Comparison of Marketing Strategies in Banking Industry

Comparison of Marketing Strategies in Banking Industry 1. Introduction There has been progress and advancement in the field of finance and business due to the widespread use of information technology. Banking Industry has proved that it is far ahead due to the implementation of several technologies and most of its industries and businesses are doing exceedingly well because of this. In todays times, when one is interacting with banks and other financial institutions there is a gap in services which is felt by the demanding and upmarket consumer. Due to this banks have had to pull up their socks and turn around their operations by introducing sophisticated means of conducting business. They have hence provided ATMs (automatic teller machines), computer and internet banking, phone banking and banking kiosks are proving to be alternative means to benefit from the banking services in a comfortable and convenient manner. According to scholars Wong (1998) and Kimball Frisch (1997), e-channel, also known as innovative distribution channel or online banking, as per Daniel (1999) or technology-intensive delivery system, says Filotto et al. (1997), is interpreted as the approaches used to deliver financial products using electronic media such as personal computer, the telephone and the Internet, say Dannenberg Kellner (1998). The ATM as a matter of fact is the most commonly used electronic distribution channel that aids the customers of a bank to conduct their banking transactions, which could be deposits, withdrawal or balance enquiry 24-hours a day. All banks in Malaysia provide ATM services coupled with the phone banking option. As the customer service department has been centralized services such as phone banking, account balance enquiry, instruction to issue bankers cheques and giving standing instructions are services which can be executed for all. Though a call will first reach an automated respo nse system, a customer may want to talk directly with a service representative. The phone banking facility is available 24 hours a day. Some examples are Direct Access of Southern Bank, Tele-banking of RHB Bank and Maybank. Phone banking, or also known as remote e-banking, self-service banking, home banking and office banking, is the third type of e-banking. There is internet banking as well which makes use of the Web. This is a comfortable way of finding out the balance in your account, if you need to transfer funds or request for a cheque book, and make the payment of bill, and can be done at home or while you are in office. Within three years, marketing companies believe that the financial services business over half of the customers will use the Internet to make themselves knowledgeable about the new financial services, products and search for more information, if they do need it. This number can even go higher in a short period of time. LIMRAs optimizing Opportunities with Online Consumers (2007) came to the conclusion that around out of 10 online customers, 7 say that they expect to check products, prices, grading and details of the company on the internet. These findings show that there is plenty of opportunity for people to make use of the internet to introduce opportunity within a large number of prospective customers. As the World Wide Web continues to grow, the expectation of the user and his behaviour are also changing. Potential customers now have the skill to develop content online and play a proactive part in creating and sustaining relationships with companies they are able to find online. This dissertation aims at exploring the effectiveness of e-marketing in banking industry and its impact on the industry. 2. Problem Statement In order to increase the customer base, the marketing team of a bank uses content and illustrations in direct mail or ad campaigns to attract and draw customers towards it schemes and products. Of late there has been an increase in tele-callers as well who persistently call and promote the various products available. On the Internet, which is fast-paced in form and function, banner ads and smartly written click-to-pay has become a trap to captivate customers. The other level is keyword buying from Google and other search engine providers, and especially the buying of regional keywords. This one is a fresh technique used to bring the surfer to a website, where he or she will find ways to do business with your bank. The use of technology in the marketing of service industry especially banking industry is not such a new concept. Its been used and have been in use for various countries but it should have a key focus which will be discussed in this research. 3. Research Question What is the effective e-marketing tool(s) used in bank industry marketing? Evaluate the comparison between UK and Indian Banks? 4. Research Objectives The key objectives of the research are: To evaluate the various marketing strategies used by the banking industry. To study the effectiveness of different marketing strategies used. To examine the various e-marketing methods used by the service industry. To study the effective e-marketing tools used by UK Banks. To study the effective e-marketing tools used by Indian Banks. To evaluate the comparative analysis between e-marketing tools used in UK Bank and Indian Banks. 