Conference and meeting management - Management Essay Example
Conference and meeting management
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Bank north began its operations since the year 1903 and has been in business for one hundred and four years. It provides personal services to its customers, friends and neighbors by providing new modern improved financial products and quality services. It is a community that is independent, keeps deposits, and gives out home loans and loans to finance businesses.
Banknorth garden is an arena for sports in the Boston neighborhood. It got its name from its sponsor called TD banknorth who is known traditionally as Boston Garden. Major national sporting events have been hosted at banknorth garden in1999 and 2003 for example, basket ball for men. Championships that were figure skating in US were hosted in the same facility in 2001.
Highlights of its Operations
Banknorth garden established savings bank in Portland in1852 which was opened on Wednesdays from 11am to 1pm and Saturdays. Its president was the mayor of Portland called Albion. Its main objective was to support community projects and projects that are of benefit to the public. The bank was threatened by the 1929 crash of stock market and the great depression. It established a division to manage property and take care of property it owned through foreclosure. During the boom of post war when it returned to prosperity, Lambert revolutionized savings of Portland.
It had a savings bank for people who were conservative but also successful. Its innovation dealt with opening one dollar account for babies who were born in the areas and withdrawal were not supposed to be made until ten years were over. There was establishment of clubs for vacation and Christmas and the whole community and general public would benefit from its services. Mill economy declined between1920 and 1930 and local banks suffered a lot until it recovered during the Second World War.
TD banknorth focuses to get new regional banks for it to grow. It tried to identify the banks that were possible to acquire through establishing good relationship with the executives. This was possible because the bank was growing from main roots to states that were neighboring. For TD banknorth to streamline its operations, it plans to shift its corporate roles where management teams will oversee operations in Massachusetts. That worked very well when TD Banknorth was operating in many states where management was aligned along retail operations and real estate loans. (Hitt, 1999 pp53-59).
Management Style of Banknorth Gardens
Banknorth investment group is a registered broker which provides insurance products and financial securities. It is exposed to investment risk due to loss of value of the securities. The brokers need to be experienced in management so that they can know which securities have fewer risks to invest in and the insurance products that offer adequate compensation in case a loss occurs so that the investor can be put back into his initial financial position before the loss occurred. Representatives of investment advisor offer advisory services according to agreement of advisory services of Prime Vest.
Value approach management style is used to be able to achieve capital growth in the long run by investing on equity securities. Clients get opportunity for diversifying equity investments with principle management of mutual funds of national banks. Investment management of Nat can prefers value approach while True North Funds use growth based on reasonable price. The two management styles are favored by different stages of economic cycle. Analysis by experts show that the two management styles complement in different time periods where addition of growth at reasonable price to portfolio of value funds may increase return and lower risks.
Efficiency of banknorth
Customer satisfaction is used to analyze efficiency of the bank and have consistency in analyzing the value of shareholders. There is need to adjust customer satisfaction through the way customers are served. When all this is done, significant reduction in divergence of efficiency occurs. They have operations of scale customer service that support rapid growth in business which results to generation of huge amounts of revenue.
High quality services help the bank to be very competitive differentiator in banking. If customers are not happy or not satisfied with the treatment given to them, they can withdraw all their money and go away. This makes TD Banknorth put more effort to maintain good corporate culture of their services. It has had rapid growth from two billion dollars in 1990s to forty billion dollars of assets today. E-mail services have been improved and in case customers’ have questions on banking, answers are easily accessible. TD Banknorth has improved efficiency in service operations, control costs and have technology resources that support acquisition of strategies. (Chopra, 2002 pp18-19).
Analyzing Business through the Eyes of Customer
Banknorth is creating a culture for performance and have incentive plans that drive sales to other channels and branches. Improved technology is very important to enable employees’ cross-sell more products and services to the increased number of customers’ base. Overall experience of customers is focused on through online banking, ATN network and all the branches. Customer perspective is looked into instead of bank perspective in the actions of Banknorth because customers play a major role in success of its operations. New brand has been launched through franchising to free customers from worries of managing their funds and remodeling branches to increase them and relocate to areas with attractive markets within reach of many customers.
