Organizational name
HSBC Sri Lanka is a commercial and banking services company operating in Sri Lanka and a wholly owned subsidiary of the world renowned HSBC Bank. It opened its door in Sri Lanka in 1892 making it the oldest bank in the country and also the largest bank in the country. This was after 27 years after the inception of HSBC in Hong Kong and Shanghai. Its strategy was to be the biggest bank by maintain an international look from the beginning (Baker, 2014).
All its activities by then centered on finance and trade. It operates in the banking and global markets industry and Its products includes; Credit, Loans, Savings and consumer lending. It is a private business and a global entity.
In terms of employee size HSBC Sri Lanka has employed over 1700 employees.
Size of organization in terms of turnover of assets, profits and revenues is $ 17. 2 billion. However, its estimation for year ending 2017 was US $ 19.1 Billion. It gave its shareholders dividend that were above the normal industry give out making its share very attractive in the market (Banerjee, 2017).
It operates under both B2C and B2B. This is because it has both business clientele and individual consumer clientele.
The main competition includes the major banks in the world and the upcoming Sri Lankan banks. However, the two main competitors includes the Commercial Bank and the standard chartered bank in Sri Lanka.
The current brand resilience is big and HSBC is considered among the biggest companies in Sri Lanka impacting on the social economic aspects of the people and helping the society in terms of Corporate Social Responsibility (Chernev, 2018).
The content of the concept of “organization’s environment
All enterprises operate in a specific environment that conditions their actions, and their survival in the long run depends on the ability to adapt to the expectations and requirements of the environment. Distinguish the internal and external environment of the organization (Dimanche, and Prayag, 2016). The internal environment includes the main elements and subsystems within the organization, ensuring the implementation of the processes occurring in it. The external environment is a combination of factors, subjects and conditions that are outside the organization and are capable of influencing its behavior.
Elements of the external environment are divided into two groups: the factors of direct and indirect impact on the organization. The environment of direct influence (business environment, microenvironment) includes such elements that directly affect the business process and experience the same influence of the functioning of the organization. This environment is specific to each individual organization and, as a rule, is controlled by it.
The environment of indirect influence (macroenvironment) includes elements that influence the processes occurring in an organization not directly, but indirectly, indirectly. This environment is generally not specific in relation to an individual organization and, as a rule, is beyond its control. The internal environment and its variables: managers, workers, culture
The internal environment of the organization can be viewed from the point of view of statics, highlighting the composition of its elements and structure, and from the point of view of dynamics, i.e. the processes occurring in it. The elements of the internal environment include goals, objectives, people, technology, information, structure, organizational culture and other components.
A special place in the internal environment of the organization is occupied by people. The results of the organization’s work ultimately depend on their abilities, education, qualifications, experience, motivation and dedication (Elmes, and Barry, 2017). The realization that the organization is primarily the people working in it, that they are the main resource of the organization, is changing the attitude towards the staff. Managers pay great attention to the selection of people, their introduction into the organization, engaged in the training and development of employees, ensuring a high quality of working life.
The external environment of direct and indirect effects. Characteristics of the external environment The external environment of direct exposure includes the following main elements: consumers, suppliers, competitors, the labor market, external owners, government regulatory and control authorities, strategic alliances of an enterprise with other firms. The macro-environment of an enterprise is formed by economic, political-legal, socio-cultural, technological and international conditions. The economic environmental conditions reflect the general economic situation in the country or region in which the enterprise operates (Foxall, 2014).
First, the legal system establishes the rules of business relationships, rights, responsibilities, obligations of firms, including restrictions on certain types of activities. From the knowledge and compliance with the adopted laws depend on the correctness and conclusion of contracts, the resolution of controversial issues. In modern conditions, the role of environmental protection laws, consumer rights, product safety standards, fair trade is increasing.
