A STUDY OF THE IMPACT OF PROMOTIONAL MIX ON

BRAND AWARENESS OF KBZPAY AT KBZ BANK

A THESIS
PRESENTED TO THE FACULTY OF
SBS SWISS BUSINESS SCHOOL

IN PARTIAL FULFILLMENT
OF THE REQUIREMENT FOR THE DEGREE
GLOBAL MASTER OF BUSINESS ADMINISTRATION

BY

HAU KHAWM HWAE

STUDENT ID NO – 13774

PACIFIC PRIME BUSINESS SCHOOL – PPBS

SUPERVISOR: DR. CHAW SU AUNG

SEPTEMBER, 2022
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 Acknowledgement

Firstly, I would like to express my grateful spirit to Almighty GOD for leading me
throughout my master education journey with invaluable cares and supports, and helped me
achieve my career growth from the beginning to the end.
Secondly, I would like to express my sincere gratitude to my supervisor Dr. Chaw Su
Aung who always guide, suggest and lead me with continuous care, kind encouragement and
energetic support in undertaking this thesis report. I am truly grateful for her patience,
motivation, and extensive academic knowledge. Moreover, I also would like to present my
sincere appreciation to all professors and lecturers who have helped me expand my
knowledge and insight through this Master Program.
Additionally, I am grateful towards Swiss Business School as well as Pacific Prime
Business School for their support during this whole course of program along with this thesis
report as well. And, my sincere appreciation also goes to my classmates who share, support
and guide me throughout my study and report. Last but not least, I also would like to forward
my thankful heart to my family for letting me and constantly encouraging me to complete my
master study by accomplishing this thesis report.

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 Statement of Originality

A Study of Impacts of promotional mix on brand awareness of KBZPay at KBZ Bank,

Myanmar

Presented to the faculty of SBS Swiss Business School

In partial fulfillment for the degree of Global Master of Business Administration (GMBA)

Student Declaration:

I hereby declared that I, Hau Khawm Hwae, the undersigned, have independently completed
this thesis report under the supervision of Dr. Chaw Su Aung. All the reference sources or
materials used in this study have been duly acknowledged. I have not used any other than
permitted reference sources nor engaged in any plagiarism. I further confirm that no part of
this work has been submitted for any degree to this or any other university.

29 September 2022

Signature Date

Supervisor Declaration:

I, the undersigned, verify that this document meets SBS Swiss Business School Academic
standards.

29 September 2022
(Title) First Name Last Name Date

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 ABSTRACT

This study aims to investigate the impacts of promotional mix on brand awareness of KBZPay
at KBZ bank in Yangon, Myanmar. The promotional mix tools of integrated marketing
communications: namely advertising, sales promotion, public relations, direct marketing and
personal selling are selected to analyze their impacts on brand awareness. Descriptive method
was utilized in this study. For this thesis report, secondary data, that is provided by the
website of the company and other related online resources, was applied. This study presents
that KBZPay have been executing their branding activities by applying promotional mix tools
alternatively depending on places and time to raise awareness of their products and its
affected subjects and a wide-range of impacts can be observed. Hence, it is considered that
promotional mix tools can greatly impact in increasing brand awareness. To sum up, the
outcomes of the study suggest that a business need to invest more in all-inclusive application
of promotional mix tools when it wishes to introduce as well as to promote insight of new
products with certain complexity to the community.

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 Table of Contents

Contents
Acknowledgement...............................................................................................................................2

Statement of Originality.....................................................................................................................3

ABSTRACT........................................................................................................................................4

Contents...............................................................................................................................................5

Chapter 1.............................................................................................................................................6

1.1 Introduction....................................................................................................................................6

1.2 Problem Statement of the Study.....................................................................................................7

1.3 Objectives of the Study...................................................................................................................8

1.4 Research Questions.........................................................................................................................9

1.5 Scope of the Study..........................................................................................................................9

1.6 Outcome of the Study.....................................................................................................................9

Chapter 2.............................................................................................................................................9

LITERATURE REVIEW..................................................................................................................9

2.1 Promotion Mix................................................................................................................................9

2.1 Promotion Mix..............................................................................................................................10

2.2 Advertising...................................................................................................................................11

2.3 Sales Promotion............................................................................................................................12

2.4 Public Relations............................................................................................................................12

2.5 Direct Marketing...........................................................................................................................13

2.6 Personal Selling............................................................................................................................14

2.7 Relationship between Promotional Mix and Brand Awareness...................................................15

2.8 Conceptual Framework of the study.............................................................................................15

2.9 Brief description of industry, developments and future trends of the study area.........................16

Chapter 3...........................................................................................................................................17

Strategic Audit..................................................................................................................................17

3.1 Current situation of the Company................................................................................................17

3.1.1 Current Performance..................................................................................................................17

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 3.1.2 Strategic Posture: Mission Statement, Objectives, Strategic Policies.......................................17

3.2 Corporate Governance..................................................................................................................18

3.2.1 Board of Directors, Length of Service.......................................................................................18

3.2.2 Integration of UN Sustainable Development Goals into the operations at KBZ Bank.............19

3.2.3 Top Management.......................................................................................................................20

3.2.4 Ethical Code of Conduct............................................................................................................21

3.3 External Environment Analysis....................................................................................................21

3.3.1 Sustainability issues...................................................................................................................21

3.3.2 Societal Environment: PESTEL Analysis.................................................................................22

3.3.3 Task Environment: Five forces of M. Porter.............................................................................23

3.4 Internal Environment Analysis.....................................................................................................24

3.4.1 Corporate Structure....................................................................................................................24

3.4.2 Corporate Resources..................................................................................................................25

3.5 Strategic Alternative and Recommended Strategy.......................................................................26

3.5.1 Strategic Alternative: based upon SWOT matrix......................................................................26

3.5.2 Recommended Strategy.............................................................................................................26

3.5.3 Implementation..........................................................................................................................27

