Sunday, January 26, 2020

Product Strategy And Management Jet Airways

Product Strategy And Management Jet Airways On a bright sunny morning of May 2011, Naresh Goyal, the founder chairman of Jet Airways was going through the financial reports for the year ended March 2011 while having his regular cup of coffee. Jet Airways had posted losses for the quarter ended March 11 while it had posted a meager profit of 9.69 crores for the FY11 after three years of consecutive losses. The company was thinking of ways to bring the airlines back into consistent profit-making ways. The company currently offered three brands of airline services: the premium service- Jet and the low cost models- JetLite and JetKonnect. The companys main competitor in the premium space was Air India and Kingfisher while it had a lot of competitors in the low cost carrier segment. JetLite had contributed 75% to the groups domestic revenue in the June quarter but a lot of questions were raised about the logic behind operating two low cost models at the same time when such intense competition was there in the segment. Naresh Goyal had to take a decision soon about the future that his company should take in relation to these low cost models. Indian Airlines Industry Pre-liberalization Era At the time of independence in India, there were eight companies were in service within and outside the country namely Tata Airlines (renamed as Air India), Indian National Airways, Air service of India, Deccan Airways, Ambica Airways, Bharat Airways and Mistry Airways. In 1953, the government nationalized the airlines via the Air Corporations Act, 1953, which gave birth to Indian Airlines and Air India. Indian Airlines came into being with the merger of eight domestic airlines to operate domestic services, while Air India International was to operate the overseas services. Furthermore, the Act gave monopoly power to Indian Airlines to operate on domestic scheduled services ruling out any other operator. Air India became the single Indian carrier to operate on international itinerary excluding some routes to the neighboring countries which were given to Indian Airlines. Liberalization and Private Players Entry The services offered by the two state-owned airlines were not up to the mark. So, in the early 1990s, Indian government initiated liberalisation of Indian airlines industry and relaxation in rules and regulations for private players to operate in this industry. As a consequence to this the Air Corporations Act was repealed in 1994 and private players were allowed to operate scheduled services. In 1995, Air Sahara, Jet Airways, Damania Airways, East West Airlines, Modiluft and NEPC Airways were granted scheduled carrier status. But only four operators- Jet Airways, Air Sahara, Jagsons and Spicejet (previously operated as Modiluft) started operations by 1997 and continued to operate. Eventually, by 1998, at least six private airlines, East- West, Modi-Luft, NEPC, Damania, Gujarat Airways and Span Air were closed. The arrival of private players in the aviation industry improved the services offered by the players as competition created an incentive to improve services offered. By 2003, only two private carriers survived to see the sunrise of the new century, i.e. Jet and Sahara. The survival of Jet Airways could be attributed to its sound financial planning and extraordinary management team since its inception. Arrival of Low Cost Carriers In 2003, a major breakthrough happened in the airlines industry when Air Deccan started its operations as Indias first Low Cost Career (LCC). The arrival of Air Deccan gave competition to the extant duopoly of Jet Airways and Sahara Airlines. It also changed the fare structure in the industry from two-way economy and business class fares into multiple options of including check fares, web fares, APEX fares, internet auctions, Special discounts, corporate plans, last day fares, promotional fares etc. Since the entry of Air Deccan, the passenger traffic in the airlines industry has grown tremendously. In the next two years, Kingfisher, Spice Jet, Indigo, Go Air and Paramount also started as LCCs in India. The consolidation phase in the Indian Airlines Industry In 2007, Jet acquired Sahara, Kingfisher acquired Air Deccan and Indian Airlines and Air India were merged to form a single entity named Air India. A comparative account of aircraft movements, passenger count and freight in the first quarter of 2011-12 over that of the previous year is given in Exhibit 1. Company History Jet Airways Company founder Naresh Goyal completed his graduation in Commerce in 1967 and joined the travel business at the age of 18 as a general sales agent (GSA) for the Lebanese International Airlines. From 1967 to 1974 he learnt the intricacies of the travel business through his association with several foreign airlines. In May 1974, he formed his own company, Jetair (Private) Limited, to market other foreign airlines in India. When the Indian government reopened the domestic aviation market to private carriers, it provided an opportunity to Goyal who established Jet Airways (India) Private Limited in 1991. On April 1, 1992, Jet Airways was incorporated as an air-taxi operator in India. It started out its domestic operations on 5th May 1993. With an initial fleet comprising of 4 leased Boeing 737 aeroplanes, Jetairways soon expanded to include international operations with its maiden international flight from Chennai to Colombo. Jet presently connects 52 domestic destinations. Jet strengthened its position as the airline for the business community considerably during 90s. 80%of its passengers were business class passengers who chose its services because of its punctuality and excellent service. 