Question

If the bank had opted for a focus strategy according to Porter, what could al potential strategy have looked like?

O Paying lower wages to their employees to offer their services at a lower price.
O Running ad campaigns and promotions to attract more customers.
O Providing specialized financial advisory services for high-net-worth individuals to meet their unique wealth management needs.
O Offering generalized banking services that likely appeal to a wide range of customers.
O Introducing financial tools or apps to cater to the needs of a wide range of customer groups.

Answer 1

A focus strategy by a bank according to Porter's framework would involve providing specialized financial advisory services for high-net-worth individuals, concentrating on their unique wealth management needs.

Step-by-step explanation:

If a bank had opted for a focus strategy according to Michael Porter's framework, it would concentrate on a particular niche or segment of the market. Among the strategies listed, providing specialized financial advisory services for high-net-worth individuals is the one that best aligns with a focus strategy. This approach involves tailoring the bank's services to meet the unique wealth management needs of affluent clients, creating a differentiated service that meets specific customer requirements and can command premium pricing.

In contrast, paying lower wages to offer services at a lower price aligns more with a cost leadership strategy, and the other options listed are more consistent with a differentiation or broad market strategy, which are different from the focus strategy Porter describes.