The Money Transfer Service - Competition in the global market Introduction
In any given market a healthy business is one that looks for a strategy that will give it a competitive advantage over the rest of the players in the industry. This is key in penetrating the market and ensuring that it stays a notch above the others in the delivery of a good or service to its clientele. In many cases competition is quite healthy, as articulated below with regard to the wars between Coke and Pepsi Companies in the United States: The warfare must be perceived as a continuing battle without blood. Without Coke, Pepsi would have a tough time being an original and lively competitor. The more successful they are, the sharper we have to be. If the Coca-cola company didn’t exist, we’d pray for someone to invent them. And on the other side of the fence, am sure the folks at Coke would say that nothing contributes as much to the present day success of the Coca Cola Company than… Pepsi. All types of businesses, however small they are, have had competition in one way or another. A mama mboga business will definitely have competition from the neighbours selling the product. At the beginning there might seem to be none, but over time the competition emerges.
The traditional electronic money transfer services include but not limited to the following: •
Electronic Funds Transfer (EFT) service offered by banks, where funds take one day to be transferred to the recipient. •
Real Time Gross Service (RTGS) – here funds are transferred between banks within a span of two hours upon the instructions being issued by a client. This is a much faster approach than the EFT module, serving as a big boost mainly to business people who need to seal deals faster. •
Telegraphic Transfers (TTs) – this relates to the sending of funds from one country to another, and takes approximately four working hours. •
These methods listed above require that one operates a...
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