Competitive Strategy Commonwealth Bankâ€Free Samples For Students

Question: Discuss About The Competitive Strategy Commonwealth Bank? Answer: Introducation The Commonwealth Bank of Australia (CBA) is among the big four multinational banks of Australia. It operates its financial business across Australia, Fiji, New Zealand, Asia, United States and the UK. The company provides a range of financial services that includes the invest services, banking services, insurance, funds management and institutional services (Commonwealth Bank Strategy, 2012). The stated firm is the leading provider for the financial services and is among the most use banking brand in the Australian Financial Industry. It aims in becoming the Australias most available bank. CBA is chosen for its corporate social responsibility as it is focused in bringing positive change and good business practice. How Commonwealth Bank reached its current position The main factor for the current position of Commonwealth Bank is its marketing strategy. The marketing strategy of the company is in the core operation of the companys procedures. The marketing operations of the stated firm deliver the value that the stated organisation desires to bring in the business (Commonwealth Bank Strategy, 2012). The Corporate Social Responsibility of the company is also an important factor in developing the firm as the Australias most trusted financial service provider. The CSR approach of the company assist it in creating good commerce practice and also helps in bringing improvement in the company operations. CBA has diverse approaches for its business operations such as teaching its employees the value of money, developing them for the future economic challenges, and utilising their ability towards the companys objectives and commitment in outlining sustainable long-term value. Innovation is another thing that helped CBA in embedding the business. It utili ses innovation techniques to improve the financial wellbeing and to improve the lives of the customers and publics. For the current competitive environment, CBA use the collaborating strategy for its clients in order to recognise the opportunities and solving the business issues. The best part of the Commonwealth Bank is its contribution to the communities and its desire to meet the stakeholders requirements. The Commonwealth Bank of Australia is dedicated to become the Australias most reachable bank. It is dedicated in becoming the most assessable bank of the country from the online security to comply with the uppermost level of the banking services. It has successfully executed one of the best techniques for becoming successful, i.e. providing the best customer service to its customers. CBA always tries to develop customer ease initiatives. It always assures that consumers are treated fairly and morally (Schlagwein and Thorogood, 2015). In order to maintain its best position, CBA operates independently for the purpose of improving procedures, products and systems. The customer services executive of the company also supports the customers even if they are specifically in complex situation. The workers in the CBA are bound to work responsibly when they are attentive of cost-sensitive details. The services to the customners are the main strength of CBA. Through its commitments, the bank pr ovides a personal undertaking in demonstrating its values and in remaining common principles in playing its each and every responsibility. References Commonwealth Bank Strategy.(2012). [online] Available at: https://www.commbank.com.au/about-us/shareholders/pdfs/2006-asx/20060809-Commonwealth-Bank-Strategy.pdf [Accessed 20 Aug. 2017]. Schlagwein, D. and Thorogood, A. (2015). How Commonwealth Bank of Australia Gained Benefits Using a Standards-Based, MultiProvider Cloud Model.MIS Quarterly Executive, [online] 13(4), pp.209-222. Available at: https://pdfs.semanticscholar.org/6fd0/30b730ffff376411c8a8f94f19b5a150f266.pdf [Accessed 20 Aug. 2017].