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Simply put, a strategic plan is the formalized road map that describes how your company executes
the chosen strategy. A plan spells out where an organization is going over the next year or more and
how it’s going to get there. Typically, the plan is organization-wide or focused on a major function,
such as a division or a department.
A strategic plan is a management tool that serves the purpose of helping an organization do a better
job, because a plan focuses the energy, resources, and time of everyone in the organization in the
same direction.
If you’re thinking, “Hey, I’ve got this great book on business plans, so I’ll just use that to form my
strategic plan,” be aware that strategic plans and business plans aren’t the same concepts.
A strategic plan is a management tool that C-level managers need to master and is for established
businesses and business owners who are serious about growth. It also does the following:
A business plan, on the other hand, is a planning tool for new businesses, projects, or entrepreneurs
who are serious about starting a business. A business plan
For example, a charity working with the poor might have a vision statement which reads "A World
without Poverty."
Mission: Defines the fundamental purpose of an organization or an enterprise, succinctly describing
why it exists and what it does to achieve its vision.
For example, the charity above might have a mission statement as "providing jobs for the homeless
and unemployed".
Values: Beliefs that are shared among the stakeholders of an organization. Values drive an
organization's culture and priorities and provide a framework in which decisions are made. For
example, "Knowledge and skills are the keys to success" or "give man bread and feed him for a day,
but teach him to farm and feed him for life". These example maxims may set the priorities of self-
sufficiency over shelter.
Strategy: Strategy, narrowly defined, means "the art of the general" -a combination of the ends
(goals) for which the firm is striving and the means (policies) by which it is seeking to get there. A
strategy is sometimes called a roadmap - which is the path chosen to plow towards the end vision. The
most important part of implementing the strategy is ensuring the company is going in the right
direction - defined as towards the end vision.
So, we can say that strategic planning in the development of need for any organization not only
Bangladesh Banking Services.
Q. What is Mobile Banking and Internet Banking (June’13)?
Mobile Banking: Mobile banking is a system that allows customers of a financial institution
to conduct a number of financial transactions through a mobile device such as a mobile phone
or personal digital assistant.
Mobile banking differs to mobile payment's which involves the use of a mobile device to pay
for goods or services either at the point of sale or remotely, analogously to the use of a debit
or credit card to effect an EFTPOS payment.
The earliest mobile banking services were offered over SMS, a service known as SMS
banking. With the introduction of smart phones with WAP support enabling the use of the
mobile web in 1999, the first European banks started to offer mobile banking on this platform
to their customers. Mobile banking has until recently (2010) most often been performed via
SMS or the mobile web.
Internet banking: Online banking (or Internet banking or E-banking) allows customers of a
financial institution to conduct financial transactions on a secured website operated by the
institution, which can be a retail bank, virtual bank, credit union or building society.
To access a financial institution's online banking facility, a customer having personal Internet
access must register with the institution for the service, and set up some password (under
various names) for customer verification. The password for online banking is normally not
the same as for [telephone banking]. Financial institutions now routinely allocate customers
numbers (also under various names), whether or not customers intend to access their online
banking facility. Customer’s numbers are normally not the same as account numbers, because
number of accounts can be linked to the one customer number. The customer will link to the
customer number any of those accounts which the customer controls, which may be cheque,
savings, loan, credit card and other accounts. Customer numbers will also not be the same as
any debit or credit card issued by the financial institution to the customer.
To access online banking, the customer would go to the financial institution's website, and
enter the online banking facility using the customer number and password. Some financial
institutions have set up additional security steps for access, but there is no consistency to the
approach adopted.
The common features fall broadly into several categories
A bank customer can perform non-transactional tasks through online banking, including -
Bank customers can transact banking tasks through online banking, including -
Funds transfers between the customer's linked accounts
Paying third parties, including bill payments (see, e.g., BPAY) and telegraphic/wire
transfers
Investment purchase or sale
Loan applications and transactions, such as repayments of enrollments
Register utility billers and make bill payments
Q. What is Millionaire Deposit Scheme (June’13)?
Millionaire Deposit Scheme: Millionaire Deposit Scheme (MDS) Account is a time specified
monthly deposit scheme for clients where the deposited money will become one million on maturity.
In the Islamic Banking context, the Islamic Bank may be a partner with its client for running a
business where both of them contribute capital, either both of them or the client alone take part in the
management of business as per terms of the contract and share the profit as per agreed ration or bear
the loss, if incurred, as per their capital/equity ratio.
