Business Strategy in the Financial Industry

BUSINESS STRATEGY

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Q.1 Explain strategic planning in relation with financial industry and critically explain
different strategy definitions fits with organisation strategy.......................................................1
Q.2 Identify challenges faced by financial sector of UK and explanation of strategic
implementation process...............................................................................................................2
Q.3 Explain strategic implementation and distinguishes between wholesale and retail banking
.....................................................................................................................................................3
Q.4 Critical evaluation of strategic model and provide example to reflect specific application
to retail banking...........................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business strategy is organisation plan to achieve its vision, mission, objectives and
utilising financial performance with the help of business model. Tesco Bank is British retail bank
owned by TESCO Plc located in UK (Eisenbach and et. al., 2017). In this assignment strategic
planning will be defined in relation to financial industry and explanation of various definitions
that fits with Tesco Bank strategy. It will identify challenges that UK financial industry faces and
process of implementation. It will also describe strategic implementation and differences
between wholesale and retail organisation from financial industry. In last, critical evaluation and
effectiveness of strategic model will be included.
MAIN BODY
Q.1 Explain strategic planning in relation with financial industry and critically explain different
strategy definitions fits with organisation strategy
Strategic planning is systematic way of taking essential business decisions, determine
tactics and implement actions that directs financial industry in the direction of future vision and
objectives. It includes redirections and direction of existing organisations in financial sector so
that it can achieve profitability and growth. It is analytical process which helps industry to
formulate strategic plans and its implementation with the help of projects. It is also helpful in
reducing risk and take full advantage of opportunities present in micro and macro business
environment of financial industry.
According to Tara duggan, organisation establishes plans and strategies so that their
operations measure and analyse customer satisfaction so that it helps in improving business. In
this organisation study attributes that effects levels of customer satisfaction. In this three
important aspects are taken into considerations that are improved, experience, repeat sales and
loyalty (How to Measure Customer Satisfaction for Strategic Management, 2019). Tesco Bank
has strategy which is Customer Driven and will help bank to achieve its organisational objectives
and complete its vision in financial industry. In this bank will rewards its loyal customer that will
help it to earn their trust. It has introduced Tesco Clubcard which helps in recognising and
rewarding such loyal consumers and proviodes points on debit and credit card spending, loan
repayments, discounts on prices for different services provided by bank (The strategy behind the
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