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Background of the organization

Discuss about the organisation is ANZ group.

Strategic management is crucial in the large organization for a better outcome of the performance. There are several constraints upon which these strategies are made and measured. Various internal and external analyses are involved to make a perfect set of functionaries for a company (Nurcholis and Satria, 2017). ANZ group is regarded as one of the best banks in Australia and New Zealand upon which a description in this report is given. Various analyses such as PESTEL, Five forces model, and recommendations for improvements have been justified in this report. There is also a complete brief upon how the company works and performs in the Australian market.

ANZ group that is Australia New Zealand Banking Group Ltd. is the third largest bank in Australia by market capital. It is a bank which provides the huge set of commercial banking services to the people who are associated with it. Commercial banking includes various activities such as retail banking, maintenance of various accounts, wealth management etc. It provides the best workplace culture for its employees so that they can provide best investment advice to its clients (Sung and Park, 2018). Also, ANZ group believes in giving back to the society by various strategies and means. The company has a set of rules upon which it makes sure that it has best strategies for the operations so as to stand among the top in operations. The bank has also been aiming to target several new emerging markets where the chances of expansion and business are really high. The business is already performing best in various locations where it is operating. The strategic alliances of the company are very particular and distinct based upon several market analyses.

Bitcoin is one of the advanced cash in which the procedures and components of encryption are used for managing the age of units of money and confirming the exchange of assets. This money is worked autonomously of a national bank. Bit-coin has been considered as the most well-known case of a creating innovation that have a capability of acquiring progressions the managing an account area. By making utilization of the polish of science Crypto-monetary standards empower relatively moment exchange of significant worth at least or no costs between two gatherings without the requirement for a trusted outsider.

PESTEL analyses consist of the evaluation of various external factors which may directly or indirectly impact the business of an organization. This analysis plays an important role in the formation of strategies for a company which is performing its function in this competitive world. ANZ group is regarded as one of the best banks in Australia so there are several hurdles which it has to overcome in order to have smooth functioning of the company as a global performer (Kusyk, Uyar and Sahin, 2018). In other words, taking up operations in various countries justifies various sets of rules which has to be taken into account for which PESTEL analysis is significant. The following is a brief of the analysis:

PESTEL analysis

Political

Every country has a justified set of constitutional rules which has to be followed by the emerging businesses. The formation of these rules depends upon several terms such as the political environment of the nation, ruling party etc. So, the change in the formation of the new set of rules from the government can impact the business and its functionaries which is crucial to be accounted for a better functioning (Lumbroso and Ramsbottom, 2018). ANZ group have its functions in banking which is very much dynamic with the new set of rules every time. Hence, every country has the different type of political environment which has to be taken into account by ANZ while conducting its operations at various locations. Based on the exploration it has been noticed that Crypto-monetary forms have had a solid political atmosphere that is supporting them in picking up prominence. A standout amongst the most experimental effects of digital money is decentralization of cash issuance and furthermore the cryptographic forms of money are not under the control of administering specialists. The cryptographic money is decentralized on the grounds that the administration does not back them and subsequently the clients are executing specifically without impedance of the state. What's more, these all are the reasons that delineate the effects of cryptographic forms of money on the ANZ Group.

Economical

An economy of a country justifies the potential power of spending by the people of that country. Hence, it is a very useful tool for a company to decide upon if a company can target a particular market for its operations or not. The economic condition of companies also keeps on changing from time to time which makes it clear that it is also a very tough challenge in order to cope up with it (GABRIEL and ALINA, 2018). ANZ group as a banking sector player gives a major importance to the economy of a country and this factor is taken very crucially for the strategic management and further operations of the organization.

Social

There is a section of every nation where a company has to take care of the society because it includes people in it. The social culture of the nation also impacts the business to know what kind of taste and preferences a company might get from the people or in other words getting a response for a particular activity. This impacts the sales and acceptance of company in a particular market (Wambui, 2018). Hence, this factor plays a very important role information strategy for ANZ group so as to take its business operations further.

Technological

This is an ever-changing factor which keeps on upgrading over and over again with time. Hence, technology plays a very important and direct part in the success of a business in today's world. ANZ group after analyzing a particular country have to take into consideration about the technological factor of the country so as to know what stage of technology is used in the nation and what it can add up to its smooth operations to be at an edge in the market (Hosseini, Safari and Homayouni, 2018). This is a very important factor as a banking group there is so much addition to this factor for operations which has to be used by the ANZ group.

