Effective Communication Essay - 1904 Words

Communication is essential for an organisation to operate effectively and efficiently. Effective communication helps to ensure that information is relayed accordingly and accurately within the organisation. If the relay of information is inaccurate, the organisation’s productivity may be affected. This essay will describe the concept of communication in relation to management and explain how effective communication is undermined by barriers such as cultural differences, generational differences and filtering of information by referring to academic literature such as journal articles. Furthermore, an example will be used to explain how managers can increase the productivity and performance of their organisation by developing an effective†¦show more content†¦The reason for this is because, they did not understand the information passed to them by their English speaking co-workers or the English speaking co-workers did not understand their accent (Tagreed 2012). This ma y result in inaccurate information being relayed. Generational Diversity is also a barrier for effective communication as different generations have different ways of relaying and processing information. Tolbize (2008) states that generational diversity has made the workplace more rigid and demanding. The author further states that the four main generations in the current workforce are the Veterans, Baby Boomers, Generation X and Generation Y. Kyles (2005) notes that people communicate differently to others even if the difference in age is five years. The Veterans are also known as the traditional generation. The reason for this because the Veterans are strict followers of formality and authority (Tolbize 2008). The author further states that the Veterans and Baby Boomers do not question authority and use formal methods and language when communicating. Generation X and Y are more flexible in their work life (Tolbize 2008). The author notes that they prefer informal communication and do not appreciate authority. These differences may cause a problem in communication as most middle or senior managers are Veterans or Baby Boomers and they would expect their employees to respect authority and communicate formally. Generational diversity also hasShow MoreRelatedCommunication : Effective And Effective Communication818 Words   |  4 PagesEffective communication is an extremely important piece in a business organization. Not only does effective communication increase work flow it also enhances and keeps good morale in the workplace. In effective communication has the reverse effect and can be an anchor on production and workplace morale. According to Rogers,† Communication failures may occur when information is not clear or to complex, which causes problems with information recall. When too much information is given at once, incompleteRead MoreEffective Communication1085 Words   |  5 PagesEffective communication Communication is primarily an exchange of information, ideas, or thoughts. This paper will focus on the process of verbal and nonverbal communication as well as the components of each. It outline the formal and informal channels of criminal channels. This paper will also list the different barriers to effective communication within a criminal justice organization. Finally it will cover strategies that can be implemented to overcome communication barriers within criminalRead MoreEffective Communication1513 Words   |  7 PagesEffective Communication Bryan Walker CJA/304 Version 4 May 5, 2014 There are many aspects to the communication process. It is necessary to take into consideration the definition of communication. Communication has been defined as a process involving several steps, among two or more persons, for the primary purpose of exchanging information (Wallace, 2009). Communication requires transmitting an idea, sending the idea through a medium, receiving the message, understanding the idea, andRead MoreEffective Communication2513 Words   |  11 PagesINTRODUCTION†¦ Communication has existed since the beginning of human beings, but it was not until the 20th century that people began to study the process. As communication technologies developed, so did the theories. Before becoming simply communication, or communication studies, the discipline was formed from three other major studies: psychology, sociology, and anthropology. Psychology is the study of human behaviour, Sociology is the study of society and social process, and anthropologyRead MoreEffective Communication3193 Words   |  13 PagesCommunication Communication and Effective Communication Khaled Nashaat Mamdouh HROB 501- M9- ID: 7-3691 Dr. Ahmed Amin January, 21st, 2007 A. INTRODUCTION Determining or figuring out the level of importance of communication in any organization or even between people in their daily lives is fairly impractical. No one can ever resolve the significance of communication because it is such a gigantic topic with many different definitions and understandings. Also communication and gainingRead MoreCommunication : An Effective Communication1318 Words   |  6 Pages1 Communication Communication remains a critical aspect of everyday life of all people across the globe, be it in the workplace, family meetings, business activity, or any other initiative that requires human interaction (Varner, 2000). According