BSBMGT616 Develop and Implement Strategic Plans

Added on -2020-02-18

| BSBMGT616| 9 pages| 2014 words| 54 views

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Running head: DEVELOP AND IMPLEMENT STRATEGIC PLANS1Develop and Implement strategic PlansName:Institution:
Develop and Implement Strategic Plans2Activity 1The organization selected for this paper is the Commonwealth Bank of Australia. The organization engages in providing various financial services which include business, organizational banking, investment, superannuation, and broking, management of funds, insurance, and retail services. In the Australian Security Exchange, the Commonwealth Bank is ranked first and has other brands such as ASB Bank in New Zealand, Bank West, Commonwealth Insurance, and Commsec Limited.The Commonwealth Bank of Australia has various customers. There are the small business and the private clients who are rendered retail banking services. Also, the clients for the premium services are the global markets and the organizational customers. In simple words, the personal and the business customers are majorly the individuals who receive services from the Commonwealth Bank of Australia.The Commonwealth bank of Australia works hard to ensure that the stakeholders’ interests are balanced. The organization has various stakeholders such as depositors who accountto 11.3 million. The organization has over 800000 shareholders who invest via the superannuation funds. The domestic loan clients are viewed as the borrowers, and they are about 1.9 million. The minor stakeholders for the organization are the employees, suppliers, the small business partners, and the taxpayers.By looking at the success of the Commonwealth Bank of Australia, the organization is viewed as the leading integrated service provider. The financial highlights such as the expenses and the income show the measurement of the institutional success. The organization has
Develop and Implement Strategic Plans3dividends which are fully ranked and also has a high number of satisfied customers. Through diversification, the organization receives sustainable returns.The mission statement is viewed as the summary of values and aims of the Commonwealth Bank. The organization’s mission statement is enhancing wealth and fulfilling the needs of the customers.The vision statement for the Commonwealth Bank shows the organization’s road map which is to succeed to acquire individuals who are valued and passionate, ensure customers receive service experiences as well as deliver high returns to the shareholders hence earn respect and admiration from the nation.The Commonwealth Bank objective is to continue being the overarching priority towards providing the customer services hence be successful within the nation.Activity 2aThe demographic factors impact the strategic plan for Commonwealth Bank of Australia since it alters the property demand. The increasing population impacts the property markets hence the organization needs to change the strategic plan and ensure that they can predict the future and meet demands for housing. The global context factors impact the strategic plan since the organization needs to respond to the global financial crisis to avoid the broad lay-offs. The organization should overcome the economic pressures such as the pay cuts; minimize the working hours as well as leaves for the employees. The political factors impact the strategic plan since they cause the uncertainty to the bank investors. The social factors provide the organizationwith opportunities to exercise and expand good business practices. Finally, the technological

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