Recognizing The Changing Health Care System - 2383 Words

Introduction of Issue Recognizing the changing health care system, the Institute of Medicine (IOM) in partnership with the Robert Wood Johnson Foundation (RWJF), launched a two-year initiative to assess and transform the nursing profession. The report produced by the IOM RWJF, The Future of Nursing: Leading Change, Advancing Health, called out four key messages to guide the changes needed to heighten the future of nursing. One of these messages, nurses achieving higher levels of education- increasing baccalaureate prepared nurses to 80% by 2020, enforces the need for nurses to obtain higher degrees and changes the requirements for entry-level nurses. Improving education levels in the nursing workforce is beneficial to both the nurse receiving the education and the patient receiving care, however with expensive degree programs and an older workforce not willing to go back to school, turmoil has erupted within the profession. This paper uses evidence to review both sides of the argume nt and its significance to both nursing and patient care outcomes. Background In 2010, President Barack Obama signed into law the Patient Protection and the Affordable Care Act (PPACA) which aimed to increase the quality and affordability of health insurance. This act began a radical transformation of healthcare in the United States, and has created a new landscape for health professionals to navigate. The blueprint (The Future of Nursing: Leading Change, Advancing Health) created by the IOMShow MoreRelatedRedesign The Rn Health Coach Position1267 Words   |  6 Pagesredesign the RN Health Coach position that was discussed in the attached paper. 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In order to look toRead MoreMy Personal Nursing Philosophy726 Words   |  3 Pagesphilosophy of nursing is to provide holistic care meeting the  physical, social, economic, cognitive, and spiritual health of a person. This philosophy embraces the four elements of the nursing metaparadigm, which is person, environment, health, and nursing. While theorists have differing concepts and definitions of nursing, the American Nurses Association (ANA), defines it as follows; â€Å"Nursing is the protection, promotion, and optimization of health and abilities, prevention of illness and injuryRead MoreThe Insurance Impacts Of The Affordable Care Act859 Words   |  4 Pageslarge media coverage about the insurance impacts of the Affordable Care Act (ACA), there has been a smaller amount discussed of the law’s changes to provider reimbursement policy, reforms to the delivery system, and investments in programs to improve the qual ity of care and constrain long-run growth in health care costs. And yet, the elements included in the ACA directed at cost and quality is possible to affect the practice of care for nearly every provider across the country. Although cost containmentRead MoreImproving Patient Care Is A Constant, Ongoing Process Of Trail And Error1211 Words   |  5 PagesImproving patient care is a constant, ongoing process of trail and error. As nurses, providing the best of care possible for the patient should always be the number one priority. â€Å"The aims of nursing actions (also nursing interventions) are to protect, promote, and optimize health; to prevent illness and injury; to alleviate suffering; and to advocate for individuals, families, communities, and populations† (American Nurses Association, 2010). 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Despite this being a widely held idea, the reality is that marginalized groups are not experiencing the same standards of health care as other Canadian Citizens. Despite the fact that some researchers say racialization does not play a factor in the level of health care received by people (Guilfoyle 1512), Indigenous Peoples in Canada do not have equal access to the Canadian health care system due to the problems arisi ng fromRead MoreRecognizing the Need for Cultural Change1137 Words   |  5 Pages Recognizing the Need for Cultural Change Table of Contents 1. Introduction 2. Cultural awareness 3. Cultural sensitivity 4. Cultural competence 5. Cultural humility 6. Conclusion 7. References Introduction United States of America demographicsRead MoreA Long Time That Nurses Make Some Of The Best Advocates944 Words   |  4 Pagestime that nurses make some of the best advocates. They are known for being the ones who spend the most time with patients, so in turn they are able to better recognize their immediate needs. Advocating for patients does not have to involve major health care decisions, but rather it can be small actions that are simply for the benefit or comfort of the patient. Throughout my clinical rotations, I can say that I have advocated in small ways. An example of an act I consider to be advocacy was simply lettingRead MoreDiversity Is The Changing Demographics And Economics Of Our Growing Multicultural World1309 Words   |  6 PagesConcept paper By Masereh Jallow Topic: Diversity in Nursing Page 1 Topic: Diversity in Nursing Diversity: The changing demographics and economics of our growing multicultural world, and the long-standing disparities in the health status of people from culturally diverse backgrounds has challenged health care providers and organizations to consider cultural diversity as a priority. Culture is one of the organizing concepts upon which nursing is based and defined

The Importance Of Technology - 784 Words

