Final Business Model and Strategic Plan: Monitoring and Controlling

Final Business Model and Strategic Plan
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Executive summary/ Abstract
A strategic plan is necessary to achieving the goals and objectives, whereby the marketing and information technology strategies are integrated in strategic planning. Additionally, monitoring and controlling the strategic plan is important before implementing the strategic objectives. The internal and external analysis highlights areas that affect the bank’s competitiveness, including the opportunities and threats that are external concerns affecting the banking industry. Bank of America seeks to serve clients, maximize the shareholder’s value while empowering the employees. The intelligent portfolio is expected to give the bank a competitive edge, while there will be emphasis on recruiting and training the best qualified people who can actualize the vision of the new division and the bank. Bank of America highlights the importance of ethical practice, based on the principles of accountability and responsibility.
Strategies and tactics to implement and realize your objectives, measures, and targets
Focusing on the internal and external factors affecting the viability of the strategic plan shows the strengths weakness, opportunities and threat to achieving the set objectives (DuBrin, 2012). Innovation was identified an important factor to the success of the Bank of America, where the intelligent portfolios are marketed to individuals and institutions. Openness and ease with which clients communicate with advisors and seek clarification sets the company apart form competitors. Hence, it is necessary to integrate the automated solutions with online platform, where information is updated. This move is expected to ease communication and improve their experience, where a positive relationship with the customers improves the bank’s brand image.
Having an improved technology capability is important to improve the internal processes of the new division. The value of technology capability can prove to be the difference compared to competitors in investment banking and wealth management (Wealth Insight, 2013). Bank of America will dedicate more resources for research efforts to identify the most appropriate technology. This will not only allow the advisors to execute trade without delays, but also identify asset allocation strategies that meet the customer needs. The marketing strategies focus on reaching out to the customers where acquisition and retention of the customers. The marketing strategies are tied to the target market segmentation to be more effective in marketing the product, by leveraging useful information.
Another important aspect to ensure the growth on the new division is the need to attract and retain top performing people who are creative. Even though, Bank of America has talented people, the launch of the new products may not takeoff, if the people do not believe that it will be competitive (Wealth Insight, 2013). The action to improve this situation is to focus on a positive corporate culture, where the vision and mission of the new division will mirror that of the overall bank. Additionally, staff training will support the objective o having a robust workforce, while also...