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Strengths · Strong leading position in the country and globally · Market knowledge and expertise into emerging and future markets. · Developing international perspectives · Diversification of market location · The global business enterprise of HSBC |
Weaknesses · Stakeholders may change their strategy · Reliant on customers as they can switch for cheaper banks · Challengers can use the element of success of the bank against it · Not viewed as a local bank by Sri Lankan · |
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Opportunities · Expansion to other parts of Sri Lanka · New potential market due to innovation of products · Market diversification( products and non-banking related) · Evolvement into the future design of the whole market |
Threats · Local banks competition · Empirical foreign attributes · New strong entrants into the market · Change of the needs of consumers · Increase in micro finance institutions. |
Vision: HSBC Bank Sri Lanka is that we aspire to be the world’s greatest specialist in banking driven by commitment, values and core philosophies.
Mission: to improve the banking industry and to offer the best financial and banking services to everyone in sri lanka.
Strategic decisions in communication policy and ways to implement them
For the most effective impact on target consumers and ensuring sustainable operation of the enterprise, in the framework of the overall marketing strategy, they develop an appropriate communication strategy that is implemented through the use of advertising, sales promotion, public relations, and personal sales.
The communication goals of the bank are determined by a number of factors: the characteristics of the product; stage of its life cycle; competitive position of the enterprise; features of mastered segments; selected positioning concept. Thus, when launching a new product to target segments, an enterprise should formulate communication goals, the main ones of which are: familiarizing customers with the product or raising awareness about it; the formation of consumer perception of the product, brand or company; stimulation and promotion of the original purchase of a new product.
The strategy of “pushing through” – the main marketing efforts are focused on intermediaries to encourage them to accept the company’s brands in their range, to create the necessary products , to provide its products with a good place in the sales area and to encourage customers the to get company’s products. Its goal: to achieve voluntary cooperation with the mediator, offering him attractive conditions, and promote his product in any way possible. Strategy implies a harmonious relationship with intermediaries and the main role in this is played by the sales representatives of the bank. A strategy can be chosen in cases where:
The strategy of “pulling” – all efforts focus on the final demand, ie, on the end user, bypassing intermediaries. The strategy is aimed at creating a favorable relationship to a product or brand at the level of final demand, so that, ideally, the end user would require this brand from an intermediary and thereby encourage him to trade in this brand. In contrast to the pushing strategy, an enterprise seeks to create forced cooperation from intermediaries (Tomczak, Reinecke, and Kuss, 2018). Consumers play the role of a kind of pump: the brand is drawn into the sales channel due to final demand. The strategy can be used when the product is of high quality and can sell “itself”, as well as if you plan a broad communication program of its presentation on the market. Tactical methods of implementing the strategy of “pulling” are: the implementation of public relations; advertising in the media; lotteries, promotional games; providing coupons for preferential purchase of goods; provision of goods for temporary use with subsequent payment; leasing, if we are talking about equipment, complex technology.
Proactive communications are created on the basis of future consumer requests in the form of messaging, leading competitors and consumer expectations. They assume the use of special information transmission channels in which it is possible to receive a return response from consumers. These channels include telemarketing systems, Internet sites, online stores, virtual exchanges, etc. As you can see, the choice of a communication strategy predetermines the choice of certain communication tools. At the same time, it is important to understand their advantages and disadvantages. After determining the priority communication tools, the development of plans for their implementation follows. At large enterprises, plans for advertising, sales promotion, personal sales, public relations, participation in exhibitions and fairs with deadlines, budget and channel (the venue of each event) are made separately (Elenkov, 2014). The development of an advertising plan consists of the following stages: a number of specific objectives, divided into demand-related and image-related); establishing responsibility (using its own unit, as well as agencies for each product group); budget allocation (choosing a method of setting a general budget for promotion; determining a detailed advertising budget); choosing an advertising object (precise definition of markets or its sectors to be covered and to be influenced); advertising content (formulation of the main advertising and commercial theme) selection of advertising media and advertising media (analysis of factors: cost, useless audience, coverage, frequency, message stability, impact level, occupancy and deadline for submission (Hill, 2017). The choice of the main and auxiliary advertising media); the creation of advertising messages: the content of the message is determined (style, motivation, attractiveness); the plan of promotional activities: the frequency of advertisement repetition; quality, profitability; distribution by specific advertising means; deadlines • monitoring the implementation of the plan and the effectiveness of advertising (developing control over the implementation of the plan; comparing the money spent with the results of advertising and making adjustments to the plan).
