Demographic Segment: Mainland China is step into an aging population society because of one-child policy. Aged people think that state-owned banks are more trustable such as China Bank and ICBC. HKBC should have some strategies towards these senior citizens to compete with the other big state-owned bank. Raising affluence and level of education is another demographic trend in China. People are more like to manage their income in portfolio rather than just saving and withdrawing. A larger population and almost all the affluent people distribute in east coast of China. So it is a chance to develop multi-financial service in these areas. However, China also has great disparities in income level and living standard. So to develop premium products or basic products is another strategy to think about.
Sociocultural Segment: Women have relatively high status in China than other countries. More women work in different field, especially at some high-salary positions. Dual-income families have financial ability to improve living standard. And it is a great chance to attract more potential female customers who are loyal consumers of brands. Increasing temporary workers is another trend in China today. They work in cities from rural areas where might not have commercial banks. So complicated financial services are not work well for these people.
Political/legal Segment: In 2003, China amended Law of the People’s Republic of China on Commercial Banks. And the rules towards banks are completing.
The Business plan on Appraising and Rewarding Performance of Manulife China Bank Life Assurance Corporation
It is one of the oldest insurance firms in the country. The firm received its license to operate in Manila in 1907, twenty years after the company was first established in Toronto, Canada in 1887 by Sir John A. Macdonald, who at the same time was Prime Minister of Canada. Manulife Philippines was the first foreign company to list in the Philippine Stock Exchange, and is among the top five life ...
Technological Segment: Technology in China today had created an open door opportunity with it high speed online connectivity and capability, automation and its rapid change of technology. HSBC have the change to use these advantages to improve their capability in business. Moreover, the advances in IT to generate process efficiencies also served as impetus for the growth of bank industry (Strategy, 2010).
These allow departments share information and data, reduce cost and improve customer service as a major breakthrough for the express banking industry. Online bank and phone bank become a trend in the advent of high-tech.
Economic Segment: Highly increasing GDP and CPI in China reveal the resurgent economy after 2008 economic crisis. It is also a resurgent of banks and financial institutions.
Global Segment: Chinese economy has been in an emergence stage after getting into WTO in 2001. And the exchange rate of RMB is increasing. Rising inflation and global competition gave rise to greater pressures on businesses to minimize the costs of operation and also created demands for speed and accuracy in all aspects of business. HSBC was rolling in a scandal of laundering money for terrorist. This heavily effects the brand reputation of HSBC.
