HSBC Strategic Marketing Plan Analysis
Added on 2020-01-15
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Strategic Management
Table of ContentsINTRODUCTION ...............................................................................................................................4TASK 1.................................................................................................................................................41.1 Critically evaluate business strategy development and implementation. .................................41.2 Identification of outcomes.........................................................................................................5TASK 2.................................................................................................................................................72.1 Identification of strategic direction............................................................................................72.2 Justification of actions.............................................................................................................11TASK 3...............................................................................................................................................113.1 Discussion and justification of implementation challenges.....................................................113.2 Justified recommendations......................................................................................................12CONCLUSION..................................................................................................................................13REFERENCES...................................................................................................................................14
Illustration IndexIllustration 1: Porters Genreic Strategies............................................................................................10
INTRODUCTION Strategic management is a continuous process which refers to the formulation andimplementation of strategies for the achievement of goals and objectives. It consists of planning,motoring, analysing and implementing the appropriate strategies for meeting organisational goalsand objectives. Generally, strategies are formed by the companies for improving their performanceand position in the market (Debrah, 2013). These are formed by analysing internal and externalstrengths of the firm which helps in formulating proper action plans and executing them at the rightplace. In the present study, HSBC bank of UK is taken into consideration. The headquarter of thisbank is situated at London in UK. It is a multinational bank and provides various financial servicesto the people. The services provided by HSBC are consumer baking, corporate banking, investmentbanking, private banking and many more (Heinz, 2013). This study consists of criticalunderstanding of concepts, techniques, theories, functional areas in respect to the strategy formationand implementation. Along with it, file also consists of various ways for taking strategic decisionsin the context of culture and other sectors, analysis of strategic issues and designing of appropriatesolutions. In the end, the study is concluded with key findings and meaningful measures. TASK 11.1 Critically evaluate business strategy development and implementation. Hirsch and Gschwandtner said that “A good strategic plan helps in proper allocation ofresources along with their utilization ” (Hirsch and Gschwandtner, 2013). Similarly Huemann,Keegan and Turner has stated that “HSBC plans its strategies carefully for getting a unique positionin the UK banking industry” (Huemann, Keegan and Turner, 2007). In respect to this statement, itis found that proper development and implementation of strategies results HSBC to achieve positionof world's fourth largest bank. On the other hand Joanicjusz has asserted that “Recession in UKmake banks to suffer most due to the inappropriate development and implementation of strategiesfor overcoming from that situation” (Joanicjusz, 2010). Johnson, Scholes and Whittington, has concluded that “Proper strategy formulation resultsto improve the performance and internal processes of the organisation” (Johnson, Scholes andWhittington, 2005). In the favour of thisJones, has found that “Use of appropriate tools andtechniques can makes strategy development more simpler and easier process and results to improveperformance in more effective way” (Jones, 2009). In respect to this, HSBC is using Value at risk(VAR) tool for monitoring and controlling the risks that occurs during the work processes. This toolhelps bank in planning and developing right strategies by keeping the work related issues in mind. In contrast of the above statement Kambil, has demonstrated that “Consumer expectations
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