From strategic marketing management to building sustainable competitive advantage Strategic market management External analysis (Proctor, 2014)
Analysis of customers . (segment, motivation, unmet needs)
Competitor analysis (identification, strategic groups, goals, strategies, operations, corporate culture)
Market analysis (market size, expected growth, entry barriers, distribution system, trends, success factors)
Environmental analysis (technological component, laws, economic component, socio-cultural component)
Opportunities, threats and strategic issues
Performance analysis (profitability, sales, share capital structure, cost analysis, product quality, etc.)
Determinants of strategic choice (past and present strategies, strategic problems, constraints, strengths and weaknesses). Strategic strengths and weaknesses, problems, limitations, issues
Overview of alternative missions, identification of strategic alternatives, product-market-investment strategy, functional area strategy, experience, synergy, strategy selection, implementation plan and strategy review. Emerging market management tools are becoming an interdisciplinary area of ??activity. Marketing is organically woven into the strategic market management scheme, complementing the latter with content. Marketing is not perceived separately from strategic management, and its tools are modified under the influence of a changing strategic paradigm.
Marketing provides its apparatus, skills, and schemes for analyzing customers, competitors, the market, the environment, and thus meaningfully fills the external analysis unit. Marketing is involved in the analysis of functioning, participating in assessing customer satisfaction, product quality, brand and its value, new product, etc. If we proceed from the fact that the marketing concept is based on the evolving relationship between production and consumer, the desire to harmonize and balance their proportions in a single commodity flow (McDONALD, 2016). Marketing is present throughout the scheme conceptually. In justifying the choice of a strategic chain: product-market-investment, it is impossible to do without imbalance. It is achieved by evaluating potential consumers of the target market or its segments, offering a specific way to meet these needs with a certain range of goods and services.
Strategic assets or competencies that provide the basis for building sustainable competitive advantage (SCA). Under the strategic assets refers to the brand, brand, customer base, partnerships (Payne, and Frow, 2014). When a corporate strategy or organization operating in several business areas, additional components appear:
Resource allocation between business units. Distribution shall be generated within the organization of the building, equipment, financial resources.
The interpenetration and mutual enrichment of two developing theoretical directions is also reflected in the refinement of the stages of strategic marketing planning. Shows how this or that strategic direction is revealed through a set of functional strategies, specified in the strategic set of marketing tools: product strategy (new product), pricing strategy, promotion and distribution strategy. The conceptual core of marketing (coordination of proportions and production of consumption) focuses on the second strategy of stage . At the third stage, specific options are proposed for achieving balance through differentiating one’s own product relative to competing organizations.
Before considering the organizational requirements necessary for the implementation of an integrated communications strategy, let us learn about the general organizational structure of firms and the terminology that HSBC Bank managers can meet.
Creating a synergy effect: benefiting from complementarity and mutual support Business units can be represented in the form of three main components: the decision on product-market investments, which determine the scope of business, the intensity of investment and the distribution of resources. Conditions, a special role in the formation of a competitive strategy belongs precisely to the creation of conditions for the generation of strategic assets and competence as Again, for developing sustainable competitive advantages. Development as expansion and diversification is replaced by an understanding of development as the creation of conditions for the generation of strategic assets (Varadarajan, 2018).
