3040MKT Digital & Social Media Marketing | History of Handelsbanken
Growth and History of the company
Vision and Mission of the company
Resources and Capabilities of the company
Industry Analysis using Porter’s Five Forces
Corporate and Business level strategies
Leadership and Culture of the company
Answer:
Growth and History of the company
The history of Handelsbanken dates back to the year 1871 when several number of leading Stockholm residents and corporations founded the Stockholms Handelsbanken (Van der Zande 2018). The formation of this bank was the outcome of a personal conflict that took place in the Stockholms Enskilda Bank that culminated in the year 1871 in the month of April. At present it is operating in more than 20 different countries. It has developed several branch networks in 6 different nations- UK, Finland, Sweden, Norway, Denmark and Netherlands (Alexey 2015). To these nations, it classes as the “home markets”. A large piece of the success of this bank in recent years could be credited to the floatability of its operations in UK, which comprise of 5 regional banks that offer the banking services in a total of 187 different branches all around the nation and also in the asset management organisation named Heartwood. The banks shift into the market of UK has helped in minimising the effect of the negative rates of interest in Sweden. For four consecutive years, the bank has been awarded with first prize for its best services within the banking sector in Sweden from the ServiceScore. With the same, in 2015, it won the award of the Business Bank of the Year and “Sweden’s Small Enterprise Bank”.
Vision and Mission of the company
Handelsbanken is aimed at meeting all the needs of its both corporate and personal customers in regards to financial services along with the highest possible level of satisfaction.
Resources and Capabilities of the company
Handelsbanken is widely popular for its cost-consciousness. The branch managers at different branches under this organisation are very eager to keep all their costs low so as to get success in internal benchmarking with the other branches of the company (Mayes 2017). With the same, it is much more decentralised than its competitors. With the same, in this organisation, there is a tendency to follow the trends within the industry as early as possible, especially is these are not in the line with the culture of Handelsbanken.
Industry Analysis using Porter’s Five Forces
|
Threat of substitutes |
Threat of new competitors |
Bargaining power of the customers |
Bargaining power of the suppliers |
Industry Rivalry |
|
1. Low 2. High cost of switching to the substitutes 3. There is very limited number of substitutes in the industry 4. Substantial product differentiation |
1. There is a very high capital requirements 2. Very strong requirement of distribution network 3. Strong brand name is very important to survive 4. High requirement of advanced technologies |
1. Very low 2. The buyers need special type of customisation 3. The price sensitivity for buyers is very low 4. Dependency on the distributors is low 5. Product is very important for the customers |
1. High competition among the suppliers 2. Low concentration of the suppliers (Terpend and Krause 2015) 3. Large number of substitute inputs 4. Diverse channel of distribution 5. Low cost of switching the suppliers |
1. Relatively less competitors 2. Low storage costs 3. Exit barriers are low 4. Rate of industry growth rate is very fast |
Corporate and Business level strategies
Handelsbanken make use of cost leadership strategy in order to operate its business. In terms of commodity products, there are several producers who try to lessen the cost structure and transfer the value to the consumers in context of low prices (Nilsson and Stockenstrand 2015). It is dependent on having an internal efficiency for having above average margins so as to be sustainable in the future. The bank builds a state of art facility that have a very low operational as well as R&D cost along with overhead expenses etc.
Leadership and Culture of the company
Handelsbanken remains a very strong and our long-term goals stand firm. It has a well-established organization culture, which can not only adapt to different outside environment but also bring solidarities in organizations. It creates a cohesive organizational culture. The workers of the bank come from several different nations. Sometimes, their own national culture might have some sort of conflicts with the organizational culture. Hence, the extent of the organizational culture is very vital to lessen the conflicts and Handelsbanken have that. The organizational culture of this bank is strong and the employees follow it to do the job involuntarily as this organizational culture suppress the national culture for increasing the conflicts and then lead the working behaviours of the employees in a way that fit the organizational culture. Its workers share and accept all the important values, and hence, the culture of this bank is very strong and notable.
References:
Alexey, K., 2015. The Baltics in the geography of the largest transnational corporations of Europe. Baltic Region, (1 (23)).
Mayes, D.G., 2017. Top-down restructuring of markets and institutions: the Nordic banking crises. Journal of Banking Regulation, 18(3), pp.213-232.
Nilsson, F. and Stockenstrand, A.K., 2015. The Objectives of Financial Accounting and Management Control. In Financial Accounting and Management Control (pp. 1-16). Springer, Cham.
Terpend, R. and Krause, D.R., 2015. Competition or cooperation? Promoting supplier performance with incentives under varying conditions of dependence. Journal of Supply Chain Management, 51(4), pp.29-53.
van der Zande, J., 2018. 17 Banks and digitalization. THE RISE AND DEVELOPMENT OF FINTECH, p.327.
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