JP Morgan Chase
Primaryproducts and services
JPMorgan Chase is a leading financial institution in United States. Theorganization offers a wide variety of financial products to itsclients. These products include consumer banking, credit cards,corporate banking, foreign exchange, finance, insurance, globalbanking, underwriting, mortgage loans, risk management and treasuryservices.
The strategic plan of the organization outlines the mission andvision statements of the company that points out the objective of thecompany. The mission statement of the bank is, "to be the bestfinancial services company in the world. Because of our greatheritage and excellent platform, we believe this is within ourreach." The mission statement describes how the organizationwill achieve its objective.
The vision of the organization is to provide unparalleled financialservices to their clients by empowering them with strong analyticalknowledge that enables them to manage their assets more effectively.This vision is a brief statement of where the company wants to be infuture (Adams, 2005, p.3).
The organization`s shareholders strategy is to increase stakeholders`wealth. The management responsibility is to ensure that the funds ofthe shareholders are invested well, and create more wealth. Theorganization also prevents the interference of organizationactivities by the shareholders to protect the company. This isbecause the shareholders“ interest is the profit, while thecompany`s interest is service delivery (Sorge, 2002, p.26).
JPMorgan the largest bank in U.S
Thebank offers global financial services, therefore, attracting a widerange of customers from all corners of the world. The company has ascapital strength, and high asset quality. The bank has a strongretail distribution network that enhances its service delivery to itsclients. Information communication technology is a critical tool ofoffering services, conveying information and receives feedback fromclients. The company has recruited qualified professional who offerquality services to the clients (Adams, 2005, p.18).
Whyis Jamie successful?
Jamie has been very effective in executing his duties. As a teammanager, he is very honest to both the employer and his work mates.Communication with the organization`s stakeholders is another keyattribute of the manager. Communication has enabled him conveycompany strategies to the stakeholders, and receive feedback.Confidence and courage have enabled Dimon persevere the bad days ofthe company performance. He encourages and motivates the subordinatestaffs to overcome the challenges in the industry. Creativity andinnovation have always been the key in the financial sector.Innovation and creativity are very essential in the financial sector,and this enables Jamie develop diversified products to meet thechanging consumer tastes and preferences. In this organization, thereis a product for every client. The manager can inspire all the otherstaff to execute their duties and responsibilities to the best level(Schermerhorn, 2002, p. 24).
Part2: Crafting Strategy
Forcesoutside your organization
Manyforces outside the company influence the operations of theorganization. There is stiff competition from other financialinstitutions that influence the quality of services and productsoffered by the organization. The government set the rules andregulation to govern the operation of financial institutions. Theorganization must ensure that it abides by the regulations.Technology is another key aspect in the financial industry. Theorganization must always ensure it has the latest technology to meetthe expectation of their clients. The society is the backbone of theorganization operations. The institution has a well structurecorporate social responsibility policy that defines its interactionwith the society.
Responseto outside forces
Thecompany has adapted new technology to keep in touch with the changingtrends in the sector. It complies with all industry regulation toprevent violation of the rules. The company has also diversified itsproducts to cope with the stiff competition in the sector. Thecompany`s corporate social responsibility policy helps to create astrong relationship with the society (Sorge, 2002, 33).
Themain competitive advantage aspects in the financial sector are loans,cost of services and diversified products. The rivals have structuredtheir loan with very low interest rates, and simple acquisitionprocedures. The transaction cost and account charges in theseorganizations are relatively low to attract more customers. Theorganizations have diversified their products to fill the marketniche that already exists.
Themain competitive advantage in our company is diversified products andstrong distributive global network. Diversification of our productsensures that we attract clients from all business sectors. Ournetwork has enabled the company services be readily available at manyareas globally.
The organization has divided the employees into work teams. Everywork team has a leader who coordinates the activities of the groupand gives feedback to the management. The teams receive informationfrom the management, and develop a strategy to deal with the problem.The teams` leader gives feedback to the management, and monitors theteam progress (Allman, 2006, p.41).
Employeesin developing strategies
All the stakeholders of the organization develop the strategies ofthe organization. The employees provide information of the challengesof delivering services to the clients. The employees give suggestionsof the changes they expect in the organization. The managementselects and appraises the suggestions to get the most beneficialstrategy.
Part3: Executing Strategy
Visionand strategy communication to employees
Information communication technology is the main communication toolof the company. The vision and the strategy of the organization iffound in the organization`s website. The organization sendselectronic mails and prints an employee handbook that contains allthe information.
The organization builds internal capabilities by having clearleadership and governance structure. Training and development areanother means through which the company enhances the employees`skills and knowledge. The organization has motivation mechanism thatencourages the workers to achieve their individual goals within theorganization. The organization has established extra-curricularactivities for the employees. The organization has adequatefacilities to enhance the activities of the physically challengedemployees.
Determinationand communication of objectives
Theorganization determines its objectives through assessment of previousperformances. The organization also looks into the industry prospectsto predict the changes expected in the future. The economicconditions in the country are very important because they determinethe performance of all industries. The organization communicates itsobjectives in their strategic plan during shareholder`s meetings. Themanagement communicates the objectives periodically to ensure thatthe changes in the operations of the organizations are reflected inthe objectives (Schermerhorn, 2002, p. 24).
Evaluation of the organization`s performance is regular. The industryis very dynamic, and there are many unforeseen circumstances. Theorganization performance is a measure by the quarterly profits, andranking in the banking sector.
Adams,J. (2005). JPMorganChase.New York, N.Y.: Vault Inc..
Allman,B. (2006). Banking.Minneapolis, MN: Lerner Publications Co..
Schermerhorn,J. R. (2002). Management(7th ed.). New York: Wiley.
Sorge,A. (2002). Organization.London: Thomson Learning.