Communicating Via Blog

I think the blog is a great idea to write in instead of handing in papers but I must say I gotten lazy to write in it from time to time. I think the questions for the blog got harder as the time went on, but the questions get you to think about things that you normally won’t think about. The questions and responses developed included everything that I learned from Baruch, marketing, finance, economics, management. It was hard to think back at everything I learned and incorporate everything all together. Even though there was no textbook needed, I did refer to the library databases for help. I think the blog should remain a component in this class because it was an informal, fun way in writing a paper.

Diagnosing Strategic Problems

I use to work at Bank of New York which merged with Chase and I noticed that over half of the customers were not please with this result. What I learned about Chase compared to other banks such as Wachovia, Citibank, Bank of America was that Chase did not have much product variety compared to competition. Chase and other banks offer the same products, but it really depends who offers the better rates which is usually not much of a difference any way. Retail banking has now become something totally different. Bankers have to pull in new customers and sell, sell, sell just so they can meet their quotas. It has gotten a lot harder now because of the variety of banks that has open up. It is no longer customers coming in to want to open an account but a banker has to find customers to open an account and also retain current customers. This leads to high employee absenteeism and turnover because of the stress and quotas that need to be fulfilled. Bankers are always high on demand because of the high turnover. A way that they can try to gain a competitive advantage can be through customer service. I think that Chase lacks customer service and emphasizes more on sales. And to resolve the turnover problem, chase should offer rewards or bonuses for their hard work. There has been way too many acquistions and mergers happening to banks lately.