Environmental

Every nation has an environment in which a business performs its activities. This is also known as surroundings, for example, there can be the positive environment and there can be the negative environment where a business has to perform its best to have a good result. The business culture of a company also varies from one place to another and this has to be followed by the organizations to develop their business (Barney and Hesterly, 2010). The environment a company creates for its people also matters and has to be taken very seriously by ANZ group so as to make the most use of it to generate most efficient team for the objectives of the entity.

Legal

There is the various set of law and order for every nation worldwide which has to be followed while settling up a business (Buckingham, 2011). The legal compliance includes fair practices of business in a nation so as avoid any kind of ill practices. These practices vary from nation to nation and play a very significant role in the formation of policies for a particular company. Hence, ANZ group as a banking services company have to take care of these practices so as to make most fair and smooth functioning of the business. Because of decentralization of digital currency there is no control of the administering experts and consequently no obstruction should be possible by the state. What's more, this is the fundamental reason because of which these monetary forms have least legitimate restrictions. The CEO of ANZ bunch Shayne Elliott said that Hayne imperial commission denotes a "watershed minute" for the managing an account segment however cautioning to the investors is likewise given informing that slower advance development. "The illustrious commission affect is genuine (Shapiro and Eyers (2018). " Mr Elliott said as the loan specialist revealed a $3.45 billion half-year money benefit, which was up 4 for every penny and coordinating accord desires.

Diamond model

The jewel plan of action has been created by for the business associations to help them in understanding their aggressive position in the worldwide markets. This Porter precious stone model is otherwise called Porter Diamond Theory of National Advantage and this is on the grounds that every one of the variables that are noteworthy in the in global business rivalry look like the purposes of a jewel.

Five forces analysis

Every business firm is derived from some factors to which it has to compel in order to perform well. Hence, ANZ group while performing in various markets also faces such factors and has to make sure that it overcomes them so as to have proper functioning of the operations. These are the factors which directly impacts the business of a company on the basis of performance (Carroll, Primo and Richter, 2014). Various strategies of a company are made by taking these factors so as to have the best performance of activities in the market. Porter’s five force model is one such analysis upon which a company can justify the solution for the forces which derive its business operations. hence, a justification to the same in regards to ANZ group is given below:

Competent Rivalry

Every company has a certain set of competition which has to be taken into account for the strategic formulations. Here the competition is companies which performed in the same line of business or they can be substituted for the services which are being provided by a company. ANZ group have several competitive banks which are its rivals such as Commonwealth Bank, Westpac Banking Corporation etc. So, in order to retain its customers, it has to make sure that it has some of the other competitive advantage strategies so as to deal with same business operations entities (Cortez et al., 2014). As the business of a company could be impacted by this because the customers may switch to another bank for the same services.

Power of buyer

Bargaining power of buyer in a market implies when there is the huge number of people for a particular product and they define a particular set of price for a particular service which justifies the problem a company faces while positioning its product in a market. ANZ group also has to make its product viability according to the need and demand of the nation and the customers who are available in it.

Power of supplier

The suppliers of the services also make an advantage of the monopoly of services they provide and set a price of the services according to themselves. The person who wishes to avail those services has no choice but to choose it because there is no other substitution for the same (Daspit, Chrisman, Sharma, Pearson and Long, 2017). Hence, this factor of the porters five forces model also justifies the pricing of the product for a particular market where it is unique and providing these services. ANZ group have to make an optimum use of this factors so as make a strategy which helps it to have an edge to achieve its goals and objectives.

Threat of substitute

There are many substitutes for the same services which a company is providing and the strategy which the substitute company uses to attract a customer is very much problematic for an organization as it may lose upon its potential and new customers. To overcome this company has to make a competitive advantage strategy for a proper functioning of business and its operations (Dhariyal, Negi and Kothari, 2017). This helps in retaining the customers or rather may end up in losing the customers to the rivalry which is providing the same services to the people who are associated with ANZ in lower charges.

A threat of new entrant

A market never stops as there are companies which keep on entering the market and also there are companies which leave the market. New companies with new ideas emerge in a market and the existing companies have a threat of losing their customers to the new company which is coming in the market. ANZ group also have to analyze its new rivalries which are planning to enter into the same business market in which the company is operating so as to make sure a proper smooth functioning of the operations without any chances of losing the customers.