5. Literature Review The Meaning of Marketing Marketing has a two-way definition when it talks comes to discussing corporate activities. Firstly, it is used to adjust its resources on a constant scale so as to satisfy its chosen customers and in doing so to offer social and financial benefits. This is being tagged as marketing concept and stresses on the accountability of senior management to keep an eye on the situation and acclimatize oneself to changing situations. The scholar Levitt (1983), is a promoter of this concept. The other definition is to perceive marketing as a subject of demand management, primarily a technology to affect the behaviour of customer groups. This method is tagged as marketing management and it stresses the accountability of operational management to stage-manage demand in support of the business. It handles the selection of target markets, collection of appropriate offerings and stresses on advertising. According to Anderson (1983), it has many advocates as this been in the thoughts of most marketing theorists to date. Marketing in Banking The UK clearing banks have a branch network which is similar the field sales force of a production company. It is through these branches that customers are able to make use of the services of the bank. The branches work as outlets through which the banks policies are put forth, its relationships with its customers is tackled and the markets are surveyed and intelligence reports are gathered. Hence the branch and its management seem to be pivotal to any marketing exercise and their behaviour towards marketing an essential element in its acceptance. It may be debated that technical transformations like cash dispensers, credit cards and other electronic modernization is taking the customer further and further from his branch and he is becoming a stranger with the staff of the bank. The branch of the bank is the main crossing point with the customer and these very alterations are likely to increase the value of the branch as a stage for business development and cut down on its role as a performer of money transactions.Whether marketing in the short term has improved the situation of a company by the results achieved in their branches, management is likely to introduce marketing. In the initial days when bank marketing was introduced in the UK, there were some doubts about the capability of a conventional line of work to acknowledge what appeared to be a different method to take up. The procedure and the concerns linked with the application of marketing to financial services is hence special interest to students of marketing and ba nking. Indian Banking Scenario In the 1960s marketing in banks began in its most conventional form of publicity and public relations. Even though they functioned within the stipulation that there can be only small changes among individual banks, the marketing environment of a bank has since then changed to a large extent. Today banks are facing strong opposition from the foreign, private and public sector banks, and there is a pressure from other financial institutions. Financial institutions are not only better placed statutorily, they provide higher returns and a handy product-mix which offer tax rebate benefits as well. A far as the supervision of their marketing function is there, these companies are better supervised and administered. While, it is discouraging to observe that the immense boost received by the banking sector thanks to nationalization has not been factored in in productivity and profitability, on the other hand, its cost of carrying business has gone up, its bottom line has dropped and the disp arity between the anticipated and perceived quality of customer service has also become broader. As a result, the banking sector has been under strong criticism by the Government and the public alike. In order to make their business environment more positive, in the last few years, banks have adopted various steps which are initiating creative schemes; organizing processes to reduce paper work and delays; introducing teller systems; competent enhancements in the look and feel of the banks branches; looking up the model, expert and service branches; offering extra boost to their publicity initiatives; creating customer service bodies at the banks offices; carrying out customer relations programmes; establishing customer service departments at the head office of banks; making courtesy weeks/fortnights, customer service campaigns and door-to-door surveys; setting up May I help you? counters and placing public relations officers in large branches. These reactions of the bank show that may be they have woken up to a logical way of marketing their financial services, and to think beyond the narrow course of marketing as publicity and public relations held so close by them. UK Banking Scenario In developed countries, though industrial and consumer goods industries have increased their marketing exercises, service companies and the banking businesses seem to be slow in taking up and enforcing the marketing concept, for case studies in various countries, say Watson (1982), Donnelly Berry (1981), Lewis (1981), Cramer (1968). To the best of the present authors knowledge, there are no researches of bank marketing in developing countries, more so in Turkey. As Turkey becomes more liberalized and industrialized, marketing of bank services becomes crucial to its economic development. Also, data about bank marketing is important for foreign bankers, international monetary agencies, domestic policy makers and overseas businesses which deal with Turkish markets. Technology Marketing in Banks The banking industry would not have been so sophisticated and evolved had technology not been harnessed to its