1. Should there be a single, centralized marketing strategy for the entire region?
Yes, there should be a single centralized marketing strategy that combines operations across the region under a new brand name. A centralized marketing strategy would help FirstCaribbean realize the most cost savings in their post merger integration phase and leave behind any negatives that existed in relation the image of the two separate heritage banks. Cost savings can be accomplished by eliminating duplicate marketing functions and by speeding up the implementation process. Since a decentralized structure is inherently complex and slow, CIBC had already started to standardize marketing and promotional activities in the region. This merger could provide an opportunity to take this business model even further. Another reason for implementing a centralized marketing strategy is that there are similar products and services offered by the banks and the marketing team could focus on introducing a broader product offering. By advertising across the region the bank may appear stronger and more reliable, and brand awareness could increase. FirstCaribbean would also be in a better competitive position if they used a centralized marketing strategy because they would have more experienced marketing personnel who could apply industry best practices and they would have a greater ability to monitor their competitive environment. This structure would ensure more interaction and co-ordination between all regions and encourage commitment and involvement from the highest levels of the organization.
2. How should the brand transition be handled? (Should the new brand reflect one or both of t ...