95% of its passengers rated the airline as good or excellent. In March 2004, Jet Airways acquired license to fly over international routes and it presently connects 24 international destinations. Formation of JetLite and JetKonnect On 12 April 2007, Jet acquired Air Sahara for USD 340 million. Air Sahara was renamed as JetLite and was positioned to serve the segment that was emerging to be new customers of airline services offered at low prices. During the recession of 2008, Jet was facing falling revenues. Hence it decided to allocate some of its aircraft from Jet Airways to cater to the LCC segment as purchasing power of people was low at that time. There were regulatory delays in transferring aircrafts from Jet Airways to JetLite as these two had different operator codes. On 8 May 2009, Jet Airways launched a new low-cost brand called Jet Konnect to operate on sectors that had less than 50% or less load factor. Competitive Landscape In the phase from 2003-2006, the entry of Air Deccan marked a new point in Indian aviation: India had its first low cost/no frills airline. By matching aircraft fares with upper class railway fares, this was an era where passenger traffic went up and intense competition among the players started. Spurred by the success of Air Deccan, other LCCs such as Spicejet, Indigo, GoAir began operations. Air Deccan was acquired by Kingfisher airlines and became the LCC called Kingfisher Red. Some of the major players providing competition to Jet today are Indigo and SpiceJet. Kingfisher, which once used to be a tough competitor in the non-LCC segment is now a very weak competitor. Indigo Currently, this LCC is the market leader and the only profitable airline service in India. Their main focus is on on-time performance and service which are main consumer needs. Through this and a whole host of cost cutting measures, they have ensures that they remain profitable. The airline is on an expansion mode to other major cities of the country as well as international destinations. Indigo scores better than the low cost JetLite and JetKonnect on the service dimension. In terms of communication, Indigo ads focus mainly on their own time performance and the hassle-free experience. To break the ad clutter, Indigo differentiated its ads: it came up with an innovative ad picturised on the form of a Broadway musical. The ad also showed uniformed stewards and air hostesses in Indigos blue uniform which was a great way to portray their brand identity.  [1]   Kingfisher Owned by Vijay Mallya, its the most flamboyant airline in India and fares much better than Jet in terms of in flight and on ground services. It is a major luxury airline operating an extensive network and had expansion plans for regional and long-haul services. Currently, it is in bad financial health due to which its flights have been plagued by delays and as a consequence, its image has taken a severe beating. In terms of communication, Flying High was the tagline used in the Kingfisher video ad2 that exhibited liberation and flying through its picturization2. Kingfisher was positioned as a luxury brand and this was conveyed clearly through the video. However, similar to Jet, Kingfisher didnt release any video ad for the low cost carrier (Kingfisher Red) it started operating after acquiring Air Deccan. The luxury positioning of Kingfisher, which resulted in confusion when Red started operations, was one of the factors that was leading to its growing unpopularity. Its future, at least in Goyals point of view, looked bleak. Hence he focussed more on other competitors while strategizing for the future of Jet. SpiceJet It is Indias second largest low cost airline and third largest in terms of market share. It was originally started as Modiluft airways back in 1993 in partnership with Lufthansa. Over the years, it changed hands and got rebranded as SpiceJet and operates as a low cost carrier. SpiceJets communication focuses on the main attributes of the airline: service to unaccompanied minors, option of choosing your own seat etc. But, these features fall either in the categories of basic/performance attributes that any airline should have. SpiceJet hasnt taken any measures in their service to upgrade these features to the excitement category so as to be differentiated from other players. Tipping points in the history Sahara acquisition Spreading wings In year 2005-06, when Air Sahara was exploring the opportunities for private placements of its equity, several airlines like SpiceJet and Kingfisher showed their interest for stake in the company. However the deal couldnt be made because Kingfisher thought the price set was too high given the not so strong financials of Sahara. Later, Jet Airways came into the picture and showed strong interest in buying out the airline. This merger had several strategical objectives behind it: Jet will have a strong position in the Indian Airline industry with almost 50% of the market share. Jet would become the only private carrier to fly international with no competition for 3 years because other carriers were relatively new. And as per regulations, it would have needed minimum of 3 years of domestic operation before going international. Jet would have a complete dominance of parking bays and airport infrastructure. Jet could now easily increase its capacity without expanding supply. The merger happened in 2007 and Jet Airways branded Air Sahara as JetLite and positioned it as low cost carrier to compete against low cost carrier at that time. If we look at this merger strategy from Ansoffs matrix framework, we can say that the move was more of Diversification strategy. This can be justified by the fact that JetLite was positioned as low cost carrier as a new product for Jet (Jet was known as full cost carrier) and they targeted new market segment which was low cost. However, this turning point for Jet proved to be too costly as it moved from a profit-making airline to a loss-maker and hasnt recovered yet. (Refer Exhibit 2 for sales and profit trends). Jet Konnect Another Jet brand In year 2009, when Indian economy was not doing well, the international operations of Indian airlines were affected too. At the same time, Jet Airways was facing stiff competition from low cost carriers and JetLite was not doing well in the domestic market with just around 7% of market share. Thus in the same year, Jet launched low cost brand named Jet Konnect to fight with the low cost carriers on routes with higher passenger load factor. Instead of expanding the existing brand JetLite, the decision to establish a new subsidiary was to avoid the regulatory delays associated with moving excess aircraft from Jet Airways to JetLite which had separate operating codes. Jet Konnect offered no-frill services. Almost 3 years after its introduction, positioning of Jet Konnect seems to be working for the fact that 70% of all the seats that Jet sells in the domestic market come from Jet Konnect itself. But even after the introduction of JetKonnect, the company has been making losses. Thus, though Jet Konnect strategy may have helped Jet to retain its market share near 28%, clearly it failed to make a long term business plan. Issues- Increasing Sales; Decreasing