maximum. There have been a number of factors responsible for its progress and evolution. Broad economic trends and social forces, toned down by government policy and controls, become the environment within which progress occurs, and the level of oppositions largely decides the rapidity of amendments. Technology is a way to prevail over obstacle and expenses, but in recent years it has become all-embracing and advocated change. It has also been accountable for the rise in superiority of marketing in the supervision of banks. There are two factors why only providing a gist of a single banking system at the present time would be insufficient to study the influence of technology. The first is that the application of technology is unequal among countries and period of time, and the other is that technology is growing very fast and will continue to do so. There is a time gap before technological developments are implemented and we need to know what decides this gap. The only way to move forward is by way of a historical study, sketching an outline of the parallel progress of technology and banking operations since the 1950s and perhaps into the future. Technology and Marketing It is a well-accepted fact that the value of marketing in dependent on the level of opposition in a certain market. Since 1950s, competition has shot up in all banking markets, and it continues to grow with the existing trend of de-control, which focuses on getting rid of structural barriers between types of institutions and market, while escalating the control for prudential objectives. In this environment and period, the growing worth of marketing departments is not alarming. Even a perfunctory glance at marketing literature reflects that the contribution of bank marketing has undergone a change in this period. Some writers have typified three different stages through which it has progressed the first stage was the one in which marketing was restricted to advertisements that reiterated the banks strong points; the second was one in which the bank was proactive in marketing its new products; and the last stage began when banks tried to find out and match the actual requirements of the customer. In the first stage there was not much that a marketing department could do, however, in the second and third stages marketing had a powerful role to enact in bank management. In the second stage, technology took on an important role in bank marketing, with the design of new products. One mode that was adopted was to put up accounts for depositors, which often had a layering of interest rates as per the size of balance or a rate that altered daily and weekly with money market rates. Others offered some connection between two different accounts, perhaps a current account and an interest-bearing account; when the latter account was operated by a building society or savings bank that had little influence to offer current accounts, transfers between the accounts included two institutions. It was typical of banks in the second marketing stage to get lazy and so slow down the customers from making the most of the power to minimise their current balances day by day; in the third phase they are expected to meet the customers requirements, but it is surprising how few of them have yet to provide sweep accounts so that the current account balance is exactly zero by the end of the day. These features of the new accounts would have been impossible without support from the computer. The third stage is the one in which marketing becomes the superior part in the strategy of the banks, when marketing departments lose their shine as the banks management, at the highest levels especially, must comprise of people who have experience of marketing. It is also a stage in which the method is to fractionalize the retail customer base. Banks which provide payment services can easily beat the rivals on the basis of their computer record of the traits and the financial behaviour of their customers. Technology is hence vital for this stage but it would be wise to remember that technological support for new products and segmentation has been in existence since 1980 in the form of mainframe computers; the only new thing is the addition of new software. 6. Research Methodology Research approach The researcher took on a case study method to get a detailed understanding of how e-marketing Industry. As per Denscombe (2000) when emphasizing on one or few research units with the objective of obtaining detailed information, the best method is to take up the case study approach. As per Yin, when the researcher has almost no control over happenings and when the stress in on a certain event in real life and to answer how or why questions, case study is the preferred method approach. Case selection By using random sampling techniques, the researcher found 4 banks which include 2 from each country i.e. UK and India. One public and one private sector bank was chosen for both the countries. As per scholars Hunt Shelley (2004), a qualitative method makes the researcher grasp and construe the qualitative character of the information. The way forward keeping the qualitative aspect of the study in mind will include an in-depth study and assessment of the existing research and techniques applicable to the specific research problems, involving environmental issues within the marketing mix and policies created by the companies. The purpose is to fully grasp the way the companies create marketing strategies to remain in the competitive market. Data collection Primary