Competitive Strategy Westpac Banking Corporation Assignment 2022

Competitive Strategy
With Special Reference to Westpac Group, Australia
Student Details
8/22/2019

Contents
Strategic Development Tool: An Overview........................................................................3
PESTEL Analysis...............................................................................................................3
Political Factors..............................................................................................................3
Economical Factors........................................................................................................4
Social Factors.................................................................................................................4
Technological Factors....................................................................................................4
Environmental factors.....................................................................................................5
Legal Factors..................................................................................................................5
SWOT Analysis..................................................................................................................5
Strength..........................................................................................................................5
Weakness.......................................................................................................................6
Opportunity.....................................................................................................................6
Threat.............................................................................................................................6
Porter’s Five Forces Analysis............................................................................................7
The threat of New Entrants............................................................................................7
Bargaining Power of Suppliers.......................................................................................7
Bargaining Power of Buyers...........................................................................................7
Threats of Substitute Products or Services....................................................................8
Rivalry among the Existing Competitors........................................................................8
Conclusion.........................................................................................................................8
Bibliography.......................................................................................................................9

Strategic Development Tool: An Overview
The approach is an elevated-level plan under circumstances of instability to achieve one
or more objectives. Strategy usually includes setting objectives, identifying activities to
attain objectives, and mobilizing resources to develop activities. There are many distinct
strategic planning structures and techniques. These are referred to as strategic
instruments of leadership (Ansoff et al., 2018). Although the correct structure does not
have complete guidelines, most adopt a comparable pattern and have common
characteristics. To evaluate the strategic management tool, Australia's Westpac
Group's strategic thinking as well as tools will be examined in the next paragraphs.
Initially based in Sydney, Australia, the Westpac Financial services Corporation makes
this firm the mother-tree for the 1,429 departments it maintains worldwide (Westpac
Group, 2019).
PESTEL Analysis
It is the evaluation that helps determine an organization's internal environment or macro
atmosphere. PESTEL is the abbreviation of economic, political, social, technological,
economic and legal factors (Yuksel, 2012). Together, these variables are evaluated
about an organization to comprehend that organization's macro atmosphere. The
Westpac Group's PESTEL assessment is performed in this research.
Political Factors
In deciding the variables that can influence the long-term productivity of Westpac
Banking Organization in a certain country or industry, external factors play an important
role. Political variables are factors linked to that country's governing authority in which
the organization operates. Political factors connected to the Westpac group can be
political stability as well as the significance of the banking system in the national
economy such that trade barriers & tariffs connected to banks, wage laws-minimum
wage circumstances and overtime situations in Westpac bank, etc. For example: the
Australian legislature recently passed the 2017 financial institution levy bill mandating a
0.06 levy over $100 billion on the transaction.
Economical Factors
The current financial factors of the country, such as inflation rate, rate of return,
exchange rate, as well as the business cycle, decide an economy's economic activity