Archives

Enter the market with an effective strategy

by Thusitha Gunathilaka (MBA) Marketing Manager Stanford Lake (Private) Ltd.

New entrants threaten major producers of the world. For instance, General Motors had been affected by a number of Japanese automobile companies over the last three decades. It is an obvious fact that in some industries and some geographic areas pioneers have lost market share advantage relatively quickly.

This can happen for several reasons.

• The pioneer may not be offering a superior level of customer service
• A new technology may have changed the cost equation so that a new entrant can offer similar or better service at a lower cost
• The new entrant may have developed a new way to access the market with an innovative distribution strategy.
• The latecomer may simply be pricing aggressively targeting selected segments by taking the advantage of the competitor's tendency to average pricing across all segments. In what situation is the pioneering market share muted? For an example, when consumer learning is limited the pioneering advantage is likewise to be limited.

Consumer learning becomes very difficult when the product becomes complex and technical. For an instance when picture phones were introduced in late 1970s the market did not respond, because the consumer did not find occasions to use the product. Pioneering advantage is also limited in a cluttered market. If there are many available brands the consumer reacts by becoming confused.

Moving beyond such issues, what can later entrants do to overcome any inherent market share disadvantages?

First the later entrant should differentiate it substantially in the minds of the consumers. Such positioning can be accomplished through substantial changes in the promotion strategies. For example, the Chrysler Corporation redefined the perception of their customers by introducing Caravan, a two-door van. The Food corporations' Wind star, expected to be a trend setting van, substantially lost its glamour to the Caravan.

When General Motors decided to reposition its Oldsmobile line they changed not only the product but also its advertising copy. The new advertisement appealed to the consumer over thirty years old, projecting the image of a young professional woman saying, "The car is not only for your father's generation, but it is for you too."

The second route for a late entrant is to discover creative ways to increase product trial. A study has found out that the market share advantage for the early entrant comes from higher trial penetration. If the later entrant can generate a greater trial market share, then this advantage can be utilized. Sample product trial is an appropriate mechanism. For example, in consumer goods, the consumer can be supplied with a sample product for trial. In non consumer goods other creative mechanisms has to be designed. For example, car sellers give test drive for their potential customers.

Also distributing products through new channels such as direct marketing or a home shopping network channel would place the product in the hands of more consumers. For an instance, Domino's Pizza caters to the home delivery segment of the market.

The late entrant can also segment the market, focusing on a particular target. That is by providing appropriate value; the late entrant can extract additional rents. A good example of this is the competition among the IBM, Compaq and Dell in the personal computer market. Finally, the later entrants can position themselves as variety enhancers, rather than a replace or a substitute to the pioneer. An example is "Orange", the late entry cellular service provider in Britain.

"Orange" entered the market about two and half years after of the first entrant, Vodafone, and nine months after "One to One". Orange however has followed a very aggressive entry strategy. It has not only invested heavily in the network also developed aggressive pricing strategies. Orange sized a third of Britain's total market. They offered about thirty per cent savings to the end user compared to the pioneers.

Initially Orange had a lesser coverage. When Vodafone and Cellnet lowered the price, by investing in network infrastructure and innovative marketing tactics such as aggressive advertising and creative service bundling, Orange became a credible player.

Different markets require different strategies. What worked for Orange in Britain, for example will not work for new entrants in Scandinavia, where the monopolies are not driven by profits from the wireless industries and thus price their services below the average price of the rest of Europe. This is a significant barrier for new entrants especially since the entry into industry require high capital investment. So the key sources of differentiation for a new entrant in such a situation are creative marketing, innovative advertising, new service packages and superior customer service.

Defense strategies for pioneers

Even as new entrants attempt to redefine the business or formulate niche strategies to attack profitable industries and market segments, pioneers can fight back to retain their competitive advantage.

The Major strategies for the pioneers can be counted as below,

• Increase the barriers to the entry for new entrants.
• Innovate faster than the late comers.
• Build a market responsive and flexible organization.

In most markets both pioneers and late entrants operate with incomplete information. Pioneers can take advantage of this by using an effective signalling mechanism as a deterrent. For example, pioneers can cut prices, signalling new entrants that pioneers got the cost advantage, and it will be difficult for a new entrant to survive.

On the other hand, new entrants traditionally focus on a few key segments of the market. So it is important for pioneers to understand their end user segment and adapt a differential pricing scheme to extract optimal from each of the segments.