to the author stated above, communication can be only effective when both parties not only understand each other but also able to comprehend the cultural backgrounds of each other. Such understanding is essential in ensuring effective communication withoutRead MoreCommunication : An Effective Communication919 Words   |  4 PagesCommunication Communication is one of the most essential tools in management, however, effective communication is difficult to achieve when you have 150 direct reports. I rely heavily on the charge nurses, however, they have varied abilities in effectively communicating information to the staff. Consequently, there is often a lack of clarity in the communication complete miscommunication to the staff via the charge nurses. Clearly one of the most efficient ways to communicate important informationRead MoreEffective Communication780 Words   |  3 PagesEffective communication is the process of transferring information or thoughts to someone or a group of people by way of speaking, writing or body language. According to â€Å"Livestron.com† (2014), â€Å"Effective communication extends the concept to require that transmitted content is received and understood by someone in the way it was intended. The goals of effective communication include creating a common perception, changing behavior s and acquiring information† (para. 1). It is important that the personRead MoreEffective Communication And Communication Skills Essay1146 Words   |  5 Pagestogether as a team to collaborate, delegate and consult. In order for this team effort to be effective, good communication skills must exist between medical professionals. Many times, messages can be altered and interpreted differently; if the conditions for transmission barriers develop. External barriers and internal barriers, such as confusion and mental status can hinder effective communication. Communication can be both verbal and nonverbal, and it is important to understand that different culturesRead MoreEffective Communication And The Barriers Of Communication Essay1203 Words   |  5 Pagesstudy of effective communication and the barriers of communication is very important in the workplace in order for the company to be successful. Every person in the business will have to communicate in one form or anothe r. The better the communication in the workplace the better the relationships with each other. In this article I will help you to understand the processes needed in order to have effective communication in the workplace. I will discuss the importance of effective communication, the

What Is Management - 2236 Words

An essay on ‘What is Management’ Management is both art and science. It is the art of making people more effective than they would have been without you. The science is in how you do that. There are four basic pillars: plan, organize, direct, and monitor. Management is a universal phenomenon. It is a very popular and widely used term. All organizations - business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towards a definite purpose. â€Å"Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards†¦show more content†¦When ever more than one person is engaged in working for a common goal, management is necessary. Whether it is a small business firm which may be engaged in trading or a large firm like Tata Iron amp; Steel, management is required everywhere irrespective of size or type of activity. 5. Management is a Group Activity: Management is very much less concerned with individual’s efforts. It is more concerned with groups. It involves the use of group effort to achieve predet ermined goal of management of ABC amp; Co. is good refers to a group of persons managing the enterprise. The main objectives of management are: 1. Getting Maximum Results with Minimum Efforts - The main objective of management is to secure maximum outputs with minimum efforts amp; resources. Management is basically concerned with thinking amp; utilizing human, material amp; financial resources in such a manner that would result in best combination. This combination results in reduction of various costs. 2. Increasing the Efficiency of factors of Production - Through proper utilization of various factors of production, their efficiency can be increased to a great extent which can be obtained by reducing spoilage, wastages and breakage of all kinds, this in turn leads to saving of time, effort and money which is essential for the growth amp; prosperity of the enterprise. 3. Maximum Prosperity for Employer amp; Employees - Management ensures smooth and coordinatedShow MoreRelatedWhat Is Management2223 Words   |  9 PagesAn essay on ‘What is Management’ Management is both art and science. It is the art of making people more effective than they would have been without you. The science is in how you do that. There are four basic pillars: plan, organize, direct, and monitor. Management  is a universal phenomenon. It is a very popular and widely used term. All organizations - business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towardsRead MoreWhat Management Is3760 Words   |  16 PagesWhat Management Is Question 1 An ‘External Orientation’ rather than an ‘Inward Focus’ is useful in understanding the concept of value. Describe ‘Value Creation’ from the context of Low-Cost Airlines (No-Frill airlines). Compare it with how the Indian Railways