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Motivation and Performance

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Question1: The most appropriate competitive strategies are Low cost strategy and Differentiation strategy.

LOW COST STRATEGY

In Ghana majority of the population lives in the rural areas where the income level is low. With ICICI mission of concentrating its business around its customers and having the high customer base it has to use a low cost strategy so that majority of the population can patronize the products and services it renders. By using of improved technology, the staff strength of the company can be reduced to lessen operational cost.

DIFFERENTIATION STRATEGY

ICICI can capture the mass market by adapting to differentiation strategy. It can produce or deliver goods and services (at an acceptable cost) that customers will see it as a value added and are important to them.
ICICI already has the resources that can easily by diversify into the new market. Some of them are; 1. Excellent customer service which could be extended into the new markets that it has entered. ICICI has to get more contact centers. Activities in the regional offices could be changed from disbursing of loans to incorporate customer service centers so that the company can quickly cater for the needs of its customer’s nation wide. The retail centers can also incorporate customer’s service centers to cater for the immediate customers in the vicinity. ICICI adapting to this strategy is differentiating itself from the rest of its competitors. 2. Quality in the financial services in Ghana is low. ICICI can take advantage of this market. It is already known for its excellence business practice which won it the National Quality Awards. This practice can easily be extended into the new market. This can be done through a. Research and development which ICICI has already a competent team to handle it in order to know what customers want and provide it to them. b.

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