STRATEGIES FORMULATION Business Strategies As there are accelerated advance acclaim agenda business Hong Kong, Hang Seng Coffer charge to put added accomplishment to access their acclaim agenda chump base. They should put added assets in developing acclaim agenda articles and advance services. Functional Strategies Artefact Strategies The Boston Consulting Groups(BCG) Growth-share cast is activated to appraise the sizes and accession of the Acclaim Card. Hang Seng Coffer Acclaim Agenda business is positioned as ? Star? as it has covered aerial about bazaar allotment in fast advance acclaim agenda business.
The Bank? s acclaim agenda business is advantageous and will become the Bank? s added banknote cow. The coffer has to absorb abundant armamentarium to accumulate up with aerial bazaar advance bulk and action off its competitor? s attacks. Artefact Development In adjustment to serve in such a advancing environment. Hang Seng? s ambition is to accommodate exceptional acclaim agenda articles accurate by exceptional chump Services. Apart from deepening its absolute business, the coffer additionally fabricated advance in diversifying its acclaim agenda business and accretion its chump base. Marketing
To advance the acclaim agenda business in the industry, the coffer has adopted a new business strategy. Traditionally the coffer relied alone on the ? word-of-mouth? access to advance the services. Such action was best acknowledged in the old canicule but would charge to be supplemented in today? s apple of communications. Added business promotions accept appropriately been organized to access customers? acquaintance about the acclaim agenda offered by the Bank. Series of avant-garde and advancing business attack accept been agitated out to reposition Hang Seng Retail Banking such as ?
The Best Goes On Showcase? which answer the acclaim agenda business. Human Assets Excellent articles after exceptional casework would alone advance to artefact failures. Hence the Coffer has invested a lot of assets on agents training and development. To tie in with the alteration environment, the Bank? s training focus on the account ability will now be afflicted to a sales and casework culture. The coffer should reinforce agents training abnormally the artefact ability and the affairs accomplishment which is actual important in announcement the accretion cardinal of new articles and casework in the abreast future.
On the alternative hand, the development of agents is actual important as able-bodied back a able-bodied accomplished and awful motivated agents with an all-round personality would absolutely accompany about bigger productivity. Advocacy The acclaim agenda business is one of the fast growing banking casework industry. Hang Seng Coffer acclaim agenda has positioned at No. 3 with sixty hundred thousand cardholders and the 2nd Merchant Sales Volume coffer in Hong Kong. It accept abeyant for the coffer to access their bazaar allotment in the business.
The afterward advocacy will advance their achievement in the business. 1. Enhancing operational ability Simplify acclaim agenda appliance anatomy and abbreviate the time to affair a acclaim agenda to customer, say aural 2 weeks time. The advance can accommodate chump a accessibility way to get a acclaim agenda 2. Airline breadth affairs Best of the acclaim agenda affair coffer accept already launched the airline breadth affairs in their acclaim agenda casework like Hong Kong Coffer and Standard Chartered Bank. The acknowledgment are acceptable to cardholders.
In face of the agog competition, Hang Seng coffer acclaim agenda should add this affectionate of affairs to the acclaim agenda service. 3. Ambition new bazaar segments Differentiated business action should be always adopted. Consider the lifestyle, assets and account segmentation. The bodies in this articulation are aerial abeyant group. 4. Advance Action Hang Seng Coffer acclaim agenda should put added assets in advance which can access their aggregation images. Using gimmick gift and pre-approved to allure chump appliance intention. 5. Merchant Sales Access merchant sales will additionally access the coffer revenue.
Since every transaction in a acclaim card, the affair coffer will atom 1% of the acquirement and merchant sales coffer will atom 1% as well. Align with alternative big and acclaimed administration store, bazaar and restaurant to acquaint ? Co-brand Card?. The will access the acclaim acquirement rate. Added important it will additionally backpack up the merchant sales. 6. Agenda Referral Affairs The Agenda Referral Affairs is one of the way to access the acclaim agenda chump base. The affairs appearance that the coffer aloof accord out a baby bulk of money and get a ample acknowledgment of cardholder.
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