Answer to Question #232461 in Management for Joy

Question

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

Answer 1

Strategic management involves the ongoing planning, monitoring, analysis, and assessment of all requirements that a company must satisfy to meet its goals and objectives. Firms will need to reassess their success strategies frequently as the business climate changes. Businesses may use the strategic management process to examine their present state, make strategies, implement them, and evaluate the efficacy of their management approaches. There are five types of strategic management strategies that can be applied differently depending on the situation. Strategic management benefits both on-premise and mobile systems. So, how does a bank go about accomplishing these objectives? Budget cutbacks that are implemented consistently are bound to fail. These savings are generally more than enough in already productive regions, but inefficient ones are insufficient. The most successful efficiency initiatives employ a more analytical approach that considers the particular conditions that each business and support function encounters. Below are the seven important areas on which today's industry leaders are focusing their efforts.

1) The company's reorganization

2) Improvements to the channel

3) The cost of the surgery. Banks frequently ignore the prospect of lowering process costs, in part because it demands a more manufacturing-oriented approach to business operations. The goal is to boost the bank's efficiency ratio by decreasing the unit cost-to-value ratio of each activity or transaction, such as establishing an account, producing a loan document package, or managing a certain transaction type.

4) Employee efficiency

5) Technology and automation

6) Vendors' relationships

7) Fostering an efficiency-focused culture