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Management Theories and Practices PDF

   

Added on  2021-04-21

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Leadership ManagementProfessional Development
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Running head: Management Theories (NAB Case Study)Management Theories (NAB Case Study)Student Name:University Name:Author’s Note:
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1MANAGEMENT THEORIES (NAB CASE STUDY)IntroductionThe concept of management differs from people to people and varies with the variationsin the perspectives of different people (Morden, 2017). It is the main source of balance in variousfirms between the risks and shortcomings and the opportunities and strengths of the corporateorganizations (Baynosa, 2014). It helps firms to build a strong competing impression on its rivalsand help improve the ranking of the firm with respect to its target customer base (Morden, 2017).The National Australian Bank is one of the well know financial institutions in the world thatoperates across1600 branches all over Australia and Queensland (nab.com.au, 2018). The annualrevenue generated by the bank amounts to almost AU $17.42 billion (nab.com.au, 2018). Thereare many management theories that are integral to the everyday working of this bank anddetermine the internal and external environmental operations of the firm (Hudson, 2015). Thesemanagement theories and the various aspects of management that govern the successful workingof the organization and helps maintain balance internally and against its competitors arediscussed in detail in this paper.NAB’s mission:“Our business is founded on a commitment to create more of what matters for people,communities and the economy – a belief that motivates our people to do the right thing, showpassion for customers, win together, be bold and show respect for people.Our responsibility is an integral part of our strategy and our approach to corporate responsibility”(nab.com.au, 2018)The mission of the bank is thus to promote to the needs of the customers while maintaining thetrust with the stakeholders.
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2MANAGEMENT THEORIES (NAB CASE STUDY)StrategiesThe theory of traditional classical management was proposed by Fayol and Urwick, andencompasses most of the business decisions and operations that are carried out in most of themultinational corporations and organizations (Morden, 2017). It comprises of the followingfeatures and principles in the context of the working of the bank:Controlling the internal and external working of the firm while adhering to theregulations and policies in place with context to the political and environmental scenarioexisting in the country.In coordinating and collaborating the working of all the branches of the bank across allthe locations to provide the same level and quality of service to all the customers whilemaintaining meticulous internal workingAiming towards uniformity of commands used for functioning of the internal workings,especially the development of disruptive business models and financial particulars.Analyzing in detail the particulars of budget in the past and generating financial modelsthat will ensure increased growth, depending on predicted estimates and variablesconsidered. In this context the SWOT analysis of the bank is very important as the strategies are based onthese internal and external factors:StrengthsThe strengths of the firm include the following factors:A very brand value created as a result of the financial positioning
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3MANAGEMENT THEORIES (NAB CASE STUDY)Huge amount of assetsVariety of financial servicesImmense revenue generationWeaknessesGeneral degradation of international acclamationGradual decline in the revenue generationOpportunitiesExpansion globallyDiversification of assetsIncreasing acquisitions and asset management cohortThreatsCompetition and RivalryIncreasing recession and other financial crisis and risksIn relation to the strengths, weaknesses, opportunities and threats mentioned and themanagement theories taken up by banks the following set of strategies are used by the NationalAustralian Bank:The strategies used by the National Australian Bank encompass the responsibilities thatmanagers have on the basis of division of labor and planning of the hierarchical structure thatwill lead to greater transparency and rigorous working of the bank. This management strategyalso helps to identify and determine the different parameters of recognition and compensationand the methods which will help to identify the processes in which deals can be finalized and
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