Profits The financials indicate that sales have been increasing throughout the past 12 years, but the profits have not followed the trend. The company which had started to make increasing and positive profits since the internationalization of its operations in 2004, started showing declining profits that soon dwindled into losses after the acquisition of Air Sahara. Recovery from the losses has been very slow. Goyal wondered if this was because of the inability of transferring the synergies from Jets primary business of full service to no-frills service. Brand Confusion Goyal also wondered if having two low-cost brands was a good idea, as it could have possibly led to people not being able to differentiate between JetLite and JetKonnect. At the time of inception of JetKonnect it had seemed like the best option possible to earn revenues in a slowing market and it had to be implemented quickly without waiting for the settlement of legal issues of including Jets fleet under JetLites name. But now, thinking back, Goyal wondered if he had moved too fast. Brand Dilution Jet used to be considered a premium brand offering full services. With the extension of the name Jet to the new no-frills brands JetLite and JetKonnect, Goyal wondered if there has been a dilution in the brands equity. Ideally, JetLite and JetKonnect were meant to be downgraded versions of Jet. Did the market perceive it this way? Or was Jet being seen as an upgraded version of the low-cost carriers (and thus occupying only a second place in the mindspace of the consumer)? Has the extension resulted in cannibalization of Jet? The way forward- Alternatives Entry into LCC segment had started off the loss-making phase for Jet and the introduction of a new LCC brand hadnt helped the company make positive profits. If the LCC segment were to be still operated by Jet, streamlining the product portfolio of the group to offer the guests a single superior in-flight product in the full-service and low-fare categories respectively was the only viable option as seen in the alternatives he jotted down to be discussed with his strategy team. Merge JetLite and Jet Konnect; brand it as JetLite. Merge JetLite and Jet Konnect; brand it as Jet Konnect. Merge JetLite and Jet Konnect; brand it as a different new brand. Exit the Low Cost Carrier segment to overcome brand dilution. The next day, he put forth these to the team and asked for a solution to the issue at hand and a suggestion for the way forward. Analysis- Arriving at a solution After the meeting with Goyal, the strategy team split themselves into sub-groups: one analyzing the communications of Jets brands and one conducting market research to understand peoples brand associations with respect to Jet. They aimed to view the current position of the brands with respect to the value as well as price perceived by the market. Communications of Jets brands Jet Airways A set of formal ads was released in 2007, without any celebrity attraction [  [2]  ]. These ads focussed on the various attributes featured in the three classes of air travel, without any voice-over. The tagline used was Change the way you fly. This was followed by a set of TV Commercials (storyboards in Exhibit 3) released in 2008, starring Bollywood actor Shah Rukh Khan, for the First Class, Premiere Class and Economy Class of Jet Airways. The airline was positioned as a service-oriented one that took care of the little things that add to the good experience of the customer. In addition, there were hoardings speaking about connectivity as well as reinforcing the taglines of the video advertisements. An interesting case in point was when Kingfisher took an ambush initiative and put up a hoarding over Jets hoarding (that spoke about Jet having changed and asking people to visit their site to know more); Kingfisher took credit saying that it was responsible for the change. This was followed by GoAirs ambush of Kingfisher and Jet, by putting up a hoarding on top of the two existing hoardings, saying that they havent changed and still remain the smartest way to fly. This campaign resulted in publicity for all three brands. JetLite JetKonnect Not much of advertising was done for these two brands- a possible reason for the confusion between the two, prevailing among people. A few print ads for JetKonnect were released when the airline was introduced (Ref. Exhibit 4-a). One of them had personnel wearing the same attire as Jet Airways personnel. This was aimed at reinforcing the good service quality in JetKonnect (by linking it to the service of Jet Airways) but it resulted in brand dilution and cannibalization of Jet Airways, when a low cost carrier (JetKonnects ads spoke about Low Fares) was perceived to offer an equally good service. The print ad of JetLite (Ref. Exhibit 4-b) reinforced the low-cost feature by displaying the price (Rs. 1001) prominently, for a few domestic routes. Brand Associations Depth Interviews- Depth interviews conducted across six people in the age group of 22-27 who had travelled by Jet Airways, JetLite and JetKonnect. This segment was chosen because they would be part of the major class of air travellers in the coming decades. Questions were posed (Ref. Exhibit 5) to understand their requirements from airlines services and their views on the three brands that Jet had. The respondents could be classified into two major categories: Those who expect comfortable travel and service quality and are willing to pay for these Those who are very price-conscious and do not care much for service The people in the former category associated Jet with comfortable travel and thus preferred it for long journeys; those in the latter category did not associate anything exceptionally good with Jet. Some even felt that they were too high priced for the quality of service they offered. None of the people interviewed had seen the advertisements of Jet Airways with Bollywood actor Shah Rukh Khan starring in them. Some recalled seeing hoardings that spoke about good connectivity and some recalled the attire of the personnel and the logo. All the interviewed people used the online mode of checking prices via sites like makemytrip.com, yatra.com or cleartrip.com. Booking was made by some people at the respective airlines website while it was done by some others at the price checking portal. All were aware of the Jet Privilege Card program but only one was a user of it. Punctuality was a key expected attribute by all interviewees and all gave