Answer to Question #235262 in Management for Mimi

Question

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

Answer 1

The possibility to reduce costs and expenses is a major strategy. The strategy necessitates extra manufacturing-oriented tactics to business processes. The aim is to increase the bank’s effectiveness and efficiency ratio by reducing the unit cost-to-value ratio of every activity or transaction within the bank. For example, opening an account, preparing a loan document package, or managing a particular type of transaction.