Discuss about the Strategic Development of Nab.
Every organization has some strategic methods for the development of their company which is considered to be different from any other standard methodology. In order to reduce the risks and increase the company’s standards by giving it huge profits the strategies have to be designed which apparently contributes for the growth of the company. A systematic planning is the secret for the company’s growth. In the present report we would discuss about one of the leading banking sources in Australia named National Australian Bank which provides sources for the Australian citizens in terms of funding including benefits in other banking terms of generating business. The classic pathway of company’s growth into a successful organization is put in words in over a period of time. Let us have a look on the strategic business ideas and its effectiveness.
Table of Contents
Organization’s Overview.. 2
Business Outline. 4
NAB’s Strategy. 4
Business Approaches used by NAB.. 5
NAB two famous controversies. 5
NAB-Control Managemnet analysis. 6
Culture in the Organization. 7
Organization’s leadership Qualities. 7
The streamlined path of introducing business strategic ideas in any organization is a big task since iyt should involve all the related areas for development. National Bank in Australia has been categorized in the business related to the monetary which is a framework of wide sector business capitalization in Australia (Antonakis, 2015). This bank has made an tempt of online banking portal which in turn created a popularity in this present internet freak generation.
Advantages of Competitive, task and Image: NAB is mainly focussed on the financial resource that has to be offered to the Australian citizens as a key factor along with some defined economic amenities as it is trying to achieve the top level state in the business world in the entire Australia. Besides the ultimate objective of NAB is to create an opinion that it is the famous and reputed bank throughout Australia and surrounded areas such as New Zealand. The National Australian Bank wants to compete with all other banks in Australia and even other closely related countries by making a state in business sector which is found to be the advantage in competitive firm (Bureau, 2004).
Strategies in Progress: In order to gain the satisfaction from the customers we need to provide them with excellent services that are appreciated and required by them by competing with the other competitors. For maintaining that, a proper business strategic planning is required for enhancing the business in this competitive world (Davis, 2007). In a similar way, a business strategy is developed by NAB which states that a social approach with high responsibility is required which corresponds to the constructive and maintainable effects in the clients, populace and societies living stay. The present business strategy that is being followed by NAB is:
- To benefit the clients with the rights they are eligible for
- Focussing on the streamline that widespread the business
Business Approaches Used by NAB
A better planning strategic idea has been released by the National Australian Bank in order to grow the sales and to earn customers to their bank and to make them the long term clients for their business. Australia and New Zealand are the two countries where it is focusing to develop their business with reputation as stated. Increasing the sales while benefitting the customers by providing space is the main motto of NAB. Now a day’s online banking is the source chosen by many customers so NAB has decided to expand their business in this firm by streamlining their attempt (Sun, 2006). They have made a separate section for processing their ideas into this area and started taking calls for the online banking sector which drastically started giving response by gaining popularity. It has given them the best support because of the advanced technology. The NAB has created a website which is ecofriendly that is the mobile and tablet users can make their payments and transactions at one go without stepping out from their stable place. It is benefitting customers in choosing the products that are wanted according to their needs whenever required by holding them. A new program called Flybuy has been appealing the citizens (Davis, 2007). They are making an attempt of appropriate usage of available resources. The Bunnings productivity and popularity are being increased hand in hand. After introducing their products it has increase their revenue. The introduction of modified services is being focused to increase the sales and production. Increase in leadership qualities can enhance their growth. The NAB in turn is trying to introduce other benefits to the customers in regards of loan and liquid cashing. While focusing on the current ideas they are showing interests in the implementation of new strategies to increase sales and process development.
NAB’s Two Famous Controversies
Issues faced from Competitors: There are several complaints received from the competitors against NAB saying that they have manipulated the other small scale business people to lower their prices including the suppliers for keeping their banking sector on the top notch. It has given a chance for the producers to make profits from their payments. The other company people who are collaborated with NAB are making money with difficulty without any profits. It has been said by the competitors that the investors and the debt customers are being pressurised to cut down the costs with which there are no proper dealings occurring. The return on investment is largely expected with high interests besides which the customers in debts are unable to clear their dues on time is the main issue (Benz, 2014). A request has been sent to government to look after this high investor who is craving for power and to give chance for small scale investors along with customers in debts. It has become a problem for low investors to fix prices of their products and is often have to step back for introducing new products against NAB.
Issues faced from customers: There are three key factors that are affected in any prospect. From March 2008, Return expected on the amount spent would fall to 0.4 percent, each bug interest has been lowered by a record of 2.03, 0.06 rate is focussed down, is the minimum level. Till March from previous six months there is a cost of 8.1 increases for every penny which has been followed by no reduction in three years. Besides the customers who are in debts were forced to clear their loans, the most tragic measure of National Bank in Australia (Barnet, 2001).