Q. What is Customer Loyalty (June’13)?
Customer Loyalty: Customer loyalty is all about attracting the right customer, getting them to buy,
buy often, buy in higher quantities and bring you even more customers. However, that focus is not
how you build customer loyalty.
1. Keeping touch with customers using email marketing, thank you cards and more.
2. Treating your team well so they treat your customers well.
3. Showing that you care and remembering what they like and don’t like.
4. You build it by rewarding them for choosing you over your competitors.
5. You build it by truly giving a damn about them and figuring out how to make them more success,
happy and joyful.
In short, you build customer loyalty by treating people how they want to be treated. Does your
marketing plan include strategies and tactics for customer loyalty & customer retention?
Q. What is window dressing (June’13)?
Window dressing: Window dressing is a term that describes the act of making a company's
performance, particularly its financial statements, look attractive.
A strategy used by mutual fund and portfolio managers near the year or quarter end to improve the
appearance of the portfolio/fund performance before presenting it to clients or shareholders. To
window dress, the fund manager will sell stocks with large losses and purchase high flying stocks near
the end of the quarter. These securities are then reported as part of the fund's holdings.
How It Works/Example: Let's assume Company XYZ wants to look attractive to potential acquirers.
It might do some window dressing by announcing much higher sales projections, obtaining and
holding a lot of cash, or making other announcements that are likely to raise the stock price, even if
only for a short time. The objective is to make a favorable impression on potential acquirers.
Companies are not the only ones to engage in window dressing. Mutual funds do it as well, often by
cutting their losses and buying high-fliers (sometimes that are not even in the fund's investment
sector) near the end of a reporting period.
Q. What is the Marketing Communications Mix (Nov’11)?
The Marketing Communications Mix: The Marketing Communications Mix is the specific mix of
advertising, personal selling, sales promotion, public relations, and direct marketing a company uses
to pursue its advertising and marketing objectives.
Advertising: Any paid form of non-personal presentation and promotion of ideas, goods, or services
by an identified sponsor.
Personal selling: Personal presentation by the firm’s sales force for the purpose of making sales and
building customer relationships.
Sales promotion: Short-term incentives to encourage the purchase or sale of a product or service.
Public relations: Building good relationships with the company’s various publics by obtaining
favorable publicity, building up a good "corporate image", and handling or heading off unfavorable
rumors, stories, and events.
Direct marketing: Direct communications with carefully targeted individual consumers to obtain an
immediate response and cultivate lasting customer relationships.
Q. What do you mean by Consumerism (Nov’11)?
Consumerism: Consumerism is a social and economic order that encourages the purchase of goods
and services in ever-greater amounts. Early criticisms of consumerism are present in the works of
Thorstein Veblen (1899). Veblen's subject of examination, the newly emergent middle class arising at
the turn of the twentieth century, comes to fruition by the end of the twentieth century through the
process of globalization. In this sense, consumerism is usually considered a part of media culture.
The term "consumerism" has also been used to refer to something quite different called the
consumerists movement, consumer protection or consumer activism, which seeks to protect and
inform consumers by requiring such practices as honest packaging and advertising, product
guarantees, and improved safety standards. In this sense it is a movement or a set of policies aimed at
regulating the products, services, methods, and standards of manufacturers, sellers, and advertisers in
the interests of the buyer.
For example, an industrial society that is advanced; a large amount of goods is bought and sold.
Sometimes referred to as a policy that promotes greed, consumerism is also coined as a movement
towards consumer protection that promotes improvement in safety standards and truthful packaging
and advertisement. Consumerism seeks to enforce laws against unfair practices implement product
guarantees.
Q. What do you mean by competitive strategies (Nov’11)?
Competitive strategies: Competitive strategies are the method by which you achieve a competitive
advantage in the market. There are typically three types of competitive strategies that can be
implemented. They are cost leadership, differentiation and a focus strategy. A mixture of two or more
of these strategies is also possible depending on your business' objectives and current market position.
Cost leadership: The aim of this strategy is to be a low-cost producer relative to your competitors
and is particularly useful in markets where price is a deciding factor. Cost leadership is often achieved
by carefully selecting suppliers and production techniques to minimize production, distribution and
marketing costs. However you need to be aware of any serious loss in quality that may render low
cost ineffective.
Focus strategy: This strategy recognizes that marketing to a homogenous customer group may not be
that effective a strategy for the product the business is selling. Instead the business focuses its
marketing efforts on a different selected market segments. That is, identify the needs, wants and
interests of the particular market segments and customize marketing techniques to reflect those
characteristics.