data: According to Denscombe (2000), for an in depth knowledge and understanding of the importance of e-marketing strategies in in Bank. The researcher used a face-to-face interview as the most apt method. This would not only enable him to seek information, but also give him an opportunity to seek detailed clarifications on the thoughts. Walshman (1995) had stressed on the advantages of personal interviews as one of the best ways to record the views and aspirations of the interviewee. The researcher faced problems such as limitations on the selective thoughts of one person, inconsistencies due to rigid beliefs of the interviewee, collation of voluminous data, transcription by using this methodology. To gather information from the interviewee, the scholar has suggested to use the semi-structured interview guide as interview questions would differ as cases had very different strategies. According to Walshman (1995) interviews provide the best way to understand the views of the participants regarding the actions and events, which have or are taking place and the views and aspirations of themselves and other participants. In qualitative approach there is the extra benefit of permitting the researcher to go back to the drawing board and assess the understanding provided by the respondent in more detail as compared to other methods. The interviews will be carried among managers of the companies who are accountable for the creation of green marketing strategies. The researcher documented the responses and also simultaneously recorded them to transcribe later. The researcher will be going for 5-10 interviews from each bank. Secondary data collection Secondary data is gathered from different sources such as websites, annual reports, books, journals and articles and case studies. The objective this information gathering is to find out the related data regarding strategies adopted by the Trident Solutions. Pilot study: A pilot study was carried out among interviewees to ensure that the terms used are correct and suitable. As per Denscombe (2000, p 135), interview will be held using the face to face approach in order to aid the interviewer to ask questions which were not in the interview guide depending on the respondents answers. Data analysis The information was studied using content analysis. After the interview got over, information was cut down to recognize the patterns and themes and obtain a clear understanding. As per Ghauri and Gronhaug (2005) information was explored, studied and classified based on the questions in the research questions. If more information was needed or when new questions arose, then another round of data collection would be conducted.

Adolf Hitler Leadership Case Study

Adolf Hitler’s leadership style cannot be narrowed down to one.   While he was a dictator who adopted a commanding style that sought tight control even if it created dissension among   his army of generals, he also showed an uncanny ability to sense   people’s inner workings   and concerns.This worked to his advantage and added to the compelling nature of his personality which stirred his followers to support and be loyal to him. A pedantic military strategist who attacked his enemies and even his own allies from within, Adolf Hitler was one who exhausted all means, notably violence and mass extermination of races, to further his goals.For him, the all-consuming end of expanding and transforming Germany into a world power   clouded his vision of   other matters which he deemed inferior.   That Hitler was fanatical in a viciously evil kind of way does not diminish the fact that he was a great strategist and leader who left an indelible imprint on other worl d leaders.The way he formed alliances, his unstoppable will to conquer and reinforce his logistics and methods for waging war, and the unrelenting spirit he displayed even when defeat was imminent all point to how tenacious Hitler was in overcoming obstacles to his overarching goal of world domination.Yet despite his sharp memory, keen attention for detail, and strong leadership traits, Adolf Hitler did have some weaknesses, notably an impatience for individuals with weak or retreating, unfocused character, and some rash decision-making.â€Å"He presents himself to the viewer with considerable dignity and complacency†¦ But this respectability overlaid an obviously unstable temperament marked by a propensity for impulsive decisions† (Fest, 1974, p. 16).Nonetheless, he displayed a singlehanded focus revolving around an expansionist subjugation of other nations to assert Germany’s dominance, and he manifested a consistent unbending policy of warfare towards attaining this end. In the end, this may have been a major factor that led to his eventual downfall. Indeed, despite his all-consuming thirst for absolute power and personal flaws and oversights, no other great leader has perhaps shaped world history in a colossal manner the way Adolf Hitler did.Mission & Vision StatementsAdolf Hitler’s mission statement was to establish allies, fortify his troops and launch an all-out offensive against those who would get in his way of shaping the destiny of Germany – by propelling it to great stature and letting it emerge as a world power.The vision statement was to command obedience and unwavering loyalty and support from followers and the entire citizenry because only Adolf Hitler could handle Germany’s unique problems. The citizenry was called upon to take a stand in the transformation of a new nation.Hitler prevailed upon the masses, who were swayed by his eloquent speech and charismatic leadership, and impressed on them that he wa s the answer to Germany’s socio-economic ills and that he wielded the power to reunite Germany and make it rise above its impoverished state.Main IssueThe main issue of this leadership case study is that notwithstanding his despotic character, Adolf Hitler was a skillful and compelling leader who moved the masses.He honed his political decision-making process with such impetus that it â€Å"laid the foundation for World War II† (Braunbeck, 1997, p. 5).   