Each Delivers Effective Business Outcome †Myassignmenthelp.Com

Question: Discuss About The Each Delivers Effective Business Outcome? Answer: Introduction: The Commonwealth Bank of Australia is one of the leading financial service providers and the most recognized brand in the finance industry of Australia. The bank is a multinational bank that operates its business across Fiji, United Sates, New Zealand and United Kingdom. The service provided by the bank includes retail, business, premium and institutional banking, superannuation, investment, fund management and share-broking service and products. The Commonwealth Bank of Australia (CBA) is also the largest company in the list of the Australian Securities Exchange in Australia. The bank was founded in the year 1911 by the government of Australia (Commbank.com.au 2017). The structure of the bank is designed in such a way that helps the organization to manage the people, execute the marketing strategies effectively and provide the financial service in a smooth and unhindered way. The following report focuses on the every aspect of the organization in order to analyze the integrated oper ations of the same. Organizational structure of Common wealth Bank: The changes in the organizational structure of CBA are to create integrated business and are structured for product development along with segmenting the customer services. The organizational structure of the Commonwealth Bank is divided into four sections and those are retail banking services, premium financial services, investment and insurance services and lastly the institutional and business services (Macdonald, Burke and Stewart 2017). This structure reflects the business mix alteration as well as the strategic positioning of the commonwealth bank. The director of the common wealth bank has decided this particular organization structure rather than only focusing on the wealth management it also helps the bank to recognize the needs of the customers. The merging of the product and service development helps the bank to afford customer segmentation with more clarity and the integration ensures the bank with the decisions that reflect the responsible attitude of the bank. The retail banking services sector recognizes the financial needs of the customers and offers them accessible banking. The premium financial services offer the back to come along with their existing wealth management process and existing services for the customers who have complex needs. The investment and insurance services brings out the funds and insurance business for the brokers, agents and advisers as well. The institutional and business service provides the financial needs of the institutions as well as the customers having business and the commonwealth bank provides the risk and capital management to the customers who are using a relationship management approach in the business centres. The corporate responsibility of this particular bank focuses on bringing positive change by helping in education for children, innovation and managed business practice. This bank empowers the customers for taking educational loans for their children and organizes literacy programs. This bank helps the customers and communities to work by practicing balanced decision making for their business in case of the financial part. This bank provides business transparency to all the stakeholders and always has report on their performance towards the customers (Weill and Woerner 2013). This bank has marked them for providing the beneficial help to the customers and in the present years they have marked themselves as one of the most famous banking institutions with required all the facilities and has expanded their services in almost 11 countries throughout the world (Bank 2015). The goal of the CBA is to excel the security by providing financial support to the customers and they have always kept their commitment up to the mark. This bank is the most famous financial service provider to the customers in almost whole Australias financial service industry. People management: Improving their customer intimation is always a concern for the commonwealth bank. According to the recent research report, the financial sector of this bank have increased the level of scrutiny and though this is critical for the bank still they aim to deliver the best financial services to the customers, shareholders. The bank always provides strong value to the stakeholders in every situation. This bank has implemented some reforms as their own initiatives and presently works in association with the Australian bankers association. The reforms include background check of the existing customer from first of July 2017 and appointments of the advocates of the customers. This bank manages its customers by involving in many sectors like educations, business, social activities and they continue to provide support by building their capabilities to deal with the customers who are having financial problems or facing any kind of financial trouble. This bank aims to positively influence the lives of the people by their management and help (Lang 2017). Recently they have initiated some action plans to help the abused people with financial independence. Having engagement with the stakeholders is very important for the bank to recognize the response of the stakeholders in many factors. Recently they have created forms that help in both internal and external engagement with the stakeholders. This helps them with ensuring about the opportunities and issues that needs consideration for the future. The Commonwealth Bank with all their initiatives and reforms aims to make the organization more valuable and manageable (Southurst 2015). This bank is a well-known bank and they have marked themselves as the most famous funding service of Australia that thinks about the customers in an extent way. This bank plays a large role in the economy of Australia and they support their financial wellbeing and maintain their commitment by investing on innovations. They return 75% of the amount to the shareholders and reinvest the rest profit to provide more services that are flexible to the customers. The CBA provides good customer experience, diversity and transparency, support proper organizational culture, invests for the sake of the customers and has security that assures the customers about the services (Vasardani et al 2013). The bank initiates programs for helping the poor customers, providing better job facilities and has proper financial regulations in order to maintain all the mega trends of this era. Marketing Concepts of CBA: Marketing of CBA is the central part of its business strategies. The marketing of the bank includes the brand marketing, Corporate Social Responsibility and others, which add values to the business of the organization (Lovelock and Patterson 2015). The division of retail banking service of the organization offers market leading service and products to the wide range of customers of CBA