Akbank 1. Write a directive to the Director of Marketing and Communications outlining the exact strategy they should take to a) write an external public response addressing the situation and b) develop a short and long-term marketing strategy going forward

To: Director of Marketing and Communications

From: Chief Executive Officer

Date: 31 June 2017

RE: Short and Long-Term Marketing Strategy

Short-term marketing plans are also referred to as strategic plans as they lay emphasis on the marketing activities in the forthcoming financial year. Essentially, these plans highlight details on the phases Akbank will undertake in the promotion and advertisement of its goods and services. Taking into consideration that one of the short-term objectives of the bank is to generate increased revenues and returns within the financial year, the strategy that we can take is to hire an advertising and marketing consultant or expert to aid in the analysis and capitalization of the financial institution’s consumer purchasing trends. In addition, it will be necessary for Akbank to assess and fully comprehend its key competitors and ascertain the different services and financial products they offer that Akbank does not. Moreover, Akbank can make use of this research data and information to come up with a new marketing and advertising campaign that delineates the distinctive points regarding our business and products. Another short-term marketing strategy will be to refine the consumer service research practice and procedure to encompass incentives and questionnaires to consumers to grasp what the company can do better and improve its performances (Williams, 2017).

On the other hand, long-term market plans take into consideration marketing activities that surpass one-year financial period, and more often than not lays emphasis on five to ten years. In particular, this is undertaken in alignment with instituted corporate strategic periods and as a result these marketing activities provide support to the organization’s general business goals. With progressively more banks entering into the market, one of the long-term strategies of Akbank is building and increasing its name recognition and acknowledgement within the Turkish and European community by means of community outreach projects. For instance, the bank can reward the personnel that participate in volunteering with selected community projects with extra vacation, gratuities, or gift cards. Moreover, the organization can opt to create and set up charity events every year to sponsor, which will increase the name and reputation of Akbank. In addition, Akbank is largely in the business of credit cards. This implies that it has to increase its consumer base. Another long-term strategy takes into account increasing traffic into the website of the bank. Progressively more consumers will be able to obtain information regarding the bank’s business operations through its website at all times, which may increase a more consistent audience (Williams, 2017).

2. Write a directive to the Director of Human Resources outlining your strategy for how to recruit, retain and motivate employees

To: Director of Human Resources

From: Chief Executive Officer

Date: 31 July 2017

RE: Strategy for Recruiting, Retaining, and Motivating

With Akbank entering and having its operations within the European Union, it is imperative to recruit new personnel, retain the current set of experienced employees and also motivate them in general. Irrespective of what is taking place in the economy, it is imperative for the organization to offer a workplace setting that is appealing and motivating to employees in order to retain the prevailing workforce but also easily recruit new ones. Understanding the job market is vital in having successful recruitment strategies. Akbank will need to be ready to increase its level of productivity through technology and training. As the Director of Human Resources, it is imperative to ensure that Akbank hires personnel with the right attitude for the company. This takes into account the individual’s perspective, manner and general disposition towards another individual. The company should hire people with positive attitude, which will be mirrored in their behavior of reacting positively in majority of the situations (Clearfit, 2012).

Aside from recruiting new employees, it is essential to retain and motivate them. First and foremost, one of the key aspects of the strategy takes into account growing and developing the potential of the employees. A significant way of retaining employees is offering them the opportunity of developing their career and experiencing greater challenges. Every personnel that performs efficaciously expects to be challenged, and with their work expectations being increased,...

Akbank as an organization should also grant its employees a chance to build and develop a career and not simply earn money. Our strategy to retain employees should clearly show every personnel how they can make a step further in their careers. This will not only give them a substantial reason to stay, but it will also be beneficial in increasing the level of productivity within the organization (Aileron, 2011). Another important aspect that ought to be integrated is the recognition and rewarding of employees. It is imperative to note that wages and remunerations may attract employees to join our institution, but it is key to ensure that we make them stay. Notably, individuals have a fundamental need of having the feeling of appreciation and acknowledgement of their work. The recommended strategy is putting in place acknowledgement and incentive programs that will accomplish this necessity. Once assimilated with suitable payment and compensation to the employees, this will enhance the overall attitude of the employees (Smith, 2017).
An additional way to motivate the personnel is ensuring that they are happy. It is important to note that ultimately, if the workforce is happy with respect to the different tasks at hand, then the employees are motivated to do their best. One of the key ways of making sure the employees are happy is providing them with work-life balance. The financial and banking field is demanding and it is significant to make certain that at the end of the day the employees have sufficient time to spend with their families. As the HR Director of Akbank, this can be accomplished by having awareness as to whether personnel are satisfied or not. This also encompasses laying emphasis on different manners in which Akbank’s business operations and staff can continuously improve. Motivation can also be accomplished through trust. Employees want to know that their different managers and supervisors are looking out for their best interests, and this in turn gives them the motivation to be successful. It is the task of such managers and supervisors to make certain that this particular trust is created with their personnel and to have the capacity to communicate efficaciously with every person and nurture constructive relationships (Walters, 2010).

3. Construct a set of data-driven questions for the Chief Operating Officer to produce. Explain why you are looking for this information and what you expect to do with the results

To: Chief Operating Officer

From: Chief Executive Officer

Date: 31 July 2017

RE: Data-driven Questions

As the CEO of the organization, at times it is enticing and inviting to depend on my gut for the different decisions undertaken in our business operations. However, it is at these times that you as the COO of the organization become efficacious and stop me or hold me back and necessitate for data to be involved as a guiding principle for decisions. Taking into consideration that you are liable for making certain that Akbank’s strategic vision is transformed into profitable and cost-effective business operations, as the chief operating officer it is imperative to be data driven. That is, instead of letting the bank’s business be directed by dispositions or gut feelings, it is important to ensure that the business operations are steered by data (Caldbeck, 2014).

The following is a set of data-driven questions for you as the COO to produce with an elucidation as to why I am seeking this information and what I plan to do with it.

i. What are the key performance indicators that should be taken into consideration in the financial year?

The application of strategic key performance indicators is beneficial in the quickening and speeding up of the company’s vision and strategic objectives. Nonetheless, caution is essential and needs to be taken into consideration when assimilating them with operational metrics, owing to the reason that the periods necessitated for measurement can be considerably dissimilar. Moreover, through the use of KPIs, it will be possible to objectively and hastily ascertain how efficacious an operational decision was. However, it is more challenging to get that timely feedback with respect to the firm’s strategic decisions. There are different ways in which I can use this information. In particular, aside from operational KPIs, through the addition of strategic KPIs, for instance longstanding revenue growth, the efficacious accomplishment of change projects, as well as capacity development. More importantly, it will be able to determine the progress and performance of Akbank in general. As the COO, the information you provide will be able to help in determining numerous key performance indicators for both strategic and operational problems within the…