Strategic Management and Leadership
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Added on 2019-12-04
Strategic Management and Leadership
Added on 2019-12-04
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Strategic Management andLeadership
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Strategic development history of company............................................................................1TASK 2............................................................................................................................................4Current strategic situation.......................................................................................................4TASK 3..........................................................................................................................................10Strategic decision for the future...........................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTION Strategic management consists of systematic process with the help of which manager ofenterprise can formulate as well as implement theframed goals and objectives. With an aim tomark an effectual presence in the today's competitive scenario, manager of enterprise take helpfrom different type of tactics or strategies. Overall benefit of such type of practice will beincurred by corporation in the form of increased profit and sales. In order to carry out present report, Lloyds Banking Group PLC is chosen. It is theBritish financial institution which was found in the year 1995. Thus, the company has beenoperating in this industry for an about 21 years (Lloyds Banking Group PLC, 2016). This reportwill give description about past, present and future strategies of cited company. TASK 1Strategic development history of company Lloyds Banking Group PLC is the public limited company which has now established itspresence in global world. At present firm is consider as one of the most recognized bank ofUnited Kingdom. Hence it has successfully established its unique brand image in the eyes of itsbuyers in an effectual manner (Dobbs, 2014). The whole journey of bank is not so simple. This isbecause, in order to reach on to the respective position corporation has faced many ups anddowns. Furthermore, the manager of cited corporation has also framed number of strategies inpast and it is due to the tactics only Bank has now gained the respectiveposition. In accordance with the given context, there are different strategic developments examinedwhich has influenced the long term direction of cited company in an effectual way. Herein, onconsidering the past 21 year’s strategy of cited organization, it is analysed that it has pursuedgrowth in market by using merger and acquisition tactic. In the year 1995, Lloyds Bank hasmerged its operation with TSB and hence become Lloyds TSB bank. With an aim to expandrange of its services, in the year 2000, firm has acquired Scottish Windows which is a mutuallife insurance company (Grant, 2016). Hence, it is by complying with the given type of activitiesonly cited firm has established its presence in UK as well as other markets. The merger andacquisition strategy which cited firm has used brought number of changes in the operation ofbank.1
In this context, here manager of organization has changed its manner of carrying out itswork in accordance with the other company to whom it is merging its operation. For example, onmerging with mutual life insurance company, bank has made several variations in its operation.For instance, with an aim to give support to this service corporation has organised training anddevelopment programs for its employees. This is done, with an aim to improve the knowledge aswell as understanding of the employees regarding the new financial services which is of mutuallife insurance. This effort is made by manager of bank with an aim to pursue its goal ofbecoming the global bank (Martins, Oliveira and Popovič, 2014). At present also, company isrelying upon the above mentioned tactic. In this context, it can be said that merger andacquisition tactic has also helped in terms of influencing the long term direction of bank topresent. With the help of given tactic, firm has expanded its operation in number of countries.Thus, through this way it has fulfilled the needs and demands of many of its customers whobelongs to varied nations but wants to use services of enterprise. Furthermore, this tactic hasalso played very effectual role in terms of improving the brand image of corporation in the eyesof its customers. Thus, through this way overall benefit of the same will be being seen uponproductivity and profitability of company. Besides this, it has also being assessed that manager of cited firm has also used thedivestment related tactic. The firm has to use this strategy because of the circumstances whichhas happened in front of it. The decision of divesting some of its business was taken by managerin the year 2009. In this regard, firm had transferred around 632 branches to new business whichis being called as Lloyds TSB. This decision is taken by firm because there are some brancheswhich are not working well. Thus, by transferring those branches' manager of cited corporationhas made efforts in terms of improving its operational efficiency in an effectual way. In addition to this, there is another tactic identified which has been used by LloydsBanking Group PLC in past many years (Hitt, Ireland and Hoskisson, 2012). Tactic which citedcorporation has used is of low cost operating model or it can be said that low cost leadership isanother most effective tactic which is being used by cited bank. Earlier manager of citedcompany does not give much importance to this approach. But, gradually it has realised theimportance of given method (Hu and Yang, 2016). Thus, it has made its efforts and hence hasmade the decision to sale its services at low or cost effective prices. Through this way, cited firmhas gained attraction of large number of customers. Furthermore, it is by complying with given2
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