Recommendation
The immediate problem TD is facing is that consumers’ preferences are changing based on the upgraded technology nowadays. The underlying problem is that TD cannot satisfy all consumers’ needs. By analyzing the internal and external environment, Porter's five forces and PEST show TD are suffering lots of external threats (Appendix 2, 3); Diamond-E suggests that TD prefers to using new technology in its products and services at the same time(Appendix 1). It is more advantageously for TD to catch the trend to provide consumers with upgraded services and products to increase its market size, enhance its relationship with consumers, and offer consumers better services and products in the meanwhile. Correspondingly, the recommendation is that TD should bring Big Data analytics into …show more content…
After fulfilling consumers’ need through utilizing Big Data analytics, TD can potentially increase its market size. By research, 81% of consumers are willing to pay more if a business can offer them a better experience (PR Newswire Association LLC). The same logic implies that if TD can provide consumers with a better experience and especially provide personalized services based on different consumers, then more consumers will prefer to use TD instead of other banks who do not offer similar or better service. Accordingly, TD can potentially gain more consumers which TD’s market size will increase at the meanwhile.
What’s more, TD’s brand promise will be achieved by executing Big Data analytics.
As TD pays more attention to consumers’’ need and reacts to what consumers purse indeed through utilizing Big Data analysis to its business, and make specific plans for different types of consumers; consumers can experience better services at TD. Accordingly, TD can achieve its promise “put the customer first.” Thus, TD's brand promise can be achieved through applying big data. Implementation
The immediate problem TD is facing is that consumers’ preferences are changing based on the upgraded technology nowadays. The underlying problem is that TD cannot satisfy all consumers’ needs. By analyzing the internal and external environment, Porter's five forces and PEST show TD are suffering lots of external threats (Appendix 2, 3); Diamond-E suggests that TD prefers to using new technology in its products and services at the same time(Appendix 1). It is more advantageously for TD to catch the trend to provide consumers with upgraded services and products to increase its market size, enhance its relationship with consumers, and offer consumers better services and products in the meanwhile. Correspondingly, the recommendation is that TD should bring Big Data analytics into …show more content…
After fulfilling consumers’ need through utilizing Big Data analytics, TD can potentially increase its market size. By research, 81% of consumers are willing to pay more if a business can offer them a better experience (PR Newswire Association LLC). The same logic implies that if TD can provide consumers with a better experience and especially provide personalized services based on different consumers, then more consumers will prefer to use TD instead of other banks who do not offer similar or better service. Accordingly, TD can potentially gain more consumers which TD’s market size will increase at the meanwhile.
What’s more, TD’s brand promise will be achieved by executing Big Data analytics.
As TD pays more attention to consumers’’ need and reacts to what consumers purse indeed through utilizing Big Data analysis to its business, and make specific plans for different types of consumers; consumers can experience better services at TD. Accordingly, TD can achieve its promise “put the customer first.” Thus, TD's brand promise can be achieved through applying big data. Implementation