The Development of Competitive Strategy for Business Organization in Financial Services

Main Article Content

Poranee Loatong
Kamonthip Maichum
Surakiat Parichatnon
Kwanruan Pusaboon
Naknalin Intanupat

Abstract

Competition in the financial services business is running high. A good competitive strategy is needed as an important tool to gain advantages in competition. This study aims at exploring the competitive strategy of the Kor Koe Credit Union Cooperative Limited, a financial services organization in Surin Province. The study was made by collecting data through intensive interviews of the organization’s board of directors. Then, all data was analyzed for an internal context of the organization using PRIMO-F. An analysis model was created and the business environment analyzed for a strategic plan using the TOWS Matrix technique. The indicator of success was made with the Balanced Scorecard. The study concluded that the financial services business strategies could be classified into (1) a strategy for innovation and technology development to provide smart financial services, (2) a strategy for organizational culture development to support changes in the 21st century, (3) a strategy for promoting the Kor Koe Credit Union Cooperative Limited as a learning organization, and (4) a strategy for developing the organization’s creativity and innovation for improving the quality of products and services by using 10 indicators of success after the strategy implication.

Downloads

Download data is not yet available.

Article Details

Section
บทความวิจัย (Research Article)

References

Abhakorn, P., Charumilind, C., Tiantitikul, R., Pinyoanantapong, N., Paiwan, T., Pholpipattanaphong, P., ... Rangsi, P. (2011). The roles of microfinance in promoting financial access. Bangkok: Office of Financial System Policy and Financial Institutions. [in Thai]

Aminzadeh, A. (2009). Customer acceptance and bank employee perceptions of internet banking (Master independent study). The British University, Dubai.

Baryniene, J., & Dauknyte, B. (2015). Creativity as the main factor for organizations’ success: Theoretical approach. European Integration Studies, 1(9), 235-243.

Belas, J. (2012). Social responsibility and ethics in the banking business: Myth or reality? A case study form the Slovak republic. Economic Annals, 57(195), 115-137.

Bjornebekk, G., Diseth, A., & Ulriksen, R. (2013). Achievement motives, self-efficacy, achievement goals, and academic achievement at multiple stages of education: A longitudinal analysis. Psychological Reports, 112(3), 771-787.

Certo, S. C. (2009). Modern management (8th ed.). New Jersey: Prentice-Hall.

Chen, M. (2005). Ethics: An urgent competency in financial education. Journal of American Academy of Business, Cambridge, 6(2), 74-79.

Credit Union League of Thailand Limited. (2019). Credit union history in Thailand. Retrieved from https://www.cultthai.coop/cultthai/index.php/2017-05-24-02-43-05/cu-history1-2 [in Thai]

Dararuang, K. (2017). Product development and marketing strategies of Ban Khao Laem Community Enterprise, Nakhon Sawan province. Suthiparithat Journal, 31(100), 130-143. [in Thai]

Demir, R., Wennberg, K., & McKelvie, A. (2017). The strategic management of high-growth firms: A review and theoretical conceptualization. Long Range Planning, 50(4), 431-456.

Ennis, M. R. (2008). Competency models: A review of the literature and the role of the Employment and Training Administration (ETA). Washington, D.C.: Office of Policy Development and Research, Employment and Training Administration, U.S. Dept. of Labor

Harrison, J. S., & John, C. H. S. (1994). Strategic management of organizations and stakeholders: Theory and cases. n.p.: West Group.

Healy, P., Serafeim, G., Srinivasan, S., & Yu, G. (2014). Market competition, earnings management, and persistence in accounting profitability around the world. Review of Accounting Studies, 19(4), 1281-1308.

Hrebiniak, L. G. (2013). Making strategy work: Leading effective execution and change. New Jersay: FT Press.

Kadar, M., Moise, I. A., & Colomba, C. (2014). Innovation management in the globalized digital society. Procedia-Social and Behavioral Sciences, 143, 1083-1089.

Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard: Measures that drive Performance. Harvard Business Review, 70(1), 71-79.

Kim, D. Y., Kumar, V., & Kumar, U. (2012). Relationship between quality management practices and innovation. Journal of operations management, 30(4), 295-315.

Kim, S. S., Lee, J., & Prideaux, B. (2014). Effect of celebrity endorsement on tourists’ perception of corporate image, corporate credibility and corporate loyalty. International Journal of Hospitality Management, 37, 131-145.

Kotler, P., & Armstrong, G. (2010). Principles of marketing. London: Pearson Education.

Kotler, P., & Armstrong, G. (2014). Principle of marketing (15th ed.). New Jersey: Pearson Prentice Hall.

Kungla, C., Raksong, S., & Erawan, T. (2014). Effects of corporate image management on customer satisfaction of agricultural product exporting businesses in Thailand. Journal of Humanities and Social Sciences, Mahasarakham University, 33(1), 45-53. [in Thai]

Nguyen, N., Leclerc, A., & Leblanc, G. (2013). The mediating role of customer trust on customer loyalty. Journal of Service Science and Management, 6(1), 96-109.

Nongkran, C., & Chirath, K. (2018). Strategic management of social enterprise to Thailand 4.0. Payap University Journal, 28(1), 1-18. [in Thai]

Porter, M. E. (1998). Competitive strategy: Techniques for analyzing industries and competitions: With a new introduction. New York: Free Press.

Porter, M. E. (2008). The competitive advantage of nations. New York: Macmillan.

Proyrungroj, R. (2008). Service psychological. Bangkok: O.S. Printing House. [in Thai]

Ramos, M. T., Morales, V. J., & Sanchez, E. (2012). Technological distinctive competencies and organizational learning: Effects on organizational innovation to improve firm performance. Journal of Engineering and Technology Management, 29(3), 331-357.

Robbins, S. P., & DeCenzo, D. A. (2004). Management. London: Pearson Education.

Rothaermel, F. T. (2013). Strategic management: Concepts and cases. New York: McGraw-Hill.

Sarawut, P. (2011). A study of factors affecting the adoption of electronic commerce technology of small and medium enterprises (Master independent study). Thammasat University, Bangkok. [in Thai]

Suk-Anek, A., & Dhebpanya, P. (2018). Management strategies of private commercial banks to be a high-performance organization. Journal of Humanities and Social Sciences Review, 21(2), 325-345. [in Thai]

Supanee, S. (2010). Strategic management: Concepts and theory (3rd ed.). Bangkok: Thammasat University Press. [in Thai]

Tongyam, P. (2017). The importance of service quality for business success. Kasem Bundit Journal, 18(1), 219-232. [in Thai]

Townsend, R. M. (2011). Financial systems in developing economies: Growth, inequality and policy evaluation in Thailand. New York: Oxford University Press.

Turker, D. (2009). How corporate social responsibility influences organizational commitment. Journal of Business Ethics, 89(2), 189-204.

Vila, L. E., Perez, P. J., & Coll-Serrano, V. (2014). Innovation at the workplace: Do professional competencies matter?. Journal of Business Research, 67(5), 752-757.

Wannaporn, T. (2010). Strategic management and marketing strategy for the competitiveness of the motorcycle distributor business: A case study of JRY limited partnership (Master independent study). University of the Thai Chamber of Commerce, Bangkok. [in Thai]

Weng, M., Ha, J. L., Wang, Y. C., & Tsai, C. L. (2012). A study of the relationship among service innovation, customer value and customer satisfaction: An empirical study of the hotel industry in Taiwan. International Journal of Organizational Innovation, 4(3), 98-112.

Wheelen, T. L., & Hunger, D. J. (2008). Strategic management and business policy (11th ed.). London: Pearson Education.

Wheelen, T. L., & Hunger, J. D. (2012). Concepts in strategic management and business policy: Toward global sustainability. London: Pearson.

Yaeger, T. F., & Sorensen, P. F. (2009). Strategic organization development: Managing change for success. Charlotte, NC: Information Age.

Yakean, S., & Homboonma, P. (2016). Factors influencing the adoption of Government Savings Bank’s financial services in urban and rural areas in Lampang province. Journal of Business, Economics and Communications, 11(2), 160-171. [in Thai]