Introduction to Management - Assignment Solved
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Added on 2021-05-31
Introduction to Management - Assignment Solved
Added on 2021-05-31
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INTRODUCTION TO MANAGEMENT 1 MANAGEMENT OF IAGName:Institution:Course:Tutor:Date:
INTRODUCTION TO MANAGEMENT 2Executive SummaryThe paper explore on the management strategies employed by various organizations to foster growth and development with emphasis on Insurance Australia Group. The company has employed various strategies such as Partnership, Growth, Reward, Simplification and innovativeness strategy. Effective corporate strategies have enabled the IAG to withstand variouscritics and environmental challenges to command a considerable market share.
INTRODUCTION TO MANAGEMENT 3Table of Contents1.0.0 Introduction........................................................................................................................................32.0.0 Insurance Australia Group Profile.......................................................................................................43.0.0 Purpose of IAG....................................................................................................................................54.0.0 IAG corporate strategies.....................................................................................................................64.1.0 Growth Strategy..............................................................................................................................64.2.0 Renewal strategies..........................................................................................................................74.3.0 Strategic Partnership.......................................................................................................................74.4.0 Simplification Strategy...................................................................................................................74.5.0 High Innovation Spirit....................................................................................................................75.0.0 Past Critics..........................................................................................................................................86.0.0 Environmental Analysis of Insurance Australia Group........................................................................96.1.0 PESTEL Analysis.........................................................................................................................106.1.1 Unfavorable Weather Conditions..................................................................................................107.0.0 Main opportunities and Threats of IAG............................................................................................107.1.0 Opportunities of IAG....................................................................................................................117.1.1 Technological Advancement.....................................................................................................117.1.2 Stable Cash Flow......................................................................................................................117.2.0 Threats of IAG..............................................................................................................................118.0.0 Organizational Culture......................................................................................................................1210.0.0 List of References...........................................................................................................................13
INTRODUCTION TO MANAGEMENT 41.0.0 IntroductionManagement refers to the art of having things done through the use of human and other resourcesin a systematic manner of planning, controlling organizing, staffing and directing. The success oforganizations depends on the effectiveness of the management system and the strategies used to develop and implement policies and goals. These policies shape the organization behavior of each employee (Archer 2017, p.13). Insurance Australia Group has applied various corporate strategies in its journey growth and development. Thus the paper examines the historical growth of the IAG, taking into account all the strategies that were used to facilitate the development, the environmental factors, and opportunities and threats available and facing the company. 2.0.0 Insurance Australia Group ProfileInsurance Australia Group is a global insurance group, based in Australia was developed in1920 as a result of the creation of the National Roads and Motorist’s Association that was aimed at providing insurance service to the members. The group operates with more than 800,000 shareholders. The group ranks number three in the list of the largest industries in Australia with over $ 9 billion and $6 billion of premium and claims per year respectively (IAG website). The total numbers of employees are about 13,600 with about 9,000 working within Australia.From 1981 to date, the NRMA underwent numerous changes and development, to make it the largest non-governmental organization. By 1995, NRMA expanded into eight offices n moved toQueensland and later acquired SGIO Group that was the largest fire and general insurance company. In 1999, a joint venture between NRMA and the Royal Automobile Club Victoria (RACV) was s formed later acquired companies such as New Zealand general insurance
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