creates value. Answer 1 Value creation is a term which cannot be defined / quantified specifically and measured accurately or attributed a particular definition. It has a distinct and broad view and originates from the customers point ofRead MoreWhat Management Is3774 Words   |  16 PagesWhat Management Is Question 1 An ‘External Orientation’ rather than an ‘Inward Focus’ is useful in understanding the concept of value. Describe ‘Value Creation’ from the context of Low-Cost Airlines (No-Frill airlines). Compare it with how the Indian Railways creates value. Answer 1 Value creation is a term which cannot be defined / quantified specifically and measured accurately or attributed a particular definition. It has a distinct and broad view and originates from the customers point of viewRead MoreWhat Is Business Management? Essay1532 Words   |  7 PagesDefining the Discipline What is Business Management? Studying for a business and management studies degree allows us to develop a broad understanding of business organizations and provides us with subject-specific knowledge in areas such as marketing, customers, finance, operations, communication, information technology, business policies and strategies. What Jobs can you receive with a degree in Business Management? The business field has many choices because there are different types of businessesRead MoreWhat is Management? Essay920 Words   |  4 PagesEssay 1: What is Management? The purpose of this paper is to analyze the role and function of management in society and the workforce and to look into how it is implemented. Three main questions will be discussed, outlining, †What is management? aWhat do managers do? And what skills do managers need?† We will define management as a profession, look into what managers undertake and deliver in their daily output of work, different levels of management, and what skills managers need in order to produceRead MoreWhat Is Operations Management?1534 Words   |  7 PagesWhat is Operations Management? Operations Management is defined as how we deal with the design and management of products, processes, services and supply chains. It considers the acquisition, development, and utilization of resources that organizations need to deliver the goods and services their clients want. All of these steps are part of the strategic, tactical and operational levels. The strategic piece includes areas such as determining the size and location of manufacturing plants, decidingRead MoreWhat is Management in an Organization?900 Words   |  4 PagesManagement is important because it is important aspect of the success and achievement of an organization’s goals through a group of people. A skilled manager is not only capable of handling administrative activities, but is able to connect with and inspire their teammates in times of prosperity and times of change. In this essay, I begin by looking at the theoretical aspects of management and how it is a product of the relevant time period, before going into my own personality and background, andRead MoreWhat Is Performance Management?1203 Words   |  5 PagesWhat is performance management? After going through a process of developing and determining the mission, vision and values of an organisation, a strategy document is developed. In this document processes and systems are put in place to ensure that the company is on track. Every so often, usually annually, a review of the company’s performance is taken into account. This review encapsulates the performance of systems and the people operating within the systems. Performance management is a processRead MoreWhat Is Strategic Management1189 Words   |  5 PagesAnswer Strategic Management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decision that enables an organization to achieve its objectives. As this definition implies, strategies management focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and computer information systems to achieve organizational success but strategy must be closely aligned with purpose. 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Act III Scene II Consider the dramatic significance of this episode in the play Free Essays

As an audience, we can foresee the sinister turn of events which will be marked by the appearance of Don John in the latter part of this scene. Having earlier witnessed the deceitful and slanderous plot conjured up between he and Borachio during their discussion, implementation of the plan seems imminent. And yet the descent from the comedy of Benedick trying to pass off his love-sickness as toothache to the threatened tragedy of Hero’s slander is perhaps far more rapid than we might have anticipated. We will write a custom essay sample on Act III Scene II Consider the dramatic significance of this episode in the play or any similar topic only for you Order Now The earlier jovial mockery of Benedick by Don Pedro, Leonato and Claudio provides a striking contrast with the underlying malice of the deliberately ambiguous and disparaging remarks from Don John. Yet such ambiguity seduces Claudio and Don Pedro in a remarkably similar way to the double meanings and innuendo which deceived Benedick earlier on. Don John demonstrates an ability to manipulate his language in a successful bid to influence and target the weaknesses of his audience; that is, Claudio and Don Pedro. He has a shrewd understanding of the court and his insinuations about Hero play upon the tensions within it relating to honour and status. Don John opens with a customary courteous greeting before baiting both men with his declaration that he has something of interest to reveal concerning them both: ‘If your leisure served, I would speak with you / yet Count Claudio may hear; for what I would speak of concerns him.’ ‘I know not that, when he knows what I know’. With their curiosity secured, Don Pedro conveys a rather convoluted proclamation of regret and remorse for the bad news he is about to impart, ‘You may think I love you not: let that appear hereafter†¦Ã¢â‚¬â„¢ and when combined with his fallacious self-deprecation, we observe further his dexterity as their sympathy and trust is won. As he continues with his tacit allegations, Don John uses a loose and undefined disparagement ‘disloyal’ which would imply a certain reluctance to accuse Hero, yet his following remark; ‘The word is too good to paint out her wickedness’ incites the other men to affix their own condemnation of her. A dramatic irony here ensures the audience’s perception of this as a further ruse whilst for the seemingly naà ¯Ã‚ ¿Ã‚ ½ve and gullible Claudio and Don John, it makes the hurried offer of immediate visual evidence irresistible; ‘Go but with me tonight, you shall see her chamber-window entered’, a crude vaginal symbol is used to further offend the newly enamoured Claudio, who in his youthful inexperience has believed in his betrothed’s virginity. Their melodramatic exclamations in response to this, one after another, serve to indicate ironically how they, who tricked Benedick, have been no less suddenly transformed. Claudio asks rhetorically ‘May this be so?’ and vows if it is, ‘†¦should not marry her tomorrow in the congregation, where I should wed, there I will shame her’. The marked use of sibilants serves to emphasise his fury, suggesting suspicion and fear to be the other side of Claudio’s idealisation and the aggressive denunciation may arise from a personal insecurity urging him to make such a pledge. In Messina sexual relations are complicated by conventions and illusions, Claudio has already tried and found Hero guilty before even witnessing the evidence. Such a rash conviction is reminiscent of his earlier behaviour during the masked ball in Act II Scene I which gave us foresight of Claudio’s impulsive and fickle characteristics, a man so easily influenced by the ‘hearsay’ from Don John and his own irrationality and mistrust in women. Though it is easy to criticise and condemn Claudio for such tenuous judgements, one must not disregard Messina’a patriarchal society and the sense of superiority to women which regulated masculine loyalties. Such loyalty is evident in Don Pedro, who; when informed of Hero’s alleged infidelity, endorses Claudio’s vengeance by offering to ‘join with thee to disgrace her’. Such is Don Pedro’s influence and arrogance that Claudio offers to accompany his departure from Messina on the wedding day. We must now question Don Pedro’s willingness to join Claudio’s slandering of Hero which not only seems cowardly but most absurd having himself been the ‘accused’ by the same source of indictment – his rebel brother, the bastard Don John. Whilst for an audience of the twenty-first century this continued credulous behaviour might seem somewhat contrived, we must consider that Don John, a melodramatically sketched, stereotypical villain, serves a thematic and narrative function. His role is principally to expose the flaws within others, namely his brother Don Pedro and Claudio and highlight the shared immorality in his companions Conrade and Borachio as well as present themes of slander, noting, jealousy, honour, illusion and reality. Since the major complication of the play arises from Claudio’s denunciation of Hero on the basis of Don John’s trickery, and in fact therefore ‘nothing’ at all, the use of such a villain as a dramatic device is crucial. Whilst only a brief episode in the play; the significance of the latter part of this scene is paramount to future events. The timing of the episode is most significant as Shakespeare distinguishes misunderstanding and misreport from deliberate and malicious deceit. We prepare ourselves for a potentially tragic consequence yet with the benefit of dramatic irony, remain optimistic that as the title suggests, this will again prove to be ‘much ado about nothing’. How to cite Act III Scene II Consider the dramatic significance of this episode in the play, Papers

Segmenting Consumer Decision Making Styles -Myassignmenthelp.Com