In the 21st century, technology has become more advanced and has a large impact among us humans. Is this advancing of technology makes human beings become more ignorant? As technology advances it becomes a part of people’s daily lives, and they don’t have to rely on their heads. People are relying on the internet rather than the hard copy books. Most people search up the quickest, simple answers, that’s why they don’t think critically. Technology is weakening people’s ability to think critically and engage in the process of learning, because technology is advancing, making everyone lives easier. To sum up todays generation, it is always about technology, technology, technology. They devote their life to technology, while in school,†¦show more content†¦Some people have the answers, and would open up more websites and dig deeper for more information. Nicholas Carr the author of â€Å"Is Google Making Us Stupid?† says, â€Å"Once I was a scuba diver in the sea of words. Now I zip along the surface like a guy on a Jet Ski†. Carr is stating that people look above the surface that people don’t explore and look deeper with the information. In addition, others would find the answers and slap it on their paper without digging for more information. Doing that makes people just lazy, and once they get lazy they won’t know the information as much. People could just skim through passages, just to find the answer, there’s not much of a critical process with that. Others can’t just retain the information by skimming and slapping the answ er down on the paper, they have to dig deeper, read, comprehend, and think beyond. Technology can affect humans physically and mentally. Mentally, the things that come from social media can badly affect their school work, and job. They aren’t focus on what they suppose to do, they are more concentrated on what happen on social media. Physically, teenagers, students, and even parents are taking advantage of their sleeping time. They stay up late to check their Instagram, Facebook, Snapchat, and text messages. Technology effects people’s daily lives because they are not getting the proper amount of sleep. Most peopleShow MoreRelatedThe Importance of Technology1118 Words   |  5 PagesAccording to Vikram (7), technology refers the application of scientific knowledge and skills for practical purposes in diverse fields such as industries, education, and agriculture among other fields. Technology is therefore an organized knowledge for practical purposes in human day to day life. The fundamental purpose of every human life is to increase standards of living, improve the quality of his life and to always have a greater satisfaction in life (Vikram 8). These fundamental purposes canRead MoreTechnology Importance1088 Words   |  5 PagesThe Importance of Technology, which was always debatable, has now become more controversial. The substantial influence of Technology on our lives has sparked the recent controversy over the potential impact of this trend. It can be agreed that Technology has a profound impact on many communities, however some people claim that it had an adverse impact on many societies. This essay will elaborate both positive and negative aspects of technology on our lives and thus lead to a logical conclusion. Read MoreThe Importance Of Technology1740 Words   |  7 PagesShmuel Dovid Baum Date: Jan. 4, 2018 Technology has had quite a significant impact on the way we live our lives and interact with the world. It is quite common to see people walking down the street and oblivious to the world around them while they are immersed in the world of their smartphones. By looking at where we are now with our days so connected to the Internet and the ubiquitous presence of smartphones andRead MoreThe Importance Of Technology And Technology1294 Words   |  6 PagesFrom the moment people wake up to the moment they go to sleep, they are surrounded by technology. Society has become dependent on technology and the recreation industry is no exception. First, recreation is any personal experience at any time that is personally chosen and self-fulfilling. It extends beyond the simple act to include a state of being and a way of life. Likewise, recreation therapy uses recreation activities to help individuals with physical and/or psychological limitations with theirRead MoreThe Importance Of Technology And Technology1043 Words   |  5 PagesTechnology has become a vital part of the insurance over the past decade in a plethora of ways, ranging from mobility to Big Data, and even social media. We are in a new era and insurance companies/agencies are being pushed to adapt, or face being pushed aside to those expanding with society. By utilizing the technology and new ways, they are maximizing customer outreach and satisfaction. The need for personal interaction is still a must, but slowly diminishing, yet there will always be a need especiallyRead MoreTechnology : The Importance Of Technology And Technology1183 Words   |  5 Pagesmy homework. Every day the school comes up with new ways to improve the students’ learning. Since the school is modernizing, this means that technology is bound to occur in some form of shape. Technology will continue to advance and will eventually (if not already) become part of everyone’s daily life. For this reason, students must learn how to use technology now. Hence, all students should have access to a laptop whether it is their own or one provided by the school because laptops allow studentsRead MoreThe Importance Of Technology1806 Words   |  8 PagesAs time progresses, our conscious mind becomes muddled into the fast-paced society where we rely frequently on the usage of technology to solve our everyday life. Although, it is important to acknowledge the development and capabilities of modernization, it is essential to be cognizant of one’s mind. Having an innate capability of free-will is a powerful tool for humans to utilize because it gives us the choice to think for ourselves rather than letting others or machines think for us. However, nowadaysRead MoreImportance Of Technology : Technology Integration1187 Words   |  5 PagesImportance of Technology Integration It is supposed that educator incorporation of technology into workrooms for high-level learning will lead to enlarged scholar learning. 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Of White Hairs and Cricket Free Essays

