Bank of America
- History of the Company.
- Strategic Evolution.
- Mission/Major Goals of the Bank.
- SWOT Analysis.
- CEO Capability Analysis.
- The Industry Environment.
- Macroenvironmental Analysis.
- Identification of Strategic Groups.
- Industry Structure for Bank of America.
- Industry Dynamism.
- Life Cycle Evaluation.
- Competitive Position of Bank of America.
- Lawsuits Faced by the Organization.
- Marketing Program Analysis.
- Customer Responsiveness-Enhancing Practices.
- Promotions of the Organization.
- Marketing Strategies and Their Advantages.
- Technology Based Strategies.
- GE McKinsey Matrix and Analysis of Strategic Business Units.
- BCG Matrix and Analysis.
- Global Strategy.
- Major Foreign Markets and Entry Modes.
- Ethical Implications of Recent Major Strategic Decision.
History of the Company
Bank of America is one of the oldest and largest banks in the United States. With its home office in Charlotte, North Carolina, Bank of America is the third-largest commercial bank in terms of assets. Additionally, the bank originated under the Bank of Massachusetts which was founded in 1784. This makes the Bank of America the second oldest bank in the United States (Bank of America, 2006). Despite what appears to be a rich history for the organization, Bank of America does not have a clear and concise history of its development posted on its web site. For this reason information about the Bank's history must be gleaned from secondary sources.Critically reviewing what has been written about the Bank of America it becomes evident that while the organization can trace its roots back to the Bank of Massachusetts, the organization did not become a formidable financial institution in the United States until the early twentieth century. By 1906 Amadeo Giannini had established the Bank of Italy, which became a significant lender for individuals that had been impacted by the 1906 earthquake that had taken place in San Francisco. As a result of the business acquired by the Bank of Italy during this time period this organization became one of the leading financial institutions in San Francisco.
[...] Thomke (2003) notes that, the twenty-first century dawned, Bank of America faced a new challenge: With the opportunities for further acquisitions narrowing, it would need to find ways to grow organically, to expand its existing business by attracting more customers and fulfilling a greater share of their banking needs? (p. 70). In order to meet these needs, Bank of America has spent the last three decades it evolved into service development program modeled after the traditional product development programs utilized in manufacturing organizations. [...]
[...] Further, the current implementation of Six Sigma at Bank of America demonstrates that technological innovation can also be utilized to increase the overall profitability and efficiency of the organization. These issues are also critical for the overall success of the banking/financial services institution. Reduction of internal costs and increasing the efficiency of the organization will become even more important as competition in this industry intensifies. Customer Technology Adoption Profile Considering the specific technological implements that Bank of America has adopted in an effort to improve customer relations in the organization, researchers note that CRM or customer relations management systems have been instituted in the organization. [...]
[...] Bank of America has been cited in class-action lawsuits for imposing excessive overdraft fees on its customers (Bank of America, 2006). Recent security breaches as a result of a phishing schemes have compromised the organization's integrity (Bank of America, 2006). Opportunities The organization is currently undergoing restructuring which will allow it to incorporate new businesses (Datamonitor, 2005). Bank of America is well poised to take advantage of growth opportunities in the expansion in the consumer market (Datamonitor, 2005). The organization is currently expanding its commercial banking and business credit services (Datamonitor, 2005). [...]