STR 581 Week 6: JP Morgan Chase Plan final

Executive Summary

JP Morgan Chase Bank is a successful bank in the banking industryTo continue achieving growth and profitability, the bank requires a strategic plan.J.P Morgan Chase has decided to install special ATMs that will allow customers to avoid the long lines associated with: making withdrawals, making payments, depositing money check their bank balances

Company background, organizational mission, vision, and value statements

JP Morgan Chase Bank is an established financial institution in the United States of America. It has operated for over 200 years and has grown largely by acquiring other bankThe mission statement The company strives to make the company a good corporation and a respected financial institution across the world. The vision statement Company wants to be the best banking and financial services corporation in the world. Their core values include an excellent platform of financial services, a great heritage and a well governed business.

Organization Structure

External and Internal Environment Analysis

External Environmental FactorsPolitical factorsCompetitionInternal StrengthsGood financial health and high return on investmentHuge customer baseInternal WeaknessesBad reputationInadequate IT infrastructure

Strategies to Implement

Lowered costsReduce the cost of their services Focus strategyFocus on offering excellent customer serviceDifferentiation StrategyDifferentiate itself with improved brand imaging, customer service, technology, distribution, product design or a combination of all.

Implementation

ObjectivesTo enable the company to be competitive in the banking industryTo install new ATM’s across different locations of the JP Morgan Chase footprint.

Strategic Controls

Functional TacticsCommunication tactics, employee involvement and product strategyAction ItemsConfirmation of the locations where the ATMs will be installed, ensure that they function properly and the collection of quantitative data regarding their usageResource AllocationFunding from the reserves and profits of the company and sufficient labor, effort and time to the project.Key Success FactorsCustomer retention, Increased employee involvement, Improved service , Increased profitability, Reduced time taken for customer service, Increased market share

Project Scope

Milestones and Deadline

Total Budgeted Cost

Breakeven Analysis

Risk Management Plan and Contingency Plan

Losing customers who may be upsetTo mitigate this risk, the organization should educate their customers on the benefits of the new concept Technical problems that my disrupt operationsTo mitigate this risk, the organization should put in place rapid maintenance solution for any technical problems that may arise Losing client private information and moneyTo mitigate this risk JP Morgan should ensure that these are kept under strong firewalls and other protective measures.

Organizational Change Management Strategies

Should come up with ways or alternatives through which they will be able to retain their personnelCommunicate the benefits of the concept to ensure that the customers and employees accept it

References

Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.JP Morgan Chase and Co. (2015). Environmental, Social and Governance. Retrieved from: http://www.jpmorganchase.com/corporate/About-JPMC/esg.htm Pollard, A. M., & Daly, J. P. (2011). Banking law in the United States (Vol. 1). Juris Publishing, Inc..All logos and background images are downloader form Google® images.