â€Å"A Horse and Two Goats† is a short story written by R. K. Narayan, from India. We will write a custom essay sample on Of White Hairs and Cricket or any similar topic only for you Order Now Basically, the story is about two individuals, an American and an Indian, trying to converse and communicate, but they can not seem to understand each other because of the lack of knowledge in the other’s language and culture. The story spans a very short time, perhaps a half an hour. As it is revealed in the very beginning of the story, it takes place in a very small village called Kiritam, which is only represented by a tiny dot on the local survey map. The narration of the story goes chronologically, in a third-person omniscient view, with the main characters being an American tourist and an old Indian man. Both of the characters seem a little bit ignorant and ethnocentric, as none of them have competent background knowledge of the other’s culture and language. The fact that they can not understand each other can be looked upon as the main conflict. However, by what is told, it seems like if the American should know more about Indian culture, than what the old man should know about the western ways. This is because the American is a wealthy person, probably a businessman, from New York, who has had a lifelong dream of visiting and seeing India. Somebody like this should probably had more cultural knowledge that what is shown. Along with this, he shows lack of respect when he sees a statue he finds to his liking, and wants it in his possession at once. He thinks he can just purchase it from the old man, without considering what the statue means for him or the native people. This way, the American is presented as a typical wealthy western person, who is quite materialistic and thinks that money solves all problems. What can be considered as odd, and perhaps just another example of western ignorance, is that the American naturally assumes that because the old man stands beside the statute, he owns it. How to cite Of White Hairs and Cricket, Papers

Strategic Planning Analysis of Westpac Corporation

Question: Discuss about theStrategic Planningfor Analysis of Westpac Corporation. Answer: Introduction The occurrence of economic extremes has negatively impacted the performance of most businesses. The banking sector is one of the major areas that have promoted entrepreneurial activities in the most parts of the globe. For instance, the initiative of offering cheap loans to encourage investors in Australia created a new generation of individuals who were motivated to acquire economic independence. However, despite the sector being the backbone of economic developments in a country, the industry faces a broad range of challenges. For instance, the industry faces fierce competition from other banks and financial institution, then, sometimes, the State formulation of unfavourable regulations regarding the interest rates the institutions are required to charge its customers (Grant, et al. 2011). In overcoming some of the challenges, Westpac Banking Corporation has established various strategies that have relatively given it a competitive edge over the rivals. For instance, the company has aligned its business objectives with customer segments by having customer facing divisions (Grundy, 2006, p.213-239). These segments include consumer banks, which handles sales and consumer customers. The second division is Business Bank, which handles small to medium enterprises, agri-business, and commercial clients. The third category is BT Financial Group Australia section deals in the business of wealth and insurance. The fourth division is Westpac New Zealand which offers a range of financial services to institutions, business and consumer customers in New Zealand. Then, finally, the Westpac Institutional Bank provides some financial services to government, institutions, corporate and commercial customers connecting Australia and New Zealand. This diversification of business portfolio s is instrumental in propelling the company towards success. The complexity in the banking industry imperatively requires companies to establish a clear strategy for them for growth. It is the method Westpac has regularly applied to achieve the status it has now. Contrary to which inefficiencies in the operations will enter the company and a culture of laxity may enter the organization (Nongo, et al. 2012). Ineffective operational strategies symbolize inadequate employees focus and the company will eventually lose direction. Consequently, the organization will lose the competitive edge. Further, understanding the vision, mission, core values and objectives acts as a roadmap for directing the organization towards the right course. In addition, the analysis of the internal and external environment is essential for coming up with a strategy that will help improve the performance of a corporation and guide it towards prosperity (Rothaermel, 2008, p. 201-225). Therefore, the paper has explored the strategic planning for Westpac Banking Corporation. The discussion has analyzed the companys vision, mission and values statements and their appropriateness to the achievement of the primary objectives. In addition, the paper has covered the goals of the bank and its appropriateness. Furthermore, the internal and external environments have been addressed to find out the companys strength and weaknesses to aid in the development of operational strategies that best suits the business (Thompson, et al. 2014). Westpac Corporation and the Industry As earlier noted the bank is among the top four financial institutions in Australia. The thirteen million customers apparently show how pretty well the bank is