Chapter 4...........................................................................................................................................28

Personal Lessons Learned................................................................................................................28

4.1 Personal Learnings from the Study..............................................................................................28

References...........................................................................................................................................30

References...............................................................................................................................................30

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 Chapter 1
1.1 Introduction

The financial services of banking industry in Myanmar have been rapidly changing in recent
years and KBZ bank, which is Myanmar’s largest privately-owned bank as well as one of the
most trusted banks, found the arising opportunity for adoption of mobile based financial
services apart from their regular banking services offered to the public. Acting as the market
leader of banking industry, KBZ is always seeking the potential improvements in digital and
technology based financial inclusion services and thus, KBZ Bank innovatively powered a
mobile wallet platform, KBZPay which allows customers to transact money safer, simpler and
more convenient way with just a few taps on the smartphone. By offering this KBZPay
mobile wallet application, it is easier for its customers to access the most financial services at
all time and cashless transactions. Connecting the financial services with businesses and
community through KBZPay brought the better financial inclusion and more comfortable
digital lifestyle.

In adopting mobile based financial services and introducing KBZPay mobile wallet,
technology alone was not sufficient to develop the financial inclusion in the country simply
because of the limited digital infrastructure. The right introduction pace of the mobile services
to the people is in need of adequate digital literacy. To resolve this, KBZ bank initiated well-
established marketing strategy and approached differently its related promotional mix to reach
out to the population as possible as it can. Modern marketing is more than just producing
good products, suitable pricing and easy access to them (Kotler & Armstrong, 2000). KBZ
bank is well aware of how crucial to communicate to the customers what it has to offer as the
initial step of promoting the new service. The contribution of promotional mix enters at this
stage of KBZPay promotion period by putting in an application of personal selling, publicity
and advertising mainly as activities of the marketing strategy. To raise people’s awareness of
the mobile wallet KBZPay, KBZ bank developed uniquely promotion techniques out of
standard promotional mix tools to effectively communicate the customers. The vast range of
publicity activities within the branches of the bank as well as the business partners such as
merchants and agents, and the wide spread use of more than 18,000 internal employees to
raise the level of face-to-face interaction with the customers and business partners to safer and
more secure shared information and experience of the mobile wallet service for the purpose of

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improved digital literacy in order to allow the customers to perceive the value and benefits of
KBZPay.

1.2 Problem Statement of the Study

When a new product is initially launched especially in the banking industry alongside
advanced technology features, it is comprehensible that the initial introduction of the service
and product to the customers and public requires well-implemented and established strategy
to successfully penetrate into the market and it is also vital to strategically adopt the best
strategy to match the need of the market. As for KBZ bank, KBZPay, which is an advanced
mobile-based financial product and service the bank initially marketed into the banking
industry, is in need of a solid business and marketing strategy without doubt. Because, first of
all, if users and customers have no knowledge about the product and service that what is
KBZPay, then they will not be interested in what KBZPay can offer to them regardless of the
capability of KBZPay can possibly solve their financial problems. Therefore, to raise
awareness of what is KBZPay and what solution it can provide to the financial issues of its
customers and users, it is critical to share information about the product and service to
initially intended customers as the first step, as well as to build consistent communication
with customers for further discussion regarding the product. Only then, users and customers
can receive the information about KBZPay and they can be aware of the product and its
benefit brought to their financial requirements. Acting as a new mobile wallet that can
positively impacts on the financial inclusion with the ease of mobile payment to the customers
and merchants, the influence and brand awareness of KBZPay are subsequently affecting the
industry and its fellow competitors. Secondly, how to successfully build brand awareness of
KBZPay is the factor to consider with strategic mapping for KBZ bank. From this position, it
is necessary to communicate attentively and competently with customers related to the
product and service of KBZPay to create brand awareness. Hence, implementation of well-
structured communication is required and the role of promotional mix tools under the
communication mix of a marketing strategy appears to strengthen the activities of the
awareness stage and to promote the communication about the new KBZPay to the customers.
Therefore, this study address to highlight the impact of promotion mix on product and brand
awareness of KBZPay at KBZ bank in Yangon.

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1.3 Objectives of the Study

The general aim of this study is to assess the impacts and benefits of promotion mix on brand
awareness of KBZPay at KBZ bank. In addition, the study has specifically the following
objectives:
 To identify the promotion tools of promotion mix implemented by KBZ bank for
KBZPay
 To analyze the relationship between promotional mix and brand awareness of KBZPay
at KBZ bank
 To explore the effectiveness and influence of promotion mix on brand awareness of
KBZPay at KBZ bank

1.4 Research Questions

The following research questions identified in this study are

What are the promotion tools in promotion mix implemented by KBZ bank for KBZPay?
What is the relationship between promotional mix and brand awareness of KBZPay KBZ
bank?
How does promotion mix of KBZ bank influence and affect brand awareness of KBZPay?

1.5 Scope of the Study

This study solely focuses on promotional mix tools and their effects on product and brand
awareness of KBZPay in KBZ bank. In addition, this study emphasizes on the promotional
tools namely advertising, sales promotion, direct marketing, personal selling and publicity,
applied for raising product and brand awareness of KBZPay.

1.6 Outcomes of the Study

As KBZPay is a product which can benefit both the company and the public in a positive way
in terms of financial problem, KBZ bank recognize this opportunity and attempt to seize it by
implementing well-oriented promotion which aims to inform, remind and convince the target
audience about the brand and its product. The results of this study bring forth businesses with

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the optimum mechanism to determine the best promotion strategy for their brand and product
awareness.

Chapter 2
LITERATURE REVIEW

This chapter regards the literature review that consists of theories and concepts of the study.
This study conveys the related literature reviews which emphasizes on impacts of promotion
mix that includes advertising, sales promotion, direct marketing, personal selling and
publicity on brand awareness. In this chapter, a conceptual framework and a brief profile of
the selected organization will also be included aside from literature review.

