Chris Reintjes - Community Bank Analysis
Chris has identified all the seven staircases as being used by the firm he has selected. While looking for new customers, the bank still values existing ones as an important step for its growth. Innovative products are used to attract and maintain new customers. Competition is still in the market and being at the top of the game is mandatory (Gadiesh & Gilbert, 2001). Chris also believes that the company has the resources to ensure the strategies are used in a way that will bring maximum value to the business.
Naz Nicky - Capital One Bank
Nicky picks expansion into new business opportunities as the strongest step of the bank's growth. Having operated as a credit card firm, the company has acquired other operations and opened new ventures that help it on its growth path. Looking for new opportunities dilutes the effects of risks common in business (Hall et al, 2011). Other steps used by the include maximizing on the current customer base. The innovation of new products and services is also important to ensure the needs of the customers are met accordingly. Current customers are the ones who are used to test the new products and services to ensure they meet market demands.
Rich Lewis
Rich thinks his customer will grow more by attracting customers. However, he recognizes the need to involve other steps in the search for growth as finding an opportunity is not enough to guarantee success. The company attracts new customers by making them understand how their products can help improve the running of their businesses (Hashemi 2014). Most of the local state agencies have already bought the products to improve their activities. Looking for new business opportunities with attractive products will help fast track the growth process.
Darren Hamilton - PayPal
Organizations take the time to grow. Many reasons influence the speed at which a firm produces. Any efforts should be applied consistently until the desired objectives are met. Adjustments may be made along the way to ensure all is in line with the larger objective of the firm. PayPal is the main player in online money transfers. However, it has not been easy for the enterprise to get where it is today. It has invested heavily in infrastructure to offer the most secure service to its customers. Finding customers has been a long and arduous task, but today, the firm is preferred by many who want to make online transactions.
PayPal has expanded into different countries. Today it is used in over 190 countries globally by individuals and companies alike. Sending money through PayPal is convenient and safe. The attraction of the company is based on the kind of products it has created for its customers. It has provided various user-friendly products that suit various needs. Many people are conducting business on the web. The need to transact quickly and conveniently has made PayPal popular among people making the online trade (Hashemi, 2014). The firm has also introduced the PayPal credit card which is offering competition to existing cards. The innovations created by the enterprise and the innovative products give PayPal an edge over existing competitors. It has taken patience and hard work to reach that point. The strategies used by the company have helped it become an influential force in its market and remain ahead of the rest. It has the power to attract and maintain new clients even in the midst of stiff competition.
References
Gadiesh, O., & Gilbert, L. (2001). Transforming Corner-Office Strategy into Frontline Action. HBRs 10 Must Reads On Strategy, p.191. McKinsey and Company.
Hall, S., Lovallo, D., & Musters, R. (2012). How to Put Your Funds Where Your Strategy Is. McKinsey Quarterly, 2, 27-38.
Hashemi, G. (2014). 10 Myths of Enterprise Python. Retrieved from https://www.paypal-engineering.com/2014/12/10/10-myths-of-enterprise-python/
