Project Management Assignment: Customer Satisfaction Issue in Banking Industry
Task: Write a report on project management assignment on the process of applying the project management approached to manage the fuzzy front end of entrepreneurial ventures and/or to address the creation/scalability of enterprise, the market and the product.
In this assessment of project management approach, it is about formation of high sophisticated and complex ideas for business growth. It is observed that in process of project formation, concept of investment is necessary for gaining revenue. Therefore, project approach of management and for becoming an entrepreneur definite amount of investments is necessary. In fact, it is analysed that management of project is consisted of relevant procedures and progress with systematic manner. The necessary requirements required for project management creation such as promoter, details of products, marketing & market perspectives, relevant location, process of production, utilities, and communication.
Accordingly, it is observed in matters of entrepreneur's project management process different new ventures products and services can be set easily. In order to make an entrepreneur business successful different types of project management is needed in an organisation for stepping towards better business in context of markets. This project management assignmentprimarily focuses about the issues faced in path of entrepreneurship business and new opportunity gained for meeting daily challenges.Henceforth, it is observed that business issues are analysed in opportunity and business validation is presented in opportunity exploitation. Market concerns and necessary objectives are gained from implementation of opportunities.
Assessment of Business problem
In the context of entrepreneurial opportunity, the business problems faced is thelesscustomer satisfaction. It is observed that, customer management and satisfaction is an important issue that can lead to recession of business. In this development of entrepreneurial opportunity in business for lack of customer satisfaction such asfinding new customers, keeping existing customers, selling to existing customers and improvement of customer services. This type of customer related issue is based on demographics of consumers (Khomyakovet al. 2020). In this demographics analysis of consumer's issues, this issueis overcome with the help of targeted markets and preferred products by consumers. In matters of finding new customers, this consisted of different individual problems such as asking for referrals inbusiness network, re-contacting old customers and retaining customers are the part of customers problems faced in business. In matters of keeping existing customers in business, the issues are faced such as less royalty programs, poor customer service and poor marketing strategies. Thus, in matters of entrepreneurship customers satisfaction becomes an important part of business and can be problem for business.
Figure 1: The outcomes of less customer satisfaction
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Selling to existing customers and improvement of customer services are interrelated in context of business problems. A selling more to existing consumers’ needs to be implemented with proper business deals and more discounts options. It is observed this betterment of selling options to customers can be incorporated with social media for overcoming fewer sales. In the matters of customer problems, improvement for services of customers is one the major problems faced in process of entrepreneurship (Nuseirand Madanat, 2017). The major portions of issues are bad answering to customer questions, frequently transferring calls to another department, dealing with customers in haste way and less discounts provided to consumers.
What are the beneficial ideas to address business problem identified in the present context of project management assignment?
The business issues faced in this process of entrepreneurship is lesscustomer satisfaction and this is overcome with the help of nine blocks in business.These nine blocks of business model is consisted of customer segments, proposition value, channels, customer's relationships, streams revenue, resources key, activities key, partnership keys and structure of costs. It is observed that customer a segments perspective is used for understanding the customers segments of different people in organisations (Akhmetshinet al. 2019). It is observed herein project management assignment that for business or entrepreneurship process, consumers are the impotent parts of business growth. This customer segments are consisted of different examples such as business market, niche markets, multi sided markets and diversified markets.Proposition valueis the solution for customer satisfaction process, it is done with services, and products are offered for creation of values(Osterwalder & Pigneur, 2010).
Figure 2: The nine blocks used for addressing business problem
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This value propositions process assists consumers for dependencies on different types of organisation. The significant part of value propositions are consisted of performances, newness and better customizations. Channels are the most important part of consumer's formation in creation of organisational connectivity and delivery of value propositions. Accordingly, this channel is consisted of two formats such as phases & types. The phases of channels are consisted of sales force, wholesaler, own stores, web sales and partner stores for better customers satisfaction in entrepreneur. Apart from this, the types of channels are awareness, evaluation, delivery, purchase and after sales (Butleret al. 2020). Customer's relationshipsand the other parts of solution for addressing are based on retentions of customers, acquisition of consumers and sales boosting. In a business model, this customer's relationship is integrated with self-services and business communities.
Addressing of business industry andAssessment of Market attractiveness
The industry that is being used for addressing in this entrepreneurship formation is theprivate banking industry. Accordingly, it is observed that private banking industry or market is attractive because it is a service that provides business to wealthy to lower section of society. The bank services of Swiss have changed drastically changed in terms of performances and outcomes about providence of money management(Steveblank.com. 2011). A recent concept of vertical bankingintegration has taken place for outsourcing costs and referring private banks to everyone with confidentiality terms. In context of Zurich based banking systems have implemented latest business model.