a positive feedback about IndiGo on that aspect. Jets brands were seen to be neither significantly good nor significantly bad with respect to punctuality. The comfort and quality-sensitive people gave Jet Airways a higher rating than JetLite or JetKonnect, while the price-sensitive people rated JetLite and JetKonnect over Jet Airways. No difference was perceived or observed between JetLite and JetKonnect. Is Jet an upgraded version of JetLite/Konnect (or) is JetLite/Konnect a downgraded version of Jet? From the customers ticket purchase behaviour (all of them used makemytrip.com or cleartrip.com or the likes), it was seen that they would first be shown the cheapest flights first (which is how those sites are programmed to function). Hence, a typical customer would first see JetLite / JetKonnects prices and then see the incremental price to be paid for Jet and then compare the price versus quality / extra features received from the full-service airline. Thus, it was observed that the LCC brands were becoming the anchor brands and Jet was seen as an upgrade. This was substantiated further in the analysis of a survey that was conducted (as explained below). A low-cost carrier being seen as an anchor brand is degenerative to the parent brand as brand dilution occurs and people associate even the parent with the LCCs attributes. Survey A survey (Ref. Exhibit 8 for the survey) of air travellers was conducted to identify the importance of various attributes to people and the rating of airlines on those attributes (Ref. Exhibit 6). This helped arrive at the Market Perceived Quality (MPQ) and Market Perceived Price (MPP) of the airlines relative to one another, which aided our comparative analysis and inferences regarding brand perceptions. Weight attached to attributes The attributes, in the order of importance, was seen to fall into 3 buckets. The first bucket has punctuality with a highest weightage of 21%. The second bucket has flight connectivity, baggage allowance and flight crews attitude, all with weights around 17-18%. The third bucket contains food-on board and in-flight entertainment with weights around 13-14%. (Ref. Exhibit 6-a). Punctuality has always been of paramount importance in any mode of transport. However, the interesting thing is the reduced weights given to the third bucket this was a direct result of the communication strategies followed by the low-cost carriers. Existence of Brand Confusion An MPQ as well as MPP analysis of JetLite versus JetKonnect throws up a score of 1.00, implying that there is no perceivable difference in the minds of the customer in terms of the two brands, leading to brand confusion and dilution. JetLite-Jet: Quality versus Price MPQ analysis (Ref Exhibit 6-e) of JetLite versus Jet shows that JetLite is only 89% of Jet with respect to quality, whereas an MPP (Ref Exhibit 6-f) analysis shows that Jetlites perceived price is 97% of that of Jet. Heence, people can easily perceive Jet to be priced only marginally higher than JetLite for a relatively better offer of quality. Hence they think that Jet is an upgraded version of JetLite. Indigo- Better Quality than Jet MPQ analysis of Jet versus IndiGo shows that Jet is marginally perceived to be of a lower quality than IndiGo, despite Jet being a full-service airline and IndiGo being a no-frills airline. This is indicative of the fact that people perceive punctuality (in which IndiGo excels) to be a very important quality. Thus a relatively new airline has managed to change the weight attached by people to punctuality, by showing them the value it can create for them by offering it. Perceptual Maps Also, based on the interview and survey responses, perception maps were constructed for airlines in India (Ref. Exhibit 7). It is seen that IndiGo offers very good price-value performance with respect to the top three attributes that people expect in airline service. No carrier operated in the Premium price-high connectivity quadrant, as it was not economical to offer full-service over short routes (that offer high / direct connectivity). Current brand name connotations (Lite signifies that it is a stripped down version of Jet; gives a negative connotation to the customer that he/she is losing some services of the original Jet airways) + (Gives the reliability of the parent brand, and the extension Konnect tries to point out to an additional attribute of connectivity, which according to the survey is highly valued) n/a (A name which would not include Jet in it) n/a Parent brand enhancement (A premium product and a stripped down product with the same brand name will lead to dilution) (A premium product and a stripped down product with the same brand name will lead to dilution) + (A name which would not include Jet in it; being a completely independent thing it would not tarnish Jets image with a low cost tag) + (Exiting from the LCC segment and just concentrating on the traditional segment completely eliminates the chances of brand dilution) Anchoring in the mind of the customer -Jet Airways versus LCC brand name (Jet is seen as the upgraded version of Jetlite (the perceived anchor, as shown in the analysis- Ref Exhibit 6-e,f)) (Jet is seen as the upgraded version of Jetkonnect, which is perceived to be the same as JetLite, (LCC is the perceived anchor, as shown in the analysis- Ref Exhibit 6-e,f)) + (With the LCC not having Jet in its brand name the first customer contact with Jet happens with Jet Airways and hence Jet remains the anchor brand) + (Completely exiting LCC, eliminates the whole threat of being anchored as a low-priced brand in customers mind) Recommendations by the strategy team The evaluation of the options indicates that the 3rd option (Merge Jetlite Jetkonnect; spin off with a new brand name) is the most viable, as it scores positively on all criteria. Currently the brands of jet are positioned as in Fig- 2. This can be modified to create a positioning map such that there are two different brands that are clearly separated, with distinct brand names that do not result in brand dilution or confusion. The positioning should be as in Fig-3: cid:[emailprotected] Fig 3: Current Jet Situation Fig 3: Jet after brand fusion Operational Recommendations for both brands of the company Punctuality- This is the most important attribute to the customers. Hence this has to be provided by both the full-service as well as the low-cost service airlines. Otherwise they would soon lose out to IndiGo. Connectivity- The