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Strategic marketing plan for the creation of a commodities market in Bolivia [Elektronische Ressource] / Scarlett Torres Calderón

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Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia Von der Wirtschaftswissenschaftlichen Fakultät der Gottfried Wilhelm Leibniz Universität Hannover zur Erlangung des akademischen Grades Doktorin der Wirtschaftswissenschaften - Doctor rerum politicarum - genehmigte Dissertation von Ing. MBA. Msc. Scarlett Torres Calderón geboren am 23.07.1974 in Bolivien 2010 Referent: Prof. Dr. rer. pol. Klaus-Peter Wiedmann Korreferentin/Korreferent: Prof. Dr. Ulrike Grote Tag der Promotion: 30.03.2010 Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia ABSTRACT This study aims to analyze and suggest a Marketing Strategy for the development of the commodities market in Bolivia. The first part of this investigation defines the scope of the study, assesses the problem and potential solutions, and defines the general characteristics of the study. The second part aims to define the role of the commodities market and introduce the reader to its organization and importance in Bolivia. This leads to the “Superintendencia de Pensiones, Valores y Seguros” (SPVS) tasks definition. This part also defines the financial services marketing theory, and looks at the main definitions, as well as the characteristics of the financial services market in order to understand the importance of marketing strategies in the introduction of the commodities market.

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Published 01 January 2010
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Strategic Marketing Plan for the Creation
of a Commodities Market in Bolivia





Von der Wirtschaftswissenschaftlichen Fakultät der
Gottfried Wilhelm Leibniz Universität Hannover
zur Erlangung des akademischen Grades


Doktorin der Wirtschaftswissenschaften
- Doctor rerum politicarum -



genehmigte Dissertation

von


Ing. MBA. Msc. Scarlett Torres Calderón
geboren am 23.07.1974 in Bolivien



2010 Referent: Prof. Dr. rer. pol. Klaus-Peter Wiedmann
Korreferentin/Korreferent: Prof. Dr. Ulrike Grote
Tag der Promotion: 30.03.2010 Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia




ABSTRACT

This study aims to analyze and suggest a Marketing Strategy for the development of the
commodities market in Bolivia.

The first part of this investigation defines the scope of the study, assesses the problem and
potential solutions, and defines the general characteristics of the study.

The second part aims to define the role of the commodities market and introduce the reader
to its organization and importance in Bolivia. This leads to the “Superintendencia de
Pensiones, Valores y Seguros” (SPVS) tasks definition. This part also defines the financial
services marketing theory, and looks at the main definitions, as well as the characteristics of
the financial services market in order to understand the importance of marketing strategies
in the introduction of the commodities market.

The third part analyzes the Bolivian environment, through a macro analysis of the country’s
political, social and economic situation. An assessment of the financial sector, especially the
financial market, is relevant in order to understand the conditions which affect the
development of the commodities market. The regulation is a very important variable.
Because the Bolivian market has not begun its operations yet, the laws provide a detailed
idea of how it is going to work. The purpose of this part is not to translate the regulation,
but to specify the role of each of the market participants and to describe the market
operations. Then an analysis of the market operations is presented. This analysis will help
the reader understand the operations of the commodities market. A few financial concepts
are introduced in order to define the main characteristics of each instrument that can be
used. The pricing process will be the basis for the establishment of the Strategic Marketing
Plan. At the end of this chapter a SWOT (Strengths, Weaknesses, Opportunities and
Threats) analysis is set out and will be the basis of this proposal.

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Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia

The fourth part of the study focuses on the investigation and analysis of the strategies. Using
the information obtained in both secondary sources (governmental reports) and primary
sources (market research), the company strategic planning, the marketing strategic planning,
the operative planning, and the implementation, control and feedback phases will be
analyzed. A marketing strategy and the Operative Marketing Plan for the introduction of the
commodities market in Bolivia are proposed. As the implementation of this plan demands
the use of public resources, and given that the socio-political instability of the current
government may delay its implementation.

Chapter 5 ties together the topics covered in the previous chapters and provide a summary of
the results, as well as conclusions on selected aspects of the research.

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Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia




AUSZUG


Ziel dieser Studie ist es eine Marketingstrategie für die Entwicklung der bolivianischen
Warenbörse analysierend zu erarbeiten und vorzuschlagen.

Im ersten Teil der Untersuchung werden der Umfang der Studie, sowie deren
Hauptmerkmale festgelegt. Darüber hinaus werden das anstehende Problem und die
entsprechenden Lösungsmöglichkeiten evaluiert.

