Strategic Decision Making Analysis Report

RUNNING HEAD: STRATEGIC DECISION MAKING 0
Strategic Decision Making
Student’s Details-
3-16-2020

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Introduction
Strategic decision making is concerned with the making strategic action which can be
combined with the organizational strategy for making the business profitable (Lee & Seo,
2016). This considers the process of the functions of the management which encourages the
formulation of the strategy. Here, the report is based on the strategic decision making of the
BNZ company which is considered as one of the New Zealand’s best banks to be firstly
opened in Auckland 1861. Moreover, the company has made efforts for the empowering of
women and the customers and also the company has made the business networking
opportunities. The company has been focusing on the diversity issues. The report will
highlight the business strategy of the company in which the significance of organizational
functions which can make the strategy more efficient and the efforts of the empowering of
women and the customers for the successful business strategy.
BNZ’s Organizational Functions
There is huge importance of organizational functions on the business strategy that
requires the proper planning, organizing, leading, directing and decision making. All these
functions have impact on the business strategy. Moreover, BNZ has to apply these functions
on the business strategy. Basically, business strategy is regarded as the set of actions to be
undertaken for the achievement of competitive advantage over the competitors and can be
effectively led to the success of the organization. The company can use the function of
planning in terms of proper planning of the business strategy in terms of achievement of the
sustainable competitive advantage over the competitors. Further, the company requires the
organization of the set of activities which the company will undertake in order to make the
company successful. Also, the concerned business strategy needs the proper direction and
leading of the plan and the activities which can contribute to the efficient handling of
business activities which can be helpful for the company in the long-run (Akter, Wamba,
Gunasekaran, Dubey, & Childe, 2016). Lastly, controlling as the organizational function can
affect the company’s capacity to make the business strategy which are to be made for the
success of the company.
Further, decision making is as an important aspect of the business strategy as effective
decision making is required for the carrying out of the functions. Decision making provides
the ability of the company to make the alignment of short-term goals with the long-term goals

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with the deeper understanding of the company’s mission which gives the clarity and
consistency to the company. BNZ company has focused on the inclusive practices through
the inclusive work culture which is their business strategy that follows the process of
organizational function. It can be noted that organizational functions have to be aligned by
the company efficiently in which the company makes the strategy that leads to attaining of
the distinguished position into the marketplace (Rao & Tilt, 2016). The functions of planning,
organizing, leading and the controlling of the activities through the management approach
that leads to the long-term planning and the effective execution of the activities and set of
strategies.
Efforts for Empowering Women for Business Strategy
Every company has its own strategies for the earning of the competitive advantage
over the other companies within the same industry. There are competitors of BNZ company
which have made strategic actions that can be threat for the company. The first competitor of
BNZ company is ANZ bank is the largest financial services bank of New Zealand has made
strategy through the technology roadmap which makes the connectivity with the cross-
regional customers through the business analytics which can be helpful in the development of
applications (Lohman, 2011). This is the company’s strategic action against the competitors.
The second competitor of BNZ company is Westpac Bank which is Australian financial
services company. The business strategy of the company is clear. The company majorly focus
on the markets of Australia and New Zealand and the strategic action include the digital
transformation and the maintaining of the performance discipline which makes the company
best in terms of sustainability and also in terms of revenue and growth (Westpac, 2020).
Thus, both of the company’s strategies can be threat for BNZ company.
For the successful business strategy, BNZ has made their efforts for the empowerment
of female employees within the company. The company has been meeting the standards for
the Women’s Empowerment Principles (WEP) which have 542 companies and a greater
representation of women at the top level of management. As a result, the company has won
the United Nations Award along with CEO Andrew Thorburn for the promotion of the gender
equality (Slade, 2013). This effort of the company is seen as an effective contribution to the
success of the company through achieving the progress in gender equality. Besides, the
women and other underrepresented customers are empowered by the company through
showing of the commitment towards the equality and providing opportunity to female

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employees and other underrepresented customer which is the strategy of the company that
delivers the distinctive competitive advantage over the competitors (Empower women, 2020).
Strategic Actions in terms of Functional Strategies
Functional strategies consist of the strategic actions which are to be taken for the
enhancement in the functional areas of the company (Padmanabhan, 2018). Moreover, BNZ
can make attempts to making the improvements in the marketing, operational and financial
areas of the company for getting the competitive advantage through the strategic actions
being undertaken. The following is the analysis of the functional strategies:
Marketing: Marketing area of the organization is engaged in the promoting of
services of the company and making the customers aware of the company through the
marketing campaigns. The strategic actions in terms of the marketing, BNZ company has
focused on the creation of the engagement platform for the more customer satisfaction
through the data led marketing programs (Marketo, 2020). The company has used digital
marketing as an effective tool for reaching the customers. Moreover, the company has created
customer experiences and the recognition of the customer touchpoints.
Operational: This is concerned with the department that seeks to provide best
services to the customers by reducing the cost of operations and services. The operational
area of the functional strategy focuses upon the facilitation of the loans to the customers and
making the proper utilization of the resources of the company. Further, the company has
made the operational excellence through lending money to small businesses. Further, the
strategic efforts have also been seen from their contribution to the people, process and
technology (Interest, 2015).
Financial: Finance is an important department of the company which takes care of
finance used by the company in order to attain the maximum profits through the sufficient
investment of the company resources. The financial department of ANZ company facilitates
the finance to the remaining departments in which the company will make the efforts for
making digital investment and the financing of other operations of the company.
Approach for Corporate Governance
Corporate governance framework is concerned with the rules and the policies which
will guide the decision making of the company in which the company takes care of ethical

