MGT485 Unit 4 IP 8-10 pages
Research the site of Bank of America (http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-govhighlights).
Using your readings, the Library, and the Internet, and any additional resources necessary, you are being asked to complete the following sections of a Strategic Audit (See examples starting on page 78 and pages 179-185 following appendix 11.C):
1. Analysis of Strategic Factors. Since you are aware that your analysis of strategic factors or SFAS (Strategic Factor Analysis Summary) is based on IFAS and EFAS tables, and since we will need to understand your choices, you are required to submit the three tables in Excel format in one separate file from your written Word assignment. No submission of an Excel file or submission of a table in a Word file will cause you to lose half of the points of this assignment. No comments are needed on the IFAS and the EFAS tables, but comments are needed on the SFAS table, which is the foundation for this assignment (You will submit one Excel file that will include three separate sheets, one for the IFAS, one for the EFAS and one for the SFAS). As a reminder, two files are to be submitted: One Excel file (counting for three pages) and one Word file (five to seven pages double-spaced). You will be graded on your knowledge of the software and math in building the MS Excel tables, and on your ability to communicate in writing and present your arguments.
2. Strategic Alternatives and Recommended Strategy Here you will be graded on your ability to analyze economic, socio-cultural, political-legal, technological, and financial data to justify your available strategies and the one(s) you recommend.
3. Implementation: Describe the implementation of the strategy(ies) you recommended.
4. Evaluation and Control How do you evaluate the performance of your implemented strategy(ies)? For a sample outline of a Strategic Audit, review examples starting on page 78 and appendix 11.C.
To complete the assignment you MUST submit the followings:
I. External Environment (Requires EFAS table)
II. Internal Environment (Requires IFAS Table)
III. Analysis of Strategic Factors (Requires SFAS table): Use the information from above sections (I &II) to complete SFAS.
IV. Alternatives & Recommendation: The recommendation should be your own suggestions and original based on the outcome of SFAS and should not be based on what the company has been doing. Each strategic option must have pros and cons. Additional research is required on supporting your position / recommendation. The research should be from business and peer review publications. Implementation (How to implement Alternative Strategies / Recommendations): Additional research is necessary to support steps necessary to implement the strategies recommended in section IV.
V. Evaluation & Control (What measures to be used for evaluate the outcome and control the implementation of strategies): Additional research is necessary to support steps necessary to evaluate and control the implementation stage (section V).
********************************************************************************************MGT485 Unit 4 DB 3-4 PARAGRAPHS
Define reengineering. Does it offer something of lasting value? Submit examples of situations where reengineering succeeded and examples where you would not recommend using this strategy. Be sure to support your answer.
The response addresses the queries posted in 1879 words with references.
//Prior to taking about the strategic factor analysis summary of Bank of America, we will have to first of all understand about the background and scope of bank in order to understand its key functions. So, firstly we will write about the bank under the heading of introduction, for example: //
In the year 1874, Bank of America was established that is situated in Charlotte, North Carolina. It carries out its business operations in around 50 countries, and in more than 40 states regarding the foreign market. It is a financial holding company that not only furnishes a wide range of banking, but also non-banking financial services and products throughout the United States and in international market (Bank of America, 2009).
In addition to this, the bank also proposes broad range of treasury management services like liquidity management, payables management, receivables management, etc. Along with such services, it also serves the forward market, foreign exchange services, centralized cash management and facility to give in home and foreign medium of exchange. As per its deposits, assets and financial services, it is valued as the largest financial service bank (Bank of America, 2009).
In the year 2008, it was measured that Bank of America functions in roughly 6,100 banking centers and 18,700 ATMs (automated teller machines) through out the states. Its financial position in the market is quite good as it has arousing capital requirement and also has augmented share price i.e. about 4%. Furthermore, it reported $3.2 billion quarterly profit in the year 2009 (Dash, 2008).
//Above, we talked about Bank of America, which is the largest financial services organization. Moving to the next part of instructions, now we will talk about the SWOT analysis in a very detailed form. The SWOT analysis of the company is including both internal and external analysis. In internal analysis, the strengths and weaknesses of the company are included; while in external analysis, the opportunities and threats of the company are included.//
For the discussion of the internal and external environment, SWOT analysis can be done to efficaciously examine the internal factors (Strength & Weakness) as well as the external factors (Opportunities & Threats) of the bank.
Internal Environment: In the internal factor analysis summary, the strength and weaknesses of the bank are to be studied that furnishes an effective framework for attaining the best strategic alternatives (Gilad, 2004).
· Strength: Strength depicts the strong or positive points in concern with overall position. Banks of America offers broad range of banking and non-banking financial products & services that distinguishes & builds the bank's image in the customers' mind (Bank of America, 2009). It has large customer base that finally raises its market share. Its products are highly advanced that is one of its strong points. Besides that, high flexibility of services for the customers and brand image is also its strength that continuously helps in holding its market image.
· Weakness: Weakness reflects the limitation and deficiency in resources, skills, capabilities, etc., which critically obstructs the effective performance. The major weakness of the bank is lack of wholesale operational banking and lack of size advantage that affects the capability to compete competently.
External Environment: To analyze the external factor analysis summary, bank has to study the external factors i.e. opportunities & threats. Both influence the banking institutions to a great extent. Thus, it is essential to get precise interpreting of the external environment as it alleviates the managers to easily key out the possible options to choose suitable strategy (Gilad, 2004).
· Opportunities: It looks up to a favorable situation in the environment that serves in building up the competitive advantage. In this business environment, Bank of America has a great extent to flourish its branches in foreign markets to turn it into the global financial service corporation and also acquire integration ...
The response addresses the queries posted in 1879 words with references.