2.1 Promotion Mix

Businesses may create a good product at the right price in the right place, however, sometimes
it is not good enough to merely create. If customers are not aware of the product and have no
knowledge about the value that the product offers to them, there is no profit and benefit for
the business. Henceforth, businesses are in need of marketing communication to build
awareness as a motive to dispose of a product they created for the most conventional
marketing objectives are to raise awareness and knowledge of a product, to positively
influence perceptions of a product and to initiate a desired behavioral response (Business
Managment Ideas , n.d.). In addition, communicating a value proposition to potential
customers is also a crucial objective of the marketing communication which is gradually
mixed with variety of communication tools. And that is when integrated marketing
communication concept that mindfully integrate and coordinate the business’s many
communications channels to deliver a clear, consistent and compelling message about the
organization and its products (Kotler, 2008), and its promotion mix strategy appear to achieve
those objectives. Integrated marketing communications demand for recalling all touchpoints
where the customer may encounter the business and its brands, products and services in order

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to allow each brand contact to deliver a message that is consistent and positive. These
integrated marketing communications generate a total marketing communications strategy
intended to building strong customer relationships by displaying the business and its products
can help customers resolve their problems. The concept of integrated marketing
communications suggests that the company must blend the promotion tools carefully into a
coordinated promotion mix (Kotler, 2008). By all means of efforts on promotion mix that
ensure a brand to enlarge its better brand image in market and make differences itself from
other rivals in the industry. Each promotion mix effort developed by the company allows in
announcing and informing its products to public and communicate them all required
information and unique characteristics and costs, and marketers must understand these
characteristics in shaping the promotion mix (Kotler). The five major tools of promotion mix
are described as: advertising, sales promotion, personal selling, direct marketing and
publicity/public relations.

2.2 Advertising

Advertising is defined as any paid form of non-personal communication, presentation and

promotion of products, services and ideas transmitted through numerous mass media such as
newspapers, magazines, television and so forth, in order to inform, remind and persuade the
customer (Mahsa Familmaleki, 2015). Visibility and appearance are the results of advertising
and a vast range of different advertising channels of communication can be considered,
particularly radio, posters, leaflets, pamphlets, explanatory guides and manuals which are in
line to apply for reinforcing awareness and demand of a specific product. Despite the fact that
advertising is expensive, it still can be cost-effective mode to spread messages and
information, whether to raise a brand awareness or to educate people (Oliyad Ejeta Abdeta,
2021).
In progressing an advertising program, it is essential to begin by identifying the target market
and buyer motivations, especially for marketing managers. Following these steps, there are
five major decisions to make in the process (Phillip Kotler & Kevin Lane Keller, 2012). They
are also known as “the five Ms”. The first M stands for Mission in which advertising
objectives are required to identify. Advertising objectives can be categorized, depending on
their purpose and product class, into informative advertising, persuasive advertising, reminder
advertising and reinforcement advertising. Second M represents Money, in other words,
setting the advertising budget which is to decide how much spending is allowed and how to

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allocate the spending across media types. Several factors affecting in deciding advertising
budgets are stage in the product life cycle, market share and consumer base, competition
clutter, advertising frequency and lastly, product substitutability.
The third M accounts for Message that is to be wisely selective of the message and creative of
the advertising campaign the company implements. In tailoring an ad campaign, advertisers or
marketing managers usually go through three stages in which message and evaluation,
creative development and execution, and social responsibility review are included. And the
Media, which is to make a decision on what media should be used, is the fourth M of the five
Ms. In this stage, advertisers are deciding on desired reach, frequency and impact as well as
the media selection that is searching for the most cost-effective media to dispatch the wanted
number and sort of exposures to the target audience. Lastly, the final M indicates
Measurement, where managers decide on how should the results of the advertising campaign
be evaluated. Most managers and advertisers make an effort to inspect the communication
effect of an ad campaign, which measures the potential impact on awareness, knowledge or
preference (Phillip Kotler & Kevin Lane Keller, 2012). Besides, the sales effect of an ad
campaign is evaluated as well.

2.3 Sales Promotion

Sales promotion is one of the marketing techniques that is tactically used with short-term
incentives, that are intended to add value to the goods or service for the purpose of attaining
specific marketing objectives. Giving away free product samples, coupons, discounts, free
samples, gifts, offers and contests are the a few forms of sales promotion. In order to increase
demand or to reassure the availability of the product, sales promotion is occasionally used at a
specific period (SBS, 2018). While advertising provides a reason to buy, sales promotion
offers an incentive to buy now. Although there might be several forms of sales promotion,
sales promotion, in general, can be classified into three main tools; namely, consumer
promotion tools, trade promotion tools and business and sales force promotion tools.
In consumer promotion tools, samples, premiums, prizes, free trials, coupons, warranties, cash
refund offers, tie-in promotions, prices off, cross-promotions, patronage rewards, point-of-
purchase displays and demonstrations are alternatively used depending on the nature of the
business and requirement of the firms for the objectives of stimulating acquisition of larger-
sized values, raising trial among new users and nonusers, and persuading switchers away from

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brands of competitors (Phillip Kotler & Kevin Lane Keller, 2012). These consumer
promotions, ideally would affect short-lived sales impact and long-run brand equity effects.
Second promotion tools are trade promotions in which price-off, advertising and display
allowances, and free goods are playing as major promotion tools for the purpose of attracting
retailers to stock new items and higher volume of inventory, motivating off-season buying,
strengthening trade in of related items, counterbalancing competitive promotions, increasing
brand loyalty, and acquiring entry into new retail outlets. Business and sales force promotions
tools include trade shows and conventions, contests for sales reps, and specialty advertising.
These tools aim for promoting funding a new product or model, enforcing more prospecting
and escalating off-season sales (Dr. Prabhakar Pandey, 2016).