performing. The extended stay in the industry gives it a good reputation and image and also enhances the build of trust by customers. The justification of the postulation is based on the current performance of the company. If it could be an exploitative company, the number of customer base could be small. Also, the company could not have grown to this level. It is therefore quite clear that Westpac Corporation is a well-established organization, with a strategic focus and gives priority to customers interests (Kitchen, Burgmann, 2015, p.212-216). In Australia, the banking industry is competitive. The competitiveness emanates from the fact that Australia has so many banking and financial institutions. In the event a bank fails to offer best services to its clients, the risk of losing a significant number of the customers to the competitors is so high that may negatively impact on its performance (Hemmatfar, et al. 2010). Besides competition, the industry is faced by economic extremes. The economy of Australia varies with seasonal changes. Since banks performance depends on the steadiness of the economy. Notably, a reduction in the entrepreneurial actions automatically affects the banks. Therefore, the establishment of effective strategies and substantial support by the employees at the implementation guarantees the success of a banking institution or any other company. Vision, Mission and Core Values of Westpac Banking Corporation The vision statement for Westpac Banking Corporation is to emerge as the worlds great financial services provider, helping customers, communities and people to prosper and grow. The mission statement is to be a leading provider of financial services in the Australian and New Zealand Markets. This mission and vision statement is appropriate for the organization in that it enables the company to compete in the banking industry favourably. The system has embedded the company core values in the culture to support the customers. These values encourage teamwork, which ensures working together to deliver the best to the customers and delighting customers where they seek to put a keen eye and moderations so that they can understand their expectations. Another value is courage, where the Westpac team will be bold enough to handle change, not fearing the new way of conducting activities (Ireland, et al. 2008). Finally, they have a value to seek business, team and personal achievement. These values are well suited for Westpac Banking Corporation since they give consideration to all aspects of the organization that is necessary for the growth and again align with the vision and mission of the organization. The compatibilities of the values with organization objectives create efficiency and maintain workers focus on meeting the companys key aims. Objectives of Westpac Banking Corporation Objectives give direction and show the focus and the right way to follow. The objectives should be reviewed every year to ensure that the organization copes with the changing business environment. It helps to balance the risks and returns thus promoting growth. Westpac Banking Corporation has various objectives in line with performance. It looks forward to being the most performing bank in Australia. Also, it is determined to: achieve a management balance between returns, growth, and productivity, to maintain high capital levels to gather for stakeholders requirements, to improve funding types to fund diversity for customers and to maintain asset portfolio. These performance objectives aim at improving the performance and sustainability of the business (Hill, 2008, p. 423-440). Further, the Corporation has objectives in line with the service leadership. These objectives are to: provide the best customer experience regarding products and services offered by the organization, to work on the context-based experiences of the client, to acquire new customers. These objectives are to ensure that the organization gets a good number of clients and that get to be the best experience in the organization. The organization also has targets to consider digital transformation (Daneshvar, et al. 2010). It involves the use of technology to: simplify the operation regarding the services and process, to create a newly digitized bank and to work on the efficiency opportunities from using modern technology. This objective ensures that the company maximizes the latest technology and every chance that comes from it. Westpac Banking Corporation has goals that target the growth of the corporation. The objectives pursue the growth opportunities and focus on the growth of small and medium enterprises in the region of operation. It will ensure that the organization growth is taken into consideration. Lastly, the organization has objectives that focus on customer service and workforce revolution (Chen, et al. 2006). These targets are to focus on customer service, to strengthen the skills of the workforce that serve the customers, to help workforce to be innovative in serving customers. These objectives are suited for the Westpac Banking Corporation since they are well aligned with its visions. These objectives also are in alignment with the mission of the organization which is to be a leading provider of financial services in the Australian and New Zealand Markets. In addition, the objectives are also well aligned with the core values making them appropriate for the corporation. Environmental Analysis of the Westpac Banking Corporation SWOT analysis is an appropriate tool for the analysis of the Corporation external environment. The tool is essential in evaluating the business situation. By a smart look into Westpac Banking Corporation using the approach, one can identify the weakness and threats to its operation (Fleisher, 2003, p.59). It presents a clear opportunity to do what is necessary to the business in handling