Strategy and Change Management for Lloyds Bank | Desklib

Change Management

Table of Contents
Introduction .....................................................................................................................................1
Main Body.......................................................................................................................................1
Conclusion.......................................................................................................................................5
References ......................................................................................................................................6

Introduction
Change management is defined as a systematic approach used by the business
organisation to effectively deal with any kind of transformation of an business goals, processes
and task (Ansoff and et. al., 2018). It enables business to effectively implement required
strategies for managing the change. For this report Lloyds Bank is taken into consideration.
Loyds Bank is a well established retail and commercial bank. It was founded in 1765 by John
Taylor and Sampson Lloyd. It is committed to offer 24 hours telephone and online services. This
report highlights value of purpose, vision, mission and objectives in determining the strategic
direction of the business. Also the process and tools considered by the business organisation to
determine their strategies to handle the change is also highlighted in this report.
Main Body
Strategy is defined as a proper plan of actions determined by the business organisation in
order to achieve their long term goals and objectives. It includes setting objectives and priorities,
analysing actions that needs to be considered to achieve those goals and mobilise required
resources to execute the actions. Proper implementation of strategy helps the business
organisation to achieve desired goals and objectives leading to enhance their overall
performance. It is also a clear set of task and objectives that outline how an organisation will
compete in a specific marketplace. In case of Lloyds Bank, proper and clear strategy will help
the bank to offer a vision of the future, determine the purpose and values of an organisation.
Another benefit of implement the right strategy for the bank is that it will enable them to develop
a single, forwards looking vision that can be suitable for the bank and the shareholders. In case of
Lloyds Bank, main business strategy of bank includes to effectively work towards helping
Britain prosper through satisfying their needs (Bailey, Mankin and Garavan, 2018).
Strategic planning is one of the essential process consider by higher authority of the
organisation to analyse their vision for the future growth and determine their long terms
effectively. In context to Lloyds Bank, to understand the strategic planning process of the bank
William's model of strategic management can be taken into consideration (Strategic Planning,
2021). This model includes mainly four factors that will help the chosen bank to gain
competitiveness in the marketplace. such as strategic management element, this factors helps the
chosen bank to determine the mission, goals, value of the bank as well as the key decision
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