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MGT8002-Strategic Management Assignment -1
Strategic Management MGT 8002
Assignment 1
By: Pavlova Valeriya ID: 0050098500
1By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
The purpose of the essay is to investigate strategic management practices and how the strategy
applies to the different sections of business operations. The essay will focus on one of New
Zealand’s leading banks, Kiwibank. The first section of the essay will focus on the analysis of
the industry in which Kiwibank competes in, followed by an analysis of the bank’s strategic
capabilities. Then it will engage in a critical discussion of the bank’s strategic choices. Finally,
the essay will focus on the alternative strategies, if any, that the bank should pursue.
The environment can become a source of organizational survival as well as become a threat to
that survival (Johnson et. al. 2008). Strategy development is highly influenced by environmental
changes, therefore it is vital for the organization to take into the account relevant environmental
factors and changes. This section of the essay will analyse the industry and the environment
Kiwibank competes in, using analytical tools such as the PESTEL framework and Porter’s five
forces framework.
During times of global financial crisis and low economic activities it is vital for any organization
to monitor and understand relevant environmental changes. Especially this is relevant to the
banking industry as the financial sector was the one which has been majorly affected by the
current crisis. The PESTEL framework analysis helps to classify the various environmental
factors into relevant categories (Oxford University Press 2007). PESTEL is the abbreviation for
Political, Economic, Social, Technological, Environmental and Legal. The PESTEL framework
analysis is the one most frequently applied. It provides a list of influences and trends which are
likely to determine the success or failure of a given strategic choice or developed strategies
(Barth & Wolff 2009; Johnson et. al. 2008). Therefore PESTEL is considered an appropriate
tool for conducting the external analysis.
Economic factors:
The current global financial crisis has strongly affected New Zealand’s economy. A sharp
downfall in domestic economic activities has led to a significant increase in food and fuel prices,
accompanied by high interest rates and a dramatic downfall in house prices, all negatively
reflected in the banking sector. In addition the country’s GDP growth rate was equal to 0% p.a.
and inflation increased by 2% from 3.1% to 5.1%. Furthermore there has been strong uncertainty
around financial markets and international commodity prices (The Treasury 2009). However the
New Zealand government introduced the retail banking deposit guarantee which reinstated
retailers’ confidence in banking (The Treasury 2009).
2By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
Political & Legal factors:
In October 2009 the Reserve Bank of New Zealand released new liquidity policies for the all
registered banks in the country (The Reserve Bank of New Zealand 2009). Furthermore the
Reserve bank set new compulsory requirements on registration for most local banks. In addition,
the RB is likely to propose new conditions for the registration of registered banks, new entrants,
and overseas owned banks. In addition, all of these banks will be influenced by a new liquidity
policy (The Reserve Bank of New Zealand 2009). Tougher registration requirements and the
new liquidity policy may be strong barriers to new industry entrants, as well as the new liquidity
policy can present significant problems to already registered banks.
The New Zealand government policy in regards to the financial sector is aimed at the support of
economic growth in with the sector, development of confidence in the financial sector for
institutions (banks, financial organizations etc) and investors, as well as focused on establishing
the balance between innovation in the sector and associated with the innovation managerial risks
(Ministry of Economic Development 2009). In addition, New Zealand government is focused on
the development of a world class financial sector which would encourage healthy growth for all
the companies involved (Ministry of Economic Development 2009).
The PESTEL factors discussed above are considered to be the key drivers for change and are
likely ‘to affect the success or failure of strategy’ (Johnson et. al. 2008, p.56). Other PESTEL
factors such as Technological, Environmental, and Social aspects are considered to be low
impact factors and therefore are not looked at in detail.
Porter’s five forces framework, unlike PESTEL, analyses the extent of the competition within
the industry (Campbell et.al 2002). These five forces which make up the industry structure
include: the power of buyers & suppliers, threat of substitutes, the competitive rivalry and the
threats of potential entrants. It is important to understand the strength and the nature of each
force in order to develop a competitive strategy for the organization. Furthermore in-depth
knowledge of these forces assists in identifying the key organizational strengths and weaknesses,
identifying the organization’s positioning, and also indicates the strategic changes and future
trends which may result in greater payoffs: finally, it can become a key in the development of
diversification (Campbell et.al 2002; Minzberg & Quinn 1996). Therefore Porter’s five forces
model can be considered an important tool in analysing Kiwibank’s competitiveness in the
industry.
