IndexIntroductionMarket segmentMarket objectiveMarket positioningConclusionIntroductionUnited Overseas Bank (UOB) is a multinational banking organisation, headquartered in Singapore. With subsidiaries located primarily in Southeast Asia, “UOB is committed to building lasting relationships with our customers, through product and market expertise and our promise to always do what is right.” Quoted from UOB's company profile, they have taken a firm stance on maintaining a profitable relationship with customers and will strive to do the right thing for their customers. UOB provides a range of services to meet the different types of needs people might have. Services such as commercial and corporate banking, wealth banking, preferred banking and private banking. To provide the highest level of knowledge and services to its valuable customers, UOB sends its employees from all over the world to monthly training courses to update their skills and knowledge. Additionally, discussion of how UOB manages and maintains its considerable influence in the banking sector will be revealed. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Market Segment UOB has segmented its market into 3 groups: individuals, companies and subsidiaries of the UOB group. In general, banking services are relevant for all ages, both old and young, if there was money to deposit, anyone would need banking services. Specifically, UOB offers 12 types of bank account opening and services suitable for every age group and income level. Some of the 12 types of bank account opening and services starting from the most basic are Savings Account, Trust Account, Gold Savings Account and Silver Savings Account, Junior Savings Account, Privilege Account, Premium Wealth Account. Judging by the list of account openings and services, it is aimed at the average income of individual adults, children, seniors and higher income groups of people. UOB offers these accounts and services as it gives residents more options to choose from, based on their personal situation. UOB has many branches in many different parts of the world such as South East Asia, USA, Canada, Australia and many more. Having a diverse regional franchise allows UOB to serve clients ranging from consumers to large multinationals and meet the cross-border needs of companies operating in this region. Regional networks have also been established to help any business that needs help. In this way, UOB can reach as many potential future consumers as possible while serving its current diverse customer groups. Target market UOB has designed products and services suitable for everyone of all ages, however, Baby Boomers and Generation X especially start up entrepreneurs are essentially more focused on the fact that UOB wants to create a long-term relationship and mutual exchange . Baby Boomers and Generation Therefore, UOB has come up with many services to attract loyal working adults who choose UOB as a legitimate bank. Services such as the most basic, the Passbook savings account, UOB provide incentives to consumers such as earning a high daily interest rate of 0.05% and a free global Automated Teller Machine (ATM) card. These incentives will attract loyal customers, especially adults, to choose UOBfor their banking service needs as they earn high interest rates on top of their savings. Apart from this, when their customers travel abroad, they do not need to exchange and convert currencies as UOB provides them with a global ATM card which customers can use with ease and convenience while spending quality time with their family. To make things easier for consumers, UOB has 24-hour Internet Banking and has access to UniAlerts which will alert consumers to any transactions made via email or mobile phone. UOB also provides corporate banking, commercial banking and corporate and institutional banking for businesses. Business bank loan is also applicable to startup owners. UOB offers 3 different types of services: Business Loan, UOB Business Loan, UOB BizMoney and UOB Overdraft. Startup owners looking to revive their business can apply for UOB BizMoney which provides up to $350,000 in funding and up to 4 years of repayment with an interest rate of 10.88%. To make things even more convenient for customers, UOB has come up with products such as Business Application through which entrepreneurs have access to business tools, business news and insights, and access to 24-hour business banking. This allows entrepreneurs to gain Increased business knowledge while using the business application. In addition to all the incentives, if the customer has successfully applied for the UOB business loan, they get extra benefits such as vouchers to use for free. With the bank's existing client portfolio, UOB will upgrade clients who have total assets of S$100,000 and S$350,000 to the Wealth Banking segment and Privilege Banking segment respectively, whereby their banking experiences will be more favorable, more comfortable in a specialized center serving drinks and a dedicated relationship manager to provide consultancy services on their banking and investment needs. Customers in the higher segment are sometimes also offered accounts with higher interest rates. This way, more customers will be attracted to invest more funds at UOB and get the banking information and services they need while basking in the hospitality and customer services delivered with comfort. Market Positioning UOB targets its mass market customers primarily through media such as newspapers, television, magazines and online sites (Facebook, Instagram and YouTube) to advertise current products and promotions that the bank offers to attract new customers to expand its customer base. UOB chooses these platforms because the technology is very advanced and these mobile devices make connection and communication within reach. Everyone's eyes are practically glued to the screens of their devices. So, this works as an opportunity to capture their attention while they are on the social platform. For example, UOB pays YouTube to have its advertising played before YouTube users can watch its videos. There would be a commercial advertisement of about 10 seconds maximum, 2 minutes to advertise applications or goods and services to YouTube users. Occasionally, UOB would release new ads every year, especially during holiday seasons such as Chinese New Year or Christmas, to promote some of their new products. In this way, it provides an impression of what UOB does for its customers through storytelling and, at the same time, imprinting the valuable impression in the user's memory. People aged 21 years and above still use Facebook frequently, so UOB also posted some of its new or promotional products on Facebook to.