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Issue One

The Common Wealth Bank in Australia is an institution which belong to the banking industry and it provides the Australians with various services which include organizational banking, management of funds, investment, insurance services, share broking the services and products, business banking, premium banking and retail banking in which all these services are integrated amongst the integrated financial services (AULICH, JONES and HEAD 2017, pp.10). This institution is amongst the highly ranked organizations in Australia which engage in the security exchange. It is also ranked as the largest banking institution in the Southern region. In the same view, it is clear that the institution was established in 1911 by the government of Australia. The key mission statement for the Common Wealth Bank of Australia was to obtain a high Total Shareholder Return amongst the listed banking institutions in Australia over a duration of every five years. The Total Shareholder Return required to be estimated through calculation by obtaining the value of growth regarding the group shares invested. At the same time, all dividends were assumed and also reinvested until when they were required to be paid.

The Common Wealth Bank of Australia values several things when serving the citizens. For instance, within the institution there is the value of integrity hence they believe in saying and doing (Avkiran, 2000, pp. 122). This means they value the services provided to the clients, community and the shareholders. The institution values the collaboration where they have a slogan which indicates working as one team. This implies that the organization keeps track of all the customers’ records and various shareholders hence they work together as a team. The organization upholds excellence and has a slogan which says Doing Your Best. This implies that the institution does not base on the mindset but also aims to do the best and at the same time, deliver world class services to the customers. The bank observes accountability and has a slogan which indicates Taking Ownership. This implies that the staff needs to make a follow-up and deliver to the customers what they have been promised. The bank offers services using a slogan which indicates Helping Others (Wise, 1909, pp 37). This means that the organization loves what they provide and that contributes to the good performance which is highly ranked. In the same view regarding services, there exists another slogan which says Supporting the Community. This implies that the institution helps all the communities within Australia without bias and hence achieves a big different.

Values of the Commonwealth Bank of Australia

It is clear that the marketing strategy of the Common Wealth Bank is customer and policy-oriented which is evident from the latest reports indicated in Australia. From this point, it is evident that the bank organizes various campaigns to reach the Australian men and the women. The campaigns cover 64% media strategy of the bank as well as the positioning of the brands. Also, the share of voice increases and maintains 7.56% on the average to minimize the ratings of the campaigns to ensure all the Australians receives the message regarding the brand awareness of the bank (Brailsford, Handley and Maheswaran, 2008, pp.73). Various competitors have been identified with their products which are diversified and aims to tackle the customer requirements of the Australians. Therefore, this competition causes the common wealth bank to position itself as the main brand which the Australians needs to trust and it helps to deliver a portfolio with quality services and at the same time, ensures the Australian families can invest and save. Successful partnership with other organizations has been identified. These relationships maintained to ensure the Common Wealth Bank of Australia establishes the loyalty programs, other premium services, and merchandise partners. At the same time, the relationships help the institution to anchor more clients to the brand is seen in the media that is the television, between 5-10 am and 6-12 pm advertising of the Commonwealth Bank dominates the stations (Cummings and Durrani, 2016, pp.23). In addition, a little retail activity lies hence the strategy in branding develops an emotional response to the customers. This technique creates a pathway for the bank to enhance a long-term investment to the customers. At the same time, the Commonwealth Bank is policy-oriented since it adheres to the banking Act of 1945 which compels the Australian states to be served by the bank through the government. Finally, the bank is consumer and policy-oriented in the marketing strategy have made significant moves to increase the revenues as well as the productivity hence consumer’s satisfactions is acquired.

The Common Wealth Bank of Australia is ranked at the top since it issues the customers with a wide range of products and services which include the transactions, the saving accounts, credit cards and also loans. The bank entails the largest Automated Teller Machine in Australia and at the same time, it provides the customers with the opportunities for planning to move and also settle in Australia under the funds within management, the organization offers the products of investment and the superannuation (Demirer et al, 2017, pp.5). These products allow the customers to choose between investing individually or rather in groups. There also entails the insurance and superannuation which allows the customers receive the income on retirement, life, and general insurance. By viewing the statistics, it is clear that this organization has the largest number of life insurers and individuals who have received the superannuation and pensions.