3By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
The intensity of the competition can be categorised as high. There are 18 other registered banks
besides Kiwibank and a number of other financial institutions that provide similar services in
nature (The Reserve Bank of New Zealand 2009). Kiwibank’s top competitors are the Bank of
New Zealand, ASB, ANZ, Westpack and The National Bank. The industry growth rate was
1.4% for the year (New Zealand Bankers’ Association 2009).
The barriers for the new entrants are mostly set by the new requirements for bank liquidity, and
new rules for the bank registration process set by the Reserve Bank. Furthermore the intense
level of competition in the market and high entry costs are also considered to be strong barriers
for new entrants. The supplier power is moderate. The Reserve Bank of New Zealand is the
primary supplier to all the registered banks. There offshore owned banks are likely to be
supplied by their quartets head from the bank’s country of origin. The power of buyers is high
due to the low switching costs (i.e. in every day banking). Buyers can easily switch to
competitors out with experiencing harsh penalties from banks. There are few substitutes
available to the buyer when it comes to banking. Everyday banking and some of the loans
offered by the banks (i.e. mortgages) only can be financed by the bank itself. There are number
of finance companies/institutions available in the market that provide term loans (provide small
to medium loans up to $30,000) that are similar to banks. Yet their rate is higher to a degree
than the rate offered by the bank. Therefore it can be concluded that the threat of substitutes is
low.
The primary cause of strategic failure for organizations is any incapability of the firm to adapt to
the rapidly changing external environment (Collis & Montgomery 2004). Thus it becomes vital
for any organization to monitor the industry and environmental changes, and to be able to
respond to them promptly. The PESTEL analysis and Porter’s Five forces analysis are the
primarily tools used to monitor those changes.
The following section of the essay focuses on the analysis of the organization’s strategic
capabilities. The two tools of analysis discussed are resources and benchmarking analysis.
Strategic capability is defined as the resources and competences required for an organization’s
survival and development/growth (Johnson et. al. 2008). The first tool which can be utilized to
analyse the organization’s strategic capabilities is the analysis of the organizational resources
and competencies. This analysis helps to identify an organization’s sources of competitive
advantage as well as providing the information on the organization’s resources required for its
operations (Johnson et. al. 2008).
The majority of multinational corporations have come to the conclusion that the key element to
survival is to develop an organization’s core competency (Blevins 2003). It is believed that 4
By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
Kiwibank’s core competency is its unique distribution chain or more specifically its branches.
Kiwibank uses New Zealand Post distribution channels to reach its customers (Kiwibank 2009).
It is present in more than 300 post offices which have become bank branches (Kiwibank 2009).
Some of the branches are open outside usual banking hours (compared to the hours the bank’s
competitors offer) and on the weekend, which provides more convenience to the bank’s
customers. The unique distribution system which no other competitor is able to imitate or obtain
is considered the primary source of competitive advantage for the bank. Distribution channels
are critical for any organization as they determine the product/service market presence and the
buyer’s accessibility to this product/service (Pride et.al. 2007). For example in remote areas of
the country where there are no competitor bank branches Kiwibank can become the monopolist
in this area and therefore have total control over an area’s financial activities.
Other sources of competitive advantage are found in the bank’s unique resources such as
strategic partnership with the Citi bank and the advanced IT solutions offered by Microsoft (Citi
Bank 2009; Microsoft 2009). Partnership with Citi bank has not only minimized the impacts of
the competition but also provided Kiwibank with the sources/channels to extend its operations
(Kiwibank uses Citi’s processing and infrastructure network). Strategic partnerships of a similar
nature provide the opportunities for business growth, reduce the costs and complexity of
business operations which in term improves productivity and therefore the level of customer
satisfaction (Electronic News 2006).
An additional element of the bank’s strategic capabilities that should be analyzed is threshold
resources. The threshold resources analysis should supply information about the financial health
of the organization and its assets. That information would allow us to give a generic judgment of
organizational success. The Kiwibank group has over $35 million in assets in addition to the
$697 million available for sale assets (Kiwibank Annual Report 2009). The group has over $30
million equity injection on an annual basis and demonstrates healthy annual growth of 14.2%
(Kiwibank Annual Report 2009). Furthermore the Group’s executive comity is made of well
educated professionals, some with the strong political backgrounds (i.e. the chairman is an ex NZ
prime minister), and which has an in-depth knowledge of the industry and are able to bring their
knowledge to significantly contribute to strategy development. The employee’s capabilities are
vital when developing strategies. Therefore leadership should become the starting point in
developing strategy (Ross 2005). Companies should put leadership in front when it come to
strategy development, and recruit the brightest minds in the industry to lead this complex process
to success (Ross 2005; O. Crockett & Kharif 2008).
