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Market Orientation

Market Orientation

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Published by Kurshid Iqbal

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Categories:Types, Research
Published by: Kurshid Iqbal on Jan 15, 2011
Copyright:Attribution Non-commercial

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10/15/2012

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1.0 Company Profile
Pan Asia Banking Corporation PLC is a public limited liability company incorporated in SriLanka on 6
th
March 1995 under the company¶s act of No.17 of 1982 and reregistered under thecompanies act No.07 of 2007. A licensed commercial bank and listed in the Colombo stock exchange.Despite the challenging economic conditions Pan Asia Bank has shown positive signs towardsgrowth, its major strengths are its Human capital and Liquidity management which in turn havecontributed towards reaching many milestones.Company¶s unique mission is to create the largest satisfied customer base by providing professional, personalized, secure, quality banking and financial services, using moderntechnology and innovative products. With excellent service quality standards and personalizedservices to its customers has allowed them to widen the customer portfolio.
Key Highlights
 
ecord earnings: Gross Income grew by 19% to reach Ts. 3862 Mn and Operating profit up by 69% to
s. 874 Mn.
 
 
Strong Balance Sheet : Total Assets grew by 14% to
s. 21,559 Mn
 
 
Customer Deposits grew by 13% to
s. 16,329 Mn
 
 
ecognition Award:
anaviru Harasara project was awarded with a ³Merit´ fromthe Ceylon Chamber of Commerce.
 
 
A year of change with several key changes in personnel, processes andimprovement in controls.Today Pan Asia¶s branch network has widen to 37 online branches and is embarking on anambitious branch expansion programme by expanding the services across the country speciallyin the North and East and has plans for significant growth for the next two years
.
 
1.1 Market Orientation analysis at Pan Asia Banking Corporation PLC
Catering to the ever changing wimps and fancies of the customers is a strenuous task. Businesseswhich involves in mostly services have to differentiate among themselves by means of developing innovative products, excellent quality, and effective service to its customers.Marketing is not all about selling and selling is one of the crucial aspects of marketing, todaycompanies tend to focus more on selling, failing to look at other important areas of marketing.In any organizational context it is vital to understand the orientation of the business i.e. whether the company is focused on mass marketing ideally known as Production Oriented, or concentrating on a particular product that offer the most quality, performance and innovativefeatures i.e. Product Oriented.Aggressive selling and promotional efforts to sell its product to the customers is identified as aSelling Oriented organization. However orientations such as production concept are disappearingdue to the dynamic changes in tastes and fashions, customers now prefer varieties of goods andservices in the market rather not opting for a standardized product. Nowadays organizations are more focused on ³sense and respond´ philosophy rather ³make andsell´ oriented, simply is not to find the right customers for the products but the right products for the customers.With reference to the above analysis it can be noted that Banking as a service can be classifiedmore towards a selling concept and Pan Asia Bank can be recognized as a company that bases itsoperations on selling that speaks about promoting the existing products using aggressive sales, promotional campaigns. The idea behind a selling concept is to ensure there are more sales tomore people more often to make more money in order to make more profit.
 
However a selling concept has its own share of limitations, Since the concept assumes that thecustomers are not conscious and that they will buy what the advertisements and promotions tellthem to buy but in reality it is not so the case. It does not take into account the customer needs, it just focuses on what the firm produces and ways to sell that product. Marketing that is based onhard selling would face risks means that customers who are interested into buying the product/service would anyway like it and buy it and if they do not they would not return.Hence in order to overcome such issues it is advisable to adopt a more marketing related/orientedconcept in the organization this would ensure a smooth operation. The marketing concept is thekey to achieving organizational objectives being more effective than its rivals in the industry indelivering, creating and communicating an added value to its customers.Building a Marketing oriented atmosphere at Pan Asia Banking Corporation (PABC)The major feature of the marketing oriented organization is that they are aimed to stay closer tothe customers and ahead of their competitors. The reason is that the basic aim of theseorganizations is to attract the customers.There are four major characteristics which define the marketing oriented organizations includingshared values, organization, strategy and stakeholders.
 
F
irstly, all decisions of these companies consider the customers first and they share thecommon value of superior quality of products.
 
Secondly, their organizational structure has very few layers and their policies are not verydifficult.
 
Thirdly, the strategy of a market oriented organization is long term, flexible and participative.
 
F
inally, they consider the expectations of the stakeholders before making any importantdecision

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