Pioneers can also attempt to look up to the key channels of distribution, making it difficult for new entrants to get access to the market. In several industries and countries however, it is not possible to get exclusive distribution rights. Pioneers can also offer special type of enhanced customer service packages or reward programs to make it harder for key customers to switchover.

Another route, especially in the high technology industries, is a pioneer to remain innovative and launch the next generation of products or announce the next generation of products, thus deterring the entry of the competition. The Intel Corporation's strategy in this regard is an example.

Finally, a responsive and flexible organization may be the most productive route, especially when the structure of an industry changes drastically or there is a shift in the regulatory environment. In the telecommunication industry for an instance, United States 1996 telecommunication act has fundamentally changed the rules of the game, leaving almost all the market open for competition.

This has forced both the regional bell operating companies and the long distance carriers such as AT&T and MCT to revise their strategies.

Aging pioneers in the other industries also followed the strategy of attack as the best defense. As Fuji penetrated the photographic film market in the United States, for an instance Eastman Kodak Company's strategy was to attack Fuji in its home market. This strategy met with mixed results, due to the tight controls in the Japanese market.

The underlying parameters for all these strategies are that companies should be aware of the market dynamics and have an organization that is flexible with the right culture to adapt not only by reacting to the potential competition, but also proactively developing their strategies. It is easier to loose the market share than to gain. An example of a good barrier put forward by Vodafone is its decision to lower prices in key market segments to match those of its new competitor, Orange, thereby reducing the price differential between the two companies. While doing this, Vodafone kept its average price in the market constant and extracted more income from customers, who were not targeted by the competition. Companies should have a feel for the market place, to correctly estimate the switching barriers for customers and set the price differential accordingly.

Marketing strategy framework

Having analyzed the various strategies adopted by successful pioneers and later entrants, a developed strategic framework can be employed for growth, penetration or market share retention as the case may be.

The first component in the framework involves developing an understanding of the dynamics of the market. The critical areas to be analyzed are,

• Fundamental changes of technology that may cause a significant shift in the market.
• Changes in the governance such as any shifts in the government policies that might have a marked impact on the industry structure.
• Size and the potential growth of the market.
• The competitive profile.
  
  

National Quality Awards Program encourages business performance excellence

by T K. Sahid Ossan Asst. Director (Marketing & Promotion) Sri Lanka Standards Institution

The Sri Lanka National Quality Awards (SLNQA) program offers Sri Lankan companies challenges and opportunities in business performance excellence in their quality management efforts. This year the Sri Lanka National Quality Awards are won by three service sector organizations. Two belong to large-scale and one belongs to the small-scale category. The winners are:

1. Lanka Electricity Company - Large Scale Service Sector Category
2. MTN Networks (Pvt) Ltd. - Large Scale Service Sector Category
3. Logistics International Ltd. - Small Scale Service Sector Category

Historical background

In 1994 the Government of Sri Lanka established a national quality award to stimulate the interest of businesses and other organizations in quality management and continuous improvement. It was decided that the awards programme should be organized and managed by the Sri Lanka Standards Institution (SLSI). Some famous and important quality awards around the world are available. In 1951, the Union of Japanese Scientists and Engineers (JUSE) established the Deming Prize in Japan. It was named in honour of the American Statistician and father of the worldwide quality movement, W. Edwards Deming. Today, the Deming Prize honours private and public organizations for the successful implementation of quality control activities.

The other important award is European Quality Award. Recognizing the importance of quality performance, 14 major European companies formed the European Foundation for Quality Management (EFQM) in 1988 with the endorsement of the European Commission. And by 1991, EFQM had developed the European Quality Award programme to honour outstanding European business. Unlike other awards, the European Quality Award is a regional programme that currently involves 16 countries: Austria, Belgium, the Czech Republic, Denmark, Germany, Hungary, Ireland, Italy, the Netherlands, Norway, Portugal, Russia, Slovenia, Spain, Turkey and the Untied Kingdom. This award is similar to Malcolm Baldrige National Quality Award of USA. The Malcolm Baldrige National Quality Award in the USA was chosen as a model to be used in designing the Sri Lanka National Quality Award Program. Malcolm Baldrige was secretary of commerce from 1981 until his death in a rodeo accident in July 1987. Baldrige was a proponent of quality management as a key to the US prosperity and long-term strength. He took a personal interest in the quality improvement act that was eventually named after him and helped draft one of the early versions. In recognition of his contributions, Congress named the Award in his honour.