Though he advocated a fierce and inhuman kind of nationalism, he evoked an unyielding stance and a resolute view to achieve his goal.He totally believed that â€Å"only he had the vision, the will-power, the combination of military and political, political and `world-historical’ insight†¦ to restore the lost German empire to her greatness† (Braunbeck, 1997, p. 9).Environmental AnalysisIn the early 1930s, the era when Adolf Hitler rose to power as Chancellor of Germany, the German empire was saddled with socio-economic problems and the political machinery was on the brink of chaos. The situation clearly called for a leader with an iron fist, but then â€Å"President von Hindendburg stubbornly resisted offering the chancellorship to Adolf Hitler, a volatile political upstart whose followers were considered†¦ coarse, violent and undisciplined† (â€Å"Hartwick Classic Leadership Cases,† 2001, p. 1).The ensuing events illustrated that even if the odds were not in his favor, Hitler had utilized every means and power, including political conspiracy, to ascend to the highest office.   The circumstances he figured in and the way he used these to his advantage ensured that he remained his in much sought-after position. As noted in the Hartwick Leadership Cases:By the late thirties, Hitler was the commanding figure in Europe, possibly the most   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   powerful political figure in the world. The renewal of full employment in Germany   Ã‚  Ã‚  Ã ‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   subdued domestic opposition to Nazism†¦ Hitler was, quintessentially, a charismatic   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   leader. He inspired awe, devotion, loyalty, and obedience in an ever-increasing   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   portion of the German population† (2001, p. 2).It will be noted that one of Adolf Hitler’s self-confessed capabilities which helped him accomplish his ends â€Å"was the ability to judge men†¦ what sort, how he could best be used† (Schramm, 2007, p. 32). He also rode with the prevailing public outlook and opinions. Hitler harnessed the â€Å"awesome power he achieved over the German people†¦to attain his political goals† (Braunbeck, 1997, p. 6).The events in Germany during the period he ascended to the highest office, his way with people, and the personal magnetism he inspired among the masses whose gripes and sentiments he played on all worked together to set the stage for a leadership that thri ved with terrorism and a well-oiled propagandist machinery, on one hand, and a â€Å"feeling for order, rules and respectability† (Fest, 1974, p. 14) on the other.Key StrengthsOne of Adolf Hitler’s major strengths was â€Å"his uncanny ability to appeal to the subconscious and irrational needs of his audience and (ability) to solicit the desired response† (Braunbeck, 1997, p. 7).By audience we may refer not just to the masses who listened to him speak with conviction and fervor but to the generals and other members of his troops. Hitler displayed strong oratorical skills that greatly helped him win favor with the masses. At the same time, his speeches reflected his racial ideologies, like when he expressed in one instance:We are socialists, we are enemies of today's capitalistic economic system for the exploitation of the economically weak, with its unfair salaries, with its unseemly   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   evaluation of a human being according to wealth and pr operty instead of   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   responsibility and performance, and we are all determined to destroy this system   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   under all conditions (Toland, 1976, p. 306).During trying circumstances, his perseverance worked to his advantage too, although there came a point when his all-out offensives to conquer turned out futile.As a military strategist, Hitler displayed that he can be quite knowledgeable.   â€Å"However, as his success continued to mount, he became more and more involved in the intricacies of battlefield tactics and strategy† (Braunbeck, 1997, p. 5) but tended to be over focused on the caliber of a weapon, technical capacity and speed of warships, and what may be expected of fortification lines.WeaknessesThat Hitler has a flawed personality is something just about everyone acknowledged. History recounts how Adolf Hitler was given to angry outbursts and uncontrolled rage, especially when he felt that people questioned his authority.   He restricted, rather than provided, the freedom of subordinate commanders to rely on their own judgment when a sudden crisis occurred.   He had to have a say on the matter.As far as his early experience in running state matters was concerned, Hitler displayed â€Å"complete unfamiliarity with the daily workings of government† (Schramm, 2007, p. 57).As a commanding leader in the battlefield, Hitler adopted a rigid stance.   