Research On Products Innovation Strategy Of China Unionpay Merchant Services Co.,Ltd. JS Branch

Since the reform and opening up,along with the rapid development of China's economy and technology,non-cash payment methods and tools have become increasingly abundant.Bank card receipts,one of the non-cash payment instruments,are among the most representative types of payment.After more than 30 years of development,the bank card acquiring market has entered a mature stage,the market competition is fierce,and the homogenization phenomenon is serious.The payment institutions represented by Internet companies continue to develop and innovate,and continue to erode the existing offline bank card acquiring market by means of online payment and mobile payment.Traditional offline bank card acquiring agencies are eager to experience product innovations to respond to increasingly complex market demands.Therefore,the author uses the theory and methods of strategic management and innovation management to study CHINA UMS JS' product innovation strategy by taking the representative of traditional bank card acceptance-China UnionPay Merchant Services Co.,Ltd.as the research object.First of all,the author defines the concepts related to the research of bank card receipts and third-party payments,and discusses the classification of payment innovation from the aspects of product functions,product application scenarios and physical media of products,then analyzes the models and trends of innovation of foreign and domestic payment products.Secondly,based on the introduction of the basic situation of CHINA UMS JS,the author expounds the basic model and process of the company's product innovation,analyzes the problems in the company's product innovation process.And from policy constraints,market demand and risk management perspective,the external environment problems is analyzed faced by the company's innovation.Then,the external macro environment is analyzed faced by the company from four aspects of politics,economy,society and technology.With the five-force model of Porter,the author analyzes the industry environment of the company's development.The author analyzes the company's internal environment from the aspects of organizational structure,technical capabilities,financial management and marketing capabilities.Based on the analysis of internal and external environment,the author builds the company's SWOT matrix,and conducts a strategic selection analysis.Finally,based on the company's strategic analysis,the study clarifies the necessity of the company's product innovation,and discusses the content of the company's product innovation strategy from the aspects of mobile payment,financial services,information service and biotechnology identification.Furthermore,from the aspects of organizational structure,human resource allocation,corporate culture and information management system,the safeguard measures needed for the implementation of the company's product innovation strategy are clarified.Also the study shows the company's two product innovation paths which are internal research and development and external introduction.