Managers exercise control over the implementation of marketing strategies that can help achieve the company’s goals. In addition, they make all decisions on marketing mix and distribution of resources between different departments of the marketing service. The company’s top executive responsible for marketing can be called vice president or director of marketing. The director of marketing manages the work of marketing staff who specialize in various types of marketing communications, such as advertising or sales promotion. An independent agency that assists the company in marketing communications may relate to the marketing group of the company as its client or customer.
Marketing communications activities can be organized in various ways. The company can manage their implementation from the inside by creating special departments (advertising, sales, public relations, etc.) or with the help of their own agencies. External agencies, for example, advertising or public relations agencies, are organizations that assist the client company in marketing communications. Customer companies work with such agencies because they have significant experience in this field and can do the work they specialize in more effectively. In many companies, the planning and implementation of MC is the responsibility of specialists who are in the position of the head of the marketing service or the head of the advertising department. In small firms, its owner or manager can carry out these activities independently or with the help of a small staff. Specialists who are responsible for the implementation of MC, must perform a variety of functions, some of which they can transfer to external agencies or freelancers (West, Ford, and Ibrahim, 2015). The functions for which the leading specialist in marketing communications is responsible
A large company with several consumer brands can distribute marketing functions for each of them among the managers responsible for a particular product. These managers (also called brand managers) are leading specialists in individual brands and are responsible for coordinating sales, product upgrades, solving financing issues, making a profit, and implementing marketing communications.
At the corporate level, top management sets common goals and develops strategies for achieving them. At the same time, the marketing department is engaged in the development of marketing goals and the creation of marketing strategies linked to the corporate business plan (Vellas, 2016). In turn, the marketing plan contains a set of goals and strategies for each element of the marketing mix – product, its distribution method, price and marketing communications (taking into account the activities of suppliers, consultants, company personnel and the features of marketing marketing strategies).
References
Baker, M.J., 2014. Marketing strategy and management. Macmillan International Higher Education.
Banerjee, S.B., 2017. Corporate environmentalism and the greening of strategic marketing: Implications for marketing theory and practice. In Greener Marketing .Routledge. (pp. 16-40).
Chernev, A., 2018. Strategic marketing management. Cerebellum Press.
Dimanche, F. and Prayag, G., 2016. Visitor driven service experiences in a city destination: A mobile ethnographic approach. Routledge
Elmes, M. and Barry, D., 2017. Strategy retold: Toward a narrative view of strategic discourse. In The Aesthetic Turn in Management .Routledge. (pp. 39-62).
Elenkov, D., 2014, March. Experiential Exercise with Multinational Student Teams: Researching Together a Multinational Corporation and Developing Jointly a Strategic Marketing Plan for IT Using Blackboard. In Developments in Business Simulation and Experiential Learning: Proceedings of the Annual ABSEL conference (Vol. 41). (pp. 39-62).
Foxall, G., 2014. Strategic Marketing Management (RLE Marketing). Routledge.
Hill, T., 2017. Manufacturing strategy: the strategic management of the manufacturing function. Macmillan International Higher Education. Routledge.(pp. 101-132).
McDONALD, M.A.L.C.O.L.M., 2016. Strategic marketing planning: theory and practice. In The marketing book Routledge. (pp. 108-142).
Payne, A. and Frow, P., 2014. Developing superior value propositions: a strategic marketing imperative. Journal of Service Management, 25(2), pp.213-227.
Proctor, T., 2014. Strategic marketing: an introduction. Routledge. pp.1-7.
Tomczak, T., Reinecke, S. and Kuss, A., 2018. The Information Basis of Marketing PlanningMarketing planning. In Strategic Marketing (pp. 19-48). Springer Gabler, Wiesbaden.
Varadarajan, R., 2018. Theoretical underpinnings of research in strategic marketing: a commentary. Journal of the Academy of Marketing Science, pp.1-7.
Vellas, F., 2016. The international marketing of travel and tourism: A strategic approach. Macmillan International Higher Education. Routledge. pp.1-17
West, D.C., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press, USA.pp. 22-24
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