COMPETITIVE ADVANTAGE 1 Competitive Advantage Frances Hall March 01 2016 COMPETITIVE ADVANTAGE 2 Competitive Advantage I definitely agree for any business to grow there must be competitors who help the management to think and plan ahead. For example, when I look at the bank institution and my current bank for that matter their main aim is to provide products and services that are much better, available and fair compared to other banks in the country. They give out loans to individuals and small groups to help them establish themselves; they buy properties for their clients in terms of mortgages and land upon agreement with the customer on repayment terms. However, they must consider the lending rates as far as other banks are concerned since any customer will consider where the rates are lower. While having a strategic plan is very key for a successful business handling of the clients is very necessary and if they are treated with respect and a lot of concern they come back with their friends as well (Österle, 2013). The management should be able to restructure, transfer skills, and share activities so that it can organize itself in a different perspective otherwise ignoring this may be leading the company for doom. One of the things my bank has been doing is restructuring different posts within itself to provide superiority services after several complains from the customers been mishandled by officers who do not have enough skills and are not qualified for the job upon which the management has taken it upon itself after realizing it was losing many customers as a result, how sad that most of the workers actually lost their jobs! When the institution empowers the workers by sharing ideas the company grows, and the management will see the need to find more and more deals to maintain growth, however the companies past failures does not mean the end of the road rather stepping stones for strong tomorrow. COMPETITIVE ADVANTAGE 3 The customers deserve to know the truth so that they make decisions when they are fully aware before they engage themselves, I realized most of the bank institutions do not give full information to their customers that’s why you will find hidden charges that you are not told especially when applying for loan until you find out which leaves a lot of doubt to the client. Trust is earned when we are truthful, the customer will trust our company based on how truthful you have been to them. Client relationship is also very important, it attracts customers, when I feel appreciated and understood as a customer I will look forward to the services offered even if the products are not as great (Christiansen, 2012). Marketing the company’s products is not an option because you cannot reach out to as many people as possible without advertising your products and services, this can be done on television or radio or even on magazines I have seen people also walk from door to door doing their marketing how interesting! My institutions goal is to definitely reach out to as many people as possible, empower individuals and groups, and support them through funding their projects, coming up with plans on how to support health covers and funeral support schemes. According to me based on Porter’s Three Generic Strategies my institution lies on differentiation which is the exploitation of product as well as service that is believed to be unique as some of its products are high (Smith & Winders, 2008). COMPETITIVE ADVANTAGE 4 References Christiansen, B. (2012). Cultural variations and business performance: Contemporary globalism. Hershey, PA: Business Science Reference. Österle, H. (2013). Business in the information age: heading for new processes. Springer Science & Business Media. Smith, B. E., & Winders, J. (2008). ‘We’re here to stay’: economic restructuring, Latino migration and place‐making in the US South. Transactions of the Institute of British Geographers, 33(1), 60-72.
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