Business Management On Tendencies

One major factor that companies need to consider for their survival in the current business environment is the changing trends. Change in the business environment is inevitable as and companies should ensure that they are aware of the trends in their industries and adapt to them. Aside adapting changes in the company employees should acknowledge the current state and view the coming change as a step towards success. Second is quality where companies have to maintain a certain standard to survive in the existing competition.

Taking technology for instance, it is a very competitive market as technology changes often to improve experience and through enhancing quality of products. Companies must therefore ensure that their products and services perfectly meet customer needs.

Companies must also consider competition to survive in the market. A company should identify attributes help it outperform competitors in the market since it is hard for competitors to duplicate or imitate a competitive advantage. Competitive advantage helps a company to exploit economies of scale whereby their cost of production is lower than their competitors hence sell them at lower price.

Focus is also important for competitive advantage where a company focuses a narrow target market. Lastly, companies must focus on efficiency as a factor to survive. Efficiency mostly applies in implementing changes in the company where improvement in one sector of a company does not negatively affect another. That is, when increasing customer satisfaction, a company should ensure that they do not do it at the expense of another department within the same company.

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Otherwise, the failing sector may influence the entire company and end up ruining its survival. Efficiency goes beyond financial aspects where companies ensure they use the minimum available cost to produce to increase savings, but also in almost all other areas within the company. Operation functions consume a greater percent of the overall bank budget and aiming to improve customer response means taking steps that ensure efficient adaptation of change not to affect the financial status of the bank. One of the ways that Prime Bank would improve their operation towards the benefit of customers is having distinct and personalized services. They include specific benefits for mortgages and savings accounts with lower minimum limits than those of competitors. Changing operational roles towards supporting these personalized products would improve customer satisfaction. Also giving reward points to credit card users such as cashback while ensuring a perfect customer support for such rewards will give the back a niche in the market.

Adopting new technology to empower customers through automation will ensure twenty-four hours customer service for Prime Bank. Operations that would improve customer service include digital systems for loan fulfillment and closing as they will speed up the process as well as give customers the freedom and flexibility to sign and view documents online through the bank mobile application. In many banks, mortgage approval takes more than a month and lowering this period would serve as a competitive advantage for Prime Bank. Providing consistent quality to customers will also help improve operations. Despite having employees perform similar tasks on a daily basis, errors still occur hence disputing debit cards. Reviewing customer disputes within the shortest time possible and automating such processes as loan approval will improve the bank service performance.

Lastly, scaling down the number of bank locations and replacing with more call centers and more automated processes will also help improve operations in customer service. It will also ensure that customers get answers to complex issues in their banking processes. After product generation, which is the first stage of product development, now comes product screening that involves reviewing of product generation stage. At this stage, team members brainstorm product issues by comparing customer feedback to the product and determining whether the product aligns with customer needs. Questions asked at the product screening stage by the operations function include

1.  What is the product objective?
2.  What are the customers needs?
3.  How does the product meet the customer wants?
4. Questions asked by marketing include
5.  What is the market potential of the product.
6.  What solutions does the product offer to the already existing market?
7.  How flexible is the product towards exiting the existing product in the market?

Questions asked by finance include

1.  What is the cost of development?
2.  What are the expected profits for the new product or service?
3.  What will be the product price?
4.  What is the forecasted sales volume?

The internet allows customers to shop online in various ways. One, online shoppers use eBay store to search for products where items appear on their screen in categories. eBay also allows customers to buy these products directly from specified dealers although they access them from the eBay website. Such websites are known as supplementary websites as they improve customer experience  This ensures that they get the most perfectly preferred products. Merchants indicate their logo on the eBay site as well as the list of their products where customers visit and shop for the products. eBay, therefore, works as an online auction marketplace where different vendors showcase their goods and connect with customers. Other specially designed online stores sell products online. However, these online stores only have a limited number of goods available in the store since other online sellers do not have access to these sites and advertise their products.

Custom-designed online stores limit customers’ exposure to products and can only by certain products available in these stores. Consumers also get to shop crafty handmade products where merchants make unique items and sell them online. Due to the uniqueness of these products, consumers value their unique brands and may buy them in wholesale either for use or for resale in their physical market places. Crafts marketplaces integrate their websites with common payment methods such as apple wallet and PayPal to allow flexibility of payment to their consumers. Consumers also enjoy on-demand products where merchants produce their product whenever consumers prompt them to, and based on the consumer design. Fashion industry also gives consumers the platform to buy certain fashion goods where they put stickers on their products and display them on their online shopping avenues for access by consumers. Online shopping websites also give consumers an opportunity to shop from various merchants in a single cart and deliver the products as a single chattel.

Reference

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