NAB Control Management Analysis
Analysis on PESTLE: It talks about the mangements control measures to keep the friendly environment in the organizations space. The situation of Political condition is that there would be no restriction at all as NAB is found to be benefit for any company since it is found to be ruling the financial sector in Australia. The Economic and Social conditions are showing the better signs of developemnt in Australia which seems to be increasing the growth in the oirganizatyoon.In order to maintain the relation with buyers for continuous update NAB has acquired a new business online by using the legal and environmental solutions at its best with the preference of advance technology. The bothering part is how financial sectors are being affected by the culture is to be considered but it has been noticed that NAB’s effectiveness over that is understood by the customer as it has found that it has power on almost many business sectors which are money oriented. It has made its way in the country on the top level because of its quick response.
Analysis of SWOT: Strength of NAB which is most important is the items related to finance. In Australia National Australian Bank has been identified to be one of the fast growing and the developing monetary assorted player by the topographical diversification. All the top level administrative powers are been given to this bank through which it is making benefits from interests in turn huge return on investments. There is a small decline in banks functioning because of the margin drawn for the profits (Davis, 2007). NAB has been acquired by the financial institution of Great western by lending their hands for the profitable banking of NAB income to the higher level. The last one is that the national and international banking system of Australia has been affected because of the competition imposed by other developers which is showing impact on its functioning.
Culture in the Organization
The culture in any organization would be different there would be no comparison between the work and any other cultures from one company to the other. There are some particular set of rules that are to be followed by every employee in the organization irrespective of the position. These generally include friendly environment, good work culture, no communication gaps and the work quality is expected to be of high standards. The rules that are set by the company decide the behaviours of workers with their colleagues. There is a big difference between the National Australian bank and other financial institutions in Australia which is found to be unique banking. It has the huge number of employers along with lager number of customers which can be more than 1000. In the market which is competitive NAB provides finance services to the customers and other group of banks at very low price (Antonakis, 2015). The culture in the organization is streamlined with a proper organizational structure where it tries to implement new technological ideas into their banking sector. The processing system is quite fast when it comes to checkout, and is clearly maintained with simple format which is all computer based. In order to connect to the people it has been endorsing and promoting their products with the appealing ads and impressive front line matter. In market place this company has the superior place which has been maintained quite some time and continuing (Davis, 2007). It has been supported by the government of Australia to maintain their position at number 1 place in the banking sector. The sales in the company should always been in risisng side so they trying implementing the new technology to drawm customers attention. A campaign named Down Down has lowered the prices.
Organization’s Leadership Qualities
A leading financial service provider operating in Australia is the National Australian Bank after it has been exempted by the competitors. There is no or less competition for NAB comparingly. Another top banking group which is providing competition to the NAB is the Commonwealth bank of Australia. In Australia the framework of business financial sectors are under the supervision of NAB, Australia and New Zealand banking sectors. Most of the Australian citizens spend at least 100$ in NAB every week which is an important point to be noted. By which we can know that it has drawn larger group of customers towards its banking. It has been considered by the Australian and New Zealand banking sectors because of its developing quality (Sun, 2006). There are separate plans made for the NAB to grow in this area. The ideas that has grabbed customers towards NAB is because of the 1$ liquid cash and the campaign named Down Down. It has immediately attracted the customers which in turn gave an opportunity for the customers to get loans at low interests and required funds but kept the business investors and suppliers at loss. It has implemented several advantages in order to enter the customers banking space. The special benefits that are offered by NAB to students are sporting goods, funds to study if they have an account in NAB. It made major efforts to reach to this position at which it is at present. It has overlooked at the competition given by other competitors and made a complete efforts to bring it up to the top position by implementing their ideas in endorsing their products (Barnet, 2001). To create special attention for their brand they used celebrities as their weapons by charging the suppliers and by taking commission from them. The reason behind the increment in the company sales is because of promotion through media, TV etc. The critical situations are so coolly handled by the NAB which indicates their leadership assets.
The staus of Natianl bank in Australia has been on rise in the market place and has gained immense popularity as a leading fianancial sector in Australia. It ahs startd as small company frim and has gained 1000 of customers at present. It has to be noted that in sometime the National Australian Bank would beat the competition without any doubt as it has maintained its existence strong by following best leadership strategies (Barnet, 2001). It has given a rigid competition to all other financial companies because of its friendly leadership strategies. The final outcome that is the rapid growth in sales is only because of its strategic values and the marketing ideas of NAB framework. The strategic development of the company is because of all the set standards.
Limited,National Australia Bank . (2016, September 04). Our Corporate Responsibility Appraoch. Retrieved from nab.com.au: https://www.nab.com.au/about-us/corporate-responsibility/responsibility-management-of-our-business/our-corporate-responsibility-approach
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