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1 Strategic analysis, choice, and implementation of Meridian Credit Union University Canada West MGMT 661: Strategic Management (HBD-Winter-24-04) Professor David Blair McAuley January 31, 2024

2 The strategic analysis, choice, and implementation of Meridian Credit Union is based on a detailed examination of both its internal and external environment. Let us look into these in detail: A. Strategic Analysis: Strategic analysis reveals that Meridian is focused on priorities such as living its purpose, growing its business, innovating for customers, and building a strong foundation. Success in these areas allows Meridian to be sustainable in the long term. Meridian’s new strategy ‘Meridian for Good’ allows it to augment its purpose “Helping you achieve your best life” (Meridian Annual Report, 2022). The objective of this strategy is to focus on providing retail members with fair value and assisting businesses, particularly small and medium-sized ones, in making the transition to long-term, sustainable change, using the cooperative business model and values as important differentiators. Meridian is also focusing on its Environmental, Social, and Governance (ESG) initiatives and has included a climate commitment report in its sustainability report. Its strategies also focus on people and employees through its ‘Voice of Members’ and ‘Voice of Employee’ programs. Apart from these, Meridian’s endeavor to contribute to the community is a key aspect of its strategic analysis. Programs such as the Good Neighbour program, Commitment to Communities Employee Program, and Sean Jackson Scholarship contribute in this regard. B. Strategic choice: Credit unions should think about dedicating all of their resources to strategic planning in order to avoid sliding into a "strategic blackhole" and to stay ahead of the curve and fulfill the constantly evolving needs of its members (Lanier, 2023). Meridian’s continuous efforts to hold a competitive advantage to grow

3 business calls for marketing innovation and community marketing. Investments are increased in community marketing. Meridian’s “Big Impact Awards” concentrates on small businesses that make a significant impact on the community at large. Meridian is investing a significant amount of time, money and resources in innovating its products and services. For instance, Meridian has partnered with Canada’s leading online will providers to allow members to make online wills, PoA, and estate planning services at a discounted rate. Also, in a bid to build a foundation, Meridian encourages a culture of Diversity, Equity, Inclusion, and Belonging and Reconciliation. This is also in line with key objectives of Meridian viz. educating own self and others, building partnerships, and evaluating progress. C. Strategic implementation: Meridian is focusing keenly on digital transformation initiatives. These measures are aimed at enabling members to reach out to Meridian easily and to simplify business processes and products. The Meridian mobile application is a good example of strategic implementation. Another example is the CRM software implementation that commenced in 2020 and was a mega-project. Apart from this, Meridian is also making its presence felt in digital advertising. Accordingly, the ultimate objective of these steps is to gain a competitive advantage and improve its operations and processes. Meridian has increased community partnerships with institutions such as Habitat for Humanity, ParaSport Ontario, Right to Play and Kits for a cause. Partnering with local credit unions and considering Mergers and Acquisitions to expand its customer base and make its presence felt beyond Ontario would be good ideas to consider for strategic implementation. D.

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4 References: Lanier, G. (2023, September 1). How Credit Unions Can Avoid the ‘Strategic Black Hole’. Meridian Annual Report (2022). Meridian Annual Report. https://www.meridiancu.ca/MeridianCreditUnion/media/Meridian-Credit-Union/pdfs/ 2022-Annual-Report.pdf Meridian reports strong financial results for 2022 and celebrates key social impact milestones | Meridian Credit Union. (n.d.). Www.meridiancu.ca. https://www.meridiancu.ca/about- meridian/media-and-news/meridian-announcements/meridian-reports-strong-financial- results-for-2022-and-celebrates-key-social-impact-milestones

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