Strategic Development within an Organisation : Assignment
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Added on 2020-10-04
Strategic Development within an Organisation : Assignment
Added on 2020-10-04
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Strategic Development withinan organisation
Executive summaryFundamental aim of this report is to determine research areas of company, i.e. mission,vision, core competencies etc. This assist organisation to attain their targets and goals withincertain period of time. There are many sorts of strategies which is covered in this report and willbe adopt by firm, as this will help them to take benefits from competitors. They will develop newand unique items for clients as this assists them to capture attention of numerous people. Alongwith this, it helps to improve customer base of company. They will enter into new marketplace totarget numerous individuals. It aids them to increase their market share and in addition, profits.By improving revenues, they will expand their business into new areas which help themaccomplish requirements of all persons who are residing distinctive place. It is required for manager of enterprise to analyse their environment as this assists themto prepare strategies as well as policies in a proficient manner. As a result, they can competetheir rivals at competitive world. With assistance of PESTLE investigation, organisation willknow about their extrinsic elements. Whereas, SWOT analysis provide assistance to them todetermine internal factors. Superiors need to motivate their subordinates; therefore, they willaccomplish their work within provided time frame. Along with this, by implementing leadershiptheories they can inspire them to take responsibilities regarding their work. Apart from this, thereis description about organisational culture.
Table of ContentsExecutive summary..........................................................................................................................2INTRODUCTION...........................................................................................................................1RESEARCH AREAS.......................................................................................................................1Mission Vision and core competencies..................................................................................1Successful strategies deployed in the past..............................................................................2Current strategies....................................................................................................................2TYPES OF STRATEGIES..............................................................................................................3Contingency approach............................................................................................................3Growth Strategies...................................................................................................................3Porters generic strategies........................................................................................................3Emergent strategies................................................................................................................4Strategic Partnership...............................................................................................................4CRITISM OF BUSINESS...............................................................................................................5Focus on the past strategies / tactics which were criticised....................................................5The criticisms may comes from various stake holders...........................................................5ANALYSIS TOOLS........................................................................................................................5General Environment analysis................................................................................................5Specific Environment analysis...............................................................................................6Porter's Five forces analysis...................................................................................................7Internal environment..............................................................................................................7SWOT analysis.......................................................................................................................8ORGANISATIONAL CULTURE...................................................................................................8Core Competencies:................................................................................................................8CEOs who inspired the employees, developed or implemented strategies successfully andcreated company’s culture......................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONStrategic development is fundamental as this aids to provide growth and development tocompany. It assists to manage performance of staff members by providing proper training tothem (Burke and Noumair, 2015). Present assignment is based on Westpac which is bankingcorporation and operating their business in Australia. They are providing their financial servicesand products worldwide. This project is going to highlights many research areas. There are manystrategies which are used by organisation in their past and they aid in their growth anddevelopment. Apart from this, various analysis tools are going to highlighted in this project.RESEARCH AREASMission Vision and core competenciesMission: To become market leader Westpac have small of objectives that will help themto hit targets. These goals are providing higher returns on stakeholders investments, give tenableconsumer and service provider relationship, being leader of community, and set organization as aplace where eminent people want to work. Vision: Company wants to become world's greatest service provider and want to gethighest market share over the globe and to help out our consumers, communities and people toenrich and grow. Association is focusing on complete world apart from Australia, New Zealand,and near pacific area. Corporation's vision goals are acquiring strongest position, and nearly 13million customers, also focuses on organic growth of organization as well as customers andestablishing deeper and strong bond between company and its targets (Prpić and et. al., 2015). Core competencies: Corporate is having following core virtue points that are stated asbeneath:Seamless Banking: Day to day banking solutions by their online platform. Efficient trade than competitors.Intelligent finance means complete range of financial solutions.Better risk management.bester way to do business.Successful strategies deployed in the pastThere are various strategies which is adopted by manager of Westpac in the past whichaid them into their growth and development. These are stated as below:1
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