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Essay / Research Paper Abstract
This 5 page paper examines the strategy of the Bank of Scotland, now part of the Halifax Bank of Scotland group (HBOS). The paper looks at how the bank chooses to compete, what segment of the market is targeted and how, the impact of macro some macro factors and the importance f elements such as price and promotion in the strategy. The bibliography cites 4 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEbanksc.rtf
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Unformatted sample text from the term paper:
seen to have adjusted following this merger with the dominant party being the Halifax, impacting on the way the Bank of Scotland is competing and marketing. Looking at the Bank
of Scotland we can consider how it is not seeking to gain financial services business. Question 1 Financial services are difficult to sell to the public. They are not tangible
and in may cases may not give immediately apparent benefits, Where there is higher demand, such as for the mortgage market, due to an increased immediate benefit, there is
a great deal of competition and the market is mature so consumers have a high level of knowledge regarding the market they are making a purchase in. Financial service
is also a complex market, there have been ay negative items of publicity regarding the selling of endowment mortgages and pension as well as a general perception tat financial services
are complex. The strategy that is used seeks to overcome all of these barriers. The strategy is one of increasing transparency and creating an approach that is easier for
consumers to understand. This is a source of differentiation and is being leveraged as a compensative advantages. This is also complimenting the projection of an image of value rather than
cheap prices or gimmicks. Halifax had already gained attention by gaining a clear English award for putting terms and conditions into easier to read language. However this has now
been seen top permeate the entire HBOS group. This has been extended to make use of the economies of scope, expanding by
the use of the affinity credit card, where there is the search for charity partners to give a greater appearance of value, as well as focusing in new mortgage business
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