As a Business management student, you must be aware of the case study analyses. One such popular analysis is SWOT that stands for Strengths, Weakness, Opportunities and Threats; an analysis that helps to fine-tune a business strategy. The very well-known banking groups, Australia-New Zealand (ANZ) Banking Group, uses SWOT analysis for the strategic planning of its business. As a result of this analysis, the company will be able to move their business forward, by finding out where they should go and how they will get there which is overall a challenge.
What is Strategic Marketing Planning all about?
In a world where the main concern of any business—from the biggest corporates to the smallest enterprise—is to make their business win a notch. This is where strategic planning helps these business holders to coagulate. There are various steps while navigating a market where SWOT analysis plays the role of a key to strategic marketing planning. Companies are able to move their businesses to pinnacle by first interpreting their strengths and weakness along with the opportunities and threats it will subsequently face. As a student when you learn to undertake the analysis activities, you will understand how the companies work internally and externally. To specifically take a task of ANZ SWOT analysis, you need to first identify what exactly the terms mean with respect to the company. So, let us see how SWOT analysis purely caters to the purpose.
Understanding ANZ SWOT Analysis
The analysis that helps you see where the company stands in the market, where is the company vulnerable and how they can grow, is SWOT analysis. Now, before writing an assessment on ANZ SWOT analysis, throw some tension on the issues that have to be addressed in the analysis.
Issues to Be Addressed in The Planning:
Don’t make the mistake of preparing a SWOT analysis and then ignoring it as you develop your strategic plan. Instead, your plan should include concrete steps to harness your company’s strengths in order to target the opportunities identified in your analysis. The plan should also include specific measures to address the weaknesses and threats that you face.
Here are more details on the four elements in a SWOT analysis. We will first talk about the elements in general and then with respect to ANZ, so that you get a better understanding of the concept and adherence to the same.
- Strengths—Make a list of your company’s internal strengths. These are any competitive advantages, skill, proficiency, experience, talent or other internal factors that improve your company’s position in the marketplace and cannot be easily copied.
Examples include solid financing, a superior brand, valuable intellectual property, superior technology, modern equipment and/or machinery, a well-trained sales team, low staff turnover, management expertise, operational efficiency, high customer retention, good supplier relationships, etc.
- It is one of the largest banks in New Zealand.
- ANZ’s diversified product portfolio reduces the business and operating risks
- It has a considerable market share in Australia, New Zealand and Pacific countries.
- It possesses a strong financial position providing resilience to adverse market developments; and many others.
- Weaknesses—These are the factors that reduce your company’s ability to achieve its objectives. Examples include unreliable suppliers, outdated equipment and/or machinery, insufficient marketing efforts, lack of financing, management weaknesses, gaps in expertise, and more.
Be as honest as you can when identifying these deficiencies. Ignoring weaknesses means you cannot make decisions that will strengthen your company.
- ANZ’s global exposure is limited as compared to a few other major banks
- It faces a strong competition from existing players makes it difficult to increase market share; and many others.
- Opportunities—Opportunities are external factors that allow your business to grow and be more profitable. Examples would include new potential markets; innovations; technological advances; consumer trends; support from governments, the community or business partners, and more. One way to identify your opportunities is to closely analyse your competitors’ weaknesses.
- It was the first Australian Bank to receive a license to conduct a retail business in the Yuan in China, an opportunity to tap the Chinese market.
- ANZ experiences high opportunity to grow in Thailand market, once ANZ receives the license; and many others.
- Threats—Threats are external obstacles that your business must overcome. Threats may include a declining economy, a consumer shift to other products, technological change, a labour shortage, community opposition, and legal and regulatory changes.
It’s often useful to take a close look at your competitors’ strengths to identify external threats to your company. Again, be as honest as possible.
- ANZ is facing deteriorating economic conditions in Australia and New Zealand.
- There had been and can be major chances of changes and fluctuations in Australian banking system; and many others.
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