This banking system is called as transaction oriented platform for banking business. It is observed that this transaction system is offering banking securities with banking services. Accordingly, this business sector is interesting as it operates with customer relationship based business. In this sector, primary works with process of efficiency and cost process of transactions that boosts sales process and attracts more customers (Trashlievaand Radeva, 2018). These types of private banks follow different interactive models of business with effective client relationships, manager's relationships and customer relationships. The reasons for attracting business is banking sectors as it is used for building safe financial operations with better integrity and stability.
Assessment of targeted customers and Envisage of revenue stream
In this process of entrepreneurship, it is observed that, above banking industry primary targeted customers are Non-customers, Low-valued customers, Medium-valued consumers, High-valued consumers and Ex-Consumers.
The primaryenvisage of revenue stream for banking sector is consisted of recurring revenues and transaction revenues process. Apart from this, the types of revenue stream envisage such as assets sale, usage fees, lending fees, licensing fees and subscriptions fees. This asset sales is a part of revenue stream envisage with process of selling ownership rights to a physical products.Thus, the ownership rights such as selling of music rights, consumers electronics, books and automobiles in online platforms (Thompsonand Friess, 2019). Thus, it gives the buyer right to make free drive and even destroy the products. In matters of usage fees, it is about the generation of revenues streams from particular services.
Figure 3: Targeted customers in the banking sector
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The most important part of this usage fees is directly proportional with usage of services by consumers. Accordingly, it is observed in this project management assignment that hotel services and any other business sectors charges based on consumptions.Lending feesis about temporary process for generation of revenues streams. This process works with granting permission the rights of any products for usage in a fixed time for gaining fees.Licensing fees and subscriptions feesare done with process of giving consumers the options in matters of using protected intellectual property in exchange of particular fees. This licensing revenue generation helps holders for gaining revenues on the properties and products that are being created for commercial purposes.Subscription fees are a process that is used for gaining revenues with a process of selling services to required patrons (Burtet al. 2017).These types of subscriptions fees are present in different types of games and lending library books on the matters of subscriptions fees.
Plan for getting market share of current competitors and Thwart of future competition
In this process of gaining market,the plan to share from the current competitors is based on process of employee centred, high offer of services and cost focused. In the concept of employee centred aspects, it will provide great benefits in terms of getting market share from competitors. Employee centredoptionsassisted with engaged employees & committed employees. This employee centred options for organisation leads to effective communications and positive effects in business. The other options gained from employee centred organisation such as satisfied customersand better profits &organisational growths.Therefore it is observed, this process helps for taking away the market share from the competitors.
The other step of high offer of servicesin an organisation mentioned in this segment of project management assignmentcan be described with the process of quality of services.This service of organisational benefits is consisted of process quality, physical quality, product quality, interactive quality and organisational quality. This process quality benefits for organisation perspectives is about steps of productions & processes in matters of services to customers (Lopes, 2016). Quality is also a part of high offer of services in contexts of organisations.Physical qualityin an organisation is about the steps are present for referring of goods and better official services in context of organisations.Product quality, interactive quality and organisational qualityare the high offer of services that is evaluated in context of consumers and approach of firm. This better process leads to taking away of market share from competitors.
In this process of thwart forfuture competitionsin organisations is incorporated with steps of understanding strength & weakness of competitors, better analysis of targeted consumers, and formation of responsive patron support andimprovement of marketing strategies. The process of finding strengths and weakness leads is a best ways to thwart the process of future competitions with the competitors. A better understanding of needs about patrons generates demands and necessities. Targeting new consumers lead to attracting new customers and thus reducing marketing competitions with competitors (Mohelskaand Sokolova, 2018). Customer support and better marketing strategies leads to satisfaction of consumers and assists in formation strong relationships. Marketing strategy is also an important option that is having flexible and self-evolving foremerging of desired outcome.
Validation of ideas for working
In this process of validation about the ideas such ascustomer segments, proposition value, channels, customer'srelationships, streams revenue, resources key, activities key, partnership keys and structure of costs. These types of ideas for overcoming the issue of customer's satisfactions outlined in this scenario of project management assignment can be validated such as Customer segmentsprocess is used for overcoming the issue of customer satisfactions and this idea can be validated withprocess justification of offers and need of requirements. This step can be also being validated with the process of reaching to different channels for distribution.Apart from this, customer's segments process of validation is required with formidable of many types of relationships(Heizer, 2016). It is observed this idea can be validated with types of many forms of relationships with customers. Accordingly, it is observed that diverse types of substantial profit abilities are gained with blocks for customer satisfaction segments.
Proposition valueis useful as a form of validated ideas for mitigating customer satisfaction issues with introduction of value propositions. This idea can be validated with protocols of better design, brand status and pricing of products (Kankhva, 2016). It is observed that pricing strategies can lead to offerings of lower value products for attracting more patrons. Apart from this, lower prices services and better quality of products is a validated option for overcoming customer satisfaction problems.
