Developing successful new services for banks in Hong Kong : an empirical test on the new service development model

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Developing successful new services for banks in Hong Kong : an empirical test on the new service development model


Author: Yiu, Yuk-wah Cindy
Title: Developing successful new services for banks in Hong Kong : an empirical test on the new service development model
Degree: M.B.A.
Year: 1999
Subject: Banks and banking -- Customer services -- China -- Hong Kong
New products -- China -- Hong Kong -- Management
New products -- China -- Hong Kong -- Marketing
Product management -- China -- Hong Kong
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Management
Pages: vii, 70, [46] leaves : ill. ; 30 cm
Language: English
Abstract: New services are developed under an organizational environment with specific settings like organization structure, culture, climate and varying degree of management support. In a comparative analysis between European and North American companies, a model on new product development highlighted four organizational factors that influence new product success. This model conceptualizes new product development from an organizational perspective. Like other service organizations, banking service has its special characteristics like intangibility and inseparability that managers have to address when they develop a new financial service. Financial institutions typically cannot rely on product advantage as a sole means for ensuring the success of new service. Managers must understand the totality of the service offering from the customer's perspective. Customer's purchase of a service is influenced by factors like the bank's reputation and its distribution strength. The model that explains the total service offering is the Augmented Service Offering (ASO). By drawing on the management, marketing and business literature, an integrated model (IM) on new service development was developed. Four dimensions of factors having impact on new service are identified. These dimensions of factors were then tested against new service development for banks in Hong Kong. The results show that these factors have different contribution on various aspects of new service success. For example, investment in systems enable the company to reposition themselves but have little impact on profitability while staff training and skills improvement generates profit and sales. Managers in planning and evaluation of new product development are recommended to recognize these variations and be realistic in their new service goals.

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