Discuss About The Experimental Approach With Conjoint Analysis.
The business organization faces various types of challenges in the market due to several factors. However, various mitigation factors are included that help in recovering from those challenges in the company.
This report deals with the case study of an Australian Bank related to the loss of funding and loss of profit. The factors behind the loss of the bank have been identified in the report. Leadership models and strategic management have been discussed for analyzing the issues related to the loss of funding in the bank.
This report outlines the case study of the bank related to the loss of funding and profit. The report discusses the change management strategies and plans for mitigating these issues in the bank. Recommendations have been provided that might help in mitigating these issues.
Australian Bank has announced a loss from foreign investment trading currency activities of $240 million. This has caused a drastic downfall in the revenue and share price of the company. The managers ta bank have been found guilty in this case. The ethical consideration of the managers has not been maintained properly by the bank. These core beliefs of the bank officials have been creating issues in the voluntary access of the bank. The bad collaboration among the team members has been the main reason for the loss of money from the bank. The strategic management of the bank has not been appropriate due to lack of proper management.
The Australian bank has been facing the loss of funding for foreign investment. As commented by Laudon & Laudon (2016), the four of the investors of the bank has created issues in maintaining the paperwork during a foreign exchange. Therefore, lack of proper management in the bank has created these issues. As mentioned by Laudon & Laudon, (2015), the bank officials have not followed the procedure of the foreign exchange. Therefore, the loss in the fund has been imposed in the bank. The use of various tools and techniques during the fund transfer has not been maintained. The managerial functions of the bank have been lacking in the management. The use of the supportive hand of the leader helps in showing commitment to the work and development of the organization in the market. The loss of fund in the bank has created a huge negative impact on the brand image of the company in the marketing. As mentioned by Link et al., (2017), the customers of the bank were asking for refunding their money from the bank. The bank has gone in a great loss due to the lack of managerial activities on the bank. The team members have not been properly managed by the manager of the company. The damage to the savings of the customers stored in the bank has been recorded by the bank officials. Therefore, lack of the management of the bank officials’ have been creating the loss in the financial status of the bank in the market. As suggested by Chatterjee et al., (2016), various Australian legislations acts have been imposed on the bank for paying back the penalty of loss done to the customers in the market. The government of Australia has played a catalyst role in this scenario.
The loss in the fund has caused due to the lack of leadership roles in the bank. Therefore, there is the requirement of leadership model implementation in the workforce of the bank. The 4-H leadership has been used to analyze this scenario. As mentioned by Kadam & Onkar, (2015), the 4-H model of leadership describes Humility, Humanity, Hope and Humor.
Listening: Listening is the key factor in the development of the leadership skills in the managers. Listening is all about the understating the data of the bank officials. As commented by Petrovic et al., (2017), leaders used to listen to various views and thoughts of the followers that help in maintaining the decision-making procedure in the company. In this case, leaders have to maintain and listen the thought and queries of the bank officials in order to solve their query. The use of the listening over of the leaders help in maintaining the discipline in the bank officials.
Good leaders have their humanity quality that helps in understanding problems of the employees of the bank with compassion and provided a supporting hand to them. The use of various strategies in order to maintain the problems of the bank employees have been made by the manager of the company (Jensen et al., 2017).
Leaders are always helpful towards their nature that helps in maintaining the future outcomes. Therefore, leaders are hopeful and care about their future scenario. In this case, leaders of the bank have to take this challenge in a positive way that might help in mitigating the loss of the bank in the market. The foreign exchange has been costly for the image of the bank, as it had lost $240 million (Sligo et al., 2017).
Leaders have a good sense of humour that helps in laughing at their own. People who laugh at them does not take himself or herself too seriously. Therefore, the pressure of work on them is not realized by the people. In this case, bank manager has to maintain a keen approach to the solution of the problem that has been faced by the bank in the market.
