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SWOT Analysis of Bank of America
Pages 6 (1506 words)
SWOT ANALYSIS OF BANK OF AMERICA Name University 1. Identify the company’s mission, vision, and primary stakeholders. A bank’s mission statement and its publicized vision and strategies should give an insight of company’s values and how it intends to work for its different stakeholders.
In its mission statement, BoA has identified its responsibilities towards all its stakeholders which include the shareholders, the customers and the clients, its employees, the institutional investors, government, the community and the society in which it operates. BoA’s vision is to become the World’s finest financial service company. At the heart of BoA’s mission statement lays its core values and strategies which highlights how it intends to achieve its mission. BoA believes in doing the right thing for its stakeholders, work in teams while developing trust, focusing on achieving results and respecting each others differences and becoming leaders to build a better future. (Editors) 2. Identify the five (5) forces of competition and how it impacts the company. The first force of Porter’s five forces is threat of new entrants. Banking and financial services industry in general faces severe competition. Being a multinational bank operated worldwide, BoA faces tough competition. The potential of absolutely ‘new’ entrants in the banking sector is low as operating a bank is a highly regulated business which requires vast amount of investment. However already established banks worldwide can very easily enter regions and compete with each other which makes competition quite tough for BoA in many regions. (Schmidt. 2010; Henry. ...
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