Below is a summary of my tutorial presentation which was presented to the group on 09/08/2011:
HSBC marketing services in China and Response to McKinsey Study
Survey Results:
- Increase in local bank preferences has risen by at least 13% which could indicate that clients prefer the security and comfort that they receive when at a local bank branch.
- Internet banking has increased dramatically. Obviously due to the sharp/recent spike in technology adoption from banks. The jump also indicates that there is a preference towards convenience and those transactions and transfers are no longer important enough to require a trip to the bank. Probably just easier too and smart-phones are very popular.
- Consumer loyalty has changed too. Clients try to spread funds through a variety of different banks. Perhaps shows that they would rather diversify to reduce risk if another CFC was likely to occur. Rich especially
Possible HSBC Reactions to Results:
- In 1865 opened in Shanghai and Hong Kong and then in 1980 opens branch in Beijing. Big Gap.
- HSBC is named 'Best Foreign Commercial Bank in China' by Finance Asia for the fifth consecutive year (2001-2005).
- In response to the results it would be wise to develop a strategy that focuses on the individual and how each individual customer is important and will receive all necessary attention and time. Perhaps similar to the ANZ campaign that ran on TV here.
- Ensure to keep customers loyal by catering to the online banking trend and ensure their current net bank application is efficient, easy to use and widely available across several platforms.
Hi James!
ReplyDeleteI have looked briefly at your blog and I expect that this blog will not be graded at a pass level as it is now. If you start reflecting on your teamwork and applying the concepts, models and frameworks from the course, I expect this blog will be graded Pass or higher.
Frequency:
I suggest that you post more often as blogging is meant to be a weekly activity.
Quality:
I suggest you discuss the concepts, frameworks, and models from the course in more detail, especially in application to real-life examples of marketing financial services.
Relevance:
You can make your blog more relevant by discussing what you would do in a position of a marketer at financial services organisations and how you would apply the concepts from the course. It would be easy to do it if you write “If I were a marketing manager of some specific financial organization, I would ...”
Reflection:
Once you start working in your group, I suggest you reflect on it as this component will have greater weight than other components.
For reflections, it doesn’t matter whether it is a good lesson like “Teams work really well when…” or a bad one “the thing that is stopping us from functioning effectively is…” just as long as you pause and (i) identify what happened or is happening, (ii) think about why it happened or is happening, and (iii) draw a lesson about it for working in teams in future (“what would I do more of or less of based on this insight?”).
P.S. The marks I said I expect for this blog are not final marks, they are only guidance. Grading will be done in week 13.
P.P.S. You are not expected to blog during the mid-semester break (but you can if you wish to and it will be assessed if you do it).
Thanks Nik, I had neglected this blog for a bit too long but ill be updating regularly from now on. Sorry :)
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