2.4 Public Relations

Public relation is fundamentally to build a positive image of a business and its brand as well
as products and services in public, specifically to attract target customers. Publicity activities
aim to increase a reputable brand and product image, and trust among public, stimulating
positive perceptions and actions which lead to converted sales (Business Managment Ideas ,
n.d.). The major tools of public relations are publications, events, sponsorship, news,
community affairs, identity media, speeches and public service activities. By using these
tools, some of the companies enhance their public relations activities with the contributions of
PR departments. The leading PR departments would recommend top management to support
positive public programs and eliminate controversial and debatable practices so that negative
publicity would not happen in the first place (Phillip Kotler & Kevin Lane Keller, 2012).
Additionally, the strategy of public relations involves:
press relations, that is to present news and information about the organization in the most
favorable figure,
 product publicity, that is putting effort in sponsoring to publicize specific products,
 corporate communications, which is encouraging the comprehensiveness of the
organization through internal and external communications,
 lobbying, which usually handles legal officials and government officials to support or
win legislation and regulation of the organization,

13
  counseling, that offers suggestions and recommendations to the management
regarding public issues, the business analysis of the company, brand image of the
organization in times of both uncertainty and peace.
The role of marketing public relations appears in most of the companies and the tasks of MPR
are beyond publicity and mainly to support corporate or product promotion and branding
image (Commerce Mates , n.d.). In addition, MPR performs launching new products,
repositioning a mature product, building interest in a product category, influencing specific
target groups, defending products that have encountered public problems, and building the
corporate image in a way that reflects favorably on its products.

2.5 Direct Marketing

Direct marketing is a form of direct connections with attentively targeted individual

customers to acquire an immediate response and foster long lasting customer relationships.
Consumer-direct channels: namely direct mail, catalogs, telemarketing, interactive TV,
kiosks, websites, and mobile devices, are to outreach and deliver products and services to
consumers in the absence of any middlemen (Phillip Kotler & Kevin Lane Keller, 2012). This
promotional tool is also assumed as one of the fastest increasing approaches for serving
customers. In addition, direct marketing efforts are occasionally assumed as an opportunity of
customer interaction to up-sell, cross-sell, or strengthen customer relationship for they enable
to understand each customer and to personalize and customize offers and messages to each
customer. Besides, these efforts enhance to create a plan for lifelong marketing to each
valuable customer depends on their comprehension of life experiences and developments. In
other words, it can be said that direct marketing is favorably interactive which means that it
enables to build a dialogue communication between the consumers and the marketing
personnel. Relating to the consumer’s response, messages can be modified as well based on
their preferences (Oliyad Ejeta Abdeta, 2021).
Today’s advanced information technology and internet development enhances more and more
convenient communication with either new or existing customers. The most prominent mode
of communication to present here is social media due to its ability to share images, videos,
texts, posts and audio with each other and even with companies directly and vice versa (SBS,
2018). Apart from that, it is able to support other communication activities by implementing a
public voice and presence on the Web through its platforms. Social media can be categorized
into three main platforms; which are online communities and forums, blogs and social
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networks. Engaging productively with potential consumers through these platforms is the
communication effort that companies are bound to perform (Mahsa Familmaleki, 2015).

2.6 Personal Selling

Personal selling is a direct interaction between the business and customers in a way of face-to-
face presentation and promotion of products and services (Phillip Kotler & Kevin Lane
Keller, 2012). It is also a vital element in assuring after-sale customer service and satisfaction
as well as in strengthening beneficial long-term relationship because of its significant
benefits; it is personal and interactive as well as can be customized to the individual customer,
and thus different reaction can be made to match each customer (Oliyad Ejeta Abdeta, 2021).
Nevertheless, it is relatively time consuming, expensive and there could be deviations in
quality it offers based on the competency, skill and determination of the sales representatives
(SBS, 2018). There is major six steps in sales in order to achieve effective selling process.
The first step is prospecting and qualifying process in which salespeople are to identify leads
and the company is to qualify the prospects. The second step is preapproach where sales
person requires to acquire information about the prospect companies as much detail as
possible with the aim of better understanding regarding the purchasing process and also that
of setting call objectives as well as selecting the most effective contact approach (Phillip
Kotler & Kevin Lane Keller, 2012). Following that is presentation and demonstration and at
this step, by using a features, advantages, benefits and value approach, sales force exhibits the
story of product or service to the prospect company or buyer. Subsequently, overcoming
objections is the next step in line. Objections are undeniably linked together with customers
and therefore, how to tackle objections are vital in the sales process without losing the
prospect (Phillip Kotler & Kevin Lane Keller, 2012). The next step in this selling process is
closing in which the buyer reaches to the satisfactory point and the salesperson ensure the
closing is reinforced in more beneficial ways to the client. Lastly, follow-up and maintenance
are the final step to make because this step is essential for customer satisfaction and its
repeated business with the client.

2.7 Relationship between Promotional Mix and Brand Awareness

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Promotional mix is a crucial part of the integrated marketing communications which affects
the perception of consumers and clients on a product or service of a business. The
promotional mix contains advertising, sales promotion, public relations, direct marketing and
personal selling tools (Kotler, 2008). According to the findings of different authors outlined
that there is a relationship between promotional mix tools and brand awareness of a product or
service of a firm (Oliyad Ejeta Abdeta, 2021). Advertising has positive affect on brand
awareness which attracts the profit of the business and impact on the customers. While sales
promotion reflects brand awarness that also increases profitability, sales volume and purchase
intention, public relations, on the other hand, impact on brand perception which leads market
share and profitablity of the company. There is a significant relationship between sales
volume that is acquired by brand recognition, and direct marketing, whereas personal selling
raises brand awareness that later improves customer relationship and sales volume.
Understaning the significant relationship between brand perception and promotional mix
tools, and their impacts will grealty helps managers and all stakeholders to take effective
action according to the situatlion to produce desired results of the organization (Mahsa
Familmaleki, 2015).

