Competitiveness Global Business Strategy
Added on 2020-01-23
12 Pages4123 Words93 Views
GLOBAL CORPORATE STRATEGY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1 FIRM’S COMPETITIVENESS IN THE GLOBAL FINANCIAL SERVICESINDUSTRY.....................................................................................................................................1TASK 2 STRATEGIC ALLIANCES, M&A’S AND GLOBAL COMPETITIVENESS..............5TASK 3 CORPORATE GOVERNANCE, CSR, LEADERSHIP AND COMPETITIVENESS...7TASK 4 PERSONAL REFLECTIONS ON LEARNING..............................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTION In today’s highly competitive environment financial service industries are facing hugecompetition. For this, most of them are adopting several global corporate policies and strategies.Further, in order to sustain in this era it is essential for businesses to obtain internationalexpansion. This development requires coordinating all pricing and product strategies acrossinternational market (Peng, 2013). It helps them in enhancing their market share by the way ofincreasing customer satisfaction. In this regard, the present study is based on the understanding of key strategic issuesrelating to the Global financial services industry. For this, Lloyds Banking Group has been takeninto consideration which is a major British financial institution. The group was formed in theyear 2009. They are having their different branches across Wales and England with over 30million customers worldwide. Moreover, they are the most famous and leading providers of bothindividual and business clients within including current accounts, savings, personal loans, creditcards and mortgages.TASK 1 FIRM’S COMPETITIVENESS IN THE GLOBAL FINANCIALSERVICES INDUSTRYIn order to go through the competitiveness of company it is quite essential to review thepast performance of firm. It can be easily viewed by the annual report of Lloyd that there arevarious competitors of firm such as Citigroup and ICBC Company. Citigroup providesconsumers, corporations as well as government with a broad range of financial services andproducts (Lloyds Banking Group plc, 2015). After going through the annual report of Lloyd Banking Group it has been identified thatin the first 9 months of the year they have made a strong presence and become the best bank fortheir customers as well as shareholders (Ghemawat, 2013). The financial performance of bankhad given huge contribution to demonstrate the strength of business. By the end of September2015 they underlying profit up by 6 per cent to £6,355 million. With the help of overall review itcan be announced that the main business aim of the company is to become the best bank for bothindividual and business customers. However, they are facing huge competition due to the increasing globalization as well asother existence of other competitors such as ICBC, HSBC and Citigroup etc. By having businessexistence in the UK, they continue to support for a robust UK economy with current low1
employment level as well as increased house prices (Aoki, 2013). Lloyd Banking Group will beable provide satisfactory services to all their customers by adopting effectual global corporatestrategy (De Wit and Meyer, 2014). This group is continuously supporting the UK economy bydelivering its key commitments to businesses. Firm’s competitiveness can be easily measured through the swot analysis as well as otherfactors related which might hamper the overall competitive age. It clearly represents all thestrengths weaknesses as threats and opportunities of the group. AdvantagesAfter analysing the data from annual report of the Lloyd Banking Group it has beenfounded that they are one of the best financial service industries of UK. It is considered as theirmajor advantage which helps them in increasing their customer base (Arbogast, Thornton andBradley, 2012). Another major advantage of this banking group is that they are serving theirbusiness operations in rich countries due to which they can easily sell their products to poorercountries. Globalization is another major area which has its effects on the better businessprocessing of firm. However, competition has also been increased within the same but it is farbetter for providing various opportunities as well. With the help of this, the banking group is ableto enhance the employment and also they can improve their standard of living. They are servingtheir business operations in different sectors such as Insurance and Investments, UK RetailBanking and Mortgages as well as Wholesale and International Banking (Punzel, 2011). Due tothis, several opportunities are provided to local industries to work hard and compete with theinternational businesses. While working with this banking group provides several opportunitiesto the users. It is another biggest opportunity as investors can get much wider scope to invest indifferent business with the help of this banking group. DisadvantagesAs far as the above advantages are considered, several disadvantages are also being faced byLloyd Banking Group. However, globalization has proven to be successful for this bankinggroup at some extent, it also hampers the productivity in some cases. Due to this, they are facingmajor competition and also affect the local businesses and brands (Boschma and Hartog, 2014).The overall local traditions and culture of people are also affected due to this. Another majordisadvantage for this banking group is that majority of population nowadays are moving towardsinternational firms for buying products and services.2
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