new LCC brand should aggressively increase the number of directly connected locations to compete with IndiGo and SpiceJet. Communications- Clear and distinct communication strategy should be developed for both brands. For example, crew attire, colours in the print ads and such visible brand elements should be distinct, to avoid brand dilution. First Class Ad1 The description of the features such as a comfortable lie-flat bed, personal wardrobe, table for two and a door (that provides privacy) is done by a voice-over, accompanied by the visuals that show the protagonist experiencing them in an imaginary place of luxury, correlating each scene with the experience inside the flight. The comfort and luxury are communicated effectively and the ad ends with a tagline- Filled with the little touches that count and a written line displaying More than 400 international flights per week. Economy Class Ad2 The features- such as more space between rows of seats, more legroom (with a special leg-rest) and a cushion for back-rest- are shown as being enjoyed on board a flight by the protagonist, while a voice-over describes each one. The ad ends with a tagline Its the little touches that go a long way and a display of the words More than 400 international flights per week. Premiere Class Ad3 The features such as wider seats and more space for passengers are shown figuratively with a widening of a sofa on which the protagonist is seated and pushing the sofa down the room to create more space between the protagonist and another person. The features of a lie-flat bed and direct aisle access from all seats are shown in an in-flight environment. The possible absence of a figurative comparison for a lie-flat be  [3]  d could be to avoid confusion with the first class ad. The ad ends with the tagline Its the little touches that make a big difference and a display of the words More than 400 international flights per week. How frequently do you travel and for what purpose? While working- once in 3 weeks; purpose was official 12-13 times per year; personal(going home vacation) Once in 4-5 months; personal Do you have any preference for specific purposes; if so, why? Official- jet (to take advantage of frequent flier); Personal- Whichever is the cheapest(except Air India) Indigo over spicejet because of timely departure and arrival; likes jetlite as well because of the same reason; doesnt prefer jet because of food (as that adds to cost) Indigo any day- both personal business; punctuality is the best What comes to your mind when we say Jet ? Logo, nothing else High price. Jet was good once upon a time; Now, Jet doesnt give value for the amount charged Nothing premium; in-flight entertainment doesnt always work; food is the only differentiating factor, but it doesnt matter to me What 3 attributes make you choose JetLite over Jet Airways? Only Price Price, Punctuality (think Jetlite is better), Newer seats Only Price What 3 attributes make you choose Jet over JetLite ? Wont prefer; cost sensitive Will chose jet over jetlite in case there is no jetlite flight in that route+ if Jet travels quicker (can accept price that is higher by a max of Rs 1000) Only if I am not paying for it Have you seen ads of Jet? Remembers Hoarding; connects to (à ¢Ã¢â€š ¬Ã‚ ¦) ; (à ¢Ã¢â€š ¬Ã‚ ¦) flights to NY/SA; airhostess dress color; Yes; havent seen them in recent times; doesnt remember much Not recently; Kingfishers ambush-known due to prior academic input How do you book your tickets? Online-search for yatra coupons; Book the cheapest mode Check prices through makemytrip; book through the travel agent. Doesnt trust giving the card no. in the website Cleartrip.com site only Do you know about Jets loyalty programme? Yes; registered but didnt get the card /make use of it Heard about the reward points system from other people Yes; not a member as I dont fly regularly Do you perceive any difference between JetLite JetKonnect? If so, what? No Not much; jetlite has been more punctual and more sophisticated air crew; no change in food options No

Saturday, January 18, 2020

Marketing the Beauty Industry Pest Factors

In an Abstract industry as complicated as that of financial Applies the critical success factor intermediation, no simple formula can pre(SF) approach to identify the appropriate CIFS underlying three dolt winners and users from the surrounding types of strategy In the banking environment. Instead of guessing winners industry. The empirical results of and losers, we try to identify the principal this paper show that the various factors that determine a bank's success. Traceries adopted have a significant effect on factors determining Today's banking industry is characterized by success and that the mean intensifying global competition and rapid importance of CIFS varies among advancements in the liberalizing of the the various strategies. The result banking market. This Is specially true of of a factor analysis suggests four Twain's banking market, which has become composite CIFS: bank operation management ability, developing increasingly international and deregulated bank trademarks ability, bank in the asses.In 1991, the government propitiating ability, and financial emulated the Promote Commercial Bank market management ability. Establishment Decree in order to open up the Further discussions and management Implications are also banking market further, and It Invited presented. Foreign Investors to participate In Twain's banking industry; these moves have made the banking market In Taiwan ore competitive. Under these circumstances, a bank has to put in much more than an ‘ ‘average† performance by not trying to be all things to all people.Management must emphasize the strengths that will give the bank competitive advantage, and these may be defined as the capabilities or circumstances which give it an edge over its rivals. Longer term, the success of a bank requires that Its competitive advantage be sustainable. CIFS and the firm's competitive ability are the two mall components of the competitive advantage of a firm (Bamberger, 1989). Appro priately identifying ankhs' CIFS can provide for banks a means of assessing and building up their competitive advantage. In this paper, CIFS are identified from the various business strategies adopted.Because the quest for competitive advantage from International Journal of Bank CIFS is the essence of the business level, as Marketing 17/2 [1999] 83Ð’Â ±91 opposed to that of the corporate level, the # MAC university Press business strategy Is teen ten Touch AT attendees effective ] tool. Business strategy Is an management tool and it obviously affects resource allocation and competitive advantage in an enterprise (Hoofer and Ascended, 1978). An appropriate strategy can lead a bank's resources in the desired direction and can effectively enhance a bank's competitive edge while intense competition is at play in the marketplace.The sustainable execution of business strategies can affect the composition and formation of CIFS. It is for these reasons that we address the role of the ma rketing strategy, which has been adopted, when we report on the CIFS. The SF approach represents an accepted top-down methodology for corporate strategic planning, and while it identifies few success factors, it can highlight the key information acquirement of top management (Byers and Blame, 1994; Orchard, 1979). In addition, if the critical success factors are identified and controllable, management can take certain steps to improve its potential for success.Prior research concerning CIFS has been undertaken in the banking industry. However, the specific strategy underlying bank success has not been detailed. This paper fills that void by combining a study of both CIFS and different types of adopted strategies. Note that we employ the ‘ ‘industry-level† analysis approach, rather than the approach adopted in company- bevel studies, and stress the factors in the basic structure of the banking industry that significantly impact a bank's operational performance.In se ctions two and three, we first review the related literature, and then discuss the strategy setting and the CIFS. Section four discusses the survey framework of the study. The empirical results are presented in section five, and the sixth section comprises final discussions and conclusions. 2. The critical success factors approach Orchard, in 1979, was first to define the concept of critical success factors. He defined [ 83 ]Test-yeti Chin Critical success factors for various strategies in the banking industry International Journal of Bank Marketing 17/2 [1999] 83Ð’Â ±91 them as ‘the limited number of areas in which results, if they are satisfactory, will ensure successful competitive performance for the organization†. He indicated that SF is a useful approach for identifying management's information requirements because it can focus attention on areas where ‘things must go right†. Boonton and Smug (1984) also defined SF as the ‘ ‘few things t hat must go well to ensure success for a manager or an organization†.They recognized the SF approach as an appropriate planning instrument. Lieder and Bruno (1984) identified the few critical success factors, often as few as six in a successful firm, while Summaries (1984) attempted to rank CIFS based on their relative importance. Martin (1990) then pointed out that CIFS combined with computers could effectively translate business strategy planning. Crag and Grant (1993) highlighted the contexts of competitive resources Ana Illustrated ten relations Detente competitive resources Ana critical success factors.Kay et al. (1995) identified several CIFS applicable to insurance agency sales in high performance and low performance groups. With regard to the banking industry, Johnson and Johnson (1985) proposed that the width and depth of the product and service line, low operating costs, and a good bank reputation can be considered as the three critical success factors in a competiti ve market in the banking industry. Canals (1993) recognized that the concepts of value chain and bank configuration could be employed to develop a bank's competitive advantage.He identified four sources of a bank's competitive advantage, namely: 1 manpower; 2 financial management; 3 asset base; and 4 intangible assets. Wiled and Singer (1993) singled out three critical success factors for banks and insurers, that is, lower cost, product differentiation, and financial strength. In our study, we highlight the role of business strategy when we identify CIFS in the banking industry. Our research results contribute to the current literature and provide some useful insights concerning the CIFS associated with bank management and business strategy. ND functional area strategies and found that there were obvious differences between the organizational structure, management function and competitive resource/advantage. Next, Lieder and Bruno (1984) identified competitive resources in four semi -conductor companies, which operated with different business strategies. They found that when the companies utilized different business strategies, it clearly affected their resource utilization and the business goals emphasized. David and Sheehan (1990) further stated that firms based the selection of their business strategy primarily on technological levels and financial situation.They proposed that one could identify a firm's competitive advantages by its technological level and financial situation. Moreover, a set of business strategies is applicable to nominative firms' quest for a niche; this is described by Porter (1985). Porter (1985) suggested that business strategies could be categorized as: . Cost leadership; . Differentiation; . Specialization; and . Stuck in the middle. Miles and Snow (1985) also identified parallel business strategies in firms which will condition organizational development.In their study, they categorized four types of business strategy, that is: 1 pr ospector; 2 analyzer; 3 defender; and 4 reactor. A prospector usually attempts to enter a new market and adjusts his/her products and services in a timely manner. An analyzer is identified as a cost saver and/or efficiency promoter, especially in risk and innovative businesses and is always the second company to enter a new market. A defender is an expert on managing an experienced task in a stable market, with stability and security as key principles.Finally, a reactor is a contingency player and typically lacks a consistent strategy. This study uses Miles and Snow's (1985) four types of strategy as one of the ‘ ‘best known† and most widely accepted models for bank growth and market analysis. In a study of various types of business strategy, Shortest and Jack (1990), McDaniel and Solaria (1990), and Seven (1991) illustrate business operations and refer to Miles and Snow's (1985) descriptions of the four types of business strategy for organizational development. Ta ble I presents