operational challenges to improve the service. Therefore, it is important for any Westpac Banking Corporation to analyze the business environment to realize an efficient way for success in the industry (Belch, 2014, p.31-34). To start with the strengths, it looks into factors that favour Westpac Banking Corporation over other competitors (Rugman, et al. 2008). Regarding this aspect, Westpac Banking Corporation is comparatively better than the closer rivals in the industry. The company applies unique input resources that enables it survive the stiff competition from banks like Commonwealth Banks, National Australian Bank, and more. Among the companies, strengths include: provision of flexible banking services, a large pool of employees, a socially responsible bank, and leading regarding ATMS in the entire Australia. On the other side, Westpac Banking Corporation also faces various types of weakness. On the edge of the weaknesses, the company faces stiff competition in from rivals in retail banking. Also, it still has a smaller number of branches with the country. These shortcomings have reduced the pace of the companys growth. The company has some opportunities that come by. Opportunities are much related to external factors that favour the performance of the business enterprise. It involves knowing the lucrative opportunities that can be sported. Some of the opportunities the company enjoys include the acquisition of a license to open branches to other businesses, high technological focus and innovation, and ability in setting up operations in developing economies (Sonia, 2012, p. 410-420). Lastly but not least, the threats facing the company includes worsening Australian economy, unfavourable regulatory changes by the state. Westpac Banking Corporation Strategy and its Importance The strategy of Westpac Banking Corporation is in alignment with the vision by seeking to provide more returns to the shareholders, creating a healthy relationship with the customers, creating a healthy working environment and to be leading and exemplary in the region. In the strategic plan, Westpac Banking Corporation should focus to offer some financial products and services to the core market which is New Zealand, Australia, and the surrounding areas (Bigler, 2013, p. 95-115). The growing number of customers should be given attention to ensure their satisfaction regarding range of service and products and their satisfaction. This will greatly help Westpac Banking Corporation to build a healthy and stronger customer relationship thus success. To achieve a range of products, the Westpac Banking Corporation should provide varieties financial services thus providing a greater variety that will attract and satisfy increasing number of customers. The diversification will help the company reach and meet the needs of individual customers. This strategy should seek to get a big number of clients and ensure that each customer can have more than one product. Consequently, this plan will enhance business continuity hence more profit to the corporation. Challenges are expected on the way when building the business to a high level. It is because as the firm grows, the environment becomes more complex becoming hard to handle. In this case, the strategy should seek to straighten the financial position and improve the business efficiency. The management should ensure that services offered are of high quality and satisfies the customers needs and at the reduced costs (Armstrong, 2006, p. 256-260). Further, the strategic plan should cover and anticipate change and emerging issues. It is crucial to expect cultural and demographic change and the effects they will have to the customers and the workplace. Therefore economic solutions should be created to the possible environmental challenges. This plan will sustain the vision of Westpac Banking Corporation in the case of the changing business environment. Finally, a strategic plan is strongly critical to Westpac Banking Corporation because it is the way to achieve the vision of the organization. A well-executed strategy will assure more revenue to customers of Westpac Banking Corporation. It will also help deliver quality services and products to the customers. The best way to achieve execution of this strategic plan is to embed it in business culture, values and business processes. The revenue will result from the determination of the employees towards achieving a common purpose. The growth objective usually surfaces in the form of profit and command of the large market (Macky, 2000, p. 123-130). Conclusion To sum up, Westpac Banking Corporation can thrive well than it performs today if the proposed strategic plans are incorporated into the existing ones. After an analysis of the appropriateness of the organizations vision, mission, core values of the organization, the right course to take becomes clear. Appropriate objectives will give direction and help the organization to move towards its set goals. In addition to this, an analysis of the external and internal business environment will help Westpac Banking Corporation to find opportunities and realize its strengths, point out weaknesses, and the potential threats to the organization. After understanding all this, Westpac Banking Corporation will take the right strategy which is appropriate to the organization. It will consequently help Westpac Banking Corporation to grow and overcome most of the challenges in the industry. References Armstrong, M. (2006). A handbook of Human Resource Management Practice: (10th edition), Kogan Page, London p. 256-260 Belch, G.E., (2014). Advertising: An integrated marketing communication perspective. McGraw Hill, P. 31-34. Bigler, J., Williams, F (2013). 