Q. What do you mean by product line (Nov’11)?
Product line: A group of related products manufactured by a single company. In marketing jargon,
product lining is offering several related products for sale individually. Unlike product bundling,
where several products are combined into one group, which is then offered for sale as a unit, product
lining involves offering the products for sale separately. A line can comprise related products of
various sizes, types, colors, qualities, or prices.
For example, a cosmetic company's makeup product line might include foundation, concealer,
powder, blush, eyeliner, eye shadow, mascara and lipstick products that are all closely related. The
same company might also offer more than one product line.
Q. Define service differentiation with features (Nov’11).
Service differentiation: The concept of being different is very much essential in today’s world of
cut-throat competition. The difference of one product from its competitor is the revenue that it earns.
Products have to be different in order to survive the competition. It is not just the domestic
competition but also the competition from and in abroad, as one country produces and sells in another
country while some other countries produce and sell in our country. The targeted customers have
many options. Choosing among options is always based on differences, implicit and explicit. So, one
must differentiate in order to attract the customer and make him/her buy the product.
Creating differentiation in one’s own product and services is a better way to avoid competition. One
can offer a number of possible options in products to the customers. Every type of customer can
choose a product which he/she likes. In this way, low-end, mid-end or high-end customers, all of them
will have a product choose from. Common differentiations include, speed, performance, quality,
responsiveness, availability, ease or integration.
All the above mentioned points are for a tangible product. But, how can we differentiate services. It is
easy when the differentiation of variables is tangible as in the case of product but, difficult in case of
services. If the product has not many tangible features, then adding value-added services to the
product is one of the methods. This process is called service differentiation.
Ease in ordering: Corporations like Dell, Baxter Healthcare and web-based services like peapod and
net grocer have eased the process of placing an order. One does not have to step out of the house to
buy the product.
Delivery: it is related to how well a product or a service is delivered to the customer with speed and
accuracy. The best examples are again Dell, which delivers its products right at the doorstep of the
customers.
Installation: it refers to the work undertaken to make the product operational at the prescribed
location. Buyers of heavy equipment expect good installation service. Differentiation by installation is
particularly important for companies that offer complex products such as computers and machinery.
Customer training: It refers to how the seller provides training to the buyer about the product and
how to use it. General Electric supplies and installs expensive X-rays equipment in hospitals but also
gives extensive training to the staff of hospitals about using the machines.
Customer consulting: It refers to the data, information systems and advising services that the seller
offers to buyers. For example, the Rite aid drugstore chain’s communication program, called the
Vitamin Institute provides customers with research so they can make more educated judgments and
feel comfortable asking for help. On the web, Rite Aid has teamed up with drugstore.com to offer
even more comprehensive health related information.
Maintenance and Repair: It refers to the post-sale services which generally include maintenance and
repair services. Automobile manufacturers are often seen providing free services initially for the
automobiles.
Q. What do you mean by strategic business unit (Nov’11)?
Strategic business unit (SBU): In business, a strategic business unit is a profit center which focuses
on product offering and market segment. strategic business units typically have a discrete marketing
plan, analysis of competition, and marketing campaign, even though they may be part of a larger
business entity.
An strategic business units may be a business unit within a larger corporation, or it may be a business
unto itself or a branch. Corporations may be composed of multiple strategic business units, each of
which is responsible for its own profitability. General Electric is an example of a company with this
sort of business organization. Strategic business units are able to affect most factors which influence
their performance. Managed as separate businesses, they are responsible to a parent corporation.
An example of a strategic business unit is General Electric. Product offering typically encompasses a
strategic business unit.
PRODUCT LIFE CYCLE
A product is like a human being. It is born, grows up fast, matures and then finally passes
away. The product life cycle discusses the stages which a product has to go through since the
day of its birth to the day it is taken away from the market.
However, the basic difference in case of human beings and products is that a product has to
be killed by someone. Either the company (to bring better products) or by competition (too
much external competition). There are several products in the market which have lived on
since ages (Light Bulbs, Tube lights), whereas there are others which were immediately taken
off the shelf (HD DVD).
Thus the Product life cycle deals with four stages of a products life.
i. Face-to-Face Selling
The original and oldest form of direct marketing is the sales. Today, many companies’ still
use salespersons or representatives to reach their prospects, develop them into customers,
build lasting relationships, and grow the business.
ii. Telemarketing
In telemarketing telephone is used to sell directly to consumers. Two general types of
telemarketing include: 1). Outbound telephone marketing to sell directly to consumers.2).
