Feasibility of Implementation of Strategic Management on Brand Identity of Sepah Bank

Transcription

1 Online Access: Management an Aministrative Sciences Review Volume 4, Issue 3 Pages: May 2015 e-issn: p-issn: X Feasibility of Implementation of Strategic Management on Bran Ientity of Sepah Bank Mohamma Reza Zabihi 1, Laan Saate Rahmani Mosavi 2 *, Elham Nasiri Khaar 3, an Arash Fahiminia 4 1. Assistant Prof. An Member of faculty epartment of public management, mashha branch, Islamic aza university, mashha, Iran. 2. M.A,Stuent public Human Resources aministration trens,, epartment of public management, mashha branch, Islamic aza university, mashha, Iran. 3. M.A,Stuent public Human Resources aministration trens,, epartment of public management, mashha branch, Islamic aza university, mashha, Iran. 4. M.A,Stuent public Human Resources aministration trens,, epartment of public management, mashha branch, Islamic aza university, mashha, Iran. The present stuy aime to investigate feasibility of bran strategic management on bran ientity imensions (A stuy of the bran of Sepah Bank). To o this, by referring to the stuies an ajuste moel of bran strategies, imensions an components of bran ientity are ientifie an base on these variables, a 25-item questionnaire is esigne an its valiity is supporte by faculty member of management an economy epartment. The stuy population is the customers using Sepah bank services. The sample size is 384 base on Morgan Table an the samples are selecte ranomly. To test the hypotheses of this evelopment stuy, structural equations moeling is applie. The results show the support of all the stuy hypotheses an the high impact of bran reputation on creating a goo image of bran (applie software LISREL 8.54) Keywors: Strategic management, Bran ientity, Braning, Sepah bank INTRODUCTION T oay, base on competitive conitions, brans as a istinguishing item compare to competitors have crucial role in organization success. Bran literature is change consierably in the past ecae. In the past, bran was only a part of new prouct esign process an its creating methos are not similar with a strategy (Kotler, 2006). Thus, braning shoul be consiere as a strategic process (not tactical) (Aker, 1991). The managers of traemark shoul consier bran as lighthouse as the ships move by its rays. In other wors, brans are as visions by which top managers of organization can promote the organization position in market. Thus, bran *Corresponing author: Laan Saate Rahmani Mosavi, M.A,Stuent public Human Resources aministration trens, Department of public management, mashha branch, Islamic aza university, mashha, Iran. rahmani.mosavi@gmail.com 635

2 management is a team of top managers eicating time an effort to make ientity to what they buil via their bran (Leslie De Chernatony, 1998). Without efinite vision, a bran is eviate from its own path an when it is expose to an unexpecte threat leas to taking short-term solutions by managers an this can change the irection of the bran. A goo vision for bran provies the motivation to big goals for managers, employees an consumers (Huang & Sarigöllü, 2012). The avertisement of Nike company You on t win silver, you lose gol is a goo example of a metho in which a vision for bran encourages specific behaviors (Mohammaian, 2010). One of the criteria to choose a prouct by a customer is a vali bran. In most markets, bran creates specific ientity for a prouct an links them to a specific group of society. Accoring to psychology, these goos besies aesthetic application for customer create self-confience an the customer is prepare to pay ifferent price for it (Yoo, 2014). In aition, a goo bran for a customer as unconsciously is better prouct quality. By purchasing a bran prouct, the customer believes he receives a valuable thing in return to money. Like capital or technology an raw materials, bran is important to create valueae for an organization. Customer an organization both take benefit of bran avantages (Davooi, 2010). When a consumer uses a bran once, he feels comfortable an is more incline to use the prouct. Brans give information regaring goos quality, performance an other aspects of goos an they let the customer less expose to risk (Casarotto, Ricciari, Romani, Dalli, & Pietrini, 2012). Bran gives meaning to the owners an it is their wealth. In the current marketing worl, bran character has attractive concept (Khalili, 2011). Problem Statement Toay, the problems the marketing managers are encountere are ue to the lack of require planning to create an keep the bran an how they can implement an evaluate marketing an braning strategies an guie these strategies as the braning strategies have the highest return for the company an improve the bran equity for the customers an they can affect the behavior an attitue of consumer. One of the basic problems of braning is as the perception of marketing managers of asset is those tangible objects an they search for short-term an early-return goals. Due to the lack of recognizing correct methos of bran management an the lack of recognition of bran features, the marketing managers can not apply marketing concepts effectively to imp rove bran equity an create a true attitue to company bran as one of the most important intangible assets requiring strategic attitue (nisharoy, 2013). Stuy Hypotheses First hypothesis: There is a significant relation between implementation of strategic management an bran urability of Sepah bank. Secon hypothesis: There is a significant relation between implementation of strategic management an bran serviceability of Sepah bank. Thir hypothesis: There is a significant relation between implementation of strategic management an bran aesthetics of Sepah bank. Fourth hypothesis: There is a significant relation between implementation of strategic management an bran image of Sepah bank. Fifth hypothesis: There is a significant relation between implementation of strategic management an bran reliability of Sepah bank. Sixth hypothesis: There is a significant relation between implementation of strategic management an bran reputation of Sepah bank. Significance of Stuy Toay, one of the requirements of top management of any organization is creating the strong brans that by fulfilling the promises an obligations can improve their capabilities over time. In the current complex an challenging worl, all of us iniviually or as business managers- are encountere with the increasing choices an reuce time for ecision making an selection. Thus, brans capability has valuable impact on simplification of the ecision of customers, risk reuction an the efinition of their expectations an consumer behavior. In recent years in Iran, by high competition of business, the importance of bran an braning is increase for the managers of organizations. Thus, the nee to braning is a basic principle for 636

3 managers of omestic organizations of the country. The theorists believe that bran image an character are the main component an the most vital variable in customer ecision making in purchasing (consumer behavior)(katler, 2009). Bran share can be evelope via goo management of customer relationship an giving value to him an consiering his nees as successfully. There is a positive relationship between performance an company reputation an the increase of company reputation increases the market share an this leas to the increase of firm value (Nasiripour, Gohari, Nafisi, 2010). BRAND AND BRANDING Bran is intellectual an mental signs in the min of customers increasing the value of prouct or service. Bran is the irect result of market ivision an prouct istinction strategy (Keller, 2008). US marketing association efines bran as: A bran is term, sign or traemark or a combination of them being use to ientify the goos or services of a company or group of firms an istinguishing these goos or services of the competitors. Accoring to the efinition of Granerolovy, bran is a complex institution incluing a various range of ieas an features. Bran is emerge not only by its tone its meaning an concept but also by any factor mixe with it over time an is appeare as a social an recognize ientity in society an talks with customer (Tan & Donal, 2010). TABLE 1 HERE A bran is successful if the bran managers have true unerstaning of its assets. Some of the most important assets of bran are incluing: The attitue of the customer to bran an influencing the customer behavior. Investment of bran management as by protecting the bran features, its value an customers loyalty are protecte. In Bran management, we shoul observe all frameworks applie in strategic management of organizations. As organization management by expressing its mission statements, the mission of organization, here we can express a mission statement for bran an then efine the goals base on it (Alkhafaji, 2011). Finally, we can formulate the strategies by it an control by feeback to inicate how much we can achieve our goals. Then, we can explain the process an requirements of bran management base on the above framework (Khoshparvar, 2006). Mission statement: It is a ocument separating an organization from other organizations. Organization mission inicates the activity range in terms of prouct an market (Fre R. Davi, 1999). The manufacturing organization or institution in the first step by etermining the basic values of bran efine a basis for all the measurements an activities of managers namely marketing managers (Huy, 2011). It can be sai that we can consier a long-term horizon in mission statement an we can consier strategic thinking metho to bran management. However, bran management uner the pressure of top managers of organization is oblige to achieve short-term results (e.g. increasing market share in the next year) an this expectation not only improves bran but also estroys it (George M Zinkhan, 2001). Goal: The organization goals are ivie into long-term an short-term. Long-term goals are the specific results the organization achieves to fulfill his mission. Long-term perio takes more than 1 year (Boy, Haynes, Hitt, Bergh, & Ketchen, 2012). Short-term goals are those items company shoul achieve them to achieve long-term goals. Like long-term goals, these goals shoul be measurable, quantitative, challenging, real, conforming with other goals an they shoul be prioritize (Fre R. Davi, 1999). After efining bran basic values statement, it is require to etermine a goal or some goals for bran along with its basic value statement an it can have more executive basic to the statement. By efining statement an goals of bran, the bran manager can compare his personal interpretation with the public view an have some tools for control (Alrecka & Settle, 1999). Analysis of external factors: The economic, social, cultural, ecological, environmental, political, legal, governmental, technological an competitive events can bring benefits or loss for the organization in future (Morgan, Katsikeas, & Vorhies, 2012). The opportunities an threats are out of the control of organization consierably 637

4 (Fre R. Davi, 1999). As customers are the most important external factors as values an goals statement of bran are formulate base on their nees an requirements of target market, by extensive researches in market, we can analyze the customers values an their nees as exactly to be aware of target market values an be sure the past strategies can transfer the bran values to the consumers well (Markus, 2012). Internal factors analysis: It is in the controlle activities of organization as the organizations perform them as excellent or weak (Fre R. Davi, 1999). The failure of most of brans is not only affecte by external factors an internal factors also affect it. One of the most important internal factors affecting bran (except the organizational factors an other management factors) is the attitue of team members working on bran. It is require to investigate whether all team members have attitue conforming to the basic values of bran or not. It is require that an inepenent group investigates the views of members regaring values (Keupp, Palmié, & Gassmann, 2012). It can be sai values statement an goals of bran shoul be on priority for all the group members (Alrecka & Settle, 1999). Formulation, evaluation an selection of strategy: In the next step, bran management in manufacturing institution by combining the capabilities, qualifications an skills of bran team members an effective external factors can formulate the strategies in the framework of values statement an bran goals (Pauwels, Buist, Calverley, Jenkins, & Hur, 2014). To formulate the bran strategy, a metho is presente by McWilliam an De Charnatony by which we can formulate an select a strategy conforming with the conitions an requirements (Henry Johnson, 2012). Before using this metho, it is require that by market research, we can evaluate the position of bran in the min of consumers. Formulating bran strategy is one in five steps: Marketing Research The investigation of the environmental conitions of market an investigation of consumption market- observations of market an ientification of market suppliers- analysis of consumer behavior Target Group selection The investigation of the emographic features of target group- the investigation of target group moel- the investigation of life style an attitue of consumers of target group- investigation of the applie meia of target group Determining bran structure Bran architecture can create an exact image of bran growth in future an the necessity of creating next brans an sub brans. Creating bran positioning Creating bran positioning is the most important sector of bran strategy an efining bran an prouct character with all its features an what we want to create in the customer min of bran positioning istinguishing us of other competitors is clarifie in this part an is turne into positioning statement (Buller & McEvoy, 2012). Bran positioning statement Establishing bran positioning insie the organization, bran integrate esign, naming an verbal ientity, bran protection (Khanbluki, 2008). THE PROCESS OF BRAND IDENTITY FORMATION The first stage in creating bran an bran management is efine perceiving the process by which the firm image is forme (Ruzzier & De Chernatony, 2013). The following figure presents a conceptual framework of bran image formation. This moel show that resources in a general classification are ivie base on the organization control fiel into two groups: Intra-organizational or controlle factors by organization Extra-organizational or uncontrolle factors by organization FIGURE 1 HERE DIMENSION OF BRAND When people select a bran they on t consier only its feature but they consier separate features epening upon the type of prouct an their 638

5 mental involvement an they ecie base on them. In aition, they cannot remember all the attributes in their min immeiately an evaluate them but they consier only some of the main features an evaluate their brans base on the choices an some of the main features (Maverick, 1942). The orer of choices (bran) is the one generate in the min an this orer can affect the final ecision. To increase prouct purchase probability, we can consier a goo rank in choices generation for a specific bran (Saterlan, Ghorbanlou, 1993). Garvin believes that the following imensions are of great importance in the min of consumer regaring bran ientity: Image, reliability, urability, Serviceability, aesthetic an reputation. CONCEPTUAL MODEL OF STUDY FIGURE 2 HERE Stuy Population an Sample Size The stuy population in this stuy is all the customers of Sepah bank. The sampling metho is cluster ranom metho. If the population success ratio (p) is 50%, error level α 0.05 an estimation accuracy 5%, the minimum sample size is 384 accoring to the following formula. n = (Zα 2 )2 p (1 p) ε ( z / 2) p (1 p) (1.96) 0.5 (1 0.5) n In orer to collect applie questionnaire for the entire sample size, 450 questionnaires are istribute an finally 384 applie questionnaires are extracte. The questionnaire esigne in the stuy is incluing 23 questions, 4 emographic questions an 19 questions regaring the investigation of the effectiveness of strategic execution management an Likert scale is also use an the istribution of the stuy variables is shown in Table 2. Valiity an Reliability of Stuy The valiity of the esigne questionnaire is supporte by some of the lecturers of University, experts of marketing. The reliability is obtaine via Cronbach s alpha an SPSS.18 software as TABLE 2 HERE THE ESTIMATION OF MODEL AND THE RELATION BETWEEN STUDY VARIABLES AND HYPOTHESES TEST TABLE 3 HERE Moel Estimation As it was sai, 25 questions are applie to stuy the effectiveness of strategic management implementation on bran ientity. Structural equations metho an LISREL 8.54 are use to buil moel. To investigate the valiity of the variables in the stuy moel (etermining each variable by relevant questions in stuy moel), confirmatory factor analysis is use an stanar coefficient, significance coefficient an variance are compute an as the significance value of all questions of questionnaire is above 1.96, an its valiity is supporte. If the ata of sample group are turne into correlation matrix or covariance an are escribe by some of the regression equations, the moel can be analyze to investigate its fitness in the population out of which the sample is emerge. Some estimation of the parameters of the moel an some sizes for its fitness with sample ata are obtaine. Figure 4 shows the structural equations moel by Lisrel software. FIGURE 3 HERE The results of hypothesis test This section eals with the significance of values of moel. Regaring the significance of values, as the stuy is evaluate at confience interval 0.95 or error 0.05, we can test the hypotheses. For t-test, the significance values are greater than an It means that if in t-test, a value is ranging an +1.96, it is not significant. FIGURE 4 HERE Base on the mo el in significance of values (Figure 5) an stanar estimation moel (Figure 4), we can investigate the sub-hypotheses. As Figure 4, 5, stanarize coefficient of two variables is 0.67 an significance coefficient of these two variables is (above 1.95) an this relation is significant. Thus, null hypothesis is rejecte an h1 is supporte. The hypotheses test is shown in Table 4: 639

6 TABLE 4 HERE Evaluation of Moel Fitness After moelling an estimation of its parameters, the first basic question is raise whether measurement moel is a suitable measurement moel or not? When a moel is efine exactly with similar features, its test an estimation are possible. To evaluate its fitness, there are many inices an the most important items are shown in Table 5. TABLE 5 HERE The presente inices an its comparison with goo value for a fitte moel show a goo fitness. As shown in Table 5, fitness of structural moel is supporte. THE ANALYSIS OF RESULTS The results of this stuy inclue emographic factors an ata analysis. The results are as follows: Age, the highest frequency is eicate to the age ranging year an among 400 people of the statistical population, they are 208 an this age group is the youth having the highest customers of Sepah bank an age group of years with frequency 118 people of 400 people, eicate the secon frequency. From gener aspects, 63% of responents are men an are 50% more compare to women an from eucation aspect, the highest frequency is about the customers with B.A. Thus, it can be sai bran of Sepah bank for eucate people has better ientity an image an regaring the ata frequency regaring the eucation in below Diploma an Diploma has the lowest frequency among the stuy population. Regaring income, the highest customers income is ranging 800 thousans to toman. Base on the ata istribution, it can be sai the higher the income of customers, the more incline to bran of Sepah bank. In the secon section of questionnaire, it is emphasize on hypotheses test an there is a significant relation of each of epenent variables with inepenent variable an by presenting a moel for this stuy, the hypotheses are teste. Base on extracte ata analysis of questionnaire an hypotheses test, there is a significant relation between variables of bran strategic management an bran ientity variables (bran urability, bran serviceability, aesthetics, image, reliability an reputation) an it can be consiere by braning managers of Sepah bank an other banks. DISCUSSION AND CONCLUSION In the current worl an by evelopment of information of each movement an ecision making of organization by its bran can be evaluate an the success an failure of organization are emerge by the bran of the organization. Toay, bran is the asset of most of businesses an the bran value of a company is much more than the value of its tangible assets. On the other han, bran is a mental view that shoul be in the min of consumers, buyers, stockholers, employees an users. Brans have social nature an the successful bran is the one to which people feel belonging to it an make efforts for the bran. Mostly, the people in society unconsciously or to attract the others attention are turne into free marketers of brans an without materialistic benefits can avertise one or some specific brans. The present stuy ha a new view to the familiar phenomenon of braning attracting the attention from researchers, managers an interpreters of traing. The present stuy attempte to test the effective factors on creating goo ientity of bran of Sepah bank. After the investigation of review of literature, six main components of bran ientity are consiere an some hypotheses are formulate. Hypotheses test via questionnaire inicates the support of all hypotheses. Two concepts are inferre base on stuy finings. First, the marketing managers shoul focus mostly on increasing bran reputation. If the reputation is increase, the bran equity shoul be increase positively. Bran reputation has some strategic avantages for Sepah bank as achieving high market share an new customers, supporting bran evelopment, reuction of marketing costs an bran improvement to the threats of competitive space of banking of the country. REFERENCES 640

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9 APPENDIX Table1: The Change of Management Attitue from Traitional To Strategic Approach (Woo, 2000) Bran strategic management Bran agents Deep loyalty of bran Communication in perio of life Customer commitment Revenue of bran 3-year concentration Revenue of capital price Managing the function fiels of bran Bran avance measures Bran guiing from outsie the organization Traitional management Bran management Bran maintaining Frequent traing Customer satisfaction Revenue of prouct 3-month concentration Revenue of market share Marketing an bran management Measures of awareness an recalling Bran guiing from insie the organization Table 2: The Number of Questions, Acronyms An Cronbach s Alpha α Number of questions Acronym ST BB TB ZB KHB EB SHB Variable Bran strategy Durability Serviceability Aesthetics Image Reliability Reputation 643

10 %5 %12 %63 %20 Income Less than 400 thousans thousans 800 thousans Above Table 3: The Descriptive Finings of Stuy Population %63.5 %36.5 Eucation BA MA an above %63 %37 Gener Man Woma n %52 %29.3 %18.7 Age years an above Demographic factors Descriptive statistics Table 4: Stanar Coefficients Values Of Moel An Hypotheses Test Result Significa nce values Stanar coeffici ents Path No Supporte There is a significant relation between implementation of strategic management an bran urability of Sepah bank. 1 Supporte There is a significant relation between implementation of strategic management an bran reconstruction of Sepah bank. 2 Supporte There is a significant relation between implementation of strategic management an bran aesthetics of Sepah bank. 3 Supporte There is a significant relation between implementation of strategic management an bran image of Sepah.bank. 4 Supporte There is a significant relation between implementation of strategic management an bran reliability of Sepah bank. 5 Supporte There is a significant relation between implementation of strategic management an bran reputation of Sepah bank

11 Statistics of main hypotheses moel Table 5: Fitness of Stuy Moel Acceptable criterion 2 3 f RMSEA<0/08 NFI>0/90 CFI>0/95 GFI>0/90 AGFI>0/85 Fitness inex (Chi square) 2 RMSEA 1 NFI 2 CFI 3 GFI 4 AGFI 5 Chart 1: The conceptual framework for bran ientity formation (olsson & sanruy, 2006) Un-controlle or external factors Relevant inustry image Image of origin country Common iscussions in society News Reports Public relations Controlle or internal factors Organization ientity Company avertisement Bran image Public relations Behavior of first line employees of organization Bran ientity Suppliers Society Customers Distribution network members Employees Boar of irectors members Firm stockholers 1 Root Mean Square error of Approximation 2 Norme Fit Inex 3 Comparative Fit Inex 4 Gooness of Fit Inex 645

12 Chart 2: The Conceptual Moel Base On Garvin Moel Bran strategy Durability Serviceability Functional component Psychological component Evaluating component Aesthetics Image Bran ientity Reliability Reputation Chart 3: The Structural Equations Moel (Stanar Coefficients) Chart 4: Structural equations moel (significance coefficient) 646