'World-class strategy execution through on the job leadership development: Business Studies Journal, vol. 5, no. 1, pp. 95112. Chen, H., David, G., and Michael, H. (2006). The Influence of Liability of Foreignness on Market Entry Strategies: An Illustration of Market Entry in China. International Marketing Review, 23 (6), pp.636-649 Daneshvar, P., Ramesh, H. (2010). Review of Information Technology Effect on Competitive Advantage Strategic Perspective: International Journal of Engineering Science and Technology, 2(11), 62486256 Fleisher, S., and Babette, E. (2003). Strategic and Competitive Analysis: Methods and Techniques for Analyzing Business Competition. Upper Saddle River, NJ: Prentice Hall, P.59 Grant, R., Butler, B. (2011). Contemporary strategic management: An Australasian perspective, John Wiley and Son Australia, 5(21), 46-100 Grundy, T. (2006). Rethinking and reinventing Michael Porter's five forces model. Strategic Change, 15(5), 213-229. Hemmatfar, M., Salehi, M., Bayat, M. (2010). Competitive advantages and strategic information systems: International Journal of Business and Management, 5(7), P158. Hill, W., Jones, G. (2008). Strategic Management: An Integrated Approach. Cengage Learning, p. 423-440 Ireland, R. D., Hoskisson, R., Hitt, M. (2008). Understanding business strategy: Concepts and cases. Cengage Learning, P.345-380 Karagiannopoulos, G., Georgopoulos, N., Nikolopoulos, K. (2005). Fathoming Porter's five forces model in the internet era. info, 7(6), 66-76. Kitchen, P., Burgmann, I. (2015). "Integrated marketing communications: Making it work at a strategic level".Journal of Business Strategy, 7(13), p.212-216 Nongo, E. Ikyanyon, D. (2012). The influence of corporate culture on employee commitment to the organization: International Journal of Business and Management, vol. 7, no. 22, pp. 2128. Macky,K., Johnson, G. (2000). The strategic Management of Human Resources in New Zealand: Auckland, New Zealand: Irwin/McGraw-Hill, 4(6), 123-130 Rothaermel, F. T. (2008). Competitive advantage in technology intensive industries: Advances in the Study of Entrepreneurship, Innovation Economic Growth, 3(18), 201-225. Rugman, A., and Alain V. (2008). A Regional Solution to the Strategy and Structure of Multinationals: European Management Journal, 26 (5), pp.305-313 Sonia, B., David, M. (2012). Risk identification and analysis in the hospitality industry: Practitioners' perspectives from India. Worldwide Hospitality and Tourism Themes, Vol. 4 Issue: 5, pp.410 427 Hubbard, G. Beamish, P. (2011). Strategic management: thinking, analysis, action, Pearson Education Australia, P.77 Thompson, A., Peteraf, M, .Gamble, J., Strickland, A. (2014). Crafting and executing strategy: the quest for competitive advantage, concepts and cases. 19th edition, McGraw-Hill: New York. P. 150-200

Strategic Planning Analysis of Westpac Corporation

Question: Discuss about theStrategic Planningfor Analysis of Westpac Corporation. Answer: Introduction The occurrence of economic extremes has negatively impacted the performance of most businesses. The banking sector is one of the major areas that have promoted entrepreneurial activities in the most parts of the globe. For instance, the initiative of offering cheap loans to encourage investors in Australia created a new generation of individuals who were motivated to acquire economic independence. However, despite the sector being the backbone of economic developments in a country, the industry faces a broad range of challenges. For instance, the industry faces fierce competition from other banks and financial institution, then, sometimes, the State formulation of unfavourable regulations regarding the interest rates the institutions are required to charge its customers (Grant, et al. 2011). In overcoming some of the challenges, Westpac Banking Corporation has established various strategies that have relatively given it a competitive edge over the rivals. For instance, the company has aligned its business objectives with customer segments by having customer facing divisions (Grundy, 2006, p.213-239). These segments include consumer banks, which handles sales and consumer customers. The second division is Business Bank, which handles small to medium enterprises, agri-business, and commercial clients. The third category is BT Financial Group Australia section deals in the business of wealth and insurance. The fourth division is Westpac New Zealand which offers a range of financial services to institutions, business and consumer customers in New Zealand. Then, finally, the Westpac Institutional Bank provides some financial services to government, institutions, corporate and commercial customers connecting Australia and New Zealand. This diversification of business portfolio s is instrumental in propelling the company towards success. The complexity in the banking industry imperatively requires companies to establish a clear strategy for them for growth. It is the method Westpac has regularly applied to achieve the status it has now. Contrary to which inefficiencies in the operations will enter the company and a culture of laxity may enter the organization (Nongo, et al. 2012). Ineffective operational strategies symbolize inadequate employees focus and the company will eventually lose direction. Consequently, the organization will lose the competitive edge. Further, understanding the vision, mission, core values and objectives acts as a roadmap for directing the organization towards the right course. In addition, the analysis of the internal and external environment is essential for coming up with a strategy that will help improve the performance of a corporation and guide it towards prosperity (Rothaermel, 2008, p. 201-225). Therefore, the paper has explored the strategic planning for Westpac Banking Corporation. The discussion has analyzed the companys vision, mission and values statements and their appropriateness to the achievement of the primary objectives. In addition, the paper has covered