Extract of sample "Adding Customer Value to Your Financial Prganisation for Competitive Advantage"
Download file to see previous pages
Background Financial institutions are increasingly facing a complex environment which directly relates with the competitive environment in the industry. The current financial crisis has relatively shaken the confidence of many in the viability of financial institutions and as such doing business in such an environment is really a challenge task. One of the most important ways through which any institution including financial institutions can compete and withstand the difficult economic situations is to develop its core competencies and create competitive advantage. One of the most important ways through which it can be achieved is the delivery of customer value to the customers of our organization. This could be helpful in order to allow the bank to actually lock in the existing base of customers while at the same time ensuring that new customers are also attracted.( Bill, 2003) To create a value for the customers, an organization however, have to incur the costs in order to ensure that the value delivered to the customers outpaces the cost incurred on generating such value. Resultantly an organization also develops its competitive advantage in order to become relatively stronger as compared to the competition. It is critical therefore that the customer value is generated to achieve the competitive advantage. ...
In order to achieve this, there are real chances that the overall customer value may decline as the increasing cost pressures as well as liquidity crunch may force many banks and financial institutions to generate new avenues to achieve profitability. For any firm, its current base of customers is considered as one of the most valuable assets to care of and as such it is critical to understand that delivering value to the customers can be one of the key drivers of growth in an economy which is on decline. It is important therefore that strategic direction must be set to ensure that the delivering value to the customers is integrated with the generation of competitive advantage for the firm.( Shirley, 2000) Financial organizations are also relatively more regulated as compared to other industries therefore working in an environment which is heavily regulated requires innovativeness and creativity to develop and market products and services which can cater to the different needs of the customers while at the same time generating the relative value for the firm also. It is therefore critical that when an organization delivers customer value, the same must also result into the increase for the firm value too. Translation of the customer value to the firm value therefore is critical for manages to ensure because once competitive advantage is generated, it is important that the same must also develop into the firm level value for the firm. Commonwealth Bank’s effort to generate customer value and subsequent generation of competitive advantage therefore must result into the increase in the value for its shareholders and investors. Generation of
...Download file to see next pagesRead More
(“Adding Customer Value to Your Financial Prganisation for Competitive Essay”, n.d.)
Adding Customer Value to Your Financial Prganisation for Competitive Essay. Retrieved from https://studentshare.org/marketing/1434533-adding-customer-value-to-your-financial
(Adding Customer Value to Your Financial Prganisation for Competitive Essay)
Adding Customer Value to Your Financial Prganisation for Competitive Essay. https://studentshare.org/marketing/1434533-adding-customer-value-to-your-financial.
“Adding Customer Value to Your Financial Prganisation for Competitive Essay”, n.d. https://studentshare.org/marketing/1434533-adding-customer-value-to-your-financial.
The value chain analysis represents the business processes coming along with products, designing, manufacturing, delivering and marketing them. This piece of paper examines how far Porter’s Value Chain can help us identify the sources of the competitive advantages in Tesco. Tesco Tesco stands as Britain’s leader in food market and the third largest in the world (Innovation Leaders, 2012).
In the process, branch boundaries have been eroded and new business entities and models have emerged. However, all these did not just happen. A sequence of events took place, which was highly characterized by opportunities to expand business segments. This has been achieved through development of innovative products and services in order to diversify the market and to attract valuable and potential customers.
The business environment has undergone tremendous transformation over the last few years. There has been a fundamental shift from just concentrating on economic profitability to a business mode. The key to competitive advantage is through value creation and addition to the offerings to the stakeholders.
The discussions made in this paper have been backed up by relevant theories proposed by relevant journal articles. The paper also covers the generic recommendation for managers to improve the competitive advantage of their firm. The competitive advantage of a company is not defined by a single strong point or a single strategy.
It is the economic rent that makes most competitors imitates other companies competitive advantage thus it becomes impossible for any given company to sustain its competitive advantages a longer duration of time. However, a company can have some positions, strategies and processes that are hard to be copied by other companies.
Conversely, an efficient customer service excellence can be considered as one of the major critical success factors towards achieving competitive advantage across all business industries. This is due to the reason that it creates broad array of opportunities for an organisation to preserve its various customer segments with the intention of attaining organisational goals successfully (Centre for Good Governance, n.d.).
This ensures that the most productive people are brought to the front and appreciated accordingly. In most other workplaces, all people earn equal salaries whether they work equally or not.
On the downside, the worker’s pays are not
ADDING CUSTOMER VALUE FOR COMPETITIVE ADVANTAGE Introduction Every company, no matter how competitive, minor or large, mainly relies on its reputation for success, existence and customer value. Clients, workforce, suppliers, investors, communication networks and regulators may have a fundamental effect; they all have crucial views concerning the companies they interact with every day.
Evaluate the extent to which a sustainable and green approach to marketing can add positively to the bottom line in an age of consumer confusion and possible indifference. In today’s world, consumers are being bombarded with a multitude of products and services with the entailing cacophony of messages that vie for attention.
6 Pages(1500 words)Essay
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Adding Customer Value to Your Financial Prganisation for Competitive Advantage"
with a personal 20% discount.