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History of Cimb Bank

In: Business and Management

Submitted By bombaychopra
Words 8436
Pages 34
INTRODUCTION
As described in the chapter 1, the banking industry around the world has been changing very rapidly since the early 1970s. The industry has experienced a substantial change in competitive conditions as a result of a number of factors. Therefore, what makes an excellence bank strategy? What strategy as it applies to banking? Is it because of new competitors entering the financial services market made new approaches to servicing corporate clients? There are a lot of questions comes into our mind but we will answer all the questions later. For your information, banks potray themselves as a “One Stop Financial Services Centre”. Banks no longer remain in their traditional service market because they are now more aggressive in providing a full menu of services that will cater for its customer’s needs. Therefore, what is the type of services that bank provide for their customers that make them satisfied with the speed efficiency and cost involved?
Then, as described in the chapter 2, we can conclude that the main goal of any financial service organization is to create for itself a “sustainable competitive advantage” in the market place. So, in order to do this, it has to generate products, services or ideas that offer superior value for its customers that is not easily imitated by competitors. Financial services especially banks should used 4Ps which is price, product, place and promotion for their marketing tools for influencing customers. Therefore, in this assignment we actually want to know either these marketing tools (4Ps) can deliver a customer benefit on their target market or not? How the banks identifying its target market and recognizing and responding to that market’s needs and wants? We already know that the bank marketing function actually focuses its attention on the following activities such as product development, pricing of bank’s services,...

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