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Company- Bank of America     Country Singapore

Select a region/country for expansion for the case you selected in Week 7. You must choose a different region or country and a different case from previous assignments.

Prepare a 12- to 15-page Global Expansion Report.

Complete a SWOT analysis for the organization.

Complete an IFE based on your SWOT for at least 10 internal factors including both strengths and weaknesses.

Explain how the IFE’s highest weighted scores will influence your decision-making in the chosen region or country and justify your rating and weights for the internal factor evaluation.

Complete an EFE including at least 10 external factors related to the country or region selected based on your SWOT including both opportunities and threats.

Explain how the EFE’s highest weighted scores will influence your decision-making in the chosen region or country and justify your rating and weights for the external factor evaluation.

Recommend a strategy for expansion.

Assignment Content

1.

Top of Form

Select a region/country for expansion for the case you selected in Week 7. You must choose a different region or country and a different case from previous assignments.

Prepare a 12- to 15-page Global Expansion Report.

Complete a SWOT analysis for the organization.

 

Complete an IFE based on your SWOT for at least 10 internal factors including both strengths and weaknesses.

 

Explain how the IFE’s highest weighted scores will influence your decision-making in the chosen region or country and justify your rating and weights for the internal factor evaluation.

 

Complete an EFE including at least 10 external factors related to the country or region selected based on your SWOT including both opportunities and threats.

 

Explain how the EFE’s highest weighted scores will influence your decision-making in the chosen region or country and justify your rating and weights for the external factor evaluation.

 

Recommend a strategy for expansion.

Bottom of Form

https://www.rancord.org/bank-of-america-business-model-generic-strategy-intensive-growth-strategies-competitive-advantage#:~:text=Click%2Dand%2DMortar%20Business%20Model,to%20access%20financial%20services%20online.

https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/01/bank-of-america-announces-global-expansion-of–masterpiece-momen.html

https://pestleanalysis.com/bank-of-america-swot-analysis/

https://about.bankofamerica.com/en/our-company

https://www.swotandpestle.com/bank-america/

http://fernfortuniversity.com/term-papers/swot/1433/1021-bank-of-america.php

Strengths of Bank of America – Internal Strategic / Factors BOA External Factors

https://www.mbaskool.com/marketing-mix/services/17042-bank-of-america.html

As one of the leading companies in its industry, Bank of America has numerous strengths that help it to thrive in the market place. These strengths not only help it to protect the market share in existing markets but also help in penetrating new markets. Based on Fern Fort University extensive research – some of the strengths of Bank of America are –

· Strong distribution network – Over the years Bank of America has built a reliable distribution network that can reach majority of its potential market.

· Automation of activities brought consistency of quality to Bank of America products and has enabled the company to scale up and scale down based on the demand conditions in the market.

· Good Returns on Capital Expenditure – Bank of America is relatively successful at execution of new projects and generated good returns on capital expenditure by building new revenue streams.

· Reliable suppliers – It has a strong base of reliable supplier of raw material thus enabling the company to overcome any supply chain bottlenecks.

· Highly skilled workforce through successful training and learning programs. Bank of America is investing huge resources in training and development of its employees resulting in a workforce that is not only highly skilled but also motivated to achieve more.

· Strong Free Cash Flow – Bank of America has strong free cash flows that provide resources in the hand of the company to expand into new projects.

· Highly successful at Go To Market strategies for its products.

· Successful track record of developing new products – product innovation.

Weakness of Bank of America – Internal Strategic Factors

Weakness are the areas where Bank of America can improve upon. Strategy is about making choices and weakness are the areas where an organization can improve using SWOT analysis and build on its competitive advantage and strategic positioning.

· The company has not being able to tackle the challenges present by the new entrants in the segment and has lost small market share in the niche categories. Bank of America has to build internal feedback mechanism directly from sales team on ground to counter these challenges.

· Days inventory is high compare to the competitors – making the company raise more capital to invest in the channel. This can impact the long term growth of Bank of America

· There are gaps in the product range sold by the company. This lack of choice can give a new competitor a foothold in the market.

· Financial planning is not done properly and efficiently. The current asset ratio and liquid asset ratios suggest that the company can use the cash more efficiently than what it is doing at present.

· Limited success outside core business – Even though Bank of America is one of the leading organizations in its industry it has faced challenges in moving to other product segments with its present culture.

· The profitability ratio and Net Contribution % of Bank of America are below the industry average.

· Need more investment in new technologies. Given the scale of expansion and different geographies the company is planning to expand into, Bank of America needs to put more money in technology to integrate the processes across the board. Right now the investment in technologies is not at par with the vision of the company.

Opportunities for Bank of America – External Strategic Factors

· The market development will lead to dilution of competitor’s advantage and enable Bank of America to increase its competitiveness compare to the other competitors.

