Strategies Formulation
STRATEGIES FORMULATION
Business Strategies
As there are rapid growth credit card business Hong Kong, Hang Seng Bank need to put more effort to increase their credit card customer base. They should put more resources in developing credit card products and improve services.
Functional Strategies
Product Strategies
The Boston Consulting Groups(BCG) Growth-share matrix is applied to assess the sizes and positioning of the Credit Card. Hang Seng Bank Credit Card business is positioned as ႓Star႔ as it has covered high relative market share in fast growth credit card business. The Bank႒s credit card business is lucrative and will become the Bank႒s further cash cow. The bank has to spend substantial fund to keep up with high market growth rate and fight off its competitor႒s attacks.
Product Development
In order to serve in such a competitive environment. Hang Seng႒s target is to provide premium credit card products supported by premium customer Services. Apart from strengthening its existing business, the bank also made progress in diversifying its credit card business and expanding its customer base.
Marketing
To improve the credit card business in the industry, the bank has adopted a new marketing strategy. Traditionally the bank relied solely on the ႑word-of-mouth႒ approach to promote the services. Such strategy was most successful in the old days but would need to be supplemented in today႒s world of communications. More marketing promotions have thus been organized to increase customers႒ awareness about the credit card offered by the Bank. Series of innovative and aggressive marketing campaign have been carried out to reposition Hang Seng Retail Banking such as ႓The Best Goes On Showcase႔ which promoted the credit card business.
Human Resources
Excellent products without premium services would only lead to product failures. Hence the Bank has invested a lot of resources on staff training and development. To tie in with the changing
Business Strategies
As there are rapid growth credit card business Hong Kong, Hang Seng Bank need to put more effort to increase their credit card customer base. They should put more resources in developing credit card products and improve services.
Functional Strategies
Product Strategies
The Boston Consulting Groups(BCG) Growth-share matrix is applied to assess the sizes and positioning of the Credit Card. Hang Seng Bank Credit Card business is positioned as ႓Star႔ as it has covered high relative market share in fast growth credit card business. The Bank႒s credit card business is lucrative and will become the Bank႒s further cash cow. The bank has to spend substantial fund to keep up with high market growth rate and fight off its competitor႒s attacks.
Product Development
In order to serve in such a competitive environment. Hang Seng႒s target is to provide premium credit card products supported by premium customer Services. Apart from strengthening its existing business, the bank also made progress in diversifying its credit card business and expanding its customer base.
Marketing
To improve the credit card business in the industry, the bank has adopted a new marketing strategy. Traditionally the bank relied solely on the ႑word-of-mouth႒ approach to promote the services. Such strategy was most successful in the old days but would need to be supplemented in today႒s world of communications. More marketing promotions have thus been organized to increase customers႒ awareness about the credit card offered by the Bank. Series of innovative and aggressive marketing campaign have been carried out to reposition Hang Seng Retail Banking such as ႓The Best Goes On Showcase႔ which promoted the credit card business.
Human Resources
Excellent products without premium services would only lead to product failures. Hence the Bank has invested a lot of resources on staff training and development. To tie in with the changing