Competitive Strategies Adopted by Lloyds Bank Group - Essay Example

The paper "Competitive Strategies Adopted by Lloyds Bank Group" is a brilliant example of an essay on business. Businesses exist in a highly competitive environment. Companies try to retain their competitive edge by adopting a number of game plans. They continuously review their strategies from time to time to avoid the risk of being eliminated from the market. Rival firms engage in cutthroat competition with the intention of eliminating their competitors. The animosity that exists between rival firms makes it necessary for companies to strategize on how to deal with the threat posed. The strategies adopted by a firm can contribute either positively or negatively to the company’s performance(Porter,1985).

Lloyds Banks Group has an estimated 30 million customers. The company has undergone a series of transition given the fact that the organization was adversely affected by the global financial crisis (Marketing, 2014). The current CEO of the U.K based company, Antonio Horta, believes that by implementing new technological systems customer’s needs may be satisfied (Lloyds Banking Group,2014).
Over the last five years, the company implemented customers based strategies. One of the bank plans has been providing customer needs according to their specifications to maintain their loyalty. The company has also been prompt in responding to queries from customers. Low-cost pricing has also contributed to the growth of the company's streams of revenue given that customers are attracted to affordable prices of services. The objectives of the company may be achieved by investing adequate resources as may be demanded by the project(Lloyd Banking Group, 2014). The bank recognized the threat posed by other substitute products and decided to offer its products differently. Unlike other banks, the group introduced five unique types of current accounts. The vision of the company emphasizes the need to improve shareholder earnings, a thing which has encouraged more shareholders to invest in the company hence improving the financial records of the bank (Brownsell,2011).
 Lloyd Group of Banks adopted new technology as a way of achieving operational excellence in service delivery. The introduction of the LEAN system improved productivity by enhancing service delivery. Initially, customers had to undergo a tedious verification process before the introduction of the system a factor that could have resulted in a loss of customers. Other banks may have lost their customers to the bank since consumers are very sensitive about service delivery. Profits of the company increased because the customer base had been widened implying more demand for the companies services (Marketing, 2014).
During the global financial meltdown, the bank took steps to ensure that they provide their customer’s needs. Whereas other banks were adamant to process loans for their customers, Lloyds was engaged in a massive campaign encouraging customers to access its friendly financial services. The marketing manager during that time sort consultancy services from a renowned firm to rebrand one of its products as a strategy to improve the company's performance. The organization continued to participate in creating awareness via media campaigns. The campaign helps to establish knowledge of the new identity acquired by the bank after undergoing rebranding (Brownsell, 2011).
The competitive strategy that a company adopts enables it to adopt the surrounding environment. Lloyds Bank Group was able to provide excellent customer service at a cheaper cost. Customers highly regard quality goods and services for them to be loyal(Porter, 1985). The executive members of the organization have a responsibility to prepare the organization to deal with the future. It is their role to come up with comprehensive plans that should be strictly implemented in the organization through their support (Ankli, 992).