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You have been engaged as a consultant to assist the Bank of Cancer Research and have been requested to provide the organisations with advice about their strategy.
Based upon the case study provided, available information and your research, undertake a review of the proposed concept for the Bank of Cancer Research and prepare a critique from a new-product launch perspective. This should take into consideration the broader environment for the provision of retail banking / financial services in Australia.
Guiding questions (these are included to guide your approach rather than as a set of headings for the report)
1. Reference a range of alternative cause-based businesses or business initiatives, critique the ‘single-cause’ approach being proposed for BCR.
2. What is the likely effectiveness of a social cause as the primary market positioning for an organisation? Support your view based upon research in this area.
3. What would you do to (1) contact signatories to the Giving Pledge and (2) how would you get their attention?
4. What other products could be used for a purpose entity? What are the important elements of a purpose
5. How are competitors in the banking industry likely to respond to the BCR if established?
6. Aaron believes that proof-of-concept for the Bank of Cancer research and evidence of consumer’s propensity
to switch services is required in order to attract philanthropic funding to purchase of an existing bank. What alternative means of establishing demand for BCR services could Aaron use? What customer behavioural challenges will BCR face in attracting customers?