· Stable free cash flow provides opportunities to invest in adjacent product segments. With more cash in bank the company can invest in new technologies as well as in new products segments. This should open a window of opportunity for Bank of America in other product categories.

· New trends in the consumer behavior can open up new market for the Bank of America . It provides a great opportunity for the organization to build new revenue streams and diversify into new product categories too.

· Opening up of new markets because of government agreement – the adoption of new technology standard and government free trade agreement has provided Bank of America an opportunity to enter a new emerging market.

· New customers from online channel – Over the past few years the company has invested vast sum of money into the online platform. This investment has opened new sales channel for Bank of America. In the next few years the company can leverage this opportunity by knowing its customer better and serving their needs using big data analytics.

· New environmental policies – The new opportunities will create a level playing field for all the players in the industry. It represent a great opportunity for Bank of America to drive home its advantage in new technology and gain market share in the new product category.

· Organization’s core competencies can be a success in similar other products field. A comparative example could be – GE healthcare research helped it in developing better Oil drilling machines.

· Decreasing cost of transportation because of lower shipping prices can also bring down the cost of Bank of America’s products thus providing an opportunity to the company – either to boost its profitability or pass on the benefits to the customers to gain market share.

Threats Bank of America Facing – External Strategic Factors

· New technologies developed by the competitor or market disruptor could be a serious threat to the industry in medium to long term future.

· Shortage of skilled workforce in certain global market represents a threat to steady growth of profits for Bank of America   in those markets.

· The company can face lawsuits in various markets given – different laws and continuous fluctuations regarding product standards in those markets.

· Intense competition – Stable profitability has increased the number of players in the industry over last two years which has put downward pressure on not only profitability but also on overall sales.

· Imitation of the counterfeit and low quality product is also a threat to Bank of America’s product especially in the emerging markets and low income markets.

· Rising pay level especially movements such as $15 an hour and increasing prices in the China can lead to serious pressure on profitability of Bank of America

· As the company is operating in numerous countries it is exposed to currency fluctuations especially given the volatile political climate in number of markets across the world.

· Rising raw material can pose a threat to the Bank of America profitability.

Limitations of SWOT Analysis for Bank of America

Although the SWOT analysis is widely used as a strategic planning tool, the analysis does have its share of limitations.

· Certain capabilities or factors of an organization can be both a strength and weakness at the same time. This is one of the major limitations of SWOT analysis . For example changing environmental regulations can be both a threat to company it can also be an opportunity in a sense that it will enable the company to be on a level playing field or at advantage to competitors if it able to develop the products faster than the competitors.

· SWOT does not show how to achieve a competitive advantage, so it must not be an end in itself.

· The matrix is only a starting point for a discussion on how proposed strategies could be implemented. It provided an evaluation window but not an implementation plan based on strategic competitiveness of Bank of America

· SWOT is a static assessment – analysis of status quo with few prospective changes. As circumstances, capabilities, threats, and strategies change, the dynamics of a competitive environment may not be revealed in a single matrix.

· SWOT analysis may lead the firm to overemphasize a single internal or external factor in formulating strategies. There are interrelationships among the key internal and external factors that SWOT does not reveal that may be important in devising strategies.

Weighted SWOT Analysis of Bank of America

In light of the above mentioned limitations of the SWOT analysis / matrix, corporate managers decided to provide weightage to each internal strength and weakness of the firm. Organizations also assess the likelihood of events taking place in the coming future and how strong their impact could be on company's performance. This method is called Weighted SWOT analysis. It is better than doing simplistic SWOT analysis because with Weighted SWOT Analysis Bank of America managers can focus on the most critical factors and discount the non-important one. It also solves the long list problem where organizations ends up making a long list but none of the factors deemed too critical.

Limitation of Weighted SWOT analysis of Bank of America

This approach also suffers from one major drawback – it focus on individual importance of factor rather than how they are collectively important and impact the business holistically.

Buy Custom Essay and Term Paper on SWOT Analysis / Matrix , Weighted SWOT Analysis of Bank of America

Example of Weighted SWOT Analysis

You can email us to get an example document of Weighted SWOT analysis.

SWOT Worksheet & Template

If you like to do your own SWOT analysis or want to make your own Weighted SWOT SWOT matrix then feel free to download Fern Fort University SWOT Analysis Template.