The former Associate Director of the Baldrige Programme, Dr. Wayne Cassatt was engaged as an advisor to SLSI in designing the Sri Lanka National Quality Awards Programme. He was brought to Colombo in 1995 to assist in the design of the evaluation process used to select winners of the Award from the organizations that chose to apply for an evaluation. He also was asked to assist in the design and conduct of the training of persons to act as examiners of the applicant organizations.

The training was designed to provide:

* An understanding of the evaluation criteria
* An understanding of the three stages of the evaluation process
* Skills in analysing of written applications and in the writing of evaluation reports
* Skills in conducting the consensus process as a member of an evaluation team
* Skills in planning site visits and preparing issues to be explored during these visits
* An understanding of the ethical standards and confidentiality rules to be followed
* An understanding of the requirements of an effective feedback report to applicants.

Applications were invited and evaluations of the applicant organizations were carried out using teams of trained examiners operating with guidance from the advisor.

As a result of these efforts, so far twelve award winners and six merit winners of the Sri Lanka National Quality award have been selected as role models for other companies in the country.

National Quality Awards in other developing countries

Promoting quality among enterprises by means of a national quality award program has in recent years become an important factor to improve the competitiveness of the industrial sector in many industrialized countries. Experience shows that these programs stimulate improvements of quality and productivity to an extent that goes beyond the effect of ISO 9000. The awards criteria have become a yardstick for enterprises that allows them to assess their own situation and to guide their improvement efforts.

National Quality Awards have also been launched in some developing countries. E.g. Argentina, Brazil, Colombia, India and Phillipines (Stephens 1995). In most cases, either the Malcolm Baldrige National Quality Award or the European Quality Award has served as a model in the development of the set up and the awards criteria.

In some developing countries, the responsibility for the national quality awards is assumed by a governmental organization, in others by a foundation financially supported by the private sector. The latter is the case in Argentina and Brazil. The National Quality award in Argentina was established by a legislation passed by the Argentinean parliament. The administration of the award is delegated to a private foundation (FUNDAPRE, the National Quality Award Foundation), funded by member companies and by the government (Bertin 1996). In India, the Rajiv Gandhi National Quality Award, named for the late Prime Minister of India was launched in 1991.

The award is promoted by the Indian Government and administered by the Bureau of Indian Standards. The Prime Minister makes the award presentations.

Sri Lanka and the management of economical challenges

The world economy is at a historical turning point; Sri Lankan industry is facing difficult problems. The structural changes of the world market, which is undergoing rapid transformation, require not only individual enterprises, but also Sri Lankan industry and the nation as a whole adapt to a new strategy. The cental issue in this context will be to achieve a good balance between coexistence and competition with the industries of the world. On this very problem, Sri Lankan industry is required to establish a common paradigm, which will enable it to communicate the originality of Sri Lanka style management.

Turning our eyes to the situation in Sri Lanka the following two main management issues have arisen: The first issue is a drastic change in the relationship between the enterprises and the market. The evolution of information technology has progressively shortened the distance between the enterprises and customers and the service-oriented economy is greatly changing the relationship between the enterprises and customers. The time for firms to control the market is over and a new age has come to allow customers and enterprises to cooperatively create value. In the circumstance, the existing management system is not necessarily fully functioning to accomplish the desired effectiveness. How then should this be reviewed and reformed? The methodologies of management reform must be identified.

The second issue is management organizations. People's view of companies is becoming more flexible as people are seeking a meaning of life under diverse sets of values. What are the conditions for restructuring forward creative, active and swift management by rallying people under management ideas? Logic for new management system is still to be found. The movement of new management reform in the Sri Lanka economy is not very strong yet. What is important at this moment is for firms to overcome their sense of a prevailing blockade and to foster the management reform under an idea common throughout the different industries.

The Sri Lanka National Quality Award is an excellent programme to enhance the competitive ability of business and industry in both local and international marketing.

A foundation of core values

The Quality Award Program is based on core values and concepts. These values and concepts are the foundation for integrating key business and organizational requirements, within a result-oriented framework. The core values and concepts are:

* Customer-driven quality
* Leadership
* Continuous improvement and learning
* Valuing employees
* Fast response
* Design quality and prevention
* Long-range view of the future
* Management by fact
* Partnership development
* Public responsibility and citizenship
* Results focus

These values are translated into the Criteria for Performance excellence, an assessment tool published annually by the Sri Lanka National Quality Award Programme.

The criteria for business performance excellence

The criteria are internationally accepted bench mark, available for Business. The Criteria reflect validated leading edge management practises against which an organization can measure itself. The Criteria represent a common language, making it easier for organizations to share knowledge and transfer best practices. They provide a systems perspective for understanding business performance management. The Criteria are also the basis for the Award.

