpful and quality experience for each
client, whenever they engage with Amana Bank, the most essential thing you can do could be. It
doesn't always imply that you need to surpass your expectations or please your customers; it merely

14 | P a g e
means that Amana Bank must provide strong, reliable and quality solutions, give value to the client
constantly and concentrate on being there first.

TECHNOLOGY ADOPTION

Not all new technologies will benefit every bank, but being on the forefront of technological trends
and curves can help keep the marketing campaigns fresh and competitive. Amana Bank offers robust
digital banking and a multi-year and Generation Z app. They chose to use the technology, however,
and guarantee that their services are of excellent quality.

CONCLUSION
A number of key definitional contributions have been the growth of marketing strategy as an area of
study during in the past four decades. In this vein, it is hoped that further dialog and debate will lead
to refinements and to a broad consensus on some issues and the competitive prospects about the
prospects presented here regarding strategic marketing as a field of study and the fundamental
issues to which it relates. Banks marketing approach is essential for survival and profitability. With
growing competition and knowledge of the banking business, clients are becoming demanding over
the services they provide. Already under the new conditions in the banking services sector
established by Amana Bank, the participating companies have to discover themselves and adapt
themselves by developing similar strategies with their businesses. Organizations must clearly define
their objectives according to their resources, on the one hand, and analyze the opportunities given
by the market. As the market leader, challenger, follower or adherent in the niche strategy, their job
in this industry will be to pick an alternative that analyzes in addition to the resources and
opportunities given by the market and the industry where it works, on the other hand. For each type
of financial products, specialized markets exist and banks must identify which market segments are
connected to their company. Another element is that banks have new methods of financial
intermediation to reposition themselves. In general, the increasing competitiveness in the financial
industry orients companies to locate the hottest areas of the market, otherwise specialty tactics.

Amana Bank has developed higher level customer-oriented procedures. Amana banks want to
regularly assess the requirements of their consumers, want to keep their present customers satisfied
and to attract new and potential clients. Customer-oriented approaches provide banks competitive
advantages, but banks have to assess if their client-oriented activities guarantee customer pleasure.
More consumer orientation will lead to a situation where customer satisfaction does not meet the

15 | P a g e
demands of customers. Such marketing initiatives are only intended to overcome competition.
Marketers must therefore take greater orientation towards customers, so ensuring customer
happiness and retention. It will lead to the survival and growth of business. Ultimately, it will provide
their competitors competitive edge.

REFERENCES
Adrian Palmer and Bob Hartley. (1999) The Business and Marketing Environment, Maidenhead:
McGraw–Hill.

Amana Bank (2015) Home Page, Available From: http://www.amanabank.lk/en/ [Accessed 21 June
2021).

American Marketing Association (2014) Definition of Marketing, Available from:

https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx, [Accessed 21 June 2021).

Central Bank of Sri Lanka (2015) Annual Report 2014. Central Bank of Sri Lanka, Sharp Graphic
House. Central Bank of Sri Lanka (2015) Economic and Social Statistics of Sri Lanka, Statistic
Department: Central Bank Printing Press. Chapman,

Alan (2010) Pest market analysis tool PEST analysis method and examples, with free PEST template,
Available from: http://www.businessballs.com/pestanalysisfreetemplate.html (Accessed 21 June
2021).

Charles Lamb, Joe Hair, Carl McDaniel (2004) Essentials of Marketing, USA: South – Western,
Cengage Learning. Charted Institute of Marketing (2009) a brief summary of marketing and how it
works, Available From: http://www.cim.co.uk/files/7ps.pdf [Accessed 21 June 2021).

Charted Quality Institute (2015) Elements of corporate strategy, Available from:

http://www.thecqi.org (Accessed 21 June 2021).

K.Valentin, Erhard (2005) Away with SWOT analysis: Use Defensive/Offensive Evaluation Instead, The
Journal of Applied Business Research. Vol. 21 No. 2 p. 91.

Kotler, P 2003, Marketing Management, 11th edn. Pearson Education (Singapore) Pte Ltd, Indian
Branch, 482 F.I.E., Patparganj, Delhi, India.

Kotler, P. and Keller, P.L. (2012). Marketing Management, 14th Edition. Pearson Education: UK

Kotler, P. et al. (2009), Principles of Marketing: A Global Perspective, New Jersy: Pearson Prentice
Hall. Lindgreen,

Adam. (2004) The design, implementation and monitoring of a CRM programme: a case study.
Marketing Intelligence & Planning 22.2, pp. 160-186.

McDonald, M. H. B. (1999), Marketing Plans: How to Prepare them; How to Use Them, 4th ed.
Oxford, Butterworth – Heinemann.

16 | P a g e
Mindtool (2014) Porter’s Five Forces, Available from:
http://www.mindtools.com/pages/article/newTMC_08.htm [Accessed 20 June 2021).

Mindtool (2014), The Marketing Mix and the 4Ps of Marketing, Available from:
http://www.mindtools.com/pages/article/newSTR_94.htm [Accessed 20 June 2021)

17 | P a g e