Strategic Evaluation of Bank Dhofar
Strategic Evaluation of Bank Dhofar
The strategic approaches of an organization are vital for its performance and success. In Sultanate of Oman, the performance of Bank Dhofar has not only been remarkable, but also admirable. The management of this firm has been able to perform significant role in shaping the business model and realization of success. The good performance posted by this firm is largely a construction of the management. Besides, acknowledging the role of the environmental issues in shaping the activities of this firm is important for the purposes of evaluation. So far, the firm has been able to design strategies that the address the changing domestic and international economic situation. The response of the firm to the environment is useful in defining its success. Bank Dhofar tends to show renewed energy in SME financing a move aimed at positioning this organization to market demands. An examination of strategy used by this firm is important in appreciating the strides it has made in realizing its objectives and serving the interest of the customers. The purpose of this essay is to explore current strategic position of Bank Dhafor, future strategies, preferred strategic options, and factors that affect the implementation.
The term strategy refers to a plan or method designed by an entity to pursue desired results (Blatstein 2012). The process of creating a strategy involves identification of what the organization desires and the means that the organization can employ to realize this desires. Bank Dhafor, like other organizations have specific objectives and goals to meet. However, before settling to pursue these objects and goals, the management must devise a strategy that would enable the firm to attain the desired result. The premise of this view is that strategy is the direction or road and scope of the firm over a foreseeable objective or goal (Johnson, Whittington, Angwin, Scholes, and Regner 2014). As the direction, the management uses of the strategy to help the organization to attain the set goals. It means that strategy helps the management to configure the resources of the organization to obtain the desired outcome.
The essence of a plan is to give the organization the roadmap on how to achieve certain ambitions (Blatstein 2012). Within the confines of this view, the strategy tends to strengthen the company’s competitive position. Nevertheless, this depends on the kind of strategies devised and embraced by the firm. For instance, in the banking industry, creation of products that enhance the competitiveness of the bank is vital to its success. Thus, the management must be able to generate tactics that can help the company to achieve specific objective (Johnson, et al 2014). As such, the ambitions of the organization would act as the benchmark for setting the strategies of the firm. In other words, the end justifies the means. The decision of the management to embrace a particular approach often stem from desired organizational goals. The strategy must enable the company to work towards attaining the interest of the stakeholders and at the same time balance the markets need (Blatstein 2012). The premise of this proposition is that strategy is an action plan of the firm.
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