Porter's Five Forces Analysis Of Maybank

1306 Words6 Pages
PORTER’S FIVE FORCES ANALYSIS

Porter’s Five Forces point out five competitive forces that influence planning strategies: the threat of new competitors, the threat of substitute products or services, the bargaining power of customers, the bargaining power of suppliers and the rivalry among existing firms in the industry. These five forces determine the profit of an industry and helps Maybank to have a better perception and understanding about the industry in order to develop strategies for tough competing. Eventually Maybank has now become the Malaysia’s largest financial services group.
Threat of new competitors
In contrast with the past, banking industry is also popular sector due to its high profitability. Therefore, attracts many entrepreneurs…show more content…
For this reason, poor customer service of a bank may increase the bargaining power of customer and could drive down the revenue of Maybank. For instance, if Maybank could not understand what actually customers require or ineffectively handle the customer complaints, it could reduce the switching cost of customers and they will finally switch to other banks for a better service. In order to avoid a high bargaining power implanted in customers, Maybank has invested in an Analytical Customer Relationship Management system to efficiently utilise the information gained from each customer for improvement purpose. This system enables Maybank get to know the expectations of customers towards the bank. Then, Maybank formulates strategies and comes out with superior performance to cater the needs of customers. Right now, Maybank is hoping to generate a complete picture of a customer’s lifecycle by using the system to grow their business. Besides establishing of the feedback dropper on their website, Maybank also focus on the fundamental values of hospitality, friendliness and skills in handling customer complaints. To do this, Maybank promotes various incentive programmes to reward the customers, eventually enhance the customers’ loyalty towards the
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