References / Citations & Bibliography

· M. E. Porter, Competitive Strategy(New York: Free Press, 1980)

· A. D. Chandler, Strategy and Structure (Cambridge, Mass.: MIT Press, 1962)

· O. E. Williamson, Markets and Hierarchies(New York: Free Press, 1975);

· L. Wrigley, Divisional Autonomy and Diversification (PhD, Harvard Business School, 1970)

· R. E. White, Generic Business Strategies, Organizational Context and Performance: An Empirical Investigation, Strategic Management Journal7 (1986)

https://www.mbaskool.com/brandguide/banking-and-financial-services/597-bank-of-america.html

Bank of America SWOT Analysis, Competitors & USP

Published by MBA Skool Team, Last Updated: April 26, 2020

SWOT analysis of Bank of America analyses the brand by its strengths, weaknesses, opportunities & threats. In Bank of America SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.

SWOT Analysis is a proven management framework which enables a brand like Bank of America to benchmark its business & performance as compared to the competitors. Bank of America is one of the leading brands in the banking & financial services sector.

The article below lists the Bank of America SWOT (Strengths, Weaknesses, Opportunities, Threats), top Bank of America competitors and includes its target market, segmentation, positioning & Unique Selling Proposition (USP).

In this article:

· Strengths

· Weaknesses

· Opportunities

· Threats

· Competition

About Bank of America

Bank of America Overview

Parent Company

Bank of America Corporation

Category

Banking

Sector

Banking & Financial Services

Tagline/ Slogan

Bank of Opportunity

USP

Bank of America Corporation is an American global financial services company, the largest bank holding company in the United States

Bank of America STP

Segmentation

Enterprise and Individuals who are seeking financial help and advice

Target Market

Large enteprises and rich individual investors

Positioning

A bank which provides an opportunity to all its customers

SWOT Analysis of Bank of America

For Bank of America, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position. Let us start the Bank of America SWOT Analysis:

Bank of America Strengths

The strengths of Bank of America looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of Bank of America :

1.Bank of America has a strong brand name and good financial position 2.Bank of America is one of the largest bank in the American market 3.Stable and growing banking sector in US 4.Excellent service and product innovation providedby Bank of America to its customers 5.Over 285,000 employee across the world 6.Bank of America serves clients in more than 150 countries and has a relationship with 99% of the U.S fortune 500 companies

Bank of America Weaknesses

The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Bank of America SWOT Analysis:

1.Consumer credit controversies affected the brand image 2.Wikileaks controversy hurt the business operations of Bank of America

Bank of America Opportunities

The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Bank of America SWOT Analysis:

1.Expansion in other countries can be a huge opportunity for Bank of America 2.Diversifying portfolios for customers

3.Growing credit card value for the consumers 4.Mergers acquisiitions and JVs

Bank of America Threats

The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Bank of America are as mentioned:

1.Changing govt regulations and financial crisis like recessions 2.Competition from other banks can reduce Bank of America's market share

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Bank of America SWOT Analysis 2021: Can the Global Recession threaten the Bank?

APR 15, 2021 BY ALLEN BROWN

This is a Bank of America SWOT Analysis as an assessment of the bank’s strengths, weaknesses, opportunities, and threats.

The Bank of America Corporation is a multinational investment bank and financial services holding company with headquarters in North Carolina, USA. Serving almost 66 million customers, it is currently the second-largest bank in the United States. Bank of America is also part of the Big Four banking institutions in the US, with $1.43 trillion total customer deposits and $2.43 trillion total assets.

Bank of America products and services are accessible throughout the United States, with around 4,300 retail financial centers and over 16,000 ATMs across the country. The company has also recently invested in digital technology and artificial intelligence. As an adjunct to its mobile banking app, Bank of America launched its artificial intelligence-driven virtual assistant in 2018. Named “Erica,” the virtual assistant helps customers to manage debt, optimize their cash flows, and monitor transactions. Erica also provides insight regarding savings opportunities and balancing competing priorities.

bank-of-america-swot-analysis-strengths

Contents

· Strengths

· Weaknesses

· Opportunities

· Threats

· Bank of America SWOT Analysis: Conclusion

Strengths

Strong Brand and Reputation

The Bank of America brand has remained strong throughout the decades. Aside from having a wide customer base, it has also been recognized by various award-giving institutionsFortune magazine has included Bank of America on its “Change the World” list for four consecutive years. Fortune, together with global research and consulting firm Great Place to Work, has also included Bank of America as part of its “100 Best Companies to Work For” list for two consecutive years.

Global Finance magazine also recognized Bank of America as the Most Innovative Bank in North America for 2020. The company’s various products and services have also garnered awards.

In 2019, Bank of America established its new brand identity to better reflect its mission of empowering its consumers. “What would you like the power to do?” was the new tagline, replacing “Life’s better when we’re connected”. Meredith Verdone, Chief Marketing Officer of Bank of America, explains that the company wants to make a difference in the world and help solve complex global issues.

