logo

Strategies Adopted by the Organisation

   

Added on  2020-12-18

11 Pages3360 Words430 Views
PORTFOLIO

Table of ContentsINTRODUCTION...........................................................................................................................3PART A...........................................................................................................................................3Background of the company...................................................................................................3Strategies adopted by the organisation...................................................................................3Mission, vision and value statements.....................................................................................4Impact of strategy on business performance..........................................................................4PART B............................................................................................................................................5Porter's five forces..................................................................................................................5Competitor analysis................................................................................................................6Resource based theory............................................................................................................7SWOT analysis.......................................................................................................................8PART C............................................................................................................................................9Major issues identified...........................................................................................................9Strategic change......................................................................................................................9Recommendations..................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONBusiness strategies are the plans or policies which enables a firm to accomplish theirpredetermined goals and objectives in order to get an upper competitive edge over thecompetitors. For getting an upper competitive edge, business strategies must be developed bykeeping in mind about the various macro and micro environmental factors which can negativelyimpact the business operations and performance. The taken firm in this assignment report iscommonwealth bank of Australia. This bank was founded in 1911 by the Australian governmentand fully privatised in 1996. Bank is providing financial services to the customers in variouscountries. This report will discuss the background of the company, along with its vision, missionand values. Further analysis of business strategies adopted by the organisation will be discussedalong with their impact on business performance. This report will also do the competitoranalysis, SWOT analysis, identify the resources and competencies. In the last, this report willcover the problem along with the strategic change and recommendations.PART ABackground of the companyThe Commonwealth Bank of Australia also known as CBA is the largest bank ofAustralia having business operations across New Zealand, Asia, the United States and the UnitedKingdom. It provides a wide range of financial services such as retail, business and institutionalbanking, funds management, superannuation, insurance, investment, broking services etc. TheCommonwealth Bank is listed on Australian Stock Exchange in 1991. The bank was founded inthe year 1911 by the government of Australia and fully privatised by the government in the year1996. It is one of the "big four" Australian banks. The company is headquartered at Tower 1, 201Sussex Street, Australia. The bank has over 1,100+ branches 4,300+ ATMs in various countries.The firm is employing around 51,800 employees in 2017.Strategies adopted by the organisationThe Commonwealth bank of Australia is adopting the focus strategy for getting an uppercompetitive edge over their competitors. This strategy is segmented into two strategies i.e. costfocus and differentiation focus. By using cost focus, CBA is providing their services to a nichemarket at comparatively lower prices for attracting the customers. Whereas by using thedifferentiation focus, firm is providing the lower prices services with unique features which are

easily differentiable from the competitors of the firm. Through these strategies, CBA isachieving their desired organisational goals in an effective manner as they are targetting a smallmarket or portion of a market (Moon and et. al., 2014). The firm is providing their serviceseffectively to the customer of that particular niche market for enhancing their satisfaction leveland loyalty towards the company. By using these two focus strategies, the firm is improving theircustomer base along with the productivity which will assist the CBA in sustaining in the marketfor a long period of time.Mission, vision and value statementsThe Mission, vision and value statements of CBA are given below:Vision: The vision of the CBA is to excel at securing and improving the financialconditions of the people, businesses and communities. This can be achieved by customer-focusedculture, our sense of responsibility, and our desire to keep getting better.Mission: The mission of the CBA is to enhance the wealth and fulfilment of life of thecustomers. The bank is committed to provide the quality based financial services to thecustomers for enhancing their satisfaction and loyalty.Values: The values of the CBA includes Integrity, Collaboration, Accountability,Excellence and Service, which define their culture and expectations to treat their customers andother stakeholders in accomplishing the vision effectively. Impact of strategy on business performanceThe company has adopted the focus strategy of Porter generic strategy for getting anupper competitive edge in the market. By using the focus strategy, the company is getting apositive impact on the business performance of the bank as the sales along with the income hasincreased which can be seen from the 2018 annual report of the bank. The customer are alsosatisfied with the new products which are differentiable from the competitors. With the help ofcost focus strategy, the consumers of the bank are getting the services at low prices than thecompetitors which is enabling the bank to retain them from the competitors (Lechner andGudmundsson, 2014). Whereas by using the differentiation focus, the firm is providing theirproducts and services with the unique and innovative features through which the customersatisfaction is increasing. These both strategies are playing a major role in the development andgrowth of firm. Also the business performance is increasing with year after implementing thesestrategies.

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Risk Analysis of Commonwealth Bank of Australia
|22
|4173
|47

Impact of Organizational Structure on Management Innovation and Performance
|13
|2887
|373

Assignment - Business Communication Theories
|14
|3630
|29

Impact of Macro Environmental Factors on Commonwealth Bank Operations
|9
|2141
|220

Business and Society Assignment (Doc)
|11
|3303
|305

Business Communication Strategies
|12
|2997
|76