the goals of the bank and its appropriateness. Furthermore, the internal and external environments have been addressed to find out the companys strength and weaknesses to aid in the development of operational strategies that best suits the business (Thompson, et al. 2014). Westpac Corporation and the Industry As earlier noted the bank is among the top four financial institutions in Australia. The thirteen million customers apparently show how pretty well the bank is performing. The extended stay in the industry gives it a good reputation and image and also enhances the build of trust by customers. The justification of the postulation is based on the current performance of the company. If it could be an exploitative company, the number of customer base could be small. Also, the company could not have grown to this level. It is therefore quite clear that Westpac Corporation is a well-established organization, with a strategic focus and gives priority to customers interests (Kitchen, Burgmann, 2015, p.212-216). In Australia, the banking industry is competitive. The competitiveness emanates from the fact that Australia has so many banking and financial institutions. In the event a bank fails to offer best services to its clients, the risk of losing a significant number of the customers to the competitors is so high that may negatively impact on its performance (Hemmatfar, et al. 2010). Besides competition, the industry is faced by economic extremes. The economy of Australia varies with seasonal changes. Since banks performance depends on the steadiness of the economy. Notably, a reduction in the entrepreneurial actions automatically affects the banks. Therefore, the establishment of effective strategies and substantial support by the employees at the implementation guarantees the success of a banking institution or any other company. Vision, Mission and Core Values of Westpac Banking Corporation The vision statement for Westpac Banking Corporation is to emerge as the worlds great financial services provider, helping customers, communities and people to prosper and grow. The mission statement is to be a leading provider of financial services in the Australian and New Zealand Markets. This mission and vision statement is appropriate for the organization in that it enables the company to compete in the banking industry favourably. The system has embedded the company core values in the culture to support the customers. These values encourage teamwork, which ensures working together to deliver the best to the customers and delighting customers where they seek to put a keen eye and moderations so that they can understand their expectations. Another value is courage, where the Westpac team will be bold enough to handle change, not fearing the new way of conducting activities (Ireland, et al. 2008). Finally, they have a value to seek business, team and personal achievement. These values are well suited for Westpac Banking Corporation since they give consideration to all aspects of the organization that is necessary for the growth and again align with the vision and mission of the organization. The compatibilities of the values with organization objectives create efficiency and maintain workers focus on meeting the companys key aims. Objectives of Westpac Banking Corporation Objectives give direction and show the focus and the right way to follow. The objectives should be reviewed every year to ensure that the organization copes with the changing business environment. It helps to balance the risks and returns thus promoting growth. Westpac Banking Corporation has various objectives in line with performance. It looks forward to being the most performing bank in Australia. Also, it is determined to: achieve a management balance between returns, growth, and productivity, to maintain high capital levels to gather for stakeholders requirements, to improve funding types to fund diversity for customers and to maintain asset portfolio. These performance objectives aim at improving the performance and sustainability of the business (Hill, 2008, p. 423-440). Further, the Corporation has objectives in line with the service leadership. These objectives are to: provide the best customer experience regarding products and services offered by the organization, to work on the context-based experiences of the client, to acquire new customers. These objectives are to ensure that the organization gets a good number of clients and that get to be the best experience in the organization. The organization also has targets to consider digital transformation (Daneshvar, et al. 2010). It involves the use of technology to: simplify the operation regarding the services and process, to create a newly digitized bank and to work on the efficiency opportunities from using modern technology. This objective ensures that the company maximizes the latest technology and every chance that comes from it. Westpac Banking Corporation has goals that target the growth of the corporation. The objectives pursue the growth opportunities and focus on the growth of small and medium enterprises in the region of operation. It will ensure that the organization growth is taken into consideration. Lastly, the organization has objectives that focus on customer service and workforce revolution (Chen, et al. 2006). These targets are to focus on customer service, to strengthen the skills of the workforce that serve the customers, to help workforce to be innovative in serving customers. These objectives are suited for the Westpac Banking Corporation since they are well aligned with its visions. These objectives also are in alignment with the mission of the organization which is to be a leading provider of financial services in the Australian and New Zealand Markets. In addition, the objectives are also well aligned with the core values making them appropriate