the details of these four types of strategies.As stated above, we find that if we conduct a SF study in the banking industry and obtain some applicable CIFS, consideration 3 1 en strategy setting Ana Much empirical research has attempted to verify the relationship between competitive advantages and business strategies. First, Shaker (1979) discussed corporate, business 84] Table I The four types of business strategy for banks 1 . Prospector A prospector always maintains a wide product line and market field and monitors his/her business environment as related to new market opportunities based on a macro point of view.A prospector desires to become a first market opener, even when this market is uncertain and high-risk. Prospectors quickly respond to signals in the economic environment, usually resulting in renewed competition. Certainly, it cannot be guaranteed that the prospector will hold his competitive strengths in all the new markets that he/she enters 2. Analyzer An analyzer usually tries to hold stable and limited product and service items. Before he/she enters a new market, he/she makes a considered evaluation in advance. An analyzer can become an initiator of a new product or new service, but will try to lower costs or be more efficient.Analyzers will be the second (or third) company to enter a field. An analyzer usually obtains market share by imitating a new product and through marketing; production and research departments play an important role in analyzers' business activities given this type of strategy A defender emphasizes his resources in experienced tasks in a stable raked. A defender tries to hold on to his/her niche in a relatively stable product line. He/ she usually provides higher quality service at a lower price in order to maintain market share and manages his/her business in the current, limited product line and service items.A defender tends to ignore reforms in the industry and makes efforts on current development in a limited business field, rather than becoming a pioneer A reactor does not have a consistent business direction to follow. He/she does not try to maintain current competition status and is never willing to undertake business risk eke other competitors. A reactor usually lacks a consistent business strategy and that may be the reason why reactors seldom perform well. In general, a reactor does not have a clear strategy and always makes decisions under pressure from the environment 3.Defender 4. Reactor Sources: Modified from McDaniel and Solaria (1987), Seven (1987) and Shortest and jack (1990) AT ten erects stemming Trot ten Dustless strategies Walt wanly Dank operate may be needed. In considering the business strategy, we need to consider whether different business strategies result in different CIFS. We then put forward two repositions, which need to be tested: 1 Business strategy is an important factor in establishing CIFS. 2 CIFS differ within banks when banks adopt different b usiness strategies. Thus, the following hypothesis tests can be included: . N overall test (AY) based on the null hypothesis that there are no significant differences in the mean values of the composite CIFS for strategy groups; . An individual test (81) that there are no differences in the mean values of the specific SF for the strategy groups; . A pair-wise test (82) that there are no significant differences through all the possible airs of factors of CIFS and across three kinds of strategy. 4. The survey framework The target population for this cross-sectional survey consisted of 375 local bank managers in Taipei City.Of these, nine-tenths (336) were domestic investor-owned banks and only one-tenth (39) were foreign inventoried banks. We used a questionnaire to collect the necessary data from bank branch managers. The questionnaire was persisted twice and incorporated changes as recommended by the respondents. Respondents were asked to indicate the importance of each of 25 items which could contribute to success on a five-point Liker scale ranging from very low† to ‘very high† (Aria et al. , 1996). The Liker measurement examined the respondent's perceptions of each item's function and importance.The questionnaire, and an official cover letter explaining the purpose of the study, were mailed in 1997. Of the 375 surveyed, the reply rate was 38. 1 per cent (143 respondents), which is typical of surveys of banks. Among the responses, 138 [ 85 ] were usable; this number constitutes the effective sample size for this study. The literature provides an applicable list of applicable success items and CIFS in the banking industry. Based on these studies, we collectively identify a total of 22 success items relevant to commercial banks.Three items obtained from a pretest of the questionnaire used in this study are also attached (see Table II). The 25 success items are listed as in the questionnaire and the sources of the success items are presented i n parentheses. In addition, a comprehensive description of the four types of strategy was given in the questionnaire and a self-reporting process was used to identify bank strategy. Of the 138 respondents who indicated their business strategy, 26 (18. 8 per cent) were prospectors, 74 (53. 6 per cent) were analyzers, 34 (24. Per cent) were defenders, and 4 (2. Per cent) were reactors. The mean business years was 9. 3 years for the 138 banks; the 26 prospector banks had 7. 4 business years, which was smaller than that of the analyzers (9. 8 business years) and that of the defenders (12. 9 Dustless years). I en prospectors are categorize as ten youngest Dank, Wendell ten defender banks are categorized the oldest, an arrangement which seems to fit with Miles and Snow's analysis. Note that only four of the respondents were reactors; therefore, we omit the reactor strategy in our empirical analysis and view this as a limitation of he study. 5.Empirical results The results are presented as follows. First, the mean rating on variables of interest was computed. Second, a factor analysis of the 25 success items was conducted to identify composite CIFS. Third, to test whether the importance of the composite CIFS is different with specific attributes, we undertake a multivariate analysis of variance (NOVA) in the dimension of the various business strategies adopted. The result of this analysis is rather important for the commercial bank manager in guiding sales decisions and for the analyst in cross-checking results obtained in related studies.

