Answer to Question #229749 in Management for Sito

Question

Explain the strategic management process that Standard Bank needs to follow to remain competitive and to gain more market share. 

Answer 1

Product Bundling Strategy 

Product building is one of the most effective strategic management processes in the banking industry; Standard bank can use this strategy to gain a competitive advantage by creating a wide range of packages for their services focused on customers. The strategy can create an expanded network of connections in the market by offering different services under one product for all their needs. This process would help the organization continuously build its image and attract more customers, thus creating a competitive advantage.