Analyse the effectiveness of the M&S marketing material, highlighting the key factors that would support
Hanna’s decision to switch her account to M&S, using
the information in the case study and Source 1
additional information.

Case study 1
Hanna is thinking of moving her current account to a different financial
provider
Hanna, aged 25, has been with her current financial services provider for a number
of years, but she has decided that it is time for a change. She has kept a small but
regular amount in her account since she opened it. She does not believe that the
provider has made much of an effort to retain and satisfy her as a customer, and she
wonders if different providers might be better in their approach to customer care. She
is happy to consider challenger banks.
She does a lot of shopping at Marks & Spencer and knows that they offer current
accounts. She would like to know more about Marks & Spencer’s banking services
before she decides to switch her account there. One of her friends has a current
account with the Cumberland Building Society and has recommended it to Hanna.
The head office for the Cumberland Building Society is near where Hanna lives in
Cumbria.
Hanna is aware that the financial system came very close to collapse in 2007–08,
and she is eager that it remains sustainable. She understands that external factors,
such as the rate of inflation in an economy, can have a significant influence on
financial services providers, and she is concerned about what might happen if the
rate of inflation was to increase significantly in the next few years.
Hanna understands that financial services providers will always be keen to develop
and introduce new products into the marketplace as a way of enticing customers.
However, this can be a potentially unprofitable policy if the new products are not
attractive to customers. This is why providers use a variety of market research
techniques to discover whether there really is a demand for new products. Hanna
uses the internet a lot but is frustrated by unexpected emails from providers, which
she thinks is unethical.
Hanna asks you to conduct some research on her behalf, in terms of the marketing
materials of M&S Bank and Cumberland Building Society.