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Essay / Research Paper Abstract
This 6-page paper examines Bank of American and the banking industry and determines how these two fit into Michael Porter's generic competition model. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTbaofam.rtf
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Unformatted sample text from the term paper:
American communities were located fairly far apart from one another, banks primarily existed to serve that community and no other. Things have
changed for banks however, as well as the banking industry as a whole. For one thing, todays major banks are in competition not only with others in the United
States but also other banks and institutions worldwide. For another, banks are involved in a lot more than savings and loans -- many banks also market stock services, financial
investment advice and insurance. Theres no doubt therefore, but the banking industry has changed. By the same token, Bank of America,
and one of the leading banks worldwide has also changed, growing and competed with the times. In this paper, we will examine
both Bank of America and the banking industry through use of the competitive model developed by Michael Porter. In doing so, we will attempt to analyze competitive forces within
the banking industry and how Bank of America is attempting to rise above those forces to become a major player on a local, national and international level. Explanation of Porters
Model Before discussing BoA, and its position within the banking industry, it would be helpful to examine what exactly Porters competitive model
entails. Michael Porter, a professor of business, postulated that if the primary determination of a given companys profitability is its attraction in the industry in which operates, then a secondary
determination involves where, exactly that companys positioned within the industry (QuickMBA, 2002). a highly positioned firm, for example, in an industry with the low-average profitability would be considered a success
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