Security Bank Customer Service - Essay Example

Lecturer: Security Bank Service Introduction The business aims to offer services across the organizations. Therefore, the business will focus on delivering effective customer service provision to varied organizations. The products or services include delivering high quality services to organizations and creating new systems in order to deliver strong security to customers efficiently. . Objectives of the Business The business will create the new system that will improve strong security banking customer services. It will offer organizations a high quality banking customer services to organizations. It also focuses on implementing efficient business performance through leveraging technology solutions in order to deliver a high standard customer services to organizations. Natural Resources and Availability The business aims to develop sustainable methods of managing organizational resources in order to ensure its availability for the next five years. Edward (92) points out that the natural resource economics should understand the significant roles that natural resources and its availability play in the economy. Many banks have failed to improve their business performance because of scarcity of natural resources in their economy. The Security Bank aims to advance their business through ensuring that the scarce resources are well utilized well in the organization in order to avoid compromising with the future needs. Thus, it will ensure that the business rates are higher more than the spending rates. This is through delivering high quality and effective customer services to organizations in order to capture the attention of many customers; thus increasing the profitability levels. The business also plans to improve the investment level by 3% in the year 2018. This is crucial because it will enable the business to improve their performance level in order to achieve high profitability level. Demographic Characteristics of Potential Buyers The marketing segmentation of the potential buyers will be based on gender, income, age, education, employment and family lifecycle. Margit and Pallas (79) point out that understanding market and segmenting markets are crucial because it can enlarge the customer base. This is because segmenting market will offer adequate information to the business, which will successfully enable them to adjust their component of business activities. For instance, the Security Banking sector has to adjust their components on the way they service and market their products across the organizations. This can be done through segmenting the potential buyers of the business depending on the customers’ income and employments levels. The company is planning to increase their business services through carrying out further marketing research on demographic features. This may include determining the lifestyles, age and family life cycle aspects for potential buyers in order to improve their business performance in the target market; thus achieving a competitive advantage. Technology Development Trends The business will concentrate on advancing banking technologies and employing high quality e-banking services in order to enable their customers to access banking services efficiently. Although, the business has currently made significant efforts of providing strong security e-banking services, it further wants to augment banking technologies in the next five years. The bank can either chose banking technologies as a single and combined e-payment platform by encouraging customers to use SmartVista collection. The aim of advancing technology in the banking sector is to provide customers the solution to complicated card transactions and operations. For instance, the business will install SmartVista software in order to expand the ATMs and Internet merchants as well as improve the mobile banking services. The business is currently planning to transfer the SmartVista solution in the next five years in order to increase banking performance; thus offering better opportunities to business development. The business also seeks to continue driving business growth by depending on technology for solutions to service many customers effectively. Laws and Regulations The business will implement laws and regulations that will govern them in business activities. The laws and regulations will aim to protect customers when making transactions and enable the business to meet the required organizational goals. This is significant because it will improve the spirit of governance and effective corporate governance principles; thus achieving effective business performance. This will also enable the business to sustain the creation of lasting shareholder value. Currently, the business will be governed by the manual corporate governance approved by the board of governors. The business intends to advance its corporate governance in the future through implementing effective laws and regulations that will govern them. This will enable them to advance business performance; thus achieving a competitive business advantage in the competitive market (Rhonda 23). For instance, the company will develop policies for online banking services in order to improve banking security during the transaction process. Government/Political Context The political climate influences the effective business performance in the banking sector. The business will analyze the political climate and rely on the government for proper security; thus enabling them to conduct business effectively. It will employ unique amalgamation of both traditional and modern political contexts that guarantee the country’s stability; thus encouraging the Security Bank to establish a foundation for better business growth. The government’ strategy is to synergize the local and federal governments such as revitalizing, low taxation and improving efficiency in government structures in accordance with people’ needs. This is through upgrading the existing legislation; thus enabling the business to improve their work efficiency in the long-run. Socio-Culture Trends within the Target Market Culture is one of the significant aspects that should be taken into considerations in business activities. Kenneth and Klimberg (33) argue that understanding socio-cultural aspects in the business environment is crucial. Therefore, the business aims to improve the services of customers; thus they will focus on marketing trends and customer behaviors in the market. The business has also made significant efforts of analyzing the market through carrying out marketing research in order to determine the behaviors of customers in the targeted market. This will enable them to understand the social and cultural aspects of their potential targeted customers; hence enable them to employ effective strategies that can enable them to improve their business performance in the next five years. Work Cited Abrams, Rhonda M. Successful Business Plan: Secrets & Strategies. Palo Alto, Calif: The Planning Shop, 2010. Print. Blackwell, Edward. How to Prepare a Business Plan. London: Kogan Page, 2011. Print. Huber, Margit, and Martina Pallas. Customising in Stakeholder Management Strategies: Concepts for Long-Term Business Success. Berlin: Springer, 2006. Lawrence, Kenneth D, and Ronald K. Klimberg. Advances in Business and Management Forecasting: Vol. 8. Bingley, U.K: Emerald, 2011. Read More