In all the company has to make the optimum strategy to make their customers associated with it for a long period of time (Djenontin, Foli and Zulu, 2018). This can only be real when a company makes sure that it provides best services to the customers as no other can which will make it stand out of the crowd so that the customers chooses it again and again for the services.

Strategic analysis

Every company has several sets of operation and ANZ has a set of division where it operates with cryptocurrency (Duffy, 2011). The virtual currency is creating a huge boom in a market which is not regulated by any central authority and is risky but the future of the world is justified by this. The prices of this currency changes upon certain parameters which are not known and justified. Hence, the company has to make sure that it has a proper strategy for the success of this currency as well as if it fails there is a backup plan upon which the customers' demand will be fulfilled.

Conclusion

The functioning of ANZ group and various factors which may cause a problem for its business has been concluded by the above report. How to overcome these factors is a result of this section of study for the banking corporation. There are several recommendations which are also there for company and its operations which have been obtained in the above research for ANZ group. Overall company is having a good working culture and it is performing well with its operation is also a finding of this study.

References

Bakker, D. (2014) Vertical Brand Portfolio Management: Strategies for Integrated Brand Management Between Manufacturers and Retailers. Springer.

Barney, J.B. and Hesterly, W.S. (2010) Strategic management and competitive advantage: Concepts. Englewood Cliffs, NJ: Prentice hall.

Buckingham, I.P. (2011) What’s Employee Engagement?. In Brand Champions (pp. 37-74). Palgrave Macmillan UK.

Carroll, R.J., Primo, D.M. and Richter, B.K. (2014) January. Using Item Response Theory to Improve Measurement in Strategic Management: An Application to CSR. In Academy of Management Proceedings (Vol. 2014, No. 1, p. 12215). Academy of Management.

Cortez, M.A., Tu, N.T., Van Anh, D., Ng, B.Z. and Vegafria, E. (2014) Fast fashion quadrangle: An analysis. Academy of Marketing Studies Journal, 18(1), p.1.

Daspit, J.J., Chrisman, J.J., Sharma, P., Pearson, A.W. and Long, R.G. (2017) A strategic management perspective of the family firm: Past trends, new insights, and future directions. Journal of Managerial Issues, 29(1), p.6.

Dhariyal, D., Negi, M.S. and Kothari, H.C. (2017) Analysing Impact of Packaging Design on Impulsive Buying using Regression Model. International Journal of Engineering and Management Research (IJEMR), 7(1), pp.200-205.

Djenontin, I.N.S., Foli, S. and Zulu, L.C. (2018) Revisiting the Factors Shaping Outcomes for Forest and Landscape Restoration in Sub-Saharan Africa: A Way Forward for Policy, Practice and Research. Sustainability, 10(4), p.906.

Duffy, S. (2011) September. A community creating their own rules on foursquare. In Mobile and Online Social Networks (MOSN), 2011 Workshop on (pp. 7-12). IEEE

GABRIEL, C.G. and ALINA, C.I. (2018) The concept of managerial strategy and their components in the sporting organization (Note I). Studia Universitatis Babes-Bolyai, Educatio Artis Gymnasticae, 63(1).

Kusyk, J., Uyar, M.U. and Sahin, C.S. (2018) Survey on evolutionary computation methods for cybersecurity of mobile ad hoc networks. Evolutionary Intelligence, pp.1-23.

Lumbroso, D. and Ramsbottom, D. (2018) Flood Risk Management in the United Kingdom: Putting Climate Change Adaptation Into Practice in the Thames Estuary. In Resilience(pp. 79-87).

Nurcholis, M.A. and Satria, A. (2017) Implementasi Kebijakan Strategi dengan Balanced Scorecard pada Kementerian Kelautan dan Perikanan. Jurnal Ekonomi dan Kebijakan Publik, 8(2), pp.71-86..

Shah-Hosseini, R., Safari, A. and Homayouni, S. (2018) March. Estimation of Natural Hazard Damages through the Fusion of Change Maps Obtained from Optical and Radar Earth Observations. In Multidisciplinary Digital Publishing Institute Proceedings (Vol. 2, No. 7, p. 365).

Sung, T.E. and Park, H.W. (2018) The adequacy of volatility for the elaboration of technology valuation based on real options. Technology Analysis & Strategic Management, pp.1-24.

Wambui, L.N. (2018) Impact of organizational culture on organizational commitment. Strategic Journal of Business & Change Management, 5(2).

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