Paying attention to service
Legends are set in Banknorth Garden for members of sports club where members and guests enjoy themselves in a relaxed atmosphere. It has sports bar and many other activities. Legends are opened one hour prior to start of game and are closed one hour after the end of the game. Management of Banknorth Garden has no responsibility for items lost during events, guest relations offices is held responsible for items that are lost and guests contact management to make inquiry on items that have been lost.
Seats that are accessible are availed at every seating level and locations for seating depend on event. First priority is given to making the guests comfortable and ensuring they are safe and secure. Tickets for all events are sold during the hours of operation. For night events, tickets can only be purchased for events that will take place that particular evening. Everyone above two years or older must possess valid ticket before he enters TD Banknorth Garden. Any child under two years is allowed to enter free of charge. There is airport that is four miles from the Garden and ticket holders are not supposed to sit or stand in the aisles for safety reasons and the guests who do not comply can be subject to eviction. (Drucker, 2007 pp25-27).
Paying attention to staffing
Sales representatives sells the product of company and services to customers both the new and existing which includes originating application of loans, account opening and selling financial products. The difficult issues are handled over to management to offer solutions. Generates sales are done through personal contact or by phone. Opportunities for cross sales are identified and customers are educated on product line offering. Plan for branch sale is prepared and developed to include referral activities and direct sales. Market position strategies to look for opportunities in the market are formulated by members of the team.
Business development manager develops deposit accounts, consumer loans, investments and residential mortgages for specific branch and manages them. Strategic plans for sales are developed and plans for promoting sales to be able to attain performance goals. Market position is accessed and opportunities for competition. Plans are monitored for easier completion of objectives and goals. (Chopra, 2002 pp15-17).
Paying attention to décor
TD banknorth Garden premium club has executive suites, boardroom which is all inclusive, clubs seating and sports deck. Members get high level entertainments, access to ticket and quality service for professional entertainment needs. Sports deck is at the end of arena with a private bar and sight lines at the middle with energetic atmosphere making the place to be Celtics action. Club seating is at center sections, theatre style seats has extra legroom and wait seat which is in-set to view the events well. Membership is all-inclusive and luxury seating is guaranteed to all events in the garden. The features in premium area upscale décor and members are provided with flexible ticketing by the spacious layout.
Paying attention to comfort
There is provision of coaching on daily basis and guidance. Leaders of branch staff are representatives of branch service and tellers. Monitors take care of branch goals and modify the schedule for completion of the set objectives. Important service values are reinforced through staff recognition. Daily operations such as signing of checks and processing loans are done in compliance with procedures. Staffs are helped to develop and maintain information about company product and services offered. Staffs are motivated to work hard and are rewarded based on their performance to encourage them put more effort in their work. (Drucker, 2007 pp28-29).
Paying Attention to Presentations
The press release has statements on financial condition, business and Bank north operations in acquiring American Financial and statements about cost savings estimated and reported earnings realized from acquisition and merger charges from connecting with acquisition. The forward looking statements have risks and uncertainties which result to difference in actual results from results contemplated by the statements which are forward looking. There is realization of estimated cost savings within the set time frame. There is lower revenue after acquisition than expected and increase in competitive pressure in depository institutions. Economic condition of Banknorth in the market or nationally become less favorable than would be expected.
Paying attention to menu
There has been growth in area around main arena of the city to include hang-out of post-game. Concert for Celine Dion is appropriate but others have Celtics crowds. Everybody has a choice for ideal hangout. Celtics attract the largest crowds, there are reservations of spot takes that are tucked-away and homemade pastas menu and pizzas are served up to 2am. Bruins Game is located across the street near the Garden which is of benefit to its fans. There is college game for 21 loves consisting of televisions and fruity drinks. In case of a concert, crowds fit in colorful décor, inventive tapas and concoctions of wicked bar. (Hitt, 1999 pp60-64):
Chopra S. (2002): supply chain management, strategy, planning and operation: Springer, pp15-19.
Hitt M. (1999): strategic management, strategy planning and operation: Springer, pp15-19.
Drucker P. (2007): management, tasks, responsibilities and practices: Mc GrawHill, pp25-29.