Inbound toll-free 800 numbers to receive orders from television and radio ads, direct mail, or
catalogs. 900 numbers are used to sell consumers’ information, entertainment, or the
opportunity to voice an opinion on a pay-per-call basis. Many customers appreciate the offers
they receive by telephone, however, because of the recent explosion in unsolicited telephone
marketing, lawmakers are responding with efforts to control unsolicited telemarketing during
certain hours of the day. Most telemarketers support some form of legislation.
iii. Direct-Mail Marketing
Direct mail marketing involves sending an offer, announcement, reminder, or other item to a
person at a particular address. Direct mail is well suited to direct, one-to-one communication.
Advantages include:
1). High target-market selection
2). Personalized.
3). Flexible.
4). Allows easy measurement of results.
Even though the cost per thousand can be high, the people who reached through direct
marketing are better prospects than those who reached with other media.
New forms of direct mail include:
1). Fax mail.
2). E-mail.
3). Voice mail.
iv. Catalog Marketing
Catalog marketing involves selling through catalogs mailed to a selected list of customers or
made available in stores. A catalog is a printed, bound piece of at least eight pages, selling
multiple products, and offering a direct ordering mechanism. Some stores offer a complete
line of goods through their catalogs. Most direct retailers have put their catalogs on the World
Wide Web. Web catalogs are passive and must be marketed themselves.
v. Online Marketing and Electronic Commerce
Online marketing is conducted through interactive online computer systems, which link
consumers with sellers electronically. There are two types of online channels:
1) Commercial online services offer information and marketing services to subscribers who
pay a monthly fee. The best known is America Online.
2) The commercial online services are now being overtaken by the Internet as the primary
online marketing channel. The Internet is a vast and burgeoning global web of computer
networks. The World Wide Web is a popular meeting place for consumer and business
commerce.
What are some of the conflicts the bankers face while treating external customers effectively
and efficiently?
For folks like, who deal face-to-face with customers, conflict is a daily reality. In the banking
environment customers' needs and values will often come into conflict with bank.
The ability to resolve conflict successfully is one of the most important social-business skills.
In fact, one of the most important roles one can play in his/her job is that of conflict manager.
Let's take a look at three strategies that will help to manage a variety of conflict situation
while treating external customers effectively and efficiently. We'll call them avoidance,
diffusion, and confrontations.
Discuss the role of commercial banks to make the mobile banking services popular in the
country. What sorts of risks may be involved with these services? Discuss.
Mobile Banking is a process of no branch banking which provides financial services to
unbanked communities in both urban and rural area at affordable cost. The aim of the service
is not to destroy branch banking but to bring those people under the umbrella of banking
service that are away from banking facilities. Government thinks it has a great prospect as it
is a new technology in digital Bangladesh. Through M-banking one can avail various services
i.e.; utility bill payment, Fund Transfer, Shopping, Cash Withdrawn from selected ATM or
Cash point and many more exciting facilities. But in Bangladesh many people think
traditionally, because they cannot think it has any facility to use of mobile banking. Trust
Bank, Dutch Bangla Bank, Brac Bank/Bkash, Mercantile Bank, Bank Asia.
Interest in Mobile Banking: Mobile banking is a new technology in Bangladesh, started from
31st March 2011. Dutch Bangla Bank Limited pioneered in mobile banking services in
Bangladesh. Most people informed about it but 52% of them are not eager to use it as they
are happy in using traditional e-banking system.
Save Money: Mobile banking is allowed to access banking facilities at affordable cost. A
positive aspect of
mobile phone is that mobile networks can reach remote areas at lowest cost. Around
26%respondents say its cost is higher, 20% say same and 54% say it is more affordable than
traditional banking.
Easy Transaction: Mobile banking is much easier transaction for rural people comparatively
traditional banking transactions.
Save Time: By the grace of mobile banking one can save their valuable time.
Trust worthy: One can trust mobile banking as traditional banking system. It has secured PIN
(Personal Identification Number) code which is known by the user, and also has a check
digit. But in Bangladesh traditional branch based banking remains the most widely adopted
method of conducting banking transaction.
Convenience: Mobile banking using system is very easy to use. Thus mobile banking system
develops to bring poor people into banking system. Most of the people respondents face or
heard no problem to use mobile banking.
Security: Banks provide high voltage security to its customer in the case of mobile banking.
Utility Bill Payment: One can pay utility bills without suffering hazards.
Cash Withdraw: One can withdraw cash from selected ATM or cash points to avoid long
queues.
Fund Transfer: One can easily transfer funds without any lengthy procedures.