Marketing Strategy of the Commonwealth Bank of Australia

The role of the brand in the organization strategies is that the Commonwealth Bank of Australia has greatly achieved using its marketing strategies. Within the marketing strategies the portfolios on investment have been created for various customers. Through the policy and customer-oriented marketing strategy, the Commonwealth Bank has gone international hence its international presence is significant (Giblin, 1951, pp.20). For instance, it has contributed to the rise of the Common Wealth Banks in New Zealand and Indonesia. The marketing strategy is significant through the networks and the alliances which are initiated by the Commonwealth Bank. Through these networks and alliances a distribution networks both Nationwide and for the Group Branch is achieved. The Groups are provided with a wide range of the financial advice and agency where the advisers are licensed and engaged in the advisory services which they provide to the customers (Huang, Zhou and Zhu, 2012, pp.193). The community support is achieved through the marketing strategy since the Commonwealth Bank offers support to the organizations as well as the activities in the community. Therefore, through the marketing strategy, a wide range of benefits in the long-term is acquired by the Australians. The bank includes various areas which are included under the policies such as science, youth, education and also, technology. Therefore, ‘financial needs are met by the bank in all the areas listed above (Joshi, Cahill and Sidhu, 2010, pp.151).

The Commonwealth Bank of Australia, just like any other business organization, faces various strengths, weaknesses, opportunities and threats. To begin with the strengths, the Commonwealth Bank is associated with a variety of brands including the ASB Bank, Commonwealth Insurance Limited, Bankwest, and the Commonwealth Securities Limited (Merrett, 2002, pp378). Also, the bank provides its services in many nations including New Zealand, USA, the United Kingdom and Fiji. The ability of the bank to operate in the five great nations is an indicator that the bank is growing and the customers are appreciating the bank. Moreover, the bank gained recognition on the Australian Securities Exchange and was acknowledged as one of the leading companies in Australia.

The commonwealth bank of Australia is also regarded as one of the leading banks in Australia. Actually, the bank takes a place among the big four Australian banks which include the Westpac, ANZ and the National Australian Bank. The bank also provides some essential services to the customers and for this reason; the bank has gained a great reputation and appreciation from its customers. Some of the key services offered by the bank include corporate banking, Global wealth management, credit cards, insurance services, consumer banking, investment banking and much more. Over the years, the bank has generated enormous profits and revenues due to the wide range of quality services offered.  Finally, the bank’s success can be explained further by the number of employees working in the bank. Numerically, the bank has recruited approximately 44,000 workers to serve in the various departments (Sujan and Abeysekera, 2007, pp 80). The bank was also indicated as the sole organization offering financial services and was listed among the 20 most preferred employers (Otchere, and Chan, 2003, pp 950).

Services Offered by the Commonwealth Bank of Australia

Despite the bank being associated with the numerous strengths, some weaknesses have also been observed. In the recent past, the bank was associated with some controversies. For example, there was a controversy regarding the bank which was initiated by a website referred to as ‘Unhappy Banking’ and an action group. Moreover, the bank scores an average B- according to the Moody’s financial strength rating (Nicholls, 2014, pp 329). Despite the weaknesses, the bank can explore some available opportunities. To start with, the onset of technology has seen organizations change the way they operate. Hence, the commonwealth bank should also adopt technology into the key banking protocols. By doing so, the bank will be able to reach more customers and also offer quality services. The commonwealth bank should also consider expanding to the growing markets such as Asia. Expansion of any organization is associated with numerous benefits including further growth in the long term.

Any business organization is bound to face some threats at some point. Hence, the Commonwealth Bank of Australia may also face some threats. For instance, the global economy plays a major role in determining the profits of an organization. The confidence of the investors in the banking sector is also affected by the global economy. Hence, the bank may face some threats due to the change in the global economy. Banks also face some threats associated with the fluctuating foreign exchange rates. Hence, the commonwealth bank may also face this threat because it serves in different nations.

