they are the ones to determine the strategies of the company. These include the determining of the needs of the customers, focusing on the development of the product and the exchange happening between the consumers and the producers in the market (Banks, 2016). These concepts have become the basis of HSBC and helped to develop the strategies and to maintain the reputation across the world.

The very first strategy is to make the customers to be at the heart of the company’s strategy. They have got specific approaches for all the groups of the customers which are located in North and South America, Europe, Asia and Middle East countries. The second thing is to maintain the position as the local bank in the world which helps the company to approach all the countries and by mixing up the knowledge across the country (Banks, 2016). This is considered as a good approach as all the places are different from each other with different beliefs and cultures. The last approach is for the company to concentrate certain activities on the places where the critical mass and growth are located. Some of those activities are outsourcing strategy globally. The company managed to establish in all the call centers in order to provide the services in relation to the sales and checking the accounts (HSBC partnering with Discovery on sponsorship, 2003). The main aim of HSBC in outsourcing is to focus upon the needs of the customers. The call centers take the responsibility to answer any queries from the customers.

As a response to the development of the product, the company has continued in enhancing certain products which were very important for the customer group offering of the company and some of the products to be managed at a global level. Some of these products include like HSBC cards, Management of the cash, insurance, Management of the Assets, Funds and Custody Administration and benefits for the Retirement (Banks, 2016). Also the improvement of the HSBC products makes sure that the company will have the best ability and will be able offer a great service to its customers.

The development and the improvement of the product is very important as it s