Business Strategy and Banking Sector Analysis
Added on 2020-02-24
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1Strategic Management for Bank of MaldivesStrategic Management: Case study Bank of Maldives
2Strategic Management for Bank of MaldivesExecutive SummaryThe strategic management is a continuous managing planning procedure which looks forward todevelopment of strategies for making an organisation grows all over the nation and abroad. Thestrategic plans are utilised for development of business strategy (Flanigan, 2016). Anorganisation has to take from my services are intended for sale and how these would be sold toand where. It also has to consider the set of required resources for implementing the strategies. Itis important for a business to have its own strategy for outperforming the competitors. Currently,the business environment is extremely dynamic and competitive. As a result the businesses thatoperate in a market should be eager to gain competitive advantage by applying successful anduseful strategies. The competitive strategies for the bank of Maldives (BML) have been given inthis report.
3Strategic Management for Bank of MaldivesTable of ContentsExecutive Summary...............................................................................................................................2Introduction............................................................................................................................................4Vision......................................................................................................................................................4Mission....................................................................................................................................................4Stakeholders............................................................................................................................................5Analysis.................................................................................................................................................5SWOT analysis........................................................................................................................................6PESTEL Analysis....................................................................................................................................8Analysis of Core Competency...............................................................................................................10Porters Fives Forces..............................................................................................................................11BCG Matrix...........................................................................................................................................12Application of tools.............................................................................................................................13GAP Analysis........................................................................................................................................137s Model................................................................................................................................................14Strategic Mapping.................................................................................................................................15Blue Ocean Strategy..............................................................................................................................15Ansoff Matrix........................................................................................................................................16Recommendations................................................................................................................................16Product Development............................................................................................................................16Market development..............................................................................................................................17Diversification.......................................................................................................................................17Implementation of strategy..................................................................................................................18Conclusion...........................................................................................................................................20References............................................................................................................................................21
4Strategic Management for Bank of MaldivesIntroduction The strategy management procedure for bank of Maldives considers few major steps to formstrategies which are as given below:-Identifying the objectives of the strategic management, ‘-Assisting the business situation, -Making decision for appropriate business strategy, -Applying an appropriate business strategy, -Evaluation of the effectiveness of the strategy applied(Bankofmaldives.com.mv, 2017).VisionThe vision statement is an image of the business for the upcoming, its inspiration and basis for itsentire management strategy (Hitt, 2011). It shows the part where the bank of Maldives wants togo. By the vision statement, the BML lays stress on many aspects such as innovation, providingrespect to other people and getting the same in return Great communication and integrity.MissionThemission statement involvesdescriptionof all the objectives of the business andisbased onthe stakeholders of the bank. Mission statements usually involve information of every keystakeholder likeworker,clientand shareholder. The mission statement of the bank ofMaldivescoversthat the business is created onmixof different interest of various stakeholder teams. Oneof theaims beenmentioned in this mission statementis tobe a leader by providinghighqualityof services and commitmenttowardsthe staff members (Maldives, 2017). In this mission orobjective would be beneficial for lots of stakeholders as the clients will get high-quality goodsand services, shareholders will get huge dividends and the workers will get high salaries etc.
5Strategic Management for Bank of MaldivesStakeholders Stakeholders of thebankof Maldivesinclude:Clients: these are the major stakeholders because on the basis of clients only the banksurvives. BML has to provide great facilities to its clients and maintains the top-notchrelation by respect, simple & quick services etc.Shareholders: BML focuses on giving utmost advantages to the shareholders and also looksforward to maintain great relation with them. The yearly general meeting of the bank isutilised for having effective meeting with the shareholders with respect to concerns, topicsany problems which are related to the general membership (Neuenkirch, 2011). The webpageof this bank also gives the details which are needed by the shareholders.Workers: the workers are major stakeholders of the bank. The BML has different operationsand various departments (Obejas, 2016). The bank offers training schedules to workers sothat they are familiarised with the policies of the bank and their working practices. There aredifferent pay packages and growth opportunities provided to the workers.Suppliers: in the current environment it is significant for great relation to be there among thesuppliers and the business(Shifaza et al., 2013).Government: there can be a high impact on the banks therefore bank of Maldives has to abideby the laws and regulations created by the government. In this case the government is 51%shareholder of the BML. So it is important for the government to provide with completesupport to the bank.AnalysisThis report has a complete PESTEL analysis been performed to make out the externalenvironmental impacts and SWOT investigation maintained to recognize the interior and exterior
6Strategic Management for Bank of Maldivesenvironmental facets. With the intention of evaluating the competitive arrangement of the Bankof Maldives, Porter’s Five Forces analysis has been performed with competitive position study.The strategic analysis of the bank is all regarding the study of strengths of the business, itsposition and its weakness and different external factors that might have impact on the position ofthe business. The strategy of the bank provides with the overall picture which shows how thebanks performances and activities are linked to the external world. By using the strategy, thecomplete direction of the bank is set up.There are different tools which are utilised for analysingthe situation of the bank.SWOT analysisThe above stated swot analysis can be utilised by the bank for reducing the negative influencesof the environment and for encouraging the positive impacts of the internal and external factorswhich impact the bank.StrengthsThe bank is financially stable and well capitalised. This has allowed the banks for performingrelatively better than other financial networks of Maldives. It has the biggest networking with 25 branches and 37 ATMs in the Maldives.Since the government has 51% of the shares of this bank there for assistancefromgovernmentis ascertained (Narang, 2012). The bank is a majorbeneficiaryfrom the loyal depositors who are morethan 260,000 (BML,2017). sincethe government has over 51% of the shares of this bank there for assistancefromgovernmentis ascertained
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