Contemporary Developments in Business & Management - Assignment
Added on -2020-07-23
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ContemporaryDevelopments in Businessand Management
EXECUTIVE SUMMARYThe report analysed the importance of implementing Pestle analysis in TSB bank as ithelps the firm in determining the changes and fluctuation in external factor. IT evaluated thatmajor turmoil and fallout faced by bank is due to separation of European union law from UnitedKingdom. Further, the report found out the influence of Corporate social responsibility andEthics on the decision making process of TSB plc like the implementation of these practices aidsbank in managing customer relationship. Moreover, it analysed effectiveness of both practicesthat is Corporate social responsibility due to which bank has started using renewable source ofpower and energy instead of non non-renewable sources in order to prevent climatic changes andenvironment. Thus, the report outlined the various recommendation like, implementing customerrelationship management software which will assist TBS in establishing effectivecommunication with its potential consumers.Table of ContentsINTRODUCTION...........................................................................................................................1SUMMARY OF PESTLE ANALYSIS...........................................................................................1TASK 1............................................................................................................................................2Overview of the primary external influencing TSB Bank plc....................................................2TASK 2............................................................................................................................................5Ethics and Corporate Social Responsibility influences policies anddecision-making of TSB Plc......................................................................................................5The effectiveness of the organization’s response in context to Ethics and Corporate SocialResponsibility..............................................................................................................................7Areas for improvement in context to Ethics and Corporate Social Responsibility to TSB Plc..9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12APPENDIX....................................................................................................................................14
INTRODUCTIONContemporary development in business management focuses on multiple level oforganisational development which stresses on its history, culture, process and environment. Thereport will evaluate the primary external factors influencing the function of TSB PLC,commercial and retail bank in UK. The bank has 550 branches and delivers nationwide financialservices to customers like, loans, mortgages, bank accounts etc. Further, the report will outlinethe Ethics and Corporate Social Responsibility practices which influences policies and decision-making of TSB bank. Beside, it will analyse the effectiveness of banking institution in responseand areas for improvement in context to Ethical and CSR approaches. In this report, Overviewof the primary external influencing TSB Bank plc has systematically addressed. Furthermore,Ethics and Corporate Social Responsibility influences policies and decision-making of TSB Plchas been also discussed.SUMMARY OF PESTLE ANALYSISTo analyse the influence of primary macro factors the TSB PLC make use of mosteffective business strategy which is Pestle analysis which states that instability of political factorimpacts the performance of business for a long run, therefore to come out of financial crisis theregulation were focused on maintain minimal balance to maintain capital strength to balance theadequacy of funds. The analysis found out that at the time of financial crisis banks were asked tomaintain fund with minimum common equity tier 1 at ratio of 2.5 percent where TSB maintainedthe ratio of 13 percent therefore TSB group was not much affected like other banking institution.Apparently, changing economic policies influence the business policies and operations and leadsto risky and uncertain situations. Like, when Brexit came up various changes it hindered entirefunctioning of regulations, operations, capital, and stakeholders such as, consumer, stakeholders,employees etc. Moreover, changes in social factors are very usual and changing demographicfactors impacted the TSB banking because the ageing population of UK is increasing inaccordance to data of national statistic due to which the institution launched various programmeslike, wealth management, investment plans etc. However, advancement in technology plays vitalrole in enhancing the value of banking services and it denoted that TSB has strong control ofdigital tools that is mobile applications which assist in delivering banking services on onlineplatform. Thus, the report identified legal environment is the major barrier for the functions ofTSB, where banking institution is currently bound with 400 million bound lawsuit which has1
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