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concerns for the company (Carney, 2011). Moreover, BNZ has adopted the corporate
governance framework in which the company has made the efforts for protecting the
customers and business in New Zealand. The company meets the legal and regulatory
requirements for the protection of the interests of the customers and the employees as well.
The company has been meeting the financial compliances which includes the foreign tax
compliance through adhering with Foreign Account Tax Compliance Act which can also
include the global measures (BNZ, 2020). Besides, Code of Banking Practice is followed by
the company through following the principles of the good practice and offer good
relationships with all the investors and shareholders.
Further, ethical issues are clearly addressed by the company’s Board in which the
company address the issues of the employees and makes the ethical way of doing business.
BNZ company makes the commitment towards the business decisions in which the company
strives to make the objective decision and maintains the conflict of interests. With regard to
the internal and voluntary commitments, the company will make adherence with the laws,
regulations and codes applicable to the company. The company’s corporate governance can
also be seen from the ethical decision making which strives to maintain the fairness, honesty
and integrity which strives to make an ethical decision (Dignam & Galanis, 2016). Further,
the company will make the code of conduct and the investigations in such a way that
suspected breaches are timely reported. The company has been accounted for high degree of
integrity and confidentiality of the private information of the customers (NAB, 2020). The
company’s ethical practices can be seen from the fact that employees are treated with dignity
and respect and also the company strives to maintain diversity and the inclusion practices and
have the prescribed code of conduct for the control of wrong behaviour within the workplace.
Analysis of Ethical IssueAnalssu
Women in BNZ company are underrepresented which is the ethical issue that can be
analysed from the diversity study of the company. The company is facing the ethical
concerns due to the underrepresentation of the women which the diversity issue faced by the
company (Sharma, 2015). This is concerned to be an ethical issue in which lack of diversity
in terms of gender can affect the company’s practices and also it can affect the new practices
of the company. Moreover, diversity brings new perspectives and the creative ideas of doing
things which can affect the ethical concerns of the company. This diversity study defines that
the diversity is the major issue for the company in terms of gender in which women are

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discriminated on the basis of gender. This ethical issue of diversity can be seen as an
important part of corporate governance.
Further, there are various suggestions which can be given to the company in terms of
maintaining the diversity issues. Firstly, the company is suggested to make the hiring
practices by making the diversity practices active and also allowing the employees to be
inclusive and committed towards the company (Vaughan, 2014). Further, the company can
maintain integrity and fair treatment of the employees which can maintain the high level of
professionalism within the workplace. Also, the company can opt for the women
empowerment which is concerned to be the major step which can make the women more
empowered and also made more focused on more ethical concern for the company (Tshipa,
Brummer, Wolmarans, & Du Toit, 2018). Besides, this company can make the good
corporate governance in which the company can account for the good policies and practices
for all the employees and make the competitive advantage over the competitors and also
make the employees more focused on the goals of the company. Also, the company adopt the
inclusive practices for the employees and removing the discrimination of men and women.
The company can make efforts for hiring and including more female directors to the company
which can make the gender balance and include it into the diversity strategy.
Strategic Entrepreneurship
Strategic entrepreneurship is the advantage and opportunity seeking behaviour which
can involve the innovative practices. The business is highly recognized as the priority which
seeks to make entrepreneurial orientation for getting sustained competitive advantage
(Reymen, et al., 2015). This different from the strategic decision making which seeks to make
the set of decisions for gaining of competitive advantage. For example, BNZ company makes
the strategic decision making through engaging with the employees and also collaborate with
the Board. Further, the BNZ company has utilized the entrepreneurship skills and strived for
innovation through the utilization of business opportunity.
There are similarities and differences in the entrepreneurship and the strategic
decision making which can be analysed for the success and productivity of the business.
Similarities can be seen from the fact that both entrepreneurship and strategic decision
making can be helpful in getting the sustained competitive advantage. Also, the differences
can be seen from the fact that the entrepreneurship can lead to the innovative opportunity for
the business through the use of knowledge and skills (Ferreira, Ratten, & Dana, 2017). On the

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contrary, strategic decision making is purely based on the company’s ability to make the
decisions on the board and also making the actions with integrity and confidentiality.
Moreover, strategic decision making can lead to more effective decisions through the
effective planning and the set of practices which can lead to the more profitable decisions.
Moreover, entrepreneurs make the decision by using their innovative and imaginative skills
that can lead to the particular decision making. Further, entrepreneurs make use of
prospective thinking which can lead to more effective decision making and can lead to the
use of analytical tools and knowledge through the evaluation of possible alternative
scenarios.
For example, ANZ company is also using the strategic decision making for the
achievement of sustainability and the execution of the business strategy which strives to
make the international relations and also the decisions which will address the social and
environmental issues that will make use of improved technologies and adopting more
sustainable practices. Besides, the company use the entrepreneurship skills for the success of
the company by making use of opportunity. Another example can be seen from Westpac
Bank which strives to make the right decision which is based on the principles included in the
policy code. The decisions made are for the navigation of better tomorrow. Moreover, being
the leading bank of Australia, the company has focused upon the innovation through the bests
ways of addressing the needs of the customers and create new shared value opportunities
(Reymen, et al., 2015). Both of the companies have utilized the strategic decision making and
entrepreneurship.
Conclusion
To conclude, it can be said that strategic decision making is crucial for the
organizations which provides the ample opportunity to make the right decision. This is
related with the appropriate business strategy and the use of the skills and knowledge which
will make the tendency of effective decision. Here, the report is made upon the strategic
decision making of BNZ company which can make the company more reliable and also be
focused upon the achievement of the business goals. The report has discussed the business
strategy in relation with the organizational functions. Also, the company’s efforts in terms of
diversity and empowerment of women and underrepresented groups which can be the part of
business strategy. Lastly, an analysis of the ethical issue and strategic entrepreneurship are
discussed along with examples of two companies.

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