Channelsprimary validated options for overcoming patron's problems through providence of rising awareness about organisation services and products. The other validated options are providing support to customers in matters of proposition value about patrons. It is observed that services and products allowance to every patron is an effective validated point of this entrepreneurship opportunity. The other points of customer'srelationships, streams revenue, resources key, activities key, partnership keys and structure of costs also offers effective evidence for point validation of overcoming customers satisfaction.
Assessment of project manager role in exploiting entrepreneurial opportunity
In the process of analysis role for project management, such as planning of resources & activities, motivating of project teammates and its organising, time management, development of budgets, ensure of satisfaction of consumers, management of project risks and analysis, progress monitoring and necessary documentation process.Therefore, it is observed in this section of project management assignment that this role of project management is being utilised in context of entrepreneur opportunity such as employee centred, high offer of services and cost focused(Just, 2020). Accordingly, it is observed that for processing of planning & activities are directly related with cost focused, high offer services and employee centred. This is incorporated with resources planning & activities as this step involves cost focusing, high offering of services and employee focused for meeting project deadlines.
Figure 4: Project management role process
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Motivating of project teammates and its organisingis also an important part for a team to be having effective costing methods, better services and employee focused. This process required team effort with better processing of works. Thus, with the help of above plans, clear approaches and better ideas are gained for motivating teams and controlling teams. This, good ways of business offers clear way for following final goals.
Time managementis an important part of project management;this process is achieved with utilizing process of employee centred, high offer of services and cost focused. In this project management method, meeting time deadlines in matters of good projects are based on high offer services, employee centred and high services.
The other process of project management such as development of budgets, ensure of satisfaction of consumers, management of project risks and analysis, progress monitoring and necessary documentation process are covered with ideas of overcoming competitors such as better employee services, high organisation services and cost focused. These types of process are consisted of budget formations and satisfaction of customers.
Assessment of project management approach for delivering opportunity
The project management approach that is useful overcoming the challenges for delivering entrepreneur opportunity is Time management. This approach of project management is important in terms of overcoming the issues as; this project management assists in determination of perfect timings for project delivery. In this project management process, managers have the idea of deadlines meetingsand have ideas for communicating with teammates properly.
In order to offer better delivery of the project, it is analysed that a proper management of time in project leads to delivery of project in before deadline. The activity involved in this management of project results in team management sequential activity (Daneikinet al. 2019). Time management approach in project management leads to effective gain of more opportunities by utilising time. Maintenance of schedule is an important part for management of activities.It is observed that better ability to management of time lead to processing of teamwork with great confidence.
Therefore, from the readings developed in this project management assignment, it is observed that time following activity results in better offer of better understanding among teams.It is observed that development of communication among managers and employees is the results of effective management of time. An effective process of planning is also an outcome for management of time for success about projects. Apart from this, the necessary benefits for time management protocols are based on forming clear priorities. This priorities support in determining of projects time valuable as urgent project, not urgent and least urgent.
Hence, it can be concluded herein project management assignmentthat in aspect of business project formation with business model it is primarily done for revenue growth. It is observed for processing of entrepreneur opportunity, the necessary business issue is analysed for better progression in future. Thus, the problem is analysed in this process of solving business for less customer satisfactions. Therefore, in problems faced based on customer satisfaction is finding new customers, keeping existing customers, selling to existing customers and improvement of customer services. These types of issues are mainly based customers demographics, difficulty in contacting old consumers and selling to existing customers. In order to address these types of problems, diverse steps are analysed such as nine blocks of business. These types of business blocks are customer segments, proposition value, channels, customer's relationships, streams revenue, resources key, activities key, partnership keys and structure of costs.
Apart from this, the chosen industry for addressing this problem to overcome is private banking industry. It is observed that different banks use diverse type of banking process such as vertical banking integration and transaction oriented platform. It is observed these types of business platforms offer better banking services and securities. An interactive modelis also followed by these banks for customer relationship, client relationship and manager's relationship. The targeted customers for advertisement of banking sectors areNon- customers, Low-valued customers, Medium-valued consumers, High-valued consumers and Ex-Consumers. The envisage aspect of revenue stream are based on assets sale, usage fees, lending fees, licensing fees and subscriptions fees. In order to overcome the high competitions of competitors certain process is implemented such as employee centred, high offer of services and cost focused.
Considering the above analysis on project management assignment, it can be recommended that, the process of entrepreneurship can be turn into more successful way with details of workflows. This workflow ideaassists in guiding this entrepreneurship organisation for growth.In matters of management of project, it is observed that tracking projects milestones and identifications of business process leads to success. Accordingly, it is observed that for working with good outcomes in business, implementation of better tools are required for management of projects. Tools that assist in management of business process as visual thinking tools, for better clarification of business ideas. Apart from this, design tools are used for analysis of business requirements and necessary skills for completion of business projects. Therefore, in matters of management for project of entrepreneurship it is necessary to make business plans, evaluate business plans and adjust business plans for correction respectively.The business plans needs to be based on models for business and must be incorporated with computer approach or paper based approach.
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