5By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
The second tool that can be used to analyze an organization’s strategic capabilities is
benchmarking. Benchmarking can be defined as a continuous systematic process aimed at
evaluation of industry leaders in order to identify methods or business practices that are
considered ‘the best practices’ and to ‘establish rational performance goals’ (Zairi 1996, p.19).
There are number of variations of benchmarking techniques available for analysis. The
following section will focus on performance benchmarking. Performance benchmarking focuses
on a performance comparison between competing organizations or on an internal parameters
assessment in the organization (Global Benchmarking Network 2009). Benchmarking results
allow the organization to identify strengths and opportunities for improvement (APQC 2009).
The following table benchmark Kiwibank against its primary rivals fro the year ended Sep 2009:
Comparison
Criteria
Kiwibank BNZ ANZ ASB Westpack
Customers 600,000 Unavailable Unavailable Unavailable 1.2 Mil
Branches 330 184 156 144 200+
Revenue NZ$312.9 Mil NZ$1,983 Mil NZ 30,008
Mil
NZ$1,365
Mil
NZ $11,420
Mil
Assets $10,371Mil $453 Mil 37,404 Mil $65,230, Mil 219.6 Bil
Equity $355, Mil $449 Mil 34,429 Mil $3,158, Mil 36,571 Mil
Source: Data Monitor 2009;
The analysis demonstrates that Kiwibank has the most branches in the country yet it is last by
revenue, assets and equity. Therefore it can be concluded that Kiwibank has a considerably
weaker financial position than its rivals. Performance benchmarking provides data which
indicates performance gaps between organizations; however, it does not offer solutions or
generate ideas on how to close this gap(s) (Global Benchmarking Network 2009).
A combination of Kiwibank’s unique core competencies, unique resources accompanied by a
strong financial position and experienced leadership team indicate the organization’s strong
strategic capabilities and present a significant threat to its rivals.
6By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
The next section of the essay will critically discuss the bank’s strategic choices that are pertinent
to strategic positioning of the company. The key generic strategy that Kiwibank focuses on is
categorized as price-based strategy, specifically low price strategy. Kiwibank beats its rivals by
offering at least 30% lower fees and rates (Sunday Star times 2008; Kiwibank 2009). Low price
strategy is based on the concept of entering the market with prices lower than competitions,
while offering the same quality or perceived value product as the competition (Cohen 2001).
The strategy proved to be very effective for Kiwibank. From the firs opening in 2002 the bank
managed to maintain steady growth over the years, attracted new and competition’s customers,
achieved almost 30% return on investment and to win the Supreme award as the best value bank
for three consecutive years (Kiwibank 2009). Nevertheless, low price strategy has several
significant disadvantages. A low price strategy usually associated with the low earnings/profits
margins therefore the bank has to work twice as hard to make the same profit as the competition
for the same period of time. A low price strategy is considered to be risky and not easy to
sustain. Furthermore it may interfere with the brand’s value positioning and lead to the low
operating profit and create undesirable brand image (i.e. perceived as cheap) (Murane 2002;
Cohen 2001). The Kiwibank competes with the industry leaders with much greater financial
resources which can be used for the marketing campaign to minimize the Kiwibank’s price
advantage. In addition the industry leaders can easily drop prices to a lower level than
Kiwibank. These actions are likely to provoke Kiwibank to a price war where the bank is likely
to suffer a significant loses or even declare bankruptcy (Teinowitz 1993). A critical aspect for
the organization that relies on low price strategy as the key to strategic advantage is to avoid
price wars (Patki 2007). Also a low price strategy may hold up future organization’s growth.
After the organization has chosen a low price strategy it may become impossible to raise prices
to stimulate growth (Cohen 2001).
A price based strategy is more suitable for the new business that yet has to attract customers and
strengthen its position on the market. The Kiwibank should focus on development of alternative
strategies to a low price positioning. The bank should focus on less risky options that will
guarantee long term sustainability. On the other hand, new strategy development may require
significant financial injections, additional human resources contributions etc., which due to the
currently implemented strategy the bank may not afford. Therefore the gradual contributions
may be required.
The Kiwibank takes strategic direction towards new product development. Product development
can be defined as a type of strategic direction where organization improves an existing product
or develops new kinds of products to be introduced to the existent markets (Johnson et.al. 2008).
7By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
Kiwibank was the first one to introduce innovative solutions such as debit cards, mobile banking,
term deposit fund, TXT alerts and online international money transfers (Kiwibank 2009). The
product development is usually associated with the high risks of new strategic capabilities and
project management risks (Johnson et. al. 2008). Additional risks may be associated with large
investments and the possibility of a new product being unwanted by a market (Wang 2002).
