Standard Chartered marketing communication strategy and competitive Lab Report

Standard Chartered marketing communication strategy and competitive position - Lab Report Example According to the research findings Standard Chartered discovered marketing as the group expanded its operations from local perspective to a global perspective across diverse-cultural set of markets, Asia, Africa and Middle East for onstance. The bank admits the fact that it serves multiple geographies, different people with diverse values and significant cultures. This has enabled standard chartered to develop a strategy that focus on understanding of its markets’ core values to offer distinguished products and services to consumers with respect to their local requirements. The bank claims that it has developed a ‘consistent marketing strategy’ through constancy of efforts, stanch commitment to miscellaneous values and cultures and focused on relationships with local customers across the target markets. Standard chartered asserts that the bank has an unambiguous straight forward strategy that revolves around the market and consumers it serves. It has classified it s marketing strategy on two major areas: standard chartered for consumers and standard chartered as the corporate brand. Amongst consumers there are two set of markets: the individual consumers, who consume bank services for themselves; and second set is of business/commercial consumers, who utilize bank services for commercial purposes. Standard chartered has developed wholesale banking for commercial consumers’ category and consumer banking for individual consumers’ category. Marketing is an ever changing and sprouting discipline of businesses; companies always have a room for development and advancement. (Vanhuele and Wright, 2008). The bank has to broaden the base of its marketing communication strategy to effectively converse the different marketing messages, to different set of consumers it serves, in the most appropriate manner which could influence the target audience and trigger the desired response out of each target group. There are three marketing strategie s that fit Standard Chartered intent to serve the market: push, pull and profile strategies. The bank has to adopt these strategies as each meets a separate objective using a separate approach, thus, supporting the overall mission. Push strategy requires the bank to direct marketing activities to propel the products to consumers. It is more a selling concept, supports the sale organization of the bank and helps them design sales programs over push strategy (Kotler, 2009). It requires the bank to encourage and motivate the consumer, direct selling and negotiating with the prospects, emphasize point of sale promotions and advertisements, and performing other promotional activities to forcefully throw the banks’ offers and services to the consumer. It is appropriate for standard chartered as the retail banking structure in its target market: Asia, Africa and Middle East enable the bank to push its offers to consumers. Products/Services Push Consumers Pull strategy involves the b ank to design marketing activities in a manner that would fetch the consumers to the products and services themselves by enhancing their visibility (Kotler, 2009). It is more a branding concept for it supports the organization to design more customer-driven marketing programs that would develop strong bank-consumer rapport which is the ultimate objective of Standard chartered bank. It requires the bank to establish consumer associations with the bank through mass communication programs, mass-advertising campaigns, sales incentives and buzz marketing campaigns to create word of mouth influence. Pull strategy supports standard chartered ideology of understanding local consumers and markets, and their respective cultures, consequently, its attractive for effective communication strategy. Products/Services Pull Consumers Finally, the third marketing strategy which encompasses a broader marketing perspective is profile strategy. This strategy reveals the corporate reputation of an organi zation. It has deep orientation in corporate branding which identifies what an organization is

Knowledge Management in Healthcare Essay Example | Topics and Well Written Essays - 1750 words

Knowledge Management in Healthcare - Essay Example This paper would expound on the need for and how Knowledge Management is adopted in healthcare, what problems does it address, what are the considerations to maximize its total benefits, what factors may hinder it from being an effective tool in effecting development in the field of healthcare and what are the importance of transferring the explicit knowledge.. "Healthcare organizations are facing many challenges in the 21st Century due to changes taking place in global healthcare systems. Spiraling costs, financial constraints, increased emphasis on accountability and transparency, changes in education, growing complexities of biomedical research, new partnerships in healthcare and great advances in IT suggest that a predominant paradigm shift is occurring. This shift is necessitating a focus on interaction, collaboration and increased sharing of information and knowledge which is in turn leading healthcare organizations to embrace the techniques of Knowledge Management in order to create and sustain optimal healthcare." (Sharma et al., 2005) Indeed healthcare plays by the rules of the economy and the society too, it lends itself vulnerable to the limitations of the body administering it. As acquiring information does not come without a cost, readily available yet reliable information are sought for, thus the role of Knowledge Management to regulate and pass on information. (Tandon, Angrish, Anand, 2006) Knowledge Management, though having relative definitions sums up the process of creating, controlling, channeling and transferring knowledge assets to address competitive advantage and optimal performance. (Morgan, Doyle, Albers, 2005) In healthcare, most especially in nursing care, knowledge continuity is posed as an organizational challenge. In the US, there is a high turnover rate among hospital staff-already amounting to 20% (Morgan et al., 2005). This dynamics breaks the links of transferring knowledge from old to new employees leading to poor acquisition or transfer of valuable knowledge assets. In basic terms, knowledge is shared through a "traditional scholastic medical education" through "textbook based" learning, and acquiring lessons through experience and mentorship. Although this, in the beginning, could let the workers harness best business practices, it could also mean lack of diversification in knowledge unless branching out to different hospital units is initiated. "There are a number of organizational benefits to KCM [Knowledge Continuity Management] such as decreasing job turnover costs, increasing organizational effectiveness, improving training for new employees, facilitation of organizational learning, speeding the maximal productivity of new employees, and improving the decision making and decreasing the process errors of new employees." (Morgan et al., 2