The creation of a card, which has no annual fee and also allows for membership awards program, is to facilitate the use of credit cards by young people and low-income people.
Enter annual user points gained when a credit card is used to book flights. Many people tend to drive to and from the airport while traveling due to the cost of parking at the airport.
The proportion of market share growth
Effective promotion of innovative and enticing measures raises market share to 5 percent a year. Revenues and costs
Offering a flat earning rate across all merchants to attract more merchants as they will feel they are competing with one another on level ground with the acquisition of our card services.
Increase revenue through joint programs and initiatives with selected hotels and airlines and also reviewing our reward packages with the individual holdings. Introducing mutual specific credits for the single chains and negotiating on handsome rewards for clients that take up the cards.
Expand into Europe
Target three European countries with minimal credit card penetration but with an economic potential for a game changer in credit card acquisition and usage. Profitability
Increase Economies of Scale
Reduce redundancies by 11 percent
Acquisition of integration program
Increase in revenue from new programs
Expand luxury card program
Cut back on unnecessary travel expenditures and reduce the number of people flying for official functions to a maximum of two personnel instead of sending an entire delegation.Competitive position
Increase shareholder value
Acquire a majority shareholding in a struggling competitor credit firm and revitalize it from the ground up and change its name.
Customer Value Perspective
Customer retention or turnover
Embark on a countrywide brand awareness score then focus majorly on areas where our brand reach is minimal. Specific adverts meant for the particular regions on benefits of acquiring our card services, and increasing customer base should be produced and aired on all local dailies and radio stations after that. Earning brand ambassadors who are famous personalities in the areas should be done concurrently to promote and instill confidence in our products and services to people who are yet to join our brand.
Revitalizing reward packages
Offering bonuses and rewards during the Hajj for Muslims flying to Mecca for the annual pilgrimage.
A free flight to any part of the world would be awarded after a particular number of flights.
Unlimited Universal Cash Access
Allowing customers to withdraw cash or redeem points at any location of the world provided they authorize credit cards and at any time as long as an individual threshold is met would retain customers and attract more rapidly
Giving loyalty points or bonuses to loyal customers who have used the credit cards regularly for a particular time regardless of their spending.
By introducing reward points after making a certain number of purchases regardless of the size of the acquisition to encourage and promote the use of credit cards.
Special Package for customers
Offering higher returns and removing travel restrictions.
Process or Internal Operations Perspective
Measure of process performance
Introduce marketing performance audit score
Establish a new marketing campaign targeting our new card offerings, rewards and bonuses. The marketing program should target millennials and encourage them to acquire our credit cards. This should be accompanied by attractive products with no yearly charges but a longer turnaround in getting rewards.
Productivity or productivity improvement
Staffing optimization analysis
Increase Workforce Knowledge and Skills
Provide service trainingOperations metrics
Introducing Cash-back credit cards
Cash-back credit cards are widely used internationally and entering it would serve to satisfy a significant portion of travelers and new customers as it knows no boundaries provided that it simplifies the cash reward.
Introducing Shopping Bonanzas
Introducing shopping bonanza that rewards customers randomly for using the credit cards for shopping at all merchants in urban centers would spring the usage of credit cards because people living in cities tend to have a high purchasing power not forgetting that they are highly populated.
Learning and Growth (Employee) Perspective
Revitalizing bonus packages
Awarding employees with attractive perks based on performance every month
Increasing leave days including maternity leave
Introducing Anonymous suggestion box
Providing conducive environment for working
Removing restrictions on official dress code and allowing casual descent dressing
Employee turnover or retention
Awarding trips yearly to exotic destinations around the world to long-serving employees and their families,
The HR department will devise competitive new packages and requirements for an employee to qualify for a promotion.
Allowing Employees to choose towns and cities they feel most comfortable working where we have branches.
Improve use of technology
Perform an online billing upgrade and Technology Gap Analysis Score
To all employees you’re invited at the Plaza Hotel this Saturday from 9 am. There will be an informational company meeting deliberating on a new exciting strategy that the company leadership is planning to adopt. Kindly purpose of attending because this event will mark a significant milestone for the company and its employees. There was a need to come up with this strategy owing to the growing competition in our credit cards sector. We were once leading but the entry of Platinum Credit in the market we have to devise ways of staying ahead in the game. The old strategy fell short in giving ways to move forward and adapt to growing competition as it was drafted when the company was leading in the business.
This is a fascinating venture for us because it will better suit the company needs and those of the employees. The staff will get better perks and bonuses awarded on exemplary performance. You will get more days on your annual leave and maternity leave. The strategy aims at increasing productivity and reducing redundancies thereby the company will be seeking for higher returns on revenue annually.
The old strategy meant to serve and conquer or local market and after achieving that it is only feasible through our new approach to get into Europe and capture it too. The old strategy was devised when there wasn’t so much advancement in technology, but the new one seeks to adopt the latest trends in technology in line with the company’s mission for efficiency and reliability.
The old strategy never allowed for feedback but the new plan will introduce anonymous suggestion box both for customers and employees to express their views even with anonymity.
You are at this moment encouraged to express your concerns, and surely you will get appropriate and prudent feedback. A date for a follow-up meeting will be communicated in due time after you have had enough time talking with one another. The management encourages everyone to take up this new strategy with positivity as it will be beneficial for everyone. Regards.
Norton, R. S. (2017). The Balanced Scorecard—Measures that Drive Performance. Retrieved from Harvard Business Review: https://hbr.org/1992/01/the-balanced-scorecard-measures-that-drive-performance-2