Question: Discuss About The Segmenting Consumer Decision Making Styles? Answer: Introduction Commonwealth is an Australian bank having business across US, UK, New Zealand, Fiji and Asia. The bank is one of the recognised brands in Australia. It was established in 1911. The headquarter is situated in Sydney. It is a leading provider of financial services. The bank provides financial services such as funds management, institutional and retail banking, superannuation, investment, insurance, and share broking products (Abeza, OReilly Seguin, 2017). Commonwealth bank listed on the Australian stock exchange in 1991 and is the largest Australian listed company as of 2015. Product/ Market orientation The Commonwealth Bank offers a huge variety of products and services to customers such as saving accounts, credit accounts, transaction and loans. The bank has a large network of ATMs. It also offers services to people who are planning to shift to Australia. The business banking products offered by bank are: Business accounts: The accounts available by the bank include Business transaction account, Premium business cheque account, Farm management deposit account and business online saver. Business credit cards: The Commonwealth Bank has a large variety of credit cards designed for businesses, Platinum credit card, Interest free rate card, Low rate card and the Business awards. The Platinum credit card allows a business to earn 3 flyer points for every dollar spends on the purchases such as supermarkets, petrol stations and departmental stores. The bank offers corporate credit card especially for large companies (Huang Sarigll, 2014). Business loans: The bank offers loans for reinvestment and expanding business, as per the suitability of business. The range of loans include Better business loan, Bill facility, Business overdraft, Market rate loan, CommSec margin loan and Business line of credit. The bank also offers loan for car equipment and finance, credit cards and bank guarantees (Jrvinen Karjaluoto, 2015). Merchant services: The merchant services are used by the business to accept payments through EFTPOS machines. The bank offers range of portable payment processing machines such as Leo, Albert and Emmy. The bank also offers 24X7 support service. Asset finance: The bank makes available car and equipment finance with payment plans. These are designed according to suitability of cash flow of business. A business can choose equipment finance, car finance, medical equipment finance and technology equipment finance (Bianchi Mathews, 2016). Investments: The bank offers short, medium and long term investments which helps a business to cover cash flow shortfalls and to expand business. These investments have great role in building wealth for future. International money management: A huge range of services is offered by the bank to deal with international business transactions, like products for importers and exporters and international payment solutions. Insurance: The business insurance products are available by the Commonwealth bank. It includes life insurance, wholesale life insurance, business overheads cover, vehicle insurance and income protection packages (Levy Cohen, 2016). Superannuation: The bank creates super solutions as per the need of business and has also options of employer superannuation and self-managed super fund. The products include self-managed super fund, essential super and first choice employer super fund. Value proposition and differentiation Value proposition is what a business does and how well is performed. Value proposition is a statement used by bank to explain how their product solves problem of customers and why a customer should buy product or service (Arnett Wittmann, 2014). Value proposition is a chance to engage with customers. Integrity: The commonwealth bank believes in integrity. It is the most important value proposition of bank. Integrity means saying and doing what is right for customers, people, community and shareholders. Collaboration: The bank believes in working as one team. The bank has a strong record in delivering value to customers and shareholders. It has more than 52,000 employees working as a team. Excellence: Commonwealth bank believes in excellence which means doing best. It is not about only having mind set. The bank is constantly trying to do best and deliver world class service. Accountability: The value proposition of bank is accountability means taking ownership. The bank follows and delivers to customers what was promised to them (Rezaei, 2015). Service to clients: Service is the most important value proposition of bank which means to help customers. It makes bank leading financial service provider. The bank helps customers to attain their goals and to meet their needs. Service to support community: The bank has been helping communities of Australia to develop and grow. The company is engaged in supporting communities to make a real difference. Digital experience differentiates the Commonwealth bank. The primary way of consumers interaction with banks is digital channels. Two third of customers transacts through internet banking. Digital experience has a great role in determining how consumers feel about banks. The consumers rated the bank as providing best digital experience. The bank makes continual investment in the features of online banking application and services. It is identified that customers who use online banking hold most value for the bank. It encourages customers to choose products in both present and future. The bank is the first to introduce lock, block and limit facility for credit card customers. It allows customers to track and control spending online. The credit card reward points also differentiate from other banks (McDonald Wilson, 2016). The customers need 2 of the banks award to get one flyer point. The bank also launched Australias first card less cash service which enables customers to use smart phone application to withdraw cash without card at banks ATM. Customers need, want and demand Meeting customer needs means increasing capacity of banks. The need