2.8 Conceptual Framework of the study

The conceptual framework for this study of the impact of promotion mix consisting of
advertising, public relations, sales promotion, direct marketing and personal selling on brand
awareness is illustrated as below figure:

Figure – Conceptual Framework of the study

Promotional Mix
Advertising
Public Relations Brand Awareness
Sales Promotion
Direct Marketing
Personal Selling

Source: (Phillip Kotler & Kevin Lane Keller, 2012)

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2.9 Brief profile of the study area

As for all business sectors, banking industry and financial services firms influence a crucial
proportion for inclusive economic development in any country and similarly in our country as
well. The situation of the industry itself is moving forward positively at a standard pace
depending on the policies and government regulations. However, the banking sector in
Myanmar is surviving an extensive necessity to fully grant its primary aim and function to the
public, as well as encourage the economic development of the country (Myanmar banking
industry 2025, 2016). The requirement of reforms and initiatives planned for certain years are
in need to invest and establish in a fast speed. Following that, both stated own banks and
private commercial banks are acting as one of the key players in the industry and they are
contributing substantial impacts in reform initiatives for their own industry and for the
country as well by taking advantage of the arising opportunity to extend their banking
network of branches and develop their services and products by introducing new financial
products (THE ROLE OF NEW TECHNOLOGY IN DEVELOPMENT OF MYANMAR’S
BANKING INDUSTRY, 2020). The significant developments within the industry especially
in private commercial banking sector can be noticed in their expansion of branch networks,
installation of ATMs, distribution of credit cards, extension of credit marginally and the
upgrade in mobile and online financial products and services. After reviewing the
developments of the industry, the future trends cannot also be negligible. To highlight a few
of the future trends that banks and financial institutions should emphasize on, digital banking
with advanced technology in the industry, namely digital wallet and lifestyle mobile apps are
expected to grow continually in banking sector alongside the continuous improvement in
competitive retail and corporate banking strategy and better operating model as well.

17
 Chapter 3
Strategic Audit

3.1 Current situation of the Company

3.1.1 Current Performance
Amid global pandemic and current issues happening in the country, KBZ bank is nonetheless
operating its business at full speed with the resources and emerging opportunities discovered
along the way to its goals. At this very moment, KBZ bank is executing a new campaign for
the introduction of Fixed Deposit Account, Cash Account and Ordinary Account by offering
lucky draw to win one million kyats every day to the new customers. It can be seen that the
bank is aggressively promoting their new banking services alongside its regular financial
services both online and offline with better operation process. In their regular financial
services and products include accounts, loans, cards, deposits, insurance, payment, digital
banking, remittance, trade finance, trust services, and other services. In addition, the bank is
encouraging to expand their banking operations services with neighboring countries: Thailand
and China to promote and support the trade. KBZ Home Loan, one of the bank services, is
also their focused and extended service at this present time. Besides, there has been a recent
distinctive change in management team within the bank, that is a new CEO who is also a
founding member of KBZPay, is appointed in replacing the retirement of the former CEO.

18
3.1.2 Strategic Posture: Mission Statement, Objectives, Strategic Policies

The KBZ bank has been striving to improve their premises by implementing a sophisticated
mission statement that is capable of leading the bank to its goals. The mission statement
defines to be 100 % financial inclusion in Myanmar with the commitment of bringing
outstanding banking services and extraordinary customer experience to all citizens in the
country, supported by powerful proficiency and infrastructure, and to be the service
leadership in ASEAN by 2024 on account of continuous effort to the highest level of
standards that a region’s leading customer-centric financial services provider is expected to
achieve. Not only the mission statement of the bank is appealing, but the objectives that drives
the bank also are refined and cultivated. The ultimate ambition of the bank is to upgrade the
quality of life of the overall country by elevating the access to financial products and services,
as a result of that communities and businesses are given access to opportunities and a better
quality of life.

To certain extent, the strategy the bank implemented is compelling and intriguing because the
mission statement and objectives are always backed and well-linked in the strategy. The
continuous expansion of connectivity in the nation through mobile platforms and
demonstration of simplicity, safe, and part of everyday life of financial services are
strategically positioned and framed in order to accomplish the intended creation of financial
connections which leads to better opportunities and a better quality of life. Not only that, the
bank also focuses on internal development of governance and transformation of assets to open
the doors to growth of overall organization as a world-class bank in a digitalized world. The
fundamental strategy the bank revolved around has three major capabilities are Mesh
Banking, Mobile-first technology and data and Strong governance and management. With that
mentioned, mesh banking give emphasis to a hyper-local, territory-led banking model, a focus
on financial inclusion, a seamless customer experience, a digital-and data-led model,
leveraging customer touchpoints, and effective and efficient cash handling, whereas mobile-
first technology and data concentrates in internet penetration, rapid digital adoption and
improved access to mobile technology. KBZPay is the proof of digital infrastructure and new
mobile-first innovations.

Another distinctive factor of the bank to highlight is the policies it applies as a whole. The
company adopted the very cultured policy that anchored on three values: Metta, Thet Ti and
Virya, which means loving kindness, courage, and perseverance respectively. The overall
19
motive of these three values contributes the entire company to do the right thing and being
good to people in which its customer, partners, and communities are bound to comprise.

3.2 Corporate Governance

3.2.1 Board of Directors, Length of Service

KBZ bank owns a solid foundation of board, consisting of board of directors with a chairman
and five board members. The aim of the Board is to lead the Bank into the maintainable and
deep-rooted growth with its set-up of deliberate direction of the Bank, and its control on
management and governance of the Bank as well. Within the Board, a diversity of skill sets,
valuable experience, and diversified backgrounds are acting as the key motives alongside their
assorted perspectives and different management styles in an effort to a diverse and
comprehensive workforce of the KBZ’s policy, and also to a more productive and fruitful
decision making.

