MARKETING STRATEGY Essay Example | Topics and Well Written Essays - 1500 words

MARKETING STRATEGY - Essay Example The 2008 – 2009 has been one that has been underlined by the adverse effects of the credit crunch. It is at this time that interest rates hit an all time low level. To add to that, the retail customer savings stagnated and in other instances in point of fact more than dwindled. This is a demonstration on how the external environment can adversely affect a business. The credit crunch led to a calamitous fall in the banking image. As a result of these proceedings, retail and investment banking were the biggest causalities. Tough competition in the financial markets also underlies what players in the industry have to navigate through. But the existence of opportunities to grow presents a case for strategising in order to wrest market control or at the minimum remain relevant. The chance to improve does exist, but it all depends on the business leadership. It is for the leadership to take or ignore the opportunities. Growth in higher education is one such opportunity on which the bank should capitalise on. This has been one of the weak points of the bank; failure to expeditiously take up opportunities. Based on these issues, I would propose the diversification strategy in addressing the bank’s developmental agenda. This strategy promises to be the best vehicle for the Central National Bank if it harbours any ambitions of getting out of the mess in which it finds itself. Diversification can be achieved through the initiation of mergers, ventures into provision of new products, an alteration of the bank’s microeconomic policy among other aspects (Beamish and Ashford 2005). From the case study, it is revealed that much consolidation is taking place. This is being done through merging of businesses in the banking industry. A merger gives a company a big advantage because of sharing of several facilities and consequently gaining from the benefits that accrue to economies of large scale