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Explain the benefits to Santander UK plc of receiving quality awards shown in Exhibit 3. - Scottish Highers Business Management - Question f - 2023

Question f

Explain the benefits to Santander UK plc of receiving quality awards shown in Exhibit 3.

Worked Solution & Example Answer:Explain the benefits to Santander UK plc of receiving quality awards shown in Exhibit 3. - Scottish Highers Business Management - Question f - 2023

Step 1

Moneyfacts awards attract new business customers

96%

114 rated

Answer

Receiving the Moneyfacts awards can significantly enhance Santander UK plc's reputation among potential clients, as these awards confirm the trustworthiness of their services. This increased trust may lead to more business customers seeking their financial products.

Step 2

Santander may increase its prices

99%

104 rated

Answer

Since Santander can market itself as an award-winning service provider, it may have the opportunity to increase its product prices. Customers often perceive award-winning services as higher quality, which can justify higher costs.

Step 3

Positive About Disabled People award can improve the image of the business

96%

101 rated

Answer

Winning the Positive About Disabled People award can enhance Santander's public image by showcasing their commitment to inclusivity and diversity. This can attract a broader customer base and increase customer loyalty.

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