for the corporation. Environmental Analysis of the Westpac Banking Corporation SWOT analysis is an appropriate tool for the analysis of the Corporation external environment. The tool is essential in evaluating the business situation. By a smart look into Westpac Banking Corporation using the approach, one can identify the weakness and threats to its operation (Fleisher, 2003, p.59). It presents a clear opportunity to do what is necessary to the business in handling operational challenges to improve the service. Therefore, it is important for any Westpac Banking Corporation to analyze the business environment to realize an efficient way for success in the industry (Belch, 2014, p.31-34). To start with the strengths, it looks into factors that favour Westpac Banking Corporation over other competitors (Rugman, et al. 2008). Regarding this aspect, Westpac Banking Corporation is comparatively better than the closer rivals in the industry. The company applies unique input resources that enables it survive the stiff competition from banks like Commonwealth Banks, National Australian Bank, and more. Among the companies, strengths include: provision of flexible banking services, a large pool of employees, a socially responsible bank, and leading regarding ATMS in the entire Australia. On the other side, Westpac Banking Corporation also faces various types of weakness. On the edge of the weaknesses, the company faces stiff competition in from rivals in retail banking. Also, it still has a smaller number of branches with the country. These shortcomings have reduced the pace of the companys growth. The company has some opportunities that come by. Opportunities are much related to external factors that favour the performance of the business enterprise. It involves knowing the lucrative opportunities that can be sported. Some of the opportunities the company enjoys include the acquisition of a license to open branches to other businesses, high technological focus and innovation, and ability in setting up operations in developing economies (Sonia, 2012, p. 410-420). Lastly but not least, the threats facing the company includes worsening Australian economy, unfavourable regulatory changes by the state. Westpac Banking Corporation Strategy and its Importance The strategy of Westpac Banking Corporation is in alignment with the vision by seeking to provide more returns to the shareholders, creating a healthy relationship with the customers, creating a healthy working environment and to be leading and exemplary in the region. In the strategic plan, Westpac Banking Corporation should focus to offer some financial products and services to the core market which is New Zealand, Australia, and the surrounding areas (Bigler, 2013, p. 95-115). The growing number of customers should be given attention to ensure their satisfaction regarding range of service and products and their satisfaction. This will greatly help Westpac Banking Corporation to build a healthy and stronger customer relationship thus success. To achieve a range of products, the Westpac Banking Corporation should provide varieties financial services thus providing a greater variety that will attract and satisfy increasing number of customers. The diversification will help the company reach and meet the needs of individual customers. This strategy should seek to get a big number of clients and ensure that each customer can have more than one product. Consequently, this plan will enhance business continuity hence more profit to the corporation. Challenges are expected on the way when building the business to a high level. It is because as the firm grows, the environment becomes more complex becoming hard to handle. In this case, the strategy should seek to straighten the financial position and improve the business efficiency. The management should ensure that services offered are of high quality and satisfies the customers needs and at the reduced costs (Armstrong, 2006, p. 256-260). Further, the strategic plan should cover and anticipate change and emerging issues. It is crucial to expect cultural and demographic change and the effects they will have to the customers and the workplace. Therefore economic solutions should be created to the possible environmental challenges. This plan will sustain the vision of Westpac Banking Corporation in the case of the changing business environment. Finally, a strategic plan is strongly critical to Westpac Banking Corporation because it is the way to achieve the vision of the organization. A well-executed strategy will assure more revenue to customers of Westpac Banking Corporation. It will also help deliver quality services and products to the customers. The best way to achieve execution of this strategic plan is to embed it in business culture, values and business processes. The revenue will result from the determination of the employees towards achieving a common purpose. The growth objective usually surfaces in the form of profit and command of the large market (Macky, 2000, p. 123-130). Conclusion To sum up, Westpac Banking Corporation can thrive well than it performs today if the proposed strategic plans are incorporated into the existing ones. After an analysis of the appropriateness of the organizations vision, mission, core values of the organization, the right course to take becomes clear. Appropriate objectives will give direction and help the organization to move towards its set goals. In addition to this, an analysis of the external and internal business environment will help Westpac Banking Corporation to find opportunities and realize its strengths, point out weaknesses, and the potential threats to the organization. After understanding all this, Westpac Banking Corporation will take the right strategy which is appropriate to the organization. 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