Describe the four steps that lead management and the firm through the strategic planning
process.
Strategic planning Process is defined as the process of developing and maintaining a strategic
fit between the organization’s goals and capabilities and its changing marketing
opportunities.
There are four steps to the strategic planning process:
1. Defining the Company’s Business and Mission
2. Setting Company Objectives and Goals
3. Designing the Business Portfolio
4. Planning and coordinating marketing and other functional strategies.
What techniques are to be followed to develop banker customer relationships? How does
each aid in developing relationships?
What are the differences between desired and adequate bank service? How do they influence
bank customer expectations?
'In banking industry it requires 12 good memories to wipe out 1 bad customer memory' -
defend this statement with logic.
Discuss the major elements of marketing especially for financial institutions.
Do you think that investment in technology and innovation should be made in proper time for
a financial institution?
Differentiate between Retail and Corporate Market.
Explain with example the features relating to bank product that are making the services more
challenging.
Why location of a bank is very important from different perspective?
Describe the role of promotion and publicity in marketing bank services.
1. Geographic segmentation :
2. Demographic segmentation :
3. Psychological segmentation :
(a) Lifestyle :
(b) Personality :
(c) Values :
4. Behavioural segmentation :
(a) Occasions :
(b) Benefits :
(c) Users status :
(d) Usage rate :
(e) Loyal status :
(i) Hard core loyals :
(ii) Split loyals :
(iii) Shifting loyals :
(iv) Switchers :
(f) Buyer readiness stage :
(g) Attitude :
5. Multi – attribute segmentation ( Geoclustering ) :
1. Demographic :
(a) Industry :
(b) Company size :
(c) Location :
2. Operating variables :
(a) Technology :
(b) User or nonuser status :
(c) Customer capabilities :
3. Purchasing approach :
(a) Purchasing - function organization :
(b) Power structure :
(c) Nature of existing relationship :
(d) General purchase policies :
(e) Purchasing criteria :
4. Situational factors :
(a) Urgency :
(b) Specific application :
(c) Size of order :
5. Personal characteristics :
(a) Buyer - seller similarity :
(b) Attitude toward risk :
(c) loyalty :
F. Effective segmentation.
1. Measurable :
2. Substantial :
3. Accessible :
4. Differentiable :
5. Actionable :
C. Natural environment.
1. Shortage of raw materials :
2. Increased energy cost :
3. Increased pollution levels :
4. Changing role of governments :
D. Technological environment.
One of the most dramatic forces makes rapid changes of human life is technology. The
economy’s growth rate is affected by the discoveries of new major innovated technologies.
The marketers are monitoring the new innovation and trend of technology.
1. Accelerating pace of technological change :
Many of today’s common products were not available 40 years ago. People of that time were
did not know personal computers, digital wristwatches, video recorders, mobile phones and
fax machines. The advent of personal computers and fax machines has made it possible for
people to telecommunicate the others that is, work at home instead of traveling to offices that
may be takes 30 minutes or more. Some people hope that this trend of technology will reduce
auto pollution, healthy society, bring the family close together and create more home
centered entertainment and activities. It will also have substantial impact on shopping
behaviour and marketing performance.
2. Unlimited opportunities for innovation :
Scientists are working on a startling range of new technologies that will revolutionize
products and production process. Some of the most exciting work is being done in solid -
state electronics, biotechnology, robotics and material sciences. Researchers are working on
AIDS cures, happiness pills, painkillers and nonfattening foods. They are designing efficient
robots for firefighting, underwater exploration and home nursing. In addition scientists are
also working on fantasy products, such as small flying cars, three - dimensional television
and space colonies. The challenge in each case is not only technical but also commercial – to
develop affordable versions of these products.
3. Varying research and development budgets :
The United States annual research and development expenditures are highest in the world,
nearly 60 percent of these funds are still earmarked for defense. Japan has increased its
research and development expenditures much faster than the United States and is spending
mostly on nondefense related research in physics, biophysics, biochemistries, material
science, geography and computer science. Many companies are content to put their money
into copying competitors’ products and making minor feature and style improvements. So,
new innovation of technology depends upon the nature of research work and on the amount
of budgets allocated for research and development works.
4. Increased regulation of technological change :
As products become more complex, the public needs to be assured of their safety and
security. Consequently, government agencies’ powers to investigate and ban potentially
unsafe products have been expanded. Safety and health regulations have also increased in the
area of food, automobiles, clothing, electrical appliances, medical sciences and construction.
Marketers must be aware of these regulations when proposing, developing and lunching new
products in the markets.