Friday, January 10, 2020

Underrated Concerns About Writing a Essay about Yourself Samples You Should Know About

Underrated Concerns About Writing a Essay about Yourself Samples You Should Know About Therefore, in case you have some really very good life stories to share, don't hesitate to do it. Usually plenty of personal papers are written in the past tense since you are speaking about something that happened to you before. Importantly, the essay brings out a distinctive attribute of the writer for a team player with superior leadership abilities. Before you commence writing the essay, take a while to brainstorm ideas. The New Fuss About Writing a Essay about Yourself Samples A self-introduction essay is, in most circumstances, written employing the first-person perspective. Furthermore, the writing norms and specified format is going to be taken into consideration when performing the job. When looking for a personal essay example, it is likewise highly recommended that you consider the conditions of use as outlined by different sources. With that procedure, you'll certainly have a great foundation to begin a paragraph describing yourself. Life, Death and Writing a Essay about Yourself Samples Your paragraphs do not connect one another's meaning in addition to the full thought of your essay might be incomprehensible. You may also think about an ending that mirrors the start of your essay. When you're writing, attempt to prevent employing the very same words and phrases over and over again. The action of writing down the definition will allow you to remember this, and you might incorporate an illustration of the way the word is utilized to improve your opportunity of memorising it for use in essays. If you've got a lot of things to include in the essay, begin by telling your readers the most fascinating and vital things about you. You should begin telling personal things. 1 approach to think about the conclusion is, paradoxically, as a second introduction since it does actually contain several of the exact same capabilities. Now things started to get really intriguing. What You Should Do to Find Out About Writing a Essay about Yourself Samples Before You're Left Behind A decent personal essay sample should have three leading sections just as with other essays. Many students often realize that personal essays are the hardest to write since there's no evidence to back up your claims because there are in analytical essays. All you have to do is specify if you want your essay to be delivered. There are numerous essay writing services that think they're the very best, and thus don't be cheated and check the genuine list of the very best. Numerous quotations might also do the job. That means you can be certain of great scholarship essay examples. There aren't any dates of publication in each one of the references. Our admission essay examples can prove that we're here in order to provide simply the very best assistance to assure you which you submit an application essay you can be confident in. The debut of an excellent personal essay sample needs to be written in a creative way. Even when you have never written one, there is going to be a time when you are going to be asked to compose an essay about yourself. The Honest to Goodness Truth on Writing a Essay about Yourself Samples Writing for school wants a methodology for efficient and efficient writing. It is not an easy task. Writing an essay is an essential role in academe life. Writing a scholarship essay may not be an easy endeavor for many students. A research writer has to be able to consider coherently and logically. There are lots of great courses on Udemy which can help you learn to produce wonderful ideas. List three to five topics that you're interested in or would love to write about. That means you can order for our high school scholarship essay examples without needing to fret about your private details.

Wednesday, January 1, 2020

How Law Enforcement Affects Minorities - 1392 Words

How law enforcement affects minorities : Over time more and more news reports have raised flags on law enforcement, courtrooms and their outcomes due to the crime and the criminal and their racial background. Although a long time has passed since all decision making came from the white supremacist and we do have a more diverse system the race of the criminal seems to still be affecting the outcomes of criminal justice. In earlier times, courtrooms and many jurisdictions were all white decisionmakers. We can see a lot of poorly executed decisions by law enforcement such as stop and frisk due to racial profiling or taking advantage of young minorities influencing them to falsify a confession . Race plays an important role in the justice†¦show more content†¦First, these studies show that they are procedures made and practiced by those who are working for the legal system more than the criminal justice system that preceded them. For example, they helped break down some misconstrued ideas and flaws, such as not cont rolling one particular independent variable to control the situation or the person s criminal history.. Second, contemporary studies deny any racial disadvantages or bias against minorities. Instead of this perspective, current research attempts to ask: â€Å"If racial bias exist for minorities under law enforcement and in any criminal sentencing process, when has it been clear?† The analysis type in which race seems to play such a huge role in sentencing, is called additive analysis. Additive analysis makes certain if minorities, as a group, receive a heavier sentence or have a harder time with law enforcement. Interactive analysis, is when there is one independent variable looked upon together with another independent variable. An example would be examining by race gender or age in order to compare if young minorities are being unfairly treated by law enforcement more than whites. The review of recent studies that follows examines the effect of race on sentencing, through racial profiling. The sections addressing racial profiling are in (Ontario Human Rights Commission 2005) cases are seen in these arguments to either justify