For him, his â€Å"troops should never be given occasion for uncertainty by offering them the option to retreat† (Schramm, 2007, p. 108).Hitler was unbending in his ways, and insisted on doing things his way to the point of not consulting his generals, and in the process he made some blunders, like mounting an offensive against countries that were stronger than   Germany.Hitler is a clear-cut illustration of a study in contrast, because while he relentlessly sought to cultivate allies from other countries and acq uiesced to harmonizing relations with powerful countries like the US, he was too devious and consumed with desire to conquer that he strained such international relations.OpportunitiesHitler wielded great power and accomplished one of the things he aspired for Germany – lebensraum or more living space, using the opportunities for learning and politicking that being in power presented.Hitler had vast opportunities to shape a nation’s destiny and bequeath a lasting legacy, but his thirst for power so consumed him that it led to his ultimate downfall, leaving behind no contribution in the material or moral sense.Being a master manipulator, he was able to gain concessions from ranking officials of powerful countries and he scored some diplomatic victories, but he himself negated any headway he made in this aspect.   In short, Hitler wasted many opportunities that came his way, with the exemption of the opportunities that brought him to power.ThreatsHitler encountered opp osition within and outside the totalitarian state he established that were potential threats to his reign but their divisiveness did not create any real impediment.In the arena of international politics, there were countries that refused to have an alliance with Germany, thereby posing a threat to the actualization of his expansionist goals. Hitler also encountered some other challenges.   Economic problems became widely felt in Germany in the late 1930s, prompting Hitler forced to order, albeit hesitatingly, major defense cuts.AlternativesOn hindsight, Adolf Hitler, deranged as he may be, had actually let many opportunities and alternatives to running Germany in a way that many generations down the line would have been able to acknowledge with pride, pass him by.â€Å"Throughout his entire life, and particularly since the First World War, Hitler was dominated by a strong feeling of comradeship, loyalty and gratitude with the men who†¦had been faithful and devoted comradesâ €  (Schramm, 2007, p. 33) and he inspired confidence in his men even when the situation turned hopeless.He could have utilized people faith in his abilities to further rebuild Germany and leave behind something lasting.   Instead, what he left was an imprint of a leader who was like no other.ReferencesBraunbeck Jr., P. (1997). A military leadership analysis of Adolf Hitler. Thesis. Air Command and Staff College. Retrieved November 30, from http://www.au.af.mil/au/awc/awcgate/acsc/97-0609h.pdf.

Aims and Objectives of the Copthorne Hotel Essay

An aim is a long term goal that is set by a business in order to improve the quality and value of their company. The Copthorne hotel has four main aims. Their first main aim is ‘To Make a Profit for Shareholders’. The Copthorne hotel and the Millennium group is a plc, meaning their shares are sold to the public on the stock exchange. When a share of a business is bought, they become a shareholder, meaning they own a small stake in the business. They aim to increase their profits for the benefit of their shareholders, the more profit they are making, the higher the dividend their shareholders are going to get back. If for example the value of their shares decline in the stock market, the shareholders may wish to sell them, in order to invest in a company making profit, because in a more valuable company they will be paid a higher dividend. Their second aim is ‘To Increase Market Share’. Market share is the amount/percentage of a particular category of market owned by a certain company. The Copthorne wants to increase their Market Share in order to increase the popularity of the business. An increase in their market share would mean more rooms being booked, more weddings planned and more conferences put in place. All together meaning that the Copthorne would also see an influx in its income, meaning the company has the money to expand further and beat the competition. In order to this they rely heavily on their customers returning, and new customers coming through their doors. In order for this to happen however, they need to meet the customer’s high expectations and provide a high quality, good value for money service. Their third aim is to ‘Increase the number of hotels globally’. The millennium group currently have over 100 hotels worldwide, 13 of which are based in Europe. Over the last few years, the company has grown and expanded slowly, as the business becomes more popular. The term ‘floated on the stock exchange’ means that anyone can buy shares in the business, based on the information read in the company’s prospectus. This simply means that the Copthorne can raise money in order to expand. The Copthorne has been floated  on the stock exchange as it is a Public Limited Company (plc). A majority shareholder is someone who owns at least 51% of the shares in the company, meaning that they have the most influence of the Copthorne’s decisions, and therefore decide on where, when and how to expand. Finally, their last aim is to ‘constantly improve customer service’. Customer service means the quality of the