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International Marketing Assignment | Banking Services

   

Added on  2020-02-24

10 Pages2495 Words111 Views
RUNNING HEAD: INTERNATIONAL MARKETING 1International MarketingInstitutional affiliationCourse IdStudent nameDue date

International Marketing 2International MarketingBanking Services in BangladeshBanking services in Bangladesh is characterized as a highly competitive and highlyregulated sector. Bangladesh has a good number of banks which are in operation indicating thatthe banking sector in the country is growing to be competitive day by day[ CITATION Kat161 \l1033 ]. With the global sabotages in the banking sector, the banking business organization aremoving towards developing new products and services to meet the growing market and customerdemands[ CITATION Bur06 \l 1033 ]. However, the significant amount of regulations provided bythe Bangladesh Bank avert the introduction of new products into the market. Moreover, the recent trends indicate that operating banks in Bangladesh are shifting fromproviding vanilla banking products to higher valued product and services, these new services areexpected to meet the market demands as it allows the company to gain a market competitiveadvantage[ CITATION Arm15 \l 1033 ]. The involvement of banking sector in various financialevents in Bangladesh is increasing every dawn making the country to be a business hub in theregion. As the demand for financial services is increasing every day, the banking businessorganization are coming up with innovative ideas that result in new banking services andproducts. Since Bangladesh is a developing country, banking organizations are innovativelymoving towards serving in a competitive field where all the banking organization is looking forbetter services and opportunities to provide to the customers[ CITATION Bab15 \l 1033 ].Banking Sector in Bangladesh is one of the major key sectors that has contributed toeconomic development. The banking sector in the country is made of several existing and newmarket enterers to the market, the sector comprises four major categories of banks they include,Nationalized Commercial Banks, Specialized Banks, Private Commercial Banks and Trans-

International Marketing 3National Banks[ CITATION Bur06 \l 1033 ]. The four categories of banks have played a vital role inthe Bangladesh financial sector. Bangladesh Bank is the central bank that provides principalregulations to the banking sector in the country.Commonwealth Bank Commonwealth Bank of Australia is an Australian multinational bank started in 1911 bythe Australian Government under the Commonwealth act of 2011. In 19120 to 1960, the bankoperated as the principal central bank of Australia, the Australian Stock Exchange Markets laterlisted it in 1991[ CITATION Gra161 \l 1033 ]. In 1996, Commonwealth Bank was fully privatizedand decided to segment its operation and now operates in Asia-Pacific Regions. In 2016, theCommonwealth Bank of Australia reported revenues of AUD$24.58 Billion. Due to its growth,the organization has a focus to expand its market to Bangladesh that is now a growing businesshub for the banking industry.Banking Industry analysis in BangladeshAn industry analysis is a market strategy that is used by a business organization todetermine if they could want to enter products or services to a new market. The top executive ofan organization has the mandate of carefully analyzing several elements of industry in order todetermine the scale of operations in a new market[ CITATION Arm15 \l 1033 ]. The banking sectorin Bangladesh grew since it the country independence in 1971, the government legalized all thebanking organization that existed in the country. As the country economy is growing newbanking organization started entering into the market[ CITATION Kat161 \l 1033 ].The government of Bangladesh has created favorable surroundings for the personalbanking sector, which attracts many buyers to make investments in the financial market.Bangladesh has been doing thoroughly in private sectors in recent years[ CITATION Mol16 \l 1033 ].

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