International Presence

Outside of US territories, Bank of America has also established its presence in 35 countries. Its Global Banking division, which provides a range of lending-related products and services, generated a $3.5 billion net income in 2020. The Global Wealth & Investment Management division generated a $3.1 billion net income. The Global Markets division generated $5.2 billion, a 50% increase from the previous year and the division’s highest net income since 2009.

Weaknesses

Cost-Efficiency

Bank of America’s expenses greatly rose due to COVID-19. Brian Moynihan, the CEO, Chairman, and President of BoA, said that the corporation incurred more costs to provide better care for its employees. CFO Paul Donofrio stated that the bank also had to process an unprecedented amount of claims for unemployment insurance and had to grapple with the cost of the Paycheck Protection Program loans.

Lawsuits and Controversies

At least two class-action lawsuits were filed against Bank of America in early 2021. One of the plaintiffs, Christopher Mosson, stated that the bank failed to protect thousands of unemployment benefit accounts. Mosson reported unauthorized charges in his account, and Bank of America’s response was to freeze the account and to return the balance to California’s unemployment department. Other lawsuits claim that Bank of America failed to uphold its liability guarantee by freezing around 350,000 accounts in the fourth quarter of 2020 due to fraudulent activities.

The bank also faced a series of lawsuits in 2009. Customers claimed that Bank of America processed debit transactions in a way that led to hundreds of dollars of worth of fees.

In 2014, BoA had to pay $16.65 billion to resolve federal and state claims due to failure to fully disclose the costs of mortgage repurchase claims. The settlement was part of the initiative of former president Obama’s Financial Fraud Enforcement Task Force and the Residential Mortgage-Backed Securities Working Group.

bank-of-america-swot-analysis-opportunities In God We Trust motto on One Hundred Dollars bill

Opportunities

Increased Reliance on Virtual Assistants

Erica, the bank’s AI-powered virtual assistant, gained more than 1 million users within two months after being rolled out. The bot combines predictive analysis with natural language, which means that when more people interact with Erica, the more effective it becomes.

More users have relied on Erica during the COVID-19 pandemic. Various restrictions have led customers to turn to digital banking channels. Before the pandemic, the AI-powered app was considered only an added feature to Bank of America’s mobile banking services. Today, it is considered a crucial service due to many closed branches and the flooding of the bank’s call center hotlines.

As Erica continues to become more efficient, the bot will be able to provide better service throughout and after the COVID-19 pandemic.

Sustainable Finance

Bank of America plans to deploy $1 trillion by 2030 to further its environmental business and green finance initiatives. The company initially planned to allocate only $300 billion in 2019. Bank of America aims to help build a greener economy by providing lending, capital raising, advisory, and investment services to help sustainable businesses.

In support of the Paris Climate Agreement, the company also announced its plants to achieve net-zero greenhouse gas (GHG) emissions in its operations, financing activities, and supply chain by 2050.

bank-of-america-swot-analysis-threats

Threats

Hacking and Security Breaches

The company has already experienced data breaches multiple times. In 2013, a group of hackers called Par:AnoIA claimed to have accessed the bank’s employee and executive data stored through a third party. In 2019, Bloomberg reported that hacker toolkits for Bank of America were being sold on the dark web.

In April 2020, Bank of America reported a data breach that leaked the information of clients under the bank’s Paycheck Protection Program.

As Bank of America rolls out wider digital services through its mobile applications and its AI-powered bot, it also becomes more vulnerable to hacking, identity theft, and other forms of security breaches.

Global Recession

The World Bank has reported that many financial institutions around the world will continue to face an increase in non-performing loans due to COVID-19. Many banks are not prepared to deal with the situation and may struggle to balance their sheets. Government agencies also face limitations in providing additional financial stimulus to help the economy. The November 2020 Financial Report of The Federal Reserve states that policy fatigue and political constraints have led to difficulties in providing adequate financial stimulus for 2021.

Bank of America SWOT Analysis: Conclusion

Bank of America remains one of the biggest financial institutions in the United States and retains a stable global presence. This is despite the many lawsuits and controversies it has faced.

Bank of America also continues to roll out upgraded products and services to deal with changes in consumer behavior due to COVID-19. However, it faces many threats due to external factors, such as data branches and the current global recession. Strategies must be implemented to mitigate the possible effects of such threats.

A SWOT analysis is a technique for strategic planning that helps identify the strengths, weaknesses, opportunities, and threats of an organization. This framework ensures that objectives are clearly defined and that both internal and external factors related to a business or venture are identified.

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https://www.rancord.org/bank-of-america-swot-analysis-internal-external-strategic-factors

Bank of America SWOT Analysis (Internal & External Strategic Factors)

UPDATED ONUPDATED ON JUNE 21, 2019 BY  <a rel='nofollow' target='_blank' hre

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