across Australia (Bryant 2012). The marketing team of the bank is the responsible unit for the marketing, delivering advertising, sponsorship, events, public relations and brand communication to the shareholders and retail customer (Commbank.com.au 2017). The company is constantly striving to find new and innovative ways in order to communicate by the advantage of new channels and the creation of cutting-edge campaigns. Marketing Strategies: In order to meet the rapidly growing customers expectation the organization has focused on the innovation of technologies and the communication with the customers (Balnaves 2012). CBA is focusing on the launching of the product innovation and proper and effective marketing for the adoption of the initiatives in the market (AANA 2017). The marketing strategies of CBA tend to make the current and potential customers aware of the latest, new and innovative service and products of CBA and the beneficial aspect of the same (Commonwealth-Bank-Strategy 2017). The organizational structure and the people management also come under the strategies of successful marketing strategies. For example, the target market or the target customer management by providing adequate service and products to them for the potential and current competitive advantage is the one of the major marketing strategies by followed by the organization (studymoose.com 2017). Market Segmentation, Target Market and marketing Mix: The market segmentation for a multinational bank like CBA is necessary to identify the target market and plan the strategies for marketing accordingly. The business or corporate as well as the retail market of the organization are divided into segments. The corporate market includes the departmental stores, human resource management company, advertising, large-scale companies and others (studymoose.com 2017). The retail market of the organization consists professionals with certain annual income and the general people of Australia. The target market of CBA is the said receiver of the service and products of CBA. The marketing of the ban also focuses on the sustainability of CBA through the proper execution of the marketing strategies. Following the marketing mix another criteria of CBA. Proper actions regarding the product, price, promotion and place are taken by the marketing team of CBA. The entire marketing team from the managerial level to the field worker of CBA is flexible and constantly working on the marketing strategies and its execution (AANA 2017). However, the CBA is projects an integration of its entire marketing process with the service and the organizational structure. Concept: The financial practices of the CBA cover the entire financial services and anything related to the same. As stated previously the bank provides the financial service to the corporate entities as well as the retail customers. The financial practices of the bank are spread on a wide range of activities related to the financial service and products provided by the bank (Chang et al. 2012). The position of the bank in the financial industry is almost in the center. The financial practices by the bank include the basic financial services such as dealing in financial products, advising in financial products, financial family planning, providing custodial and depositary service and making a market in financial products. Apart from providing the basic financial service, the financial practice of the bank also focuses on the anti-money laundering and counter terrorism financing (Commbank.com.au 2017). Range: The financial practices and the profit from the same are evident in the annual report of the bank for the financial year 2017 (annual_report 2017). The Financial Statements section in the report provides data, facts, and details of the financial service and the accountability of the organization for the financial practices. The financial practice of the bank cover a wide range of products including transaction accounts, saving and investments accounts, finance, funds transfer and payments, foreign exchange, general insurance, derivatives, equity and debt securities including government bonds, money market instruments and margin lending facilities (www.commbank.com.au_business. 2017). Additional Practice: Apart from the vast range of financial activities, the bank also organizes some financial graduate programs for the benefits of the people. The graduate program in the financial practice is structured in rotations of four and six months. The covered areas in the program are business and private banking finance, group audit, group finance, group treasury, institutional banking and market finance, retail banking service finance, wealth management finance (www.commbank.com.au_business. 2017). The program helps in developing the strategic ideas and facilitating discussion, identifying opportunities for the improvement of business, communicating with all levels for influencing and analyzing business process. The beneficial aspects of the program include the real work, training and development, working with the key stakeholders, diverse experience, stability and support (Commbank.com.au 2017). Undoubtedly, this additional graduate program on the financial service and conceptualization of the same in the practical field is one of the major practices of the organization in the financial context. However, the financial practices of the organization create the identity of the same in the financial industry as well as in the market. Conclusion: This can be concluded from the above discourse that the Commonwealth Bank of Australia is the major leading financial service provider in Australia. The organizational structure of the bank covers all the aspect of the operational business activities of the bank. Moreover, it helps the organization to execute their marketing strategies effectively for the financial practices by CBA. Apart from focusing on the basic and primary service of the bank, CBA is also involved in the practice of Corporate Social Activities for the customers of the same. In addition, the management of the bank also focuses on the key stakeholders for the effective business outcome and the marketing of the CBA. However, the report presents evidence of the vase range of financial business activities of the organization that is integrated and interconnected with each other. Reference: AANA. 2017.Marketing is a Central Part of Business at Commonwealth Bank Australia - AANA. [online] Available at: https://aana.com.au/commonwealth-bank-australia/ [Accessed 12 Sep. 2017]. annual_report. 2017. [online] Available at: https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/annual-reports/annual_report_2017_14_aug_2017.pdf [Accessed 12 Sep. 2017]. Balnaves, M., 2012. The Australian finance sector and social media: towards a history of the new banking.Media International Australia,143(1), pp.132-145. Bank, C. (2015). How to Get There. Bryant, L., 2012. 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