and want of customers can be determined as: Digital channels: A large percentage of customers rely on digital channels than physical branch. The bank needs to focus more on building improved digital experience. The customers are more segmented and complicated. Personal banking needs to know customers and understand what kind of product or service they are looking for. Digital channels not only provide facility to customers but it boosts up the sales of bank also. The customers came to know about additional services given by bank. Digital channels are helpful in cross selling (Leite Azevedo, 2017). Responsive customer service: Service quality is necessary as it is the important reason customers switch to other banks. The bank needs to be transparent and quick to solve problem of customers. The poor customer service is the primary reason of leaving banks. The reason was their issue was not solved in first contact with bank. The responsive customer service not only helps to win customers but attains existing ones. The customers can interact more via digital channels, it helps banks to better understand need of customers. These channels increase retention by giving extra offer on products. Financial technology: Financial technology is the new technology expected by customers which aims to compete with traditional methods to deliver financial services. It enhances core banking value. Financial technology includes the use of phones for mobile banking and investing services (Patti, et. al.2017). This technology is used to replace existing financial banks. It is useful for customers, as they do not need to carry cash as it is electronic mode of payment. Loans at low interest: After deciding the type of loan, the customers focus on the rate of interest charged by bank. The majority of customers like to take loans at low rate of interest. So, the customers take loan only after comparing interest rate of banks. The customers automatically shift to the banks who charge low rate of interest. The Commonwealth bank provides home loans, commonwealth portfolio loan, personal loans, business loans and more. The bank also provides loans at variable and fixed rate. Fair rates and fees: the customers expect fair rates and fees from banks. The banks do not pay dividend to external shareholders, so banks are supposed to deliver better value to customers. The banks balance the rates paid to depositors and the rate charged from borrowers so that fair rate and fees can be charged from customers (Katsikeas, et. al.2016). Expectation of customers More personalisation: Customers want bank to put information and products, they are in need. Nearly 50% of customers will change the bank, if they do not find the products wanted by them. The toll free number should be displayed on website, to provide them 24X7 help. So, at the end of the day, the staff should take a look at customer requests and questions. More options: The customers like to interact with bank via many options other than physical branch like digital and social media. The phone is the most preferred tool and apps are the most suitable tool. In the recent years, the use of web, online communities and chats has increased subsequently. Constant contact: The majority of customers expect follow up efforts to fill their experience. It benefits an organisation on large extend. Keeping in touch with customers helps to reduce costs and increase revenues as well. It provides sufficient information to customers at right time (Chng, et. al.2015). Listen closely, respond quickly: The banks need to respond to feedback of customers. To act on it to makes customers experience better. Real-time online surveys provide the quick response to customers. Factors influencing buying behaviour Purchasing power: The purchasing power of consumer plays important role in influencing buying behaviour. The consumers analyses the purchasing power before making a decision to buy banking products and services. Segmentation is done in banking on the basis of need and income of consumers (Lusch Vargo, 2014). Like a person earning higher income, like to invest in fixed deposits. Personal preferences: At personal level consumer behaviour is influenced by the need of customers. Their need decides the demand for a product. The type of loan also depends on the requirement of a person such as personal loan, home loan, business loans, portfolio loans etc. The customers preferences keep on changing depending on their requirements. Economic conditions: Buying banking products are also influenced by the economic conditions prevailing in the market like buying life and health insurances to see ailing condition of population in economy (Tarka, 2017). The growth of share market also influences buying behaviour and leads a person to invest in shares and mutual funds. Marketing campaigns: Advertisement has a great role in persuading purchasing decisions made by customers. It even brings a great shift in market shares of banks (Rcker, Homburg Vomberg, 2016). The marketing campaign done by banks influences purchasing decision of consumers to a large extend that they may prefer other bank. Group influence: It also affects the buying behaviour of customers. The primary group which influences customers are classmates, family members and relatives. The secondary group includes neighbours and colleagues, like taking