The Commonwealth Bank of Australia offers its services to customers across Australia and other nations. Moreover, the bank prides in having the greatest customer base than any other bank in Australia. Some of the services offered to customers include corporate banking, Global wealth management, credit cards, insurance services, consumer banking, and investment banking. The bank also offers lending and banking services to other institutions. Hence, the bank’s customer base is composed of both individuals and corporations.

The Commonwealth Bank of Australia is regarded as one of the great four banks in Australia. Some of the key services offered by the bank include corporate banking services, management of funds, investment and insurance services. However, the other big three banks also offer the same services. For this reason, the bank faces aggressive competition from these banks. The three competitors of the commonwealth Bank of Australia of are the National Australia Bank, Westpac Banking Corporation and Australia and New Zealand Banking Group (Sathye, 2002, pp 50).

The Commonwealth Bank of Australia collaborates with individuals and other organizations for the purpose of enhancing its operations. For instance, the commonwealth bank of Australia is a member of AIMSC. This means that the bank supports the expansion of the Australian enterprise sector. Actually, the commonwealth bank among the first corporations to join the AIMSC and henceforth, the bank has offered support to the organization.

Additionally, there are some additional factors affecting the bank. To start with, the bank is affected by the exchange rates due to its global operations. In case the exchange rates of the major currencies fall, the bank will experience some problems (Turner, 2011, pp 41). Secondly, state laws and regulations also affect the bank. Some laws are enacted by the government to guide the operations of the banking sector. The laws define the institution and some of its activities. Interest rates and other aspects of the bank are defined by these laws.

The customers are the main reason for the existence of any business organization. Hence, the Commonwealth Bank of Australia undertakes various researches regarding the customers in order to expand its operation. To start with, the bank engages in a variety of activities to gauge the customers’ response to the promotion and advertising aspects of the firm. For instance, the bank identifies a focus group and gets information from the group. Also, the bank conducts studies aimed at gauging the customer satisfaction. The bank has conducted many such studies in the past by using questionnaires and conversations with the customers. Additionally, the bank also seeks the reason behind the customers’ loyalty to the bank through extensive market research and use of questionnaires. In the recent years, the bank has enacted some changes to its banking system. Many of these changes have been associated with the growing technology. Therefore, the bank resulted in concept testing for the purpose of determining how the customers view the new idea. Finally, the bank seeks to find the customers’ feedback through the creation of feedback forums, customer surveys and phone surveys (Quiggin, 1998, pp 95).

In the process of writing a plan, it is also important to identify the competitors. The Commonwealth Bank of Australia stays in business by identifying its competitors and enacting some strategies to deal with the competition. To start with, the bank identifies the direct competitors (Pagan and Wilcox, 2016, pp 23). The direct competitors are regarded as the fierce and aggressive competitors. The three main competitors in the market are the National Australia Bank, Westpac Banking Corporation and Australia and New Zealand Banking Group. Also, the bank has identified the services these competitors offer. For this reason, the bank has been able to maintain a competitive advantage over the other banks for many years (Tomasic, Bottomley and McQueen, 2002, pp 34). Thereafter, the bank identifies the indirect competitors who are regarded as the organizations which offer different services. The bank is also familiar with fact that the emerging banks pose major competition compared to the existing banks. Hence, the bank investigates the new and upcoming banks and the services they offer. In order to counteract the competition, the bank responds by offering the same services in a better and affordable way. Additionally, the bank keeps track of any movement made by the competitors.