Sri Lanka Quality Award Programm Services

* Publish and distribute the Criteria for Performance Excellence to all interested organizations.
* Train examiners to assess organizations using an evaluation process designed to be fair and confidential.
* Provide confidential feedback reports to all award applicants.
* Provide an opportunity for qualified volunteers from many organizations with different knowledge and skills to learn from each other while, serving as examiners. Benefits of using Quality Award Programme Service
* Gain an understanding of the latest concepts in performance management systems.
* Give volunteers from your organization experience in Criteria - based assessments.
* Obtain an objective assessment with feedback by applying for the Award.
* Decreased time to market
* Improved customer satisfaction
* Higher return on assets
* Greater employee productivity
* Increased market share
* Reduced cycle time
* Lower costs
* Rise in revenue
* Give publicity
* Give recognition

Purposes of the Sri Lanka National Quality Award

* To promote awareness of quality as an increasingly important element in competitiveness.
* To promote understanding of the requirements for performance excellence
* To recognize Organizations which excel in Quality Management activities
* To recognize quality achievements and successful quality strategies of Sri Lankan Organizations.
* To help elevate quality systems
* To share information on successful performance strategies and benefits derived from implementation of these strategies.

Award evaluation criteria

The Award is based upon performance excellence criteria created through a public-private partnership. In responding to these criteria, each Award applicant is expected to provide information and data on the company's improvement processes and results. Information and data submitted must be adequate to demonstrate that the applicant's approaches are effective and could be replicated or adapted by other organizations.

The Award criteria are designed not only to serve as a reliable basis for making Awards but also to permit a diagnosis of any company's overall performance management system. There are seven criteria of evaluation, 1000 points scoring system and a well-established judging process.

The seven criteria for business performance excellence

1. Leadership

The Leadership category examines how your organizations' senior leaders address values and performance expectations, as well as a focus on customers and other stake holders, empowerment, innovation, learning, and organizational directions. Also examined is how your organization addresses its responsibilities to the public and supports its key communities.

2. Strategic Planning

The Strategic Planning Category examines your organization's strategy development process, including how your organization develops strategic objectives, action plans, and related human resource plans. Also examined are how plans are deployed and how performance is tracked.

3. Customers and Market Focus

The Customer and Market Focus Category examine how your organization determines requirements, expectations and preferences of customers and markets. Also examined is how your organization builds relationships with customers and determines their satisfaction.

4. Information and Analysis

The Information and Analysis Category examines your organizations' performance measurement system and how your organization analyzes performance data and information

5. Human Resource Focus 

The Human Resource Focus Category examines how your organization enables employees to develop and utilize their full potential, aligned with the organization's objectives. Also examined are your organization's efforts to build and maintain a work environment and an employee support climate conducive to performance excellence, full participation, and personal and organizational growth.

6. Process Management

The Process Management category examines the key aspects of your organization's process management, including customer-focused design, product and service delivery, and supplier and partnering processes involving all work units.

7. Business Results

The Business Results Category examines your organization's performance and improvement in key business areas - customer satisfaction, product and service performance, financial and marketplace performance, human resource results, supplier and partner results, and operational performance. Also examined are performance levels relative to competitors.

Award categories and number of awards

There are six (6) main awards on each award category are as follows:

* Manufacturing/Processing - Large Scale
* Manufacturing/Processing - Medium Scale
* Manufacturing/Processing - Small Scale
* Service - Large Scale
* Service - Medium Scale
* Service - Small Scale

Large scale, Medium scale or Small scale to be determined on the number of full time employees.

* Large scale - more than 250 full-time employees
* Medium scale - between 50 and 250 full-time employees
* Small scale - less than 50 full-time employees

Eligibility for application

* Organizations located in Sri Lanka for a minimum period of 3 years.
* Organizations having a Quality Assurance System.
*&Subsidiaries or Divisions or Business Units of larger Organizations are legible if they primarily serve either the public or business other than the parent Organization.
* Both parent and subsidiary company cannot compete for the Award in the same year.
* Winners of the Award and all its subsidiaries are not eligible for 5 years for any consideration for a second Award. Applicants are required to submit a comprehensive written application and must agree to a site verification visit. The application must summarize the company's practices and results, responding to the Award criteria. If you plan to apply for the Award, the Application Forms & Instructions will be required in addition. A copy of the Award Criteria and/or the Applications forms & Instructions could be obtained from; Sri Lanka Standards Institution, No. 17, Victoria Place, Elvitigala Mawatha, Colombo 8.

