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Issues related to the establishment of the center brand Bank for Foreign Trade of Vietnam - Vietnam Essay Example

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Issues related to the establishment of the center brand Bank for Foreign Trade of Vietnam - Vietnam

The Bank for Foreign Trade in Vietnam is a large organization with a vast network including more than 357 transaction offices and branches. The bank thus has a huge number of customers and constructs huge volumes of transactions every day. The Bank has always focused on efficiency in their operations, providing value to the customers and improves the quality of management and corporate governance practices (Jenkins, 2004, pp. Though the Bank for Foreign Trade in Vietnam is the largest bank in the region, yet with the changing global landscape of customer services, sustainability factors and competitive levels, it becomes critical for the bank to have a dedicated brand centre that would work towards creating improved brand recognition, awareness and brand value. The most important work of the brand centre will be to cement the brand value among the customers. The creation of more brand value and awareness would increase the customer acquisition as well as customer retention in the business which in turn would improve the profitability, sustainability and competitiveness of the bank. A brand centre would cater effectively to the development of brand value by communicating the performance, products and services, values and philosophy, achievements and awards, objectives and functionalities of the bank to the existing and the potential customers. Also, the brand centre would act as a separate department focused on maintaining the value of the resources and activities that contribute to the establishment of the bank as a reputed brand. The Vietnamese economy is a rapidly growing economy with extensive trends of privatization, liberalization and globalization in the region. Also, the country is focusing on increasing the free trade flows and practices. In this background, it is critical that the Bank for Foreign Trade implements innovative and beneficial marketing strategies to ensure that the established brand value is maintained in the economy (Meyer and Nguyen, 2005, pp. The establishment of a brand center is one such strategy that would help the bank to improve its sustainable competitive advantage.For the successful establishment of a brand center, the Bank must start with analysing the current market situations in the country. The bank should follow this up with suitable research on the future trends and demands in the market to understand the changes that are likely to affect the business in the coming

References

Dawar, N. & Chattopadhay, A. 2002. Rethinking Marketing Programs for Emerging Markets. Long Range Planning. Vol. 35(1), pp. 457-474.

Estrin, S. & Meyer, K. E. 2004. Investment Strategies in Emerging Economies. Cheltenham: Elgar.

Jenkins, R. 2004. Vietnam in the Global Economy: Trade, Employment and Poverty. Journal of International Development. Vol. 16(1), pp.13-28.

McMillan, J. & Woodruff, C. 1999. Marketing Distribution in Vietnam. Journal of Law, Economics and Organization. Vol. 15(3), pp. 637-658.

Meyer, K. E. & Nguyen, H. V. 2005. Foreign Investment Strategies and Sub-national Institutions: Evidence from Vietnam. Journal of Management Studies. Vol. 42(1), pp. 63-93.

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preview essay on Issues related to the establishment of the center brand Bank for Foreign Trade of Vietnam - Vietnam
  • Pages: 10 (2500 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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