However there is a positive side to a new product development. Product development can
become an effective tool in initiating the organizational changes which can become vital if the
company needs to adapt to the changing environment. Product development may be used by the
top management to bring organizational change with the aim to improve organization’s internal
performance or process (Junginger 2008). Furthermore new product may add value to the brand
or the service. Emphasizing on how the new product adds to the overall value of the service can
become source of competitive advantage (Browning et.al. 2002). For example the mobile
banking could become free support service with the savings account over $10,000. That would
increase perceived value of the initial service (savings account). The Kiwibank implements this
technique by introducing the ‘hero’ services (Sunday star times 2008).
Final aspect of strategic choices on which the essay focuses on is the strategic methods of how
organization peruses its strategic choices.
One of the instruments Kiwibank uses to pursue its strategic choices is strategic alliances
precisely subcontracting. The Kiwibank uses Citi’s processing and infrastructure network to
operate its international money transfers (Citi Bank 2009). The strategic alliances usually
associated with certain risks and difficulties. Problems usually associated with the strategic
alliances include lack of control over the final outcome due to the other party involvement,
failure of one party to contribute the required resources (including time) which leads to
mismatch in final and desirable results, uncertainty of the outcome due to the partner’s change in
objectives or environment and finally the management of relationship between the partners
(Luffman et.al. 1996). In addition there is a risk of becoming dependant on the partner’s
strategic resources which may lead to difficulties in strategic development outside formed
partnership (Thompson and Strickland 2001).
Critical analysis indicates that Kiwibank uses variety of different approach in its strategic
choices. Some of the approaches are associated with the high risks however the exceptionally
high results indicate on the effectiveness of chosen techniques or methods.
The final section of the essay will focus on developing of the alternative strategies that Kiwibank
should pursue. It is believed that the bank should develop hybrid strategy, through utilizing
methods of organic development and through strategic directions such as product and market
8By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
development. The hybrid strategy uses methods to simultaneously achieve lower price compared
to the competitors and diversification (Johnson et.al. 2008). There are indications that
combination of the low-cost and diversification strategy can be positively related to the
organizational performance as well as increase of returns on investments (equity), sale and assets
(Acquaah et. al. 2008). The Kiwibank already successfully integrated the low cost strategy into
its business model thus it will be easier to develop diversification strategy only as the low-cost
strategy already in place. A combination of these two strategies would allow the bank to keep
existent customer base (i.e. price sensitive segment) as well as to acquire new customers who are
looking for the new diverse kind of service.
Secondary, Kiwibank should add an additional strategic direction through which the bank will
seek to achieve its strategic goals. The bank should focus on market development as well as on
already existent product development. The market development strategy should be developed as
an alternative strategy to the highly-risky new product development strategy. The market
development strategy is concerned with offering existent products to the new markets (Kurtz
2008). The market development strategy should take the ‘new geographies form’. The bank
should consider opening branches in the Asia-Pacific region (outside its home market) for
example in Pacific islands or selected areas of Australia. Developing the new markets would
allow the banks to gain new experience which can be later used in the domestic market, increase
the existent earning and ROI, increase its regional presence hence market share, improve the
brand name perception and build stronger relationship with the customers (as there will be some
certainty that the international bank will not disappear with the customer’s life savings).
Finally, in addition to the strategic alliances the bank should adopt methods of organic
development. Internal development focuses on the development of the organization’s own
capabilities (Johnson et.al. 2008). The Kiwibank should focus on the knowledge and capability
development. For example, developing its own capabilities for the international money transfer
would make the bank fully independent from Citi bank resources hence to save on costs in the
long term run.
In conclusion, the various analysis and critical discussion in the essay determined that there is no
perfect strategy to follow. The effective strategic mix should be made of compromises and most
of the time involves high risk on the road to success. The PESTEL and five forces analysis
demonstrated that the bank competes in challenging industry with the high degree of competition
and bargaining power of buyers. The environment analysis concluded that it’s vital for
organization to monitor the environment’s changes in order to survive and grow. Strategic
capability analysis determined that the bank possess some unique resources and has developed
9By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
unique core competency (unique distribution chain). It was identified that the bank developed
priced based strategy, took product development strategic direction and used the strategic
alliances method to pursue its strategic goals. In addition to the strategies and strategic methods
in place it was recommended to Kiwibank to develop hybrid strategy as well as to add strategic
direction and methods such as market development and internal development.
10By: Pavlova, Valeriya Id:0050098500 [email protected]
MGT8002-Strategic Management Assignment -1
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13By: Pavlova, Valeriya Id:0050098500 [email protected]