Strategic Planning in Marketing Corporate Objectives

Question: Discuss about the Strategic Planning in Marketing for Corporate Objectives. Answer: Introduction: Hazy bank operates in an environment that is characterized with competitors who are a threat because they offer the same services as Hazy bank. Understanding of the business constraints is important in ensuring that proper scanning of the environment inside and outside the institution is complete. The bank as leader in the industry ensures that the customer satisfaction is attained by obtaining feedback immediately in order to rectify any error or weakness detected. The strength of the bank is that it has favorable interest rates for the loan products as compared to its competitors. There is dominance is the credit facility of the finances and thus the leading aspect in the industry is ascertained. Wilkie said that Overcoming late entry is the importance of entry position, inferences and market leadership (Thomas, 2005, p.192). There is strategy of a challenger by engaging in critic discussions with other banks to spot the faults in their processes of facilitating financing to client s. The organization is a banking institution by the name of Hazy bank that is located in my country of residence. The corporate objective is briefly tells us what the organization is for hence the sole purpose of the entity. Corporate objectives are the key fundamental concepts which aim to enhance planning strategically by adhering to performance standards. The corporate objective of Hazy bank is to lend money through credit facilities that have been incorporated inform of loans and to offer financial advisory services to clients as well as keep their finances for safety. The bank is regulated by the central bank acts and provisions and it thus offers credible services and banking the money in line with the guidelines and the acts of the institutions. Haleblian said that exploring firm characteristics that differentiate leaders from followers in industry merger waves is recommended (Gabriel, 2012, p.143) Marketing orientation program entails use of professional skills to match qualities with abilities to create awareness to the staff members. Hazy bank has got a special training department for its sales consultants and marketers in general. They are recruited to the business by a well-planned strategic plan that involves induction after employment is guaranteed. The marketing department is mandated with the responsibility of training the junior employees step by step into professionalism. They are equipped with the necessary skills that are required in representing the bank to the world. There is frequent observation from the team leaders to identify areas of weakness in an agent and rectify by offering additional training formally or by word of mouth. Sullivan said that the market pioneers intrinsically are stronger than later entrants who preceeded (Jackson, 1992, p.287). The code of conduct and is emphasized by the manager who takes part in the induction process of the marketers. There are qualities that are cultivated in these individuals such as honesty, integrity and professionalism. After this important step they are allowed to sell the products to customers having been equipped with the appropriate tools of work. The field agents work hand in hand with the inside departments such as the credit section by adhering to the social corporate responsibility. The products are insurance policies, loan products, asset financing and financial advisory services. The organization core marketing strategy aims at increasing the sales and creating a competitive advantage in the industry. Hazy bank operates in an environment that is characterized with competitors who are a threat because they offer the same services as Hazy bank. Understanding of the business constraints is important in ensuring that proper scanning of the environment inside and outside the institution is complete. The bank as leader in the industry ensures that the customer satisfaction is attained by obtaining feedback immediately in order to rectify any error or weakness detected. The strength of the bank is that it has favorable interest rates for the loan products as compared to its competitors. There is dominance is the credit facility of the finances and thus the leading aspect in the industry is ascertained. Wilkie said that Overcoming late entry is the importance of entry position, inferences and market leadership (Thomas, 2005, p.192). There is strategy of a challenger by engaging in critic discussions with other banks to spot the faults in their processes of facilitating financing to clients. The weakness that the bank has is that there are fluctuations in the rates due to the interference from the central bank and this reduces the number of operations of the company by ensuring that strict central bank rules are complied with. Robinson said that product development strategies for established market pioneers, early followers, and late entrants". (Jacob, 2001, p. 345). The strategy implemented by the bank as a follower of the trends that already exist and have been successful. The technological trends and environment ones are necessary in ensuring that the bank employees and the top senior most managers are aware of these changes to avoid conflict of interest. Conclusion The market Niche strategy enhances Hazy to remain competitive and relevance in the industry which is characterized with challengers who are ready to outshine. The market niche is the space that the bank occupies in regards the geographical location and the extent to which the information has been spread by the field marketing agents. Works cited Robinson, W. L., Chiang, J. F. (2002). Product development Strategies for established market pioneers, early followers, and late entrants. Strategic Management Journal. 23: 855866. Sullivan, M. B. (1992). Are Market Pioneers Intrinsically Stronger than Later entrants. Strategic Management Journal.13: 609624. Haleblian, J. C., Mcnamara, G. A. (2012). Exploring firm characteristics that differentiate leaders from followers in industry merger waves. London: European press. Wilkie, D., Johnson, L. W. (2015). Overcoming late entry is the importance of entry position, inferences and market leadership. New York: Times press.