Past winners and merit winners of the Sri Lanka National Quality Award

Past Winners

1. Directories Lanka (Pvt) Ltd. - Service (Medium Category) - 1995
2. Sri Lanka Air Force - Service (Large Category) - 1996
3. Maliban Biscuit Manufactures Ltd. - Manufacturing (Large Category) - 1996
4. Bata Shoe Co. of Ceylon Ltd - Manufacturing (Large Category) - 1997
5. Tuffline Ltd. - Manufacturing (Medium Category) - 1997
6. Nawaloka Hospitals Ltd. - Service (Large Category) - 1998
7. Ceylon Tobacco Company - Manufacturing (Large Category) - 1998
8. Colombo International Nautical & Engineering College - Service (Small Category) - 1999
9. Bodyline (Pvt) Ltd. - Manufacturing (Large Category) - 2000

Past Merit Winners

1. Sri Lanka Air Force - 1995
2. Central Industries Ltd. - 1995
3. Royal Ceramics Ltd. - 1997
4. EDS Development Ltd. - 1998
5. Coats Tootal Ltd. - 1998
6. Maskeliya Plantations Ltd. - 1999

Quest for excellence (winners conference)

The first "Quest for Excellence" conference of the Sri Lanka National Quality Awards Scheme (SLNQA) was held in 1998 in the presence of a large gathering comprising of past winners and those preparing to contest the future awards. The conference was organized by the Sri Lanka standards Institution to coincide with the National Quality Week activities.

The winners described their approach with the SLNQA evaluation categories briefly. A panel discussion followed the conference where questions from the audience were also answered.

The objectives of this conference are to share winning strategies, to share knowledge with industry and service sector organizations; and also to make insights and inspiration and to enhance quality improvement efforts.

The SLSI planning to have a "Quest for Excellence" Conference in the month of February 2002.

Therefore, the Past Winners are able to share their experiences with other companies who are in thirst of Quality.

Successful marketing approaches

by Prasanna Perera

Take the present Sri Lankan retail marketplace. There is a proliferation of products and brands, across many categories. In personal soaps the brands are endless. Lux, Rexona, Rani, Apsara, Lifebuoy, Liril to name a few. The same situation in washing powder i.e. Sunlight, Surf Excel, Wonderlight, Rinso, Bubble etc. As such, the challenge to marketers is to raise their products and brands over the clutter and market same in an effective manner. This brief article aims to address this aspect.

Contributory factors for the rapid growth in different products/brands

The main factor is the changing needs of the Sri Lankan consumer. The consumer today is brand loyal, only up to the point that the brand delivers value. Brand loyalty goes out of the window, the very moment value is not perceived. Hence, the opportunity available for new brands.

A second factor is where marketers, attempt to build flanker brands, to protect vulnerable positions in the marketplace. Unilever, P & G, and a host of other corporates follow dual branding strategies. Hence, the sheer number of brands in the marketplace increases, resulting in the clutter.

Another growing trend is the mushrooming of regional brands and even brands in only specific locations. The dairy industry provides a good example (yogurt, ice cream, ice palam). The proliferation of these marginal brands, also adds to the chaos prevailing in the market. Different packaging types and formats also create some degree of clutter. Sachets to bottles to cartons to plastics; the whole lot. The reason for this is once again consumer needs for different purposes.

Natural products and a greater emphasis on healthy living, is also another contributory factor. As a result, natural and artificial variants of different products are made available to the consumer.

How to effectively overcome the clutter in the marketplace?

There are many different approaches that can be examined. Of course, a lot depends on the nature of the product and industry.

One of the best marketing strategies is to "Position" a product or brand, clearly in the mind of the target consumer. In order to do so, a clear, relevant and beneficial message should be communicated over a regular period of time. Positioning is very definitely a powerful strategy, to cut though the clutter. If you consider the successful brands in the Sri Lankan marketplace, these are brands that have been effectively positioned and offer meaningful benefits to target customers.

Cost effective communication strategies, which are effective, should also be evaluated. Mass media advertising is not the panacea for all products. The menu options are quite wide, even in Sri Lanka. Outdoor advertising, direct marketing, e-marketing, direct selling, sponsorships, merchandising etc. It is important to evaluate all options available, in line with the communication objectives, target audience profile, product/brand characteristics etc. There are many brands in Sri Lanka, that have been successful, with minimum of mass media advertising or not at all. The message is that there are cost effective methods to be followed. Do not underestimate the power of "word of mouth" advertising as well. In Sri Lanka, this is another communication medium. E-marketing although still in its infancy, offers great potential for the future. This will naturally become popular, once the ownership of home computers increases. Even at the present state, many upmarket and specific products/services, could be marketed directly to the end consumer.

