n Journal of Contemporary Management - Marketing challenges faced by South African banks expanding into other emerging markets
|Article Title||Marketing challenges faced by South African banks expanding into other emerging markets|
|© Publisher:||Prof. Marthie Grobler|
|Journal||Journal of Contemporary Management|
|Author||D.M. Botha and D.J. Petzer|
|Publication Date||Jan 2010|
|Pages||420 - 439|
|Keyword(s)||Banking industry, Emerging markets, International marketing,, Marketing challenges, Marketing strategies and South Africa|
The combined output of emerging markets accounts for more than half of the Gross Domestic Product (GDP) of the world economy (Woodall 2006:4). South African banks are aggressively expanding their operations into other emerging markets. The banks are posting ever-growing profits (Wright 2003:Internet), but also face various marketing challenges in these markets. Current literature does not provide adequate insight into these challenges and suitable marketing strategies to implement when expanding into emerging markets. The purpose of this paper is to investigate the marketing challenges faced by South African banks operating in other emerging markets, and the marketing strategies they implement to meet these challenges. An exploratory, descriptive and contextual research design was followed. In-depth interviews with top South African bank executives were conducted. The Morse and Field approach was used to analyse opinions of participants. Key marketing challenges include the lack of local skilled labour and language differences, amongst others. The paper furthermore reports on marketing strategies that are implemented by enterprising South African banks to cope successfully with challenges in other emerging markets.
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