insurance policy. They tell the benefits of taking insurance to influential person. It may convert the lead to perspective. Nature and level of competition New market entrants results in high degree of competition. The customers have many options in Australia to meet their financial needs such as major banks of the country, regional banks, credit unions, non-bank lenders and non-financial consumer brands. The comparison available on online sites makes easy for customers to compare products of different banks (Cross, Belich Rudelius, 2015). The National Consumer Credit Protection Act, 2009 has made it compulsory to provide necessary key facts sheet and information to customers applying for credit card or home loan. Deposits: The numbers of deposit taking institutions are increasing in Australia as APRA lowers licensing difficulties. The country has 152 authorised institutions out of which 108 are approved to take household deposits. The banks which held household deposits are increased by 43% from 2012 to 2017. Since the introduction of Basel III, the banks have started focussing on competing for domestic deposits and term deposits. The banks have concentrated more on source of funding (Bianchi Andrews, 2015). Payment credit cards and personal credit: The competition has increased for payments as franchises compete in the financial system such as AliPay, Apple, PayPal and FinTech companies. For instance Apple launched a virtual Apple Pay prepaid credit card which accepts Apple payment and it can also send peer to peer payments via Apples iMessage service (Babin Zikmund, 2015). There is increase in number of service particularly in credit cards. In Australia, there are 100 credit card brands offers 250 credit card products. Mortgages: Australia has intense competition in the mortgage market, refinance made up 36% of the volume of housing finance commitments. The mortgage brokers facilitate competition. The Australian Finance group has 2,875 brokers who have right to use more than 3400 products. More than 16000 residential brokers are active in the industry; The value of mortgages has also increased from 47.7% in 2012 to 54.3% in 2015. The consumers are taking turn towards non-bank lenders because of the increasing growth in the less regulated banking sector for mortgages. Corporate and institutional banking: The entry of international banks and Asian banks has made competition intense in the corporate and institutional lending market of the country. It has led to significant liquidity in the market. Institutional investors are also an option for borrowers where they are seeking longer tenancy. It combined with growing capital costs of Australias major banks and resulting in great price competition for Australian banks (Lantos, 2015). It has subsequently reduced the market share of corporate and institutional banking segment. New entrants to the Australian market in recent years: The FinTech industry of Australia has record investment of $656 million in 2016. It is seen because of the less competition in the financial system has encouraged new entrants. The Sydney based FinTechs has also increased five times more in 2017 than 2014. In the recent years, Australian banks have also united with the new market applicants (Bellin, 2017). It provides talent and innovative ideas. The banks that are established offer mature process and access to distribution channels. Conclusion From this report it has been concluded that Commonwealth bank is one of the leading bank of Australia. The product of the bank has quite different features than other banks. The companys value proposition has been explained. The bank differentiates by digital channels, banking app and the Lock, block and limit facility for credit card holders. The market campaign, economic conditions and personal preference influence buying behaviour of customers. The competition is constantly growing in the market of Australia. The new entrants shape the market for banking services. The important part of competition in Australia is that it has not compromised financial system stability. References Abeza, G., OReilly, N., Seguin, B. (2017). Social Media in Relationship Marketing: The Perspective of Professional Sport Managers in the MLB, NBA, NFL, and NHL.Communication Sport, 2167479517740343. Arnett, D. B., Wittmann, C. M. (2014). Improving marketing success: The role of tacit knowledge exchange between sales and marketing.Journal of Business Research,67(3), 324-331. Babin, B. J., Zikmund, W. G. (2015).Exploring marketing research. Cengage Learning. Bellin, H. (2017). 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John Wiley Sons. Patti, C. H., Hartley, S. W., van Dessel, M. M., Baack, D. W. (2017). Improving integrated marketing communications practices: a comparison of objectives and results.Journal of Marketing communications,23(4), 351-370. Rezaei, S. (2015). Segmenting consumer decision-making styles (CDMS) toward marketing practice: A partial least squares (PLS) path modeling approach.Journal of Retailing and Consumer Services,22, 1-15. Rcker, L., Homburg, C., Vomberg, A. (2016). Which Characteristics Make a Difference? Comparing Successful Managers in Marketing and Sales. Tarka, P. (2017). Managers beliefs about marketing research and information use in decisions in context of the bounded-rationality theory.Management Decision,55(5).