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Essay / Research Paper Abstract
This 30 page paper is an in-depth analysis of the Canadian Bank; ING Direct. The paper starts by looking at the Canadian banking and financial services industry and the banking conditions. The potential approaches to strategy, including Porters generic strategies are discussed and the competitive strategies adopted by ING are examined in detail, including the way that he bank has been ale to differentiate itself including the banks ability to benefit from the concepts of savings and value resulting from disintermediation as well as the general model and the marketing. The bibliography cites 25 sources.
Page Count:
30 pages (~225 words per page)
File: TS14_TEingcompet.rtf
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Unformatted sample text from the term paper:
beginnings in 1997 it has achieved a great feat; becoming the eighth largest financial institution in Canada when measured by assets under management, and the 16th largest bank in the
global market when measured by assets (PriceWaterhouseCooper, 2008). In order to grow at this rate, and remain profitable and stable, the company needs to have a highly successful competitive
strategy. For ING Direct not only did it need to have a successful idea, and a form of competitive advantage, it also needed to be able to cope and gain
market share in a highly competitive and mature industry; banking and financial services. ING Direct has been highly successful competing with an innovative and highly differentiated strategy which is being
emulated by other banks. This pure play Internet bank looks poised to remain a major player within the banking industry in Canada, and worldwide as it expands. To
consider the way in which ING Direct has been able to achieve such success it is necessary to understand the banking sector and the environment within which it competes, especially
within Canada; its home market with an understanding of its environment the specific strategies adopted by the bank can be examined in order to develop an understanding of their competitive
advantages and the way in which those advantages have been gained and retained. 2. The Banking Sector in Canada In 1997 the banking sector within Canada was relatively unchanged, there were
five big banks, but the different types of savings or loan accounts were virtually the same (ING Direct, 2008). This is a common characteristic which is frequently seen in mature
industries (Kotler, 2003). This meant that although Canadians did have some degree of choice, choosing a particular supplier, there was little in twice in terms of the type of products
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