service/goods given to the customer, whether it be before, during, or after. If a company provides a top quality customer service then they are more likely to retain their customers, and in addition attract new ones by word of mouth, meaning that the customer tells their friends, they tell their friends etc. Therefore it is extremely important for a company such as the Copthorne because the business is constantly trying to expand, and having good reviews plays a vital, big role in supporting this. Copthorne Objectives The objectives that the Copthorne set are the shorter term, smaller steps that they take in order to achieve their aims. However as the aims change over time due to external factors affecting the business, the objectives will change and alter as well. In order to achieve their first objective ‘to make a profit for shareholders’ they need to meet or exceed the financial targets set by the Millennium group. These targets may be to increase the numbers of people in the restaurant, sell more rooms, or lower their prices. Overall, their wish is to attract more people through the doors in order to make a profit, so that their shareholders can be paid back. Their second aim was ‘to increase their market share’. To do this they constantly monitor their global position against their competitors and expand globally within the continents they operate in. This means that they measure their success against their competitors, they constantly wish to be beating them and make bigger amounts of profit, so they have the financial room to grow and expand. To succeed in their third objective ‘to increase the numbers of hotels globally’ they try to open a new hotel in a major city across the world every year. By doing this not only are they achieving their aim but increasing the amount of income they get, and therefore helping to achieve some of their earlier aims. Their fourth and final objective is to provide excellent facilities and customer service measured by achieving 95% or more on customer satisfaction surveys, this is set in order to assist their 4th aim of trying to constantly improve customer service. When a customer is staying at the Copthorne they ask them to fill in a survey, these surveys involve questions to do with, the customer service, the rooms, the food, the facilities etc. If they manage to achieve this aim it is displayed on their website and in other advertisements on order to persuade people to stay, if someone sees that another person likes a business, and rates it highly, then they themselves are more likely to try and experience the high quality of service as well. Mission Statement The Copthornes mission statement is to ‘Get it right first time, every time and think like a Customer’. The ‘get it right first time and every time’ means that the staff working within the facility need to try and do everything perfectly, without fault, in their first attempt, there are no second chances as people tend to form their opinions on first impressions. The second part ‘think like a customer’ means that the staff and employees in order to maintain a high standard service need to put themselves in the customers shoes and think what would I expect from a hotel of such high standards? And they need to perform to this level. Overall this Mission statement helps the Copthorne employees stay focused, and stay on the right track to success. A high quality service results in the end in increased sales and therefore increased profits.

The Benefits Of Rural Small Business Grant - 1110 Words

Every state is offering what they call the rural small business grant program. This is actually available for those people who are situated in a town but dont have enough money to capitalize in having a business of their own. Fortunately the government is allotting millions of dollars in order to fund this grant. If you want to apply for a rural business loans, you need to apply for it. The process is actually simple and it takes a faster approval especially if you can fulfill the requirements. The internet is actually filled with articles so that you can have information about the terms and offerings of rural loans. This will also give you an idea if you qualify or not. It is also best if you plan already on the rural business that you†¦show more content†¦When selecting from variety of business ideas, know the ones available. In this way you will know the ones that would work out for you budget and local wise. One rural business idea is related to agriculture. This is in fact growing to be number one in the industry. You can actually tour visitors to your vineyard or country garden. If you dont like farming, then you can invest on a land with natural areas. You can create a business that would tour guest for workshops or photo sessions. There are also local products that you can sell. There is what you call micro eco farming. You can also grow something in your property especially if you have unique area and climate. Think of products that you only produce. You must have heard about rural u pick which is not something new but gaining popularity. In fact you can read success stories of people who venture in this and made a lot of money. Today a lot of people are so health conscious that they want to know their food source. If you own a nice place, you may want to establish a bed and breakfast. There is no need to spend much in renovating your area. If you area is good, you can allow visitors to do tent camping or other services for visitors. 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