There are various roles played by the collaborators in the banking process. The relationship between the Commonwealth Bank of Australia and the collaborators such as the suppliers and the distributors is important.  The suppliers are important to any bank because they play the role of supplying all the equipment that are regarded beneficial to the smooth running of the bank. For instance, the advent of a new banking technology requires the suppliers to distribute the new technology to the banks that need the technology. The Commonwealth Bank of has sought the services of suppliers on many occasions especially during the technological advancements (Schlagwein, Thorogood, and Willcocks, 2014, pp 220). Also, the Commonwealth Bank collaborates with other organizations for the purpose of the smooth running of the bank.  For instance, the Commonwealth Bank of Australia is a member of AIMSC (Murray et al 2014, pp 14). This means that the bank supports the expansion of the Australian enterprise sector. Actually, the Commonwealth Bank was among the first corporations to join the AIMSC and henceforth, the bank has offered support to the organization. This shows that the bank is determined and committed to collaboration with other organizations. Finally, the bank collaborates with the customers in order to provide some support services such as insurance and banking.

Aulich, C., Jones, S. And Head, B., 2017. Divestment Of Commonwealth Public Enterprises In Australia: The Cupboard Is Bare. Annals Of Public And Cooperative Economics.

Avkiran, N.K., 2000. Rising productivity of Australian trading banks under deregulation 1986–1995. Journal of Economics and Finance, 24(2), pp.122-140.

Brailsford, T., Handley, J.C. and Maheswaran, K., 2008. Re?examination of the historical equity risk premium in Australia. Accounting & Finance, 48(1), pp.73-97.

Cummings, J.R. and Durrani, K.J., 2016. Effect of the Basel Accord capital requirements on the loan-loss provisioning practices of Australian banks. Journal of Banking & Finance, 67, pp.23-36.

Demirer, M., Diebold, F.X., Liu, L. and Y?lmaz, K., 2017. Estimating global bank network connectedness (No. w23140). National Bureau of Economic Research.

Giblin, L.F., 1951. The growth of a central bank: the development of the Commonwealth Bank of Australia, 1924-1945. Melbourne: University Press.

Huang, X., Zhou, H. and Zhu, H., 2012. Assessing the systemic risk of a heterogeneous portfolio of banks during the recent financial crisis. Journal of Financial Stability, 8(3), pp.193-205.

Joshi, M., Cahill, D. and Sidhu, J., 2010. Intellectual capital performance in the banking sector: An assessment of Australian owned banks. Journal of Human Resource Costing & Accounting, 14(2), pp.151-170.

Merrett, D.T., 2002. The internationalization of Australian banks. Journal of International Financial Markets, Institutions and Money, 12(4), pp.377-397.

Murray, D., Davis, K., Dunn, C., Hewson, C. and McNamee, B., 2014. Financial system inquiry: final report.

Nicholls, S., 2014. Perpetuating the problem: neoliberalism, commonwealth public policy and housing affordability in Australia. Australian Journal of Social Issues, 49(3), p.329.

Otchere, I. and Chan, J., 2003. Intra-industry effects of bank privatization: A clinical analysis of the privatization of the Commonwealth Bank of Australia. Journal of Banking & Finance, 27(5), pp.949-975.

 Pagan, A. and Wilcox, D., 2016. External Review–Reserve Bank Of Australia Economic Group Forecasts And Analysis.

Quiggin, J., 1998. Social democracy and market reform in Australia and New Zealand. Oxford Review of Economic Policy, 14(1), pp.76-95.

Sathye, M., 2002. Measuring productivity changes in Australian banking: an application of Malmquist indices. Managerial Finance, 28(9), pp.48-59.

Schlagwein, D., Thorogood, A. and Willcocks, L.P., 2014. How commonwealth bank of Australia gained benefits using a standards-based, multi-provider cloud model. MIS Quarterly Executive, 13(4), pp.209-222.

Sujan, A. and Abeysekera, I., 2007. Intellectual capital reporting practices of the top Australian firms. Australian Accounting Review, 17(42), pp.71-83.

Tomasic, R., Bottomley, S. and McQueen, R., 2002. Corporations law in Australia. Federation Press.

Turner, G., 2011. Depositor protection in Australia. Bulletin of Reserve Bank of Australia December Quarter.

Wise, B.R., 1909. The Commonwealth of Australia. Little, Brown and Company.

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