Answer to Question #235844 in Management for Kiki

Question

Explain the strategic management process that Standard Bank needs to follow to remain
competitive and to gain more market share for 40 marks

Answer 1

Strategic management involves putting plans in place that can help drive an organization towards

achieving the set objectives and goals both in the short and long run. It different entails

understanding the business climate or industrial atmosphere in which company operates and how

different forces, both in the external and internal environment, can be responded to with the

available resources to meet different goals. Standard banks sustain competitive advantage by

utilizing different strategic management approaches. Some of them are outlined below:

1. Reorganization of business: This involves realignment to new practices including

adopting new technologies that improve innovation to keep the company on top of its

game.

2. Optimization of Supply Chain Cannel: the company should understand that it can obtain

immense competitive advantages by using more effective distribution channels, Opening

new branches across the markets in which it operates are just but a few instances of

strategic approaches it can employ.

3. The Price of Procedure: This has to do with how the bank can reduce production cost

that ultimately reflects on service fees that it charges its clients. This way, it can maintain

or even increase its profit margin while maintaining sales volume.