1. Brand equity
Brand leadership
One of the FNB’s core value proposition of entrenching their competitive advantage and increasing their market share has been through their brand appeal together with the experience consistency for its customers as well as the prospective customers. According to Aaker & Joachimsthaler (2012), brand equity is an asset that forms a basis for competitive leadership in the long run. The unique resource base of an organization has a direct influence on its strategy and competitive advantage thereto. Marketing of the brand by the bank therefore plays a critical role. With FNB, “hello Steve” was one of their huge aggressive marketing campaign success. Since it made its waves as a marketing strategy in 2011, it made …show more content…
Talent Brand strategy is core in attracting, retaining and engaging talented employees for FNB. It helps them to attract talent of the future. This quest is influenced by the ever changing needs and dynamics of existing customers as well as potential customers, therefore this driving FNB to inculcate innovation as part of their culture by embracing technology. According to Minchington (2007) “employer branding provides a competitive edge to acquire, nurture and retain talent”. Millennials do not just settle for a paying job, they look and strive for more challenging experiences and new way of thinking.
In order for the bank to remain competitive within the industry, they must position themselves as an employer of choice so as to attract the right skills which will keep them in business. Internal branding remains a doctrine that leads to an increase in employee loyalty, while external branding makes the organization attractive to the potential …show more content…
Diversification
FNB has adopted a diversified strategy in order to build a sustainable competitive advantage by tapping into the industries outside the banking industry. By engaging in vertical integration, FNB increased their competitive advantage over its competitors through gaining access to other retail channels.
Load shedding solution:
• 2015 became a year wherein South African consumers and businesses were drastically affected by the power shortages whereby Eskom yet again implemented a widespread of electricity load shedding strategy especially towards the winter season.
• In order to address the energy constraints experienced by their customers and align itself to the customer needs, FNB sought alternative energy solutions to alleviate the impact of load shedding.
• In April 2015, as part of their strategy to respond to customer needs through value adding, FNB responded to these power outages with a solution for its individual customers and also for the small business based customers. In their quest to assist customers to deal with the severe electricity outages, they supplied 10 000 electricity generators at a significantly low discounted price.
Brand leadership
One of the FNB’s core value proposition of entrenching their competitive advantage and increasing their market share has been through their brand appeal together with the experience consistency for its customers as well as the prospective customers. According to Aaker & Joachimsthaler (2012), brand equity is an asset that forms a basis for competitive leadership in the long run. The unique resource base of an organization has a direct influence on its strategy and competitive advantage thereto. Marketing of the brand by the bank therefore plays a critical role. With FNB, “hello Steve” was one of their huge aggressive marketing campaign success. Since it made its waves as a marketing strategy in 2011, it made …show more content…
Talent Brand strategy is core in attracting, retaining and engaging talented employees for FNB. It helps them to attract talent of the future. This quest is influenced by the ever changing needs and dynamics of existing customers as well as potential customers, therefore this driving FNB to inculcate innovation as part of their culture by embracing technology. According to Minchington (2007) “employer branding provides a competitive edge to acquire, nurture and retain talent”. Millennials do not just settle for a paying job, they look and strive for more challenging experiences and new way of thinking.
In order for the bank to remain competitive within the industry, they must position themselves as an employer of choice so as to attract the right skills which will keep them in business. Internal branding remains a doctrine that leads to an increase in employee loyalty, while external branding makes the organization attractive to the potential …show more content…
Diversification
FNB has adopted a diversified strategy in order to build a sustainable competitive advantage by tapping into the industries outside the banking industry. By engaging in vertical integration, FNB increased their competitive advantage over its competitors through gaining access to other retail channels.
Load shedding solution:
• 2015 became a year wherein South African consumers and businesses were drastically affected by the power shortages whereby Eskom yet again implemented a widespread of electricity load shedding strategy especially towards the winter season.
• In order to address the energy constraints experienced by their customers and align itself to the customer needs, FNB sought alternative energy solutions to alleviate the impact of load shedding.
• In April 2015, as part of their strategy to respond to customer needs through value adding, FNB responded to these power outages with a solution for its individual customers and also for the small business based customers. In their quest to assist customers to deal with the severe electricity outages, they supplied 10 000 electricity generators at a significantly low discounted price.