Capstone project

Capstone project

Introduction

In today's competitive environment, strategic management plays a vital role for organization's success and future stability. Successful organizations are able to sustain and obtain its resources and capabilities which leads to competitive advantage, strategic management is referred to process of evaluating organization resources, evaluating external an internal environment and developing strategies accordingly to sustain in a competitive environment with edge (Harrison & St John, 2009).

(Hill & Jones, 2007) Argues that strategies are not developed, under consideration of organization. Managers develop strategies for their companies in order to retain customers and add potential customers from their competitors. And in this tough competition winner is the one, who implemented best strategy. This gives such organizations competitive advantage over their competitors. They further discussed the organization may attain sustained competitive advantage by implementing strategies, which gives them above average profit.

Therefore, the organizations with better and profound strategies can have a distinction over their competitors.

BB&T

BB&T is in financial holding business offering vast range of commercial and consumer banking, asset management, mortgage, securities brokerage and insurance products and services. Mainly company operates its business through own commercial bank subsidiary which is Branch Banking and Trust Company and also through other subsidiaries that are non-banking. Majorly BB&T operates in United States and its headquarter is in Winston-Salem, North Carolina. On December 31, 2012 there are approximately 34,000 employees that are working full time in BB&T and in previous year it was approximately 31,800 full time employees. BB&T recorded a comprehensive income of $ 2,028 million in FY 2012 which is increase from $ 1,332 million in FY 2011.

The history of BB&T starts from 1872 when it was established with the name of Branch and Hadley. The name of company was changed to Branch and Company, Bankers just five years after establishment of the business. In 1902, business opened its savings department and then in 1907 it started trust activities. In 1922, insurance department was established and after one year mortgage department was established. BB&T adopted strategy of mergers and acquisitions and grew its assets in more than 35 cities with 60 offices worth $ 343 million during 1960s. BB&T acquired Virginia First Financial of Petersburg and Fidelity Federal Bankshares of Richmond in 1997 and till 2009 BB&T acquired numerous businesses (BB&T, n.d.).

Vision & mission statements

Vision and mission statements are motivational words that are selected by successful leaders to convey a complete and clear direction of the organization. It is also found that clearly defined vision and mission statements can strongly motivate the employees of the organization to achieve certain goals and identify the direction of the organization. However, vision and mission statement are two different things.

Vision generally outlines the main idea for what organization is willing to do. It defines the ideal condition of the organization. In addition to this a vision statement is a long term idea of the business focusing on the future. The vision statement of BB&T is:

To create the best financial institution possible - “The Best ...