Strategy definition of Lloyds bank TSB Essay Example | Topics and Well Written Essays - 500 words

Strategy definition of Lloyds bank TSB - Essay Example yers in the industry, who prove to be large-scale retailers, this company’s focus is ensuring that it can register growth (Competitor strategies & industry trends 2014, p. 20). This is the reason why it intends to register a 40 to 50 % growth in its balance sheets in a period of five years. This is achievable because of the increasing growth in mortgages (How Lloyds responds to changes in the business environment 2014, p. 3). The Lloyds TSB banks need to continue registering growth if the group is to remain a leader in the UK banking sector. The company will focus on its core business and invest more in its iconic brands, factors that will ensure a high level of profitability (Lloyds Banking Group plc SWOT Analysis 2014, p. 6). Lloyds Bank TSBs business strategy focuses on the customer. This strategy was developed after realizing that customers were the most important entities in any business. If the bank can satisfy customers, then it is assured of registering growth. It intends to offer all its customers an outstanding experience (Lloyds TSB Bank 2010, p. 29). This experience is defined by reliability, consistency, and convenience. Moreover, the bank will invest in its digital capability, providing a platform for online and mobile branches, a factor that will present customers with the increased convenience of banking (Patrick 2011, p. 29). In addition, the bank is determined to open up networks of branches that can meet the emerging needs and preferences of customers. The Lloyds Bank TSB has the three categories of its customers as the core of its business. It intends to keep helping households, communities, and businesses (Ray 2013, p. 55). Through its mortgage plans, the Lloyds Bank TSB offers househo lds the opportunity to own a home. In addition, it helps the entire British community register economic growth and have the appropriate social wellbeing by using its experience and expertise. Moreover, the Lloyds Bank TSB has the intention of continuing to