Anz Case Study Essay Example
1. Introduction
The ANZ bank’s venture into China focuses on private consumer and corporate banking for business activity between Australia and China reflecting their strengths and core competencies in Australia. Accessing these markets and delivering what they have set out to do will be the largest challenge for ANZ. The purpose of this report is to assess key issues and provide alternative solutions to ensure the success of ANZ’s venture into China. China is a highly competitive environment; ANZ must differentiate themselves from others in order to gain a niche market. ANZ should use their core competencies to take advantage of the gap that currently exists within the market and focus on providing high customer satisfaction, establishing and developing their private banking sector as well as creating prestigious brand image. Management of processes and outcomes is essential in the delivery of services through effective customer service in order to gain market share and a loyal customer base. The solutions put together focus on ANZ’s corporate presence and operations in wholly owned branches. Information was sourced from various journal articles and textbooks. Changes in Chinese political and economic constraints in the future create limitations to the report, which is based on China’s current circumstances.
2. Brand Management
2.1 Issue Identification and Analysis
2.1.1 Target Market
ANZ is a highly respected banking institution in Australia, yet in China, ANZ is relatively unknown and is therefore faced with the challenge of building a brand image as a high-end financial institution. There is strong competition of foreign banks in China such as Citibank and Golden Sachs. Due to this, ANZ need to build a strong brand perception amongst consumers in order to compete and survive in the private banking sector of China. ANZ aims to become known as an upper-class bank in comparison to the typical government run banks in China (Cheek, et al., 2010). Therefore
The ANZ bank’s venture into China focuses on private consumer and corporate banking for business activity between Australia and China reflecting their strengths and core competencies in Australia. Accessing these markets and delivering what they have set out to do will be the largest challenge for ANZ. The purpose of this report is to assess key issues and provide alternative solutions to ensure the success of ANZ’s venture into China. China is a highly competitive environment; ANZ must differentiate themselves from others in order to gain a niche market. ANZ should use their core competencies to take advantage of the gap that currently exists within the market and focus on providing high customer satisfaction, establishing and developing their private banking sector as well as creating prestigious brand image. Management of processes and outcomes is essential in the delivery of services through effective customer service in order to gain market share and a loyal customer base. The solutions put together focus on ANZ’s corporate presence and operations in wholly owned branches. Information was sourced from various journal articles and textbooks. Changes in Chinese political and economic constraints in the future create limitations to the report, which is based on China’s current circumstances.
2. Brand Management
2.1 Issue Identification and Analysis
2.1.1 Target Market
ANZ is a highly respected banking institution in Australia, yet in China, ANZ is relatively unknown and is therefore faced with the challenge of building a brand image as a high-end financial institution. There is strong competition of foreign banks in China such as Citibank and Golden Sachs. Due to this, ANZ need to build a strong brand perception amongst consumers in order to compete and survive in the private banking sector of China. ANZ aims to become known as an upper-class bank in comparison to the typical government run banks in China (Cheek, et al., 2010). Therefore