The Chairman of the Board is U Mya Than, acting as independent and non-executive director,
has over 53 years of banking experience, and he also has served as one of Broad of Directors
members at the Central Bank of Myanmar (CBM) and that of other prestigious organizations
such as Ministry of Finance and Revenue think tank and so on. Along with U Mya Than, U
Maung Maung serves as the Vice Chairman and independent director. He is a career banker
with over 40 years of experience working in financial institutions and state-owned
telecommunications. Besides, he also is a former Director General of the Central Bank of
Myanmar (CBM). Valuable experience in accounting, bank supervision and regulation, and
foreign exchange management are beneficial to the bank. Another independent director of the
Board is U San Thein who has over 35 years of experience in banking and financial
development. His contribution on producing banking reports as well as banking sector reform
to the local newspapers are advantageous to his knowledge and also to the banks as well. Next
in line directors are Daw Nan Than Htwe, non-executive director and U Aung Kyaw
Myo,Vice Chairman and executive director. Both of the directors have over 20 years of
professional banking experience in the industry. The analytical skill and strong expertise in
decision-making and management of U Aung Kyaw Myo have been crucial to the
transformation and development of the bank. U Kyaw Min Htun is also an independent
director of the Board and has over 48 years of experience working in the economics and

20
financial sectors. The last director of the Board to mention is Daw Nang Lang Kham, a former
Deputy CEO of the bank from 2018 to 2022. Under her guidance, different functions of the
bank are operated and a variety of transformations, highlighting on technology,
professionalization, and service innovation have been functioning. She also is a founding
member of KBZPay that is Myanmar’s leading application and mobile wallet platform
powered by KBZ bank.

3.2.2 Integration of UN Sustainable Development Goals into the operations at KBZ Bank

KBZ bank has been putting remarkable effort to sustainable and inclusive progress of
improving lives and livelihoods, and to promoting development through their products,
processes and policies. Not only that, the bank also develops Sustainability Strategy that is
affiliated with a number of the United Nations’ Sustainable Development Goals (SDGs). The
strategy is revolved around three main core pillars which designate present, ongoing and
future needs. The three pillars are supporting 100 % financial inclusion in Myanmar, steering
equitable growth for Myanmar’s economy and its communities and establishing Myanmar’s
workforce of the future.

The implementation of the sustainability strategy of the bank has gradually been improving
alongside SDGs and several progresses that the bank initiated can be seen. To mention certain
initiatives of KBZ bank, the bank takes action on Goal 4 of SDGs, which is quality education,
by developing talent and leaders through a Value Centre model that includes continuous
learning programs and promoting youth education. The next focus of the bank is Goal 5,
gender equality, by empowering women through microfinance, diversity and inclusion at the
workplace, and by being equal opportunity employer. The bank also begins to enhance Goal
8: decent work and economic growth through encouraging entrepreneurship and support small
business owners. Followingly, Goal 9: industry, innovation and infrastructure, cannot be
negligible for KBZ bank and that is why, the bank launch financial connectivity beyond bank
branches by introducing products and services that promote a Mobile First Myanmar, support
national infrastructure projects, strengthen institutions and power new industries. Goal 10 that
represents reduced inequalities is also backed by the bank with initiative of promoting truly
inclusive banking by giving the underserved and unbanked access to digital financial services
through KBZPay.

21
3.2.3 Top Management

Under the management level committees, there are four notable major committees:
Management Credit Committees, Assets and Liability Committees, Fraud Committee, and
Social Purpose and Impact Partnership Committee (SPIPC). The organization structure for
Management Credit Committees is led by Chairman or Rotating Chairman with members
from Chief Risk Officer (Chair), Head of Risk Management, Head of Special Assets
Management, Head of Credit, Head of Wholesale Banking, VCGM of Smart Secured
Consumer, VCGM of Local Corporate, and VCGM of Collections and Recovery.

As for Assets and Liability Committees, it is chaired by the CEO with following members:
Deputy CEO 1,2,3, Chief Risk Officer, Head of Wholesale Banking, VCGM of Treasury,
VCGM of Local Corporate, Wholesale Banking, VCGM of Wealth & Deposits, Head of
Finance and Head of Risk Management.

Fraud Committee is under the direction of Chief Risk Officer, Chief Operation Officer, Head
of Legal and Compliance, Head of Internal Audit and Head of HR.

Social Purpose and Impact Partnership Committee (SPIPC) is managed by Risk Management,
Legal and Compliance, Marketing Communications, ESG and Social Impact, and
International Consultant.

3.2.4 Ethical Code of Conduct

KBZ bank is giving the impression of being a fully notable organization with ideal corporate
policies in both external and internal aspects. Basically, major five groups of functions at
KBZ bank covers the corporate policies of the bank. The responsibilities of the group Legal
and Compliance function are to implement, monitor and enforce the policies of Broad
Matters, Conflict of Interest, Related Party Transactions, Director Orientation and Continuing
Education Program, Insider Trading, Anti-Corruption, and Stakeholder Rights. The other
group is Human Resource and its functions influence Code of Conduct, Whistleblowing
Policy, Professional Behavior Policy, Non-Discrimination Policy, Childcare Time-off Policy,
Grievance Procedure, Exit Management/Retirement Policy, Disciplinary Procedure, and No
22
Gift Policy. The remaining groups of functions are Risk Management, Corporate Affairs and
other groups of selected activities in which Customer Health and Safety, Supplier and
Contractor selection Policy, Environmentally friendly value chain, Interaction with
communities, Anti-corruption programs and procedures are included and described from top
to bottom.