As mentioned by Li et al., (2017), a situational leadership model has been helpful for the managers in order to diagnose the demands of the situation developed in certain cases. The use of this model is helpful in order to maintain the amount of socio-emotional support of the leader in an appropriate situation. As commented by Theorin et al., (2017), this model states that the instead of using one single style of leadership, leaders used to change their style of leadership according to the situation. In this case, leaders in the bank have to analyze the situation in order to identify the solution to the problems. The leaders in the bank have to take actions with respect to the situation and environment in the bank. Appreciating people helps in maintaining the CRM strategies in the market. As commented by Rossano et al., (2017), these of the CRM strategy in the market has helped in maintaining the marketing plan for the bank in the market. There are four types of situational leadership including Directing, Coaching, Supporting and Delegating. Directing role is taken by the leader when employees are not working together and leader have to take a directive role. Coaching approach is adopted by the leader when the followers have the capability of gaining knowledge.
As commented by Tavares et al., 2018), supportive approach is taken by the leader when an employee needs help in the certain type of problems. Therefore, a leader is responsible for helping them out and support them with proper ability. The use of the supportive hand of the leader helps in showing commitment to the work and development of the organization in the market. In the case of the bank, leaders in the bank have not shown the supportive role to other employees in the bank. This might have helped in providing a bad impression in the output of the company in the market. The leaders in the bank have not shown the supportive role to other employees in the bank. This might have helped in providing a bad impression in the output of the company in the market.
As commented by Mueller et al., (2017), strategic planning is an important part of the organization. This helps in maintaining the strategic functioning of an organization. The strategic planning helps in maintaining the future if the organization. In this case, the bank has been running at a loss with the loss in the froing exchange duties. Therefore, the strategic planning is necessary for the maintaining the planning process in the bank. As commented by Li et al., (2017), the manager at the bank have to plan and design the operational functionalities of the bank. The use of the strategic planning has been providing new opportunities to the companies in the market. Planning procedure includes the decision-making procedure that helps in providing the proper decision in the system. Strategic planning is a long-term planning that includes all the organizational management areas related to the study. As commented by Petrovic et al., (2017), the Australian bank has to make a proper strategic plan for identifying the solution of the loss. Strategic planning is a structured process that aims for the development of the organization in the market. The use of the strategic planning helps in the maintenance of the objectives and goals of the organization.
As discussed earlier the problems in the Australian bank, poor leadership and management are the cause of the loss of funding from the foreign exchange. There is a requirement of change management system in the bank. However, innovation can provide a strategic change management in the bank. Innovative thinking of the managers helps in creating new ideas in the bank. As commented by Rossano et al., (2017), this innovative thinking help in identifying solutions to different problems in the bank. Training and motivation can create the huge change in the workforce of the bank. Staff training helps in acquiring and enriching skills and knowledge of staffs. This help in increasing the production and sales of the bank in the market. The sales of the bank might increase in the market and relieve from the financial loss.
As commented by Petrovic et al., (2017), staff training contributes to the growth of the organization by increasing the motivation of the employees. Identification of the risks involved in the business of the bank in the market help in analyzing the risks factors involved. Risk assessment management help in managing the risks involved in the organization. Technological changes in the bank might help in changing the business scenario in the market. The use of the advanced technology in the bank including the biometric password might help in increasing the protection and security of the data and money in the bank. The information technology implementation has helped in maintaining the online transaction in the bank. This has helped in maintaining the online database of the customers in the market. The use of firewalls and antivirus in the server of the bank might help in securing the network from cyber-attacks over the internet. The change in the operational management maintains the working capability of the employees in the workforce. Workforce development of the bank has been an important criterion for change in the business. As commented by Rossano et al., (2017), a clear approach for the change in the bank is required for making it a successful change. The stakeholder analysis helps in involving the stakeholders of the bank in the change. As mentioned by Laudon & Laudon, (2015), the development plan for changing the system in the bank has been maintained by the stakeholder of the organization. This has helped in changing the organizational structure. The managers have been enhancing their leadership skills by attending the leadership enhancement sessions initialized by the bank.
Conclusion
It can be concluded that the case study related to the Australian bank has been properly analyzed with the help of different leadership models and strategic planning management. The use of 4H leadership model has helped in providing the basic approach for analyzing the loss of funds in the bank during the foreign exchange. The strategic planning of the managerial function has helped in maintaining the risks involved in the exchange. A change management plan has been depicted in the report that might help in changing some areas of the bank for mitigating these challenges.
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