Changing Global Business Environment - PDF
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Added on 2021-06-18
Changing Global Business Environment - PDF
Added on 2021-06-18
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BUSINESS MANAGEMENT
1EXECUTIVE SUMMARYIn the changing global business environment, it has become essential for the management ofthe firm to look at the changes their firm requires. This report presents the developments andgrowth of Insurance Australia Group over the years as reflected through the strategies thatthey have adopted. In the report the practices in the company that faced criticism has alsobeen presented. Apart from this there is a changing global business environment around thefirm and it has challenged the growth rate of IAG. Hence this report also provides thedetailed analysis of internal and external environment of the firm. At last the organisationalstructure and the leadership style which is essential for the management of the firm has beenpresented.
2ContentsINTRODUCTION.................................................................................................................................2Development and growth of the organisation....................................................................................2Two practices and its outcomes.........................................................................................................3Environmental analysis for the involvement of organisation in context of industry..........................4Organisational culture and leadership style.......................................................................................7CONCLUSION.....................................................................................................................................8REFERENCES......................................................................................................................................8
3INTRODUCTIONIn the modern day the business dynamics have changed a lot from the way in which it wasoperating years back. Insurance Australia Group is one such company. In the process ofsurviving through years there were many strategies that were adopted by the companies so asto ensure higher growth rate (Suriadi, et al., 2013). The global businesses have taken the pathof digital medium as well as the working culture has changed. In this changing workdynamics it has become crucial for the organisations to manage the opportunities and threatsthat are posed to their business. Several changes have been noticed in the leadership stylesamong various firms. This report highlights the corporate strategies that helped in thedevelopment and growth of the organisation from beginning till today. It also showcases thepractices of IAG that faced criticism. In the later section of the report the environmentalanalysis of IAG has been done along with the organisational culture and leadership style thatis being followed within the firm.Development and growth of the organisationThis company’s direct heritage was established in the year 1920 at the time when NationalRoads and Motorist’s association (NRMA) began to provide insurance to its associates in theACT and NSW. In the year 1981, NRMA became one of the largest non-government homeand contents insurer in ACT and NSW. A joint venture was established among the insurancebusiness of NRMA and Royal Automobile Club of Victoria (RACV). In 2000 it gotdemutualised separating its insurance operation and road services. This company got listed onASX the same year. Their mission statement states to make world a safer place while their vision is to create theshared value with all the customers (Insurance Australia Group Limited, 2018). Its corecompetencies include such a large network of insurance firms, being operational in so manynations, huge assets and commitment towards their business. They also have a large skilledlabour force. Over the years of its development process from beginning to where it is today, there wereseveral strategies that have been adopted by the firms so as to ensure their long term growth.In the year 1994-95 this company adopted the strategy of market penetration by opening itseight offices in Victoria and further in Queensland. Along with this company’s most usedstrategy is acquisition as it acquired SGIO group in the year 1998 which made it one of thebiggest insurer in South and West Australia. In the same year it adopted the strategy of
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