The effort on Director Orientation and Continuing Education Program attracts the attention to
portray its importance here in this study. As the leaders of the bank, the Directors are also in
need of training and the fact that the bank provides necessary training for the directors every
two years in accordance with directives issued by the Central Bank of Myanmar in order that
they are capable of serving as effective members of the board represents the solid strategy and
insightful foreseeable future of the bank. Additionally, KBZ bank envisions the impacts of
directors in leading the bank as far as possible and thus, the directors are given access to
ongoing internal and external training to guarantee they are updated with relevant issues and
best practices, and persistently offering any experience or information gaps in the areas of
finance, regulation and risk. From my point of view, KBZ bank is relentlessly attempting to
lay the foundations as solid and sound as possible with great effort by means of its efforts for
the improvement of directors of the Board.

3.3 External Environment Analysis

3.3.1 Sustainability issues

Depending on the situation of the country, it is difficult to foretell the economy of the nation
which has originally initiated a critical shift to a market-driven economy in the last decade.
However, the bank has been contributing a vast range of fulfilments to the development of the
country as one of the nation’s largest financial institutions by ensuring a continuous supply of
capital to individuals and businesses across the nation. In addition, the bank is committed to
sustainability and inclusive growth that affects to a positive social and environment impacts.
At this point, the bank focus on equitable growth and with this focus, the bank creates and
develops better products and services which are beneficial to the various sectors of livelihoods
on a sustainable measure. The priority of the bank is to provide relevant and accessible assets
in forming the right foundations for nation-building together with its strengthen communities
and institutions.

23
In promoting 100% financial inclusion in the country, the bank gives emphasis to accessibility
to digital financial services with the aim of developing and delivering meaningful digital
services such as KBZPay, and business connectivity and digitization which allows to bring
businesses online. The needed financial and digital literacy are the areas of livelihoods that
the bank impacts as a sustainable issue. Driving equitable growth and creating the workforce
of the future of the country are also the sustainability concerns that KBZ bank is striving to
achieve at full speed.

3.3.2 Societal Environment: PESTEL Analysis

It is essential to identify the societal environmental forces that directs the strategy and
decision-making process as one of the leading financial institutions. Hence, conducting
PESTEL analysis of the bank will be of great consequence for implementing effective
strategies and attaining long-lasting growth objectives in the long run.

Political - The influencing political factors of KBZ bank are political stability and changing
policies. The current political chaos and conflicts within the country are indicating that there
is little or no stability in political affairs, which means that the market growth is unstable and
it is risky to expect trust in economic that harms organization performance indirectly, and a
stable and fruitful business environment. Not only that, recurrent changes in government
policies also affects business performance in a negative way. As there has been a shift of
authority between governments, the current changed policies on licensing, limitations of
banking services to particular groups and intervention of government to the banking industry
are the political scenarios that the bank has to keep an eye on from this present moment to
certain period of time ahead.

Economic - Economic factors also cannot negligible for the bank. The ongoing inflation rate
of the country is significantly high and it reflects the ability of citizens to restrict their
spendings on certain banking services and products. In addition to this, the exchange rate
highly fluctuates in this chaotic period of the country and this type of unpredictable
fluctuations shape profitability and international trade extensively to the organization as a
whole.

24
Social factors - As one of the social factors of the analysis, the bank is obliged to study the
trend of the rise of online shopping because the use of social media, e-commerce and a range
of online platforms are influencing the spending behavior of consumers more than before due
to global pandemic and political issues.

Technological - The fourth factor of PESTEL analysis stands for technological factors which
also influence on an extensive scale of the business. The development level of technological
advancements and innovations across the country are the factors that KBZ bank ought to
consider carefully and endlessly on a regular basis to stay ahead of the competition as a
market player in order to create new services and fulfil the gaps that might appear with the
changes happening in the country.

Environmental - Following factor of PESTEL analysis is environmental factor in which

fostering investment in renewable technologies would be an appreciable help for increasing
stakeholder satisfaction and extend the customer preference on brand image of the bank as
majority of ATMs of most of the banks are not fully functioning well and the alternative
solutions to solve is highly needed for both the bank and the customers.

Legal - Lastly, legal factors also are crucial to evaluate in PESTEL analysis. Among a wide
range of legal factors, KBZ bank need to thoroughly study and observe data protection
regulations and laws as customers are becoming more aware of consumers’ privacy and
security of consumer data especially in this turbulent time of the nation.

3.3.3 Task Environment: Five forces of M. Porter

In examining the industry trend and structure as well as compatible corporate strategy of a
business, five forces of M. Porter is widely used to evaluate competition advantage,
interesting factors, and lucrativeness.

Competitive Rivalry

The competitive rivalry of banking sector has tendency to rise at a high speed because of the
continuing blooming in demand of the financial service. Subsequently, the competition
between private and commercial banks is on the rise and growing continually. The major
players in the market competition in the banking sector are KBZ bank, Yoma Bank, Asia

25
Green Development Bank (AGD Bank), Ayeyarwaddy Bank (AYA Bank), United Amara
Bank (UAB) and Co-operative Bank (CB Bank). Even this chaotic time of the country due to
global pandemic and political conflict of the nation, the competition within the market is
intense as the use of financial banking service is constantly growing, and hence, overall
condition of the competitive rivalry of the banking sector is to be considered as moderate.

Threat of new entrants

The threat to enter into the banking industry is considerably low because an enormous capital
is highly desired to set up a business and function properly. Not only that, customers are more
likely to choose their most trusted bank to record and provide their financial needs, rather than
searching out other different banks.

Power of Suppliers

The only fundamental resource of any bank is capital. Customer deposits, banking experts,
state banks and financial institutions are the major suppliers in banking sector. The influence
of customer and other financial institutions are unable to control and thus, the power of
suppliers is often regarded to have medium to high fluctuations.

Power of buyers

The bargaining power of buyers in the banking industry is considered to be high. Customers
especially in financial services are always careful with their money and compare different
prices and offers. It is natural to prefer the optimum options they can possibly receive.

Threat of substitutes

Substitutes outside the industry of the banking sector is remarkably low as the products and
services of the industry is the core service for individual and business in this modern era.
However, there is still a high chance of a threat of substitutes within the industry namely
payment method and loans.

