Business Strategy - Lloyds Bank
University: ITCM College London
Question :
Strategic Manager with Lloyds bank have been given a responsibility to produce an environmental analysis and at the same time form a strategic growth plan for the organisation through consideration of internal and external tools of analysis.
- Analysis of macro-environmental factors to identify their impact and influence on operations on Lloyds Bank.
- Conducting an assessment of the internal environment and the capabilities of the business.
- Evaluation and application of outcomes of Porter’s Five Forces to the undertaken sector.
- Application of theories, models, and concepts to determine the strategic direction which is available to Lloyds Bank.
Answer :
INTRODUCTION
Each and every organization that wants to grow and need to gain larger market share then it is required from them that they should conduct all activities in most appropriate and systematic manner then a strategy should be framed and followed. Business strategy is helpful in conducting all future task in systematic way so that all targets should be fulfil in limited period of time. This type of action is helpful in gaining greater profit and larger market share in industry (Aharoni, 2015). Present report is based on Lloyds Bank which is famous and popular enterprise established in UK. Business strategy are useful in optimum utilisation of all resources like natural, financial etc. and this could be done by placing all resources in very effective place where all source could be used on maximum. When all activities and task are done with maximised efficiency then it is a capability of person that he/she have sufficient capacity to formulate and implement business strategy.
TASK 1
P1 Appropriate framework to analyze macro-environment for organization
Management of every corporation require to have accurate and complete information about market conditions which help them to acknowledge needs and wants of public. This help them to design system and conduct activities to provide items and services in respect to consumers requirements. PESTEL analysis is appropriate tool which is used by administration to execute market research and survey to anticipate position and image of Lloyds Bank in market.
Political factors: This concept define that government formulate laws and act to regulate and manage functioning of organisations. Administration require to make policies and strategies in according to authority of country in which business is conducting operations. In Lloyds Bank, management have make policies and tactics in according to regulatory bodies. This help firm to make system function adequately and according to market situations (Ghosal, 2015). Authorities require to take care that business operations are executed effectively and legal procedure is followed by seniors.
Economic factors: This element specifies that interest and exchange rate, inflation are various components which vary from one nation to another. Lloyds Bank is having branches established in different nations which help administration to have large customer base. For this, companies require to conduct operations and activities adequately.
Social factors: This component define that organisation require to deliver different variety of items and services in respect to needs and wants of public. It is necessary that administration execute operations which help them to produce quality things and provide option to consumers to make them purchase products in according to their taste and preference. Management require to utilise funds efficiently and organise business work which help them to deliver appropriate items and services in market (Higgins, Omer and Phillips, 2015).
Technological factors: This element specifies that management require to implement appropriate tools and techniques in system so that adequate items and services are delivered in market. It is essential that adequate technologies are used by members which help seniors to utilise material efficiently and make employees perform tasks effectively. In Lloyds Bank, management keep updating technologies and use software which help firm to deliver quality services to clients. Along this, members be able to give things in respect to needs and wants of people which benefit enterprise to improve market image of Lloyds Bank and position it higher than other rival firms.
Environmental factors: This tactic defines that management require to take care and design system and implement tools and techniques which help organisation to use natural resources properly. Lloyds Bank consists latest technologies which help management to use material adequately and deliver appropriate things in marketplace. With advancement in technology, computer is best tool which helps organisation to keep record of clients and organise activities propelry. Along this, seniors main responsibility is to deliver adequate things in marketplace in according to needs and wants of people (Kalyani and Sahoo, 2011).
Legal factors: This component specifies that various laws are formulated by government in respect to equality, discrimination, employment. Employer of Lloyds Bank have adequate manpower so business operations are executed appropriately. Their main duty is to provide duties to members on basis of their skills and abilities. Along this, workforce are given future opportunities and compensation in respect to their performance and outcomes. This benefit management to enhance market position and retain skilled and competent people for longer period.
Thus, management of Lloyds Bank conducts PESTEL analysis to get information about government legislations, technology, economic conditions, needs and wants of public, environment tactics and legal procedure. Lloyds Bank is able to construct strong position in market as firm has latest tools and techniques implemented in system; so clients are give quality services and quickly. This help administration to make system function effectively and deliver appropriate items and services in according to demands of public. Thus, management is able to attract large number of people; thereby enhance sales and profitability (Bucolo and Matthews, 2011).
M1 Analyse macro environment to determine and inform strategic management decisions
Seniors require to make system function effectively and utilise resources such as material, machine and manpower efficiently. Business operations have direct or indirect impact from elements which are present in macro environment, so it is essential that management design system and implement tools and techniques which help firm to deliver appropriate items and services in marketplace. Administration require to formulate policies and strategies in according to rules and regulations of government. Along this, members require to get duties and targets on basis of their skills and abilities which help superiors to make them perform tasks effectively and complete objectives within specified time. Management involve members in deciosn masking process which benefit firm to make appropriate judgements and select alternatives which are advantage for functioning of organisation.
TASK 2
P2 Appropriate framework to analyse internal environment and capabilities of organization
Administration require to have complete information about system and it abilities in respect to organise and conduct activities according to market conditions. It is essential that management have adequate material and manpower so that appropriate things are manufactured
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