Jordan for years had believed that most of the Retail Banks small business accounts were profitable. Sorer Chemical was used to the professional pool market for its Kaolin MM clarifier. Mutual funds were also sold through a branch-based brokerage operation. Market popularity would be achieved through short term goals such as advertising and direct sales.
The incentive system for the banks employees would also have to be changed to encourage the new behavior and skill acquisition.
We got delayed by gaps in our measurement system. Mooney emphasized the importance of taking hold and managing the problem at that point. Retail Banking in the sass Experts predicted that the sass would prove to be an intensely competitive decade in retail banking.
We started to see phenomenal results, 2 to 3 product sales for every 10 contacts.
And to do that we need measures that are actionable. For instance, the company would provide adequate percentage gains for the retailers so that they will agree onto stocking the product within their shelves.
The tracking has Just begun.
In this sense, the company would be able to understand the expectations of residential pool owners and seek to meet research is the prerequisite to effective marketing processes. The Chemical executives focused their scorecard objectives and measures, especially in the customer perspective, on meeting ten expectations AT customers In ten top tenure segments I nee scorecard objectives and measures provided focus on implementing effectively the new customer segmentation strategy.
The BBS reinforces the need for a new focus on the customer, especially the need to get to a more profitable mix of customers, and to retain and deepen our relationship with our best customers. In the past 10 years, the approximately 14, banks in the United States had shrunk to 10, and there were predictions of as few as 4, to 5, banks by early in the next century.
The BBS kept these issues front and center for the senior management group, so that a focus on these infrastructure investments could be sustained even in a highly constrained environment for corporate spending.
It is as a result of this that the marketing efforts were faced with the dilemma of promoting Coracle within the market, which they had little understanding of, unlike the competitors who were conversant with the market. The marketing plan, which was presented by Morris, had not taken into consideration of the competitive market climate.
We talked about their importance, but when financial pressure was applied, these were among the first spending programs to go. My biggest problem is communicating and reinforcing strategy.
Selling was no longer to be an optional or discretionary activity, to be done if time allowed. In order to achieve this, the company needs to implement specific goals. This supports the decision of the company to venture into the residential pool market.
The gains that would result from implementing the plan should be more than the expenses incurred such as marketing costs.
But there was something else going on as well. Ted Frantically, managing director of Strategic Planning and Finance, noted that the traditional retail deposit business had become very tough.
Customers were demanding new investment and insurance products and far more convenient ways to do their banking. Elopement recalled the task force experience: Looking Ahead When asked to assess the current status of BBS, Frantically stressed that the work was well under way but nowhere near complete.
No part of this publication may be reproduced, stored n a retrieval system, used in a spreadsheet, or transmitted in any form or by any means. However, the company must offer superior incentives, than its competitors, so that distributors and retailers are encouraged to deal in the product.
The rate of performance growth will be measured in order to ensure that the objectives of the marketing communication and business strategies were met or not. The level of popularity of the product within the residential pool market will also be evaluated against its prior performance.
The BBS was well accepted because it was very consistent with our management philosophy to focus on activities, process, and components that, according to our theory of linkages, must be accomplished to produce the outcomes we desire.
For instance, market research would be designed and implemented so that an adequate understanding of the residential pool segment would be achieved.
Revenue growth was slow uh to lower interest rates and outflows of deposits to nonbinding service providers, such as mutual funds. This would have popularized the product and gained the attention of the buyers.
The BBS gave the senior executive group a positive perspective, focused on serving customers in a learning environment. The bank also had to develop and tailor new products such as annuities, investment products, and technology-based payment services to meet customer needs in the targeted segments.
Chemical Bank Bal Scorecard case study Essay Business School Rev. June 10, Chemical Bank: Implementing the Balanced Scorecard In earlyMichael Hegarty, head of the Retail Bank Division of Chemical Banking Corporation, was overseeing a. Chemical Bank Bal Scorecard case study.
Topics: Strategic management, Soren Chemical Case Study Position Statement The main problem, as depicted within the case study, is the significantly low sales of Soren Chemical’s new product, Coracle. Since the sales of the new product were way below what Jen Moritz had anticipated, it is apparent.
The research was conducted through the exploratory case study method. The choice of a case study is one of the like Chemical Bank, tested the hypotheses more quali- their annual report that discusses the fiscal year in bal-anced scorecard terms. Athma, P. (), “Performance of Public Sector Commercial Banks: A Case Study of State Bank of Hyderabad”, Doctoral Dissertation Abstract, Finance India, March.
The new, larger banking company was better- positioned to compete in a marketplace characterized by intense pricing competition, an outflow of deposits to mutual funds, rapidly evolving technology, and increased customer demand for value.
Critical reﬂection on the Balanced Scorecard The detailed description of the case study gives a good impression of how the development and implementation of a Balanced Scorecard may be managed.Chemical bank bal scorecard case study