Dealer and retailer power should be converted to the advantage of the marketer. Dealers can be effective salesmen, in an overcrowded market. When consumers are uncertain, as a result of the clutter, they will seek dealer/retailer recommendations. Hence, dealers should not only be considered as distribution intermediaries, but also as effective salesmen for products and brands. This requires a different mindset and approach towards distribution.

The power of effective sponsorship activities, should not be underestimated. Sponsorships provide a distinct relationship between an event and the product/brand, sponsoring same. In an overcrowded marketplace, astute sponsorship programs can enhance brand awareness, brand image and brand recall. Take for example, the sponsorship of the Sri Lankan cricket team, by the brand 'Dilmah'. Not only will Dilmah be able to overcome clutter in Sri Lanka, but also in the global marketplace.

Merchandising activities are in most instances confined to putting up posters, danglers and streamers. There is more to merchandising than this. Prominent and creative displays at Point of Purchase (POP), draws consumer attention and brings a product brand into clear focus. Hence, out of He usual marketplace clutter, Mobile merchandise and illuminated merchandise can be very creative and effective, if used in keeping with product / brand limitations.

We observe in Sri Lanka, that many organisations deploy propaganda vehicles to sell direct to consumers and even sample products. This in an excellent medium to develop in a country such as Sri Lanka. In Sri Lanka, we have day / weekend polas, bazaar days, special events etc, which can extremely good opportunities for direct selling, sampling, advertising etc. The whole idea is to create an impact, thereby highlighting specific products / brands.

High impact sales promotional activities, can also draw attention to specific products / brands. However, the sales promotions must be really special and have the ability to rise above the regular promotional activity in the marketplace. This will highlight and provide the limelight to those specific products / brands.

Are marketers themselves adding to the clutter in the marketplace? It is important for marketers to have a clear focus in their marketing activities. When marketing strategies are altered too frequently, often confusion prevails. Products are launched, relaunched and withdrawn without much strategic thought. Marketing communication is another activity, that adds to the clutter. The way to minimise communication based cutter, is to adopt "an integrated" approach to marketing communications.

Systematic, integrated and relevant messages, should be communicated, on a consistent basis. Marketers would do well to note this.

Price based promotions should be utilized carefully and not abused as it were! Marketing is not about discounting alone. Careful brand building, consistent promotions, clear cut pricing policies and excellent after sales service are important ingredients for success. Do not add to the confusion prevailing, through adhoc, unplanned price based promotions. It will probably do more harm than good, in the medium to longer term.

As highlighted in this brief article, even in a marketplace characterised by clutter, sensible marketing can help keep products / brands focused, towards their target consumers. Do not be pushed by competitor activity alone, but develop original strategies which are well though out and formulated. Further, minimise the need for altering strategies too frequently. This does not help the marketing cause.

"To rise above the clutter in the marketplace, is the challenge thrown at brand builders".

Union Bank:New CEO, new strategy, new head office

Union Bank moved its Head Office to a new location at 15 A, Alfred Place, Kollupitiya in the heart of the city's busy shopping district. The move comes as a result of the shift in strategic focus, with the repositioning as a semi retail super service bank which requires high visibility and easy accessibility.

Union Bank's new CEO, N.B.S.B. Balalle stated that the bank is currently implementing a leaner, more efficient, consumer-focused strategy. Balalle, the former General Manager of the National Savings Bank is widely credited for revolutionizing the operations and profile of that state institution to impressive new heights.

Balalle further stated that "Our extension towards personal banking in no way diminishes our well established commitment to our corporate clientele. What we are building is a necessary equilibrium of business and personal accounts, both are essential for long-term growth". The bank's convenient new location, at the intersection of R. A. de Mel Mawatha (Duplication Road) and Alfred Place, will open wide its impressive array of banking products and services.

The bank continues to grow in relationship banking and customer intimacy as the core discipline with appropriate technology to support growth. Union Bank offers some of the most profitable returns on short and medium-term deposits. Its visionary investment in technology has also paid off with increasing levels of personal banking transactions being effected through Union Bank's award-winning 'UB Online' Internet facility, 'Bank Track' mobile phone accessibility and its globally linked ATM network.

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries |

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager