Term Paper: E-Broking Industry and How Macquarie

Pages: 9 (2483 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Business  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] Customers require sensitivity and prompt informational service as well as results of their decisions so that they can concentrate on other services and for this they require accurate and speedy information. This means that any firm that anticipate to work in this environment must have a well equipped research department in order to offer it market leverage against its competitors as well as an exceptional team of consultants to answer to calls within seconds.

But first of all, one must establish the categorization of these clients and what time do they most frequent the buying or selling arena. And furthermore what kind of information do they usually require to make rapid decisions. To identify a list of high demands and low demands by the clients, the researcher suggest that the company pose an online survey questionnaire to find out what are the criteria that the client consider an online broking company to be ideal. These questions must be directed with the aim to improve on existing products and services and perhaps even include more products; furthermore the aim of the survey must be to inform to the customers that Macquarie cares for their needs and therefore require their feedback in order to better serve them; and most of all Macquarie must inquire on the frequency of their transactions according to demographics so as to determine the target market that has the potential and even the inclination to buy stocks or user online financial services on a daily basis. This research would ensure that the company secures a customer base and a continuous flow of income. With this the company can also shift/modify or change its commission, transaction costs and service costs for customers thereby gaining leverage against its customers. Furthermore, what Macquarie [the researcher] can do is establish a forum that include one or two representatives/experts to navigate queries. Such live queries online would greatly assist in cutting down the phone time but yet offer personalized service. While the questionnaire can be used for once a month survey the forum can help the company monitor the demands of the customers as they service them thereby cutting down on research time as well. Before the individuals enter into the forum they are required to fill in pertinent information so that it would serve as research fields thereby helping the research division to effectively commutate the kind of customers Macquarie has and what are their needs [Evans 2000].

Positioning for Macquarie's online service look at Macquarie online it can be observed that its services are still at the rudimentary level. To improve on that Macquarie first of all need to expand the scope and breadth of its services. At the moment it seems that the company is engaged in more free services like updates, stocks pricing as well as general information of the market whereas its competitors have clearly been ahead of this range. ComSec and E*Trade for example are engaged in enhanced customer services as well as highly competitive product line that fulfills the philosophy of a one-stop-shop for financial products. With one account the customers can easily access all kinds of financial services from long to short-term investment as well as banking. Transacting therefore is a matter of seconds. With online information updates the customer does not really require the assistance of the representatives except for critical decision purposes.

Macquarie on the other hand can easily fulfill these requirements as its brick and mortar business model is fully equipped with such services ranging from equity to commercial banking as well as investment banking. Macquarie's exceptional customer service can also be capitalized online as it only need to train its customers to be equipped with information online which is possible by the inclusion of a well equipped research division.

Furthermore, Macquarie already has an established international division which deals with neighboring countries' stocks and currencies. This can be improved and modified to serve to the online customers as well. While the American and European broking companies rank first and secure the highest market share in the Asia Pacific region only ComSec ranks the highest. The market for Asia therefore can be exploited and gradually expand to other regions of the world. This means that first Macquarie needs to position itself in the neighboring countries' stock exchange and customers and then it can enter into the more volatile and profitable stock exchanges of the U.S. And Europe.

Niche marketing must be done by improving on product lines for on -- the move customers who are increasing in the population in Asia and elsewhere. This would however not be limited to the male population. It must also exploit the female population by offering them flexibility of short-term and cheap stocks to orient them into the world of investment. Features like mortgage and insurance would surely appeal to the married demographics as they would be more interested in securing investment for their families that usually entail huge investments.

Conclusion

Thus with the above positioning and development of services, it is expected that Macquarie would be able to compete side by side with ComSec, E*Trade, KM and the like. Although the report outlines a host of services that can be included but it must be noted that Macquarie already has a service base; all it needs is to improve on them and enhance its customer service.

References

Evans, J. Oct, 2000, U.S. players top the online brokerage world. Private Banker International.

Goldberg, ST Oct, 2000, Online Trading's Agony & Ecstasy. Kiplinger's Personal Finance Magazine.

Case from Aidan McDermott and Macquarie Bank is gratefully acknowledged.

Additional Readings

Engen, JR. 2001, Bankers, Watch Your Backs, Bank Director Magazine.

Author not available, Sept 23, 2002, J.D. Power and Associates Study Ranks Scottrade Highest.. PR Newswire.

Zeichick, A. December 6, 2001, How Online Brokerages Execute Orders. SD Times.

Kotler, P., Brown, L., Adam, S., &… [END OF PREVIEW]

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