Strategic Management Essay Example | Topics and Well Written Essays - 2750 words

Strategic Management - Essay Example lated businesses, gaining administrative synergy in the process by utilizing their existing presence in wide geographical areas of Australia, and 3) using the Owner-Managed Branch (OMB) concept to attract investment capital and entrepreneurial commitment of experienced bank executives. 2. Bank of Queensland’s lending grew by 27 per cent and retail deposit by 33 per cent and these figures were 1.7 and 3.7 times ahead of overall growth of the Australian banking system. This market leadership has been maintained tin the last two years. It is obvious that the bank has scanned its environment correctly and has matched its resources and capabilities with the threats and opportunities in the external environment to generate such impressive results. These achievements prove that Bank of Queensland has applied sound strategic management principles and practices. In terms of functional strategy, its efforts to improve efficiency and a customer-centric approaches have yielded good rewards for the company. Its business strategy of opening Owner-Managed branches and expanding its branch networks has worked wonders for the bank in terms of deposits generated and volume of lending, as well as sound bottom lines. Finally, the banks corporate strategy of acquiring related businesses to complement "organic" expansion has proved a success as well. Unless the momentum falters, the future looks bright for Bank of Queensland. Bank of Queensland (BOQ) is Australias fastest growing full-service retail bank and has undertaken an aggressive expansion program in the last five years that has brought its rapidly growing network to 280 branches and 13 business banking offices throughout Australia. Its unique franchise-type Owner-Managed Branch model permits individuals, mainly former bank executives, to own and operate local branches backed by the product range and security of the bank. BOQ is listed in the Australian Stock Exchange since 1971 began its expansion thrust in 1985