ST. George implements market orientation (p26) Essay

ST. George implements market orientation (p26) - Essay Example Many commercial banks and investment banks were bound to close their shutters. Almost all of the major economies have suffered recession. Therefore, it is obvious that such a crisis would have effect on this leading bank of Australia. But the extent of the affect would be much less than its global peers. The reason behind such an impact is basically because of the strong regulatory norms prevalent in Australia. The micro environment of marketing includes the consumers, the suppliers and the stakeholders. The broader form i.e. the macro environment comprises of factors like political, social, environmental and technological. The bank has been undertaking various measures to ensure that the customer focus is maintained. It has developed new distribution channel and also trained the staffs such a way that can be beneficial to the customers and thereby providing for a new customer relationship management. With such emphasis on the customers, the bank can definitely hope to create value for the stake holders. The macro environmental factors also contribute towards the customer orientation. Politically the nation is quite stable. The take over of the St George Bank by the Westpac is expected to have long lasting effect on the economy of the nation. The technology has also been utilised prudently by the bank. Market orientation can be referred as the business philosophy that helps to identify the stated or the unstated need of the consumers. The objective of the bank is to utilise the environmental factors, both internal as well as external, towards customer satisfaction of the customers. Therefore, it can be well understood that the market orientation ultimately deals with the customers. St George Bank has taken steps to ensure that the organisation recruits team members with right blend of attitude and skill so that the customer orientation gets the maximum focus. The St George Bank has been doing quite well in the recent past. The bank is regarded as the