3.4 Internal Environment Analysis

3.4.1 Corporate Structure

26
The corporate structure of the KBZ bank is organized as following figure. The Board of
Directors alongside CEO, Board Strategy Committee and Board Audit and Risk Committee
primarily manage the other deparments of the organization with respective Managing Director
for each sections of the managment structure

Figure :Corporate Structure of KBZ Bank

3.4.2 Corporate Resources

KBZ bank has implemented a

different and more diverse form of
corporate resource structure.
According to the nature of banking
industry, the bank organized into
four main management
committees: Management Credit
Committee, Assets and Liability
Committee, Fraud Committee,
Social Purpose and Impact
Partnership Committee. Inside
these main committees, ordinary
departments, such as marketing, finance, human resources, are included and operated under
the supervision and guidance of the management. Moreover, the assets and inputs that the
bank, as a group of resources, generated are remarkably contributing to the success of the
bank. Specifically, focus on sustainability and responsible financing supports a wide range of
positive resources. To indicate one of the most significant resources, it is KBZPay that allows
customers to an access to digital financial services because half of KBZPay users are people
who beforehand had little or no access to formal financial services. On top of that, small
business and online merchants have a chance to connect with their customers remotely by
accessing the support of KBZPay. Other significant resources are talent, which accounts for
18,000 skilled employees who are privileged to learn prioritized training and development,
27
and infrastructure that comprises of over 500 branches, over 1200 ATMs and over 290,000
KBZPay agents and merchants. These are the most distinctive resources which are the
collective and consolidated different departmental resources of the bank.

3.5 Strategic Alternative and Recommended Strategy

3.5.1 Strategic Alternative: based upon SWOT matrix

Strength Weakness
The strength of KBZ are its distinct Financial fraud and crimes of KBZPay
widest network branches and ATM across within the network of agents and
the country as well as the rapid financial merchants are arising along with current
inclusion of KBZPay. political conflict and global pandemic

SWOT
Opportunity
There has been difficulty in physical Threat
interaction and access to cash because of the Current complicated political conflict and
pandemic and the coup, for these current its related complications such as
issues, KBZ is able to seize that opportunity technological constraints, and customer
to upgrade and expand the use of KBZPay perception on the company
and other advanced mobile financial services
to the community

After thorough SWOT analysis, it is crucial to track the progress the bank achieved ahead of
time in order to enhance the rapid growth of financial inclusion through KBZPay and to
improve fruitful transformation of the management, governance, and risk of KBZ bank.

3.5.2 Recommended Strategy

Because the present existing strategy the KBZ bank developed and implemented can be
considered as effective and beneficial to both the company and the community it serves, it is
more preferable to be continuing to follow the strategy worked best for the bank with minor
manageable strategies and tactics within the organization on a regular basis. As the bank
claims, the bank is well-positioned in the market, and thus it is more important to maintain
28
this position especially during this chaotic time of the nation. For this reason, the bank ought
to build more trust from the customers and community than ever before in order to be
recognized as its proud history.

Additionally, KBZ bank owns a digital network of customers and businesses, and from this,
the bank has valuable and resourceful information and insight. Hence, it is vital as a market
leader, to conceal those insights to certain extent and the use of those data should only be for
the sake of community.

3.5.3 Implementation

The initiative to take action on the careful usage of the insights from the bank’s digital
network of consumers and businesses is to educate all the stakeholders regarding the data
protection law to a higher level of knowledge regardless of the existing compliance policy,
laws and regulations the bank complies. An additional progress to develop trust for the bank
is to create more community support by engaging responsible and accountable equity, as well
as more transparent risk management on a community level.

29
 Chapter 4
Personal Lessons Learned

4.1 Personal Learnings from the Study

A vast range of lessons are learnt by studying this thesis report on my personal level due to
different section of the study report. First of all, my overall knowledge on promotion mix
tools has increased enormously in a more specific way from the first section of the report.
Oftentimes, emphasizing on one particular topic or subject would likely to have more impacts
on our learning journey as the topic is studied in more details from top to bottom in a certain
period of time. Which is why, we became more familiar with the topic and memorize almost
every part of the study. Hence, our understanding on the topic is higher than the beginning.
Subsequently, our adoption and realization of the purpose of the study also improves
gradually along the process of report. With that mentioned, the same works for me in this
study. The level of my understanding on promotion mixes tools and its impacts on brand
awareness has extensively increased.

Once I understand the relationship between promotion mix tools and brand awareness, I keep
wondering how to apply this understanding practically in real world and in businesses
environment as well. This also is a part of my lessons learned.

 Which promotion tools will work best for which products and services?
 When would be the most appropriate time to use promotional tools?
 How will the promotion tools impact and benefit the organization?
 What are the steps to take to raise brand awareness?
 What is the strategic position of a particular organization in the market and how it
operates?
These mentioned questions motivate me to learn the lessons in a sophisticated way. Besides, I
discovered that KBZ bank also applies these learnings in their business, especially KBZPay.
When it started digital innovation of KBZPay in the market, it used direct marketing, personal
selling, sales promotions, public relations, and advertising alternatively at all stages of the
product and service. More particularly, the bank held on- ground events and activations in
Yangon and other cities across the country to raise public awareness, encourage sign-ups and
promote the usage of KBZPay. Not only that, a public awareness campaign with print, online
30
and broadcast media partners, as well as some the country’s top key opinion leaders was also
launched to increase the public awareness on financial literacy and its related digital vigilance
topics along with KBZPay. The bank did not stops promoting the KBZPay at this rate. It also
shifts its push on universities for the aim of Financial Literacy alongside KBZPay usage and
its benefits. These activities are all covered the use of promotional mix tools at different
places with different strategy. This study on KBZPay promotion events and activities reflects
the practical application of real-life promotional mix tools, and it also opens my eyes on how
to execute the strategy and tactics depending on the places and time.

31
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