Strategic Management, Understanding  and its Application: The Case of the Bank  Muamalat Business

Dr. Muhammad M Said; Kaviyarasu Elangkovan; Norazida Mohamed

Volume : II, Issue : V, May - 2013

Strategic Management, Understanding and its Application: The Case of the Bank Muamalat Business

Dr. Muhammad M Said, Kaviyarasu Elangkovan, Norazida Mohamed

Abstract :

The article aims at formulating the strategic management understanding of the manager and mapping it in the business of bank Muamalat. The data obtained from in–depth interview with the manager, employees to have their understanding on the strategic management. Some of customers were interviewed to unfold their preferences in utilizing the facilities offered by bank Muamalat. In addition, document and observation were needed to have a complete picture on the application of management strategic in the business of bank Muamalat. The study reveals that the strategic management has the important roles in increasing the performance of bank Muamalat in a competitive market. Strategic management is perceived as an art of growing and developing business continuously in a very tight market competition and the art of state in applying the concept in the realm of business world to increase the performance of company, sale volume and expand the market network. The application of strategic management in the business of bank Muamalat can be mapped in three inter–related parts. Firstly, identifying the key success factors influence the business of bank Muamalat. This category includes the ability in analyzing internal conditions such as increasing the ability of its employees through training and internal sh�, the appreciation of the employees� performance through promotion and the ability in reading the strategic issues developing around the environment where the bank operates. Second, the ability to identify the environment change which consists of market segment, product differentiation, offering product and its marketing, and the advertisement. Third, the ability to read the needs of consumers ings the bank Muamalat to be able to capture market shares oadly, the small medium entrepreneurship, retail traders, civil servants and the Islamic university and college community.