Contents

• Introduction 3
• Company Profile of Westpac Banking Corporation 4
• Analysis 5
• External Analysis 5
• PESTLE Analysis 5
• Porter’s 5 forces Model 8
• Internal Analysis 10
• VRIO Model 10
• Strengths and Weakness Analysis 11
• Factors Influencing Effectiveness of Strategy 12
• Future Direction 15
• Ansoff Model 15
• Generic Strategies 17
• Implementation of Strategy 18
• Evaluation of Strategy 20
• Conclusion 22
• References 24

Description

In order to achieve greater profits, better performance and competitive advantage organizations need to continuously plan, monitor, analyze and assess its operations. This is referred to as strategic management. It greatly helps in swift achievement of aims and objectives. On the basis of the available resources and analysis of internal and external environments goals and strategies are formulated by the higher management of organization to achieve strategic management (Frynas & Mellahi 2015). The higher managers must also analyze the organizational environment to take healthy and apt decisions. SWOT analysis helps the organization to understand strengths, weakness, and opportunities and threats so that all the strategies are formulated in a way that is best suited for the organization. VRIO model helps to determine the resources that would give sustained competitive advantage (Cardeal & Antonio 2012). PESTLE analysis is another important tool to accomplish strategic management as it helps to understand political, economic, social, technological, legal and environmental factors (Marmol 2015). Porter’s five forces model greatly helps to understand the competition in the industry (Grundy 2006). Strategic management is a continuous process and also helps the employees understand their job in a better way (Hill & Jones 2009).
Thus, the main phases involved in achieving strategic planning and management are assessment of internal and external environments, formulating high level strategy, executing the strategy, and evaluation of results and performance. This assignment details about the New Zealand based banking organization Westpac Banking Corporation and the strategic planning, management and analysis pertaining to it.