Table of contentsIntroductionMarket segmentMarket targetMarket positioningConclusionIntroductionUnited Overseas Bank (UOB) is a multinational banking organization headquartered in Singapore. With branches located primarily in Southeast Asia, “UOB is committed to building lasting relationships with our customers, through our product and market expertise, and our promise to always do what is right” . Quoted in the UOB business profile, they have taken a strong stance in maintaining a profitable customer relationship and will strive to do what is right for their customers. UOB provides a range of services to meet the different types of needs people may have. Services such as commercial and corporate banking, wealth and preferred banking, and private banking. To provide the highest degree of knowledge and services to its valued customers, UOB sends its employees around the world for monthly training to improve their skills and knowledge. Furthermore, the discussion on 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 Should Not Be Banned”? Get the original essay Market Segment UOB has segmented its market into 3 groups: individuals, businesses and subsidiaries of the UOB group. In general, banking services are aimed at all ages, whether old or young. If there is money to put in the bank, anyone would need banking services. Specifically, UOB offers 12 types of bank account opening and services tailored to each 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 Accounts, Gold Savings Account and Silver Savings Account, Junior Savers Account, the Privilege account, the Wealth Premium account. Judging from the list of account openings and services, it caters to the middle income of adults, children, elderly and higher income group of people. UOB offers these accounts and services because they give residents more options to choose from, depending on their personal circumstances. UOB has many branches in many parts of the world like South East Asia, USA, Canada, Australia and many more. . Having a diversified regional franchise allows UOB to serve customers ranging from consumers to large multinational companies and meet the cross-border needs of companies operating in this region. There are also regional networks to help any business that needs help. This way, UOB can reach as many potential future consumers as possible while serving its various current customer groups. Market TargetUOB has offered products and services that cater to everyone of all ages, however, baby boomers and generation long-term relationship and a reciprocal exchange. Baby boomers and Gen Therefore, UOB has come up with many services to attract loyal working adults to choose UOB as their legitimate bank. Services such as the passbook savings accountthe most basic, UOB, offer incentives to consumers, such as getting 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 UOB for their banking needs as they earn high interest rates on top of their own savings. Furthermore, when their customers travel abroad, they do not need to change or convert currencies as UOB provides them with a global ATM card which customers can use easily and conveniently while spending quality time with their family. To make it easier for consumers, UOB has 24-hour internet banking and has access to UniAlerts which will alert consumers of any transactions made via email or mobile phone. UOB also offers corporate banking, commercial banking, and corporate and institute banking. Business bank loan is also applicable for startup owners. UOB offers 3 different types of services for Business Loans, UOB Business Loans, UOB BizMoney and UOB Overdrafts. Startup owners who want to grow their business can apply for UOB BizMoney which provides up to $350,000 in funds and up to 4 years of repayment with an interest rate of 10.88%. To make things even more convenient for customers, UOB has developed products such as Business Application through which business owners have access to business tools, business news and information and access to 24 business banking services. hours a day. This allows business owners to gain additional knowledge about the business while using the business application. In addition to all the incentives, if the customer has successfully applied for a UOB business loan, they receive additional benefits such as vouchers to use for free. With the bank's existing customer portfolio, UOB will upgrade customers who have total assets of S$100,000 and S$350,000 to the Wealth Banking and Privilege Banking segments respectively, through which their banking experiences will be more conducive, more comfortable in a specialist center serving drinks and a dedicated relationship manager to provide advisory services on their banking and investment needs. Customers in the higher segment are also sometimes offered higher interest accounts. Through this, more customers will be attracted to place more funds with UOB and get the banking information and services they need while enjoying the hospitality and customer services provided with comfort. Market PositioningUOB targets its mass market customers mainly through media like newspapers, television, magazines and online websites (Facebook, Instagram and YouTube) to publicize the current products and promotions offered by the bank to attract new customers and expand their customer base. UOB chooses these platforms because the technology is very advanced and these mobile devices make connection and communication convenient at your fingertips. Everyone's eyes are essentially glued to the screens of their devices. Therefore, this presents an opportunity to capture their attention while they are on the social platform. For example, UOB pays YouTube to have its advertising served before YouTube users can watch their videos. There would be a commercial advertisement of approximately 10 seconds maximum, 2 minutes to advertise applications or goods and services to.