Ziel des zweiten Teils ist es, die Rolle der bolivianischen Warenbörse festzulegen und
dessen Organisation und Bedeutung in Bolivien einleitend darzustellen. Darauf folgt eine
Erörterung der von der „Superintendencia de Pensiones, Valores y Seguros“ (SPVS)
wahrgenommenen Aufgaben. Um die zentrale Bedeutung von Marketingstrategien für die
Entwicklung der Warenbörse darzustellen werden in diesem Abschnitt auch die Theorie des
Finanzdienstleistungsmarketings, sowie die Definitionen und Hauptmerkmale des
Finanzdienstleistungsmarktes erörtert.

Im dritten Teil wird das bolivianische Umfeld anhand einer Makroanalyse der politischen,
gesellschaftlichen und wirtschaftlichen Lage des Landes untersucht. Um ein Verständnis der
Rahmenbedingungen zu ermöglichen, welche die Entwicklung einer Warenbörse
beeinflussen, ist hier eine Bewertung des Finanzsektors, und vor allem der Finanzbörse, von
besonderer Relevanz. Eine wichtige Variable ist auch die Rechtsverordnung. Da die
bolivianische Börse noch nicht in Betrieb gegangen ist, ermöglicht die Gesetzeslage einen
detaillierten Einblick in deren zukünftige Funktionsweise. Es ist nicht das Ziel dieses
Abschnitts die Rechtslage zu übersetzen, sondern die Rollen der einzelnen Börsenteilnehmer
festzulegen und die Börsenvorgänge darzustellen. Es folgt eine Analyse dieser Vorgänge die
den Leser zu einem bessern Verständnis der Warenbörsengeschäfte verhilft. Einige
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Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia

finanzielle Grundkonzepte werden eingeführt, um die Hauptmerkmale der verwendbaren
Marketinginstrumente festzulegen. Das Instrument der Preisgestaltung wird zur Basis der
Entwicklung des strategischen Marketingplans. Schließlich wird eine SWOT (zu Deutsch
„Stärken, Schwächen, Chancen und Risiken“) Analyse aufgestellt, welche als Grundlage
dieses Plans dienen soll.

Der vierte Teil beschäftigt sich mit der Untersuchung und Analyse der Strategien. Anhand
Informationen aus sekundären Quellen (amtlichen Berichten) und primären Quellen
(Marktforschung) werden die strategische Unternehmensplanung, die strategische
Marketingplanung, die operative Planung sowie die Umsetzungs-, Kontroll- und
Feedbackphasen analysiert. Eine Marketingstrategie, sowie der operative Marketingplan für
die Einführung der bolivianischen Warenbörse werden vorgeschlagen. Die Umsetzung
dieses Plans ist nicht Bestandteil dieser Untersuchung, da sie von öffentlichen Mitteln
abhängig ist und sich auf Grund der sozialpolitischen Instabilität der derzeitigen Regierung
verzögern könnte.

Im fünften Abschnitt werden die in den vorherigen Kapiteln behandelten Themen verbunden
und eine Zusammenfassung der Resultate, sowie Schlussfolgerungen zu einzelnen Aspekten
der Forschung geboten.

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Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia




KEY WORDS (SCHLAGWORTE)

Deutsch:
Waren Börse
Dienstleistungsmarketing
Marketing

English:
Commodities Market
Marketing
Financial Services

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Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia




TABLE OF CONTENTS
Abstract .................................................................................................................................... i
Auszug ................................................................................................................................... iii
Key Words (Schlagworte) ...................................................................................................... v
Table of contents ................................................................................................................... vi
List of Figures ......................................................................................................................... x
List of Tables ........................................................................................................................ xii
Abbreviations ...................................................................................................................... xiii
1. INTRODUCTION .......................................................................................................... 1
1.1 BACKGROUND TO THE STUDY ........................................................................................ 2
1.2 RESEARCH PROBLEM ..................................................................................................... 4
1.3 OBJECTIVES .................................................................................................................... 7
1.3.1 MAIN OBJECTIVE .......................................................................................................... 7
1.3.2 SECONDARY OBJECTIVES .............................................................................................. 7
1.4 THEORETICAL BACKGROUND ........................................................................................ 8
1.5 ANALYSIS ........................................................................................................................ 9
1.6 PROPOSAL ....................................................................................................................... 9
1.7 SCOPE AND DELIMITATIONS .......................................................................................... 9
1.8 HYPOTHESIS ................................................................................................................. 10
1.9 METHODOLOGY ........................................................................................................... 10
1.10 RESULTS ..................................................................................................................... 11
1.11 SUMMARY ................................................................................................................... 11
2. GENERAL FRAMEWORK ........................................................................................ 13
2.1 FINANCIAL MARKET AND INSTITUTIONS ..................................................................... 13
2.1.1 THE COMMERCIAL BANKING INDUSTRY ..................................................................... 15
2.1.2 THRIFT INSTITUTIONS ................................................................................................. 16
2.1.3 INSURANCE COMPANIES ............................................................................................. 17
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Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia

2.1.4 RETIREMENT FUNDS ................................................................................................... 18
2.1.5 SECURITIES MARKET .................................................................................................. 19
2.1.6 FONDESIF ................................................................................................................ 21
2.1.7 NAFIBO SAM ........................................................................................................... 21
2.1.8 REGULATION IN THE FINANCIAL MARKET .................................................................. 22
2.2 OVERVIEW OF THE COMMODITIES MARKET ............................................................... 23
2.2.1 LAWS AFFECTING THE BOLIVIAN COMMODITIES MARKET ........................................... 28
2.2.2 THE NEED FOR REGULATION ....................................................................................... 29
2.2.3 THE “SPVS” ............................................................................................................... 30
2.2.3.1 Organization ............................................................................................................ 31
2.2.3.2 History of the Exchange Intendancy ....................................................................... 33
2.3 FINANCIAL SERVICES MARKETING ............................................................................. 34
2.3.1 THE MAIN CHARACTERISTICS OF FINANCIAL SERVICES ............................................... 35
2.3.2 STRATEGIC MARKETING PLANNING FOR FINANCIAL SERVICES ................................... 37
2.4 SUMMARY ..................................................................................................................... 39
3. THE COMMODITIES MARKET IN BOLIVIA ...................................................... 41
3.1 BOLIVIA: A GENERAL INTRODUCTION ........................................................... 41
3.2 ENVIRONMENT ANALYSIS ............................................................................................ 42
3.2.1 SOCIO-POLITICAL STAGE ............................................................................................. 43
3.2.2 COUNTRY ECONOMIC STAGE ....................................................................................... 45
3.2.3 FINANCIAL MARKET .................................................................................................... 52
3.2.4 COUNTRY RISK ............................................................................................................ 56
3.2.5 INVESTMENT ............................................................................................................... 57
3.2.6 CURRENCY .................................................................................................................. 60
3.3 MARKET ANALYSIS: THE COMMODITIES MARKET ENVIRONMENT, INSTITUTIONS AND
HIERARCHY ........................................................................................................................... 61
3.3.1 THE REGULATOR ........................................................................................................ 62
3.3.2 THE INTERMEDIARIES ................................................................................................. 62
3.3.2.1 The Mercantile Exchange ....................................................................................... 63
3.3.2.2 Clearing House ....................................................................................................... 65
3.3.2.3 Brokerage Houses ................................................................................................... 66
3.3.3 BORROWERS AND LENDERS ........................................................................................ 68
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Strategic Marketing Plan for the Creation of a Commodities Market in Bolivia

3.3.4 GENERAL DEPOTS ....................................................................................................... 69
3.3.5 QUALITY CERTIFIERS .................................................................................................. 69
3.4 THE COMMODITIES MARKET OPERATION.................................................................... 70
3.4.1 POTENTIAL PRODUCTS AND THEIR CHARACTERISTICS ................................................ 70
3.4.2 OPERATIONS SYSTEM ................................................................................................. 71
3.4.2.1 The Pricing Process ................................................................................................ 79
3.4.2.2 Market Efficiency ................................................................................................... 80
3.5 SWOT ANALYSIS ......................................................................................................... 80
3.5.1 STRENGTHS ................................................................................................................. 81
3.5.2 WEAKNESSES .............................................................................................................. 84
3.5.3 OPPORTUNITIES .......................................................................................................... 85
3.5.4 THREATS ..................................................................................................................... 87
3.6 SUMMARY ..................................................................................................................... 90
4. STRATEGIC PLAN ..................................................................................................... 91
4.1 STRATEGIC PLANNING ................................................................................................. 92
4.1.1 VISION AND MISSION .................................................................................................. 93
4.1.2 OBJECTIVES ................................................................................................................ 94
4.1.3 KEY SUCCESS FACTORS ............................................................................................... 97
4.1.4 DEFINING A STRATEGY................................................................................................ 99
4.2 STRATEGIC MARKETING PLANNING ......................................................................... 100
4.2.1 MARKET SEGMENTATION ......................................................................................... 101
4.2.1.1 Borrowers .............................................................................................................. 103
4.2.1.2 Lenders .................................................................................................................. 104
4.2.2 POSITIONING ANALYSIS ............................................................................................ 106
4.2.2.1 Lenders’ Positioning Maps ................................................................................... 108
4.2.2.2 Borrowers’ Positioning Maps ............................................................................... 113
4.2.2.3 SPVS Desire Positioning Maps ............................................................................ 118
4.3 OPERATIVE MARKETING PLANNING ......................................................................... 128
4.3.1 PEOPLE ..................................................................................................................... 129
4.3.2 SERVICE STRATEGY .................................................................................................. 132
4.3.3 PRICE STRATEGY ...................................................................................................... 135
4.3.4 PLACE (DISTRIBUTION) STRATEGY ........................................................................... 137
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