Week 1 Assignment: Wells Fargo & Company

Companies Reviewed for the SWOT Analyses

The companies reviewed for the business SWOT analyses include

1. Walmart Inc
2. Wells Fargo & Company
3. Target Corporation

Name of the Company Selected

The company selected to form the basis of this analysis is the Wells Fargo & Company.

Industry

 Wells Fargo & Company belongs to three distinct industries, including:

1. Banking
2. Financial Services
3. Insurance

Brief History

The birth and development of Wells Fargo & Company trace its origins from Henry Wells and William Fargo, who were the principal founders in 1852. The primary purpose of the company was to serve the West offering financial transactions and delivery services. The company bought gold, during which there was a gold rush, and in turn sold paper bank drafts that equaled the quality of the gold as well as making the fastest deliveries using diverse transportation and shipping mean of transport such as telegraph, steamships, and railroads (WFC, 2020). Over time, Wells Fargo explored its expansion strategy and opened more offices in new cities such as Colorado and Nebraska and the mining cites of Idaho and Montana. During the bloom of the economy in the 19^th century, the company gained a trustable reputation built on trust and responsibility of its customer’s money and deliveries that resulted in opening and acquiring related companies. Wells Fargo had a huge and remarkable milestone that made upon its fame and developing a corporate symbol in 1888.

The company expanded its geographic locations of operations and spatial influence, with over 2,500 networks operating in 25 states. By the end of the 20^th century, the company was working in over 10,000 locations and with diversified functions, which is the second remarkable milestone in its history and development. In the contemporary world, Fargo Wells expands its features across three industries, serves a large area in the West, adopts the digital economy to provide online services, and uses the slogans “Ocean-to-Ocean,” and “over-the-Seas to shape and influence its expansion strategy.

Milestones of the Company’s History

1. Gaining a trustable reputation built on trust and responsibility of its customer’s money and deliveries that resulted in opening and acquiring related companies.
2. Increased spatial influence, whereby it operates in over 10,000 locations and with diversified function, by the end of the 20 century.
3. Extensive and diversification of functions across the three industries of banking, financial services, and insurance, as well as diversified operations of both online and brick and mortar stores.
4. Increasing the customer base through the exploitation of new niches and tapping untapped markets. 

 

Resources

The analysis of Well Fargo’s operations both in the past and currently will be conducted through the utilization of three primary resources.

1. The Wells Fargo’s website for credibility, reliability, and authenticity of the

 

information, which must be to date.

 

https://www.wellsfargo.com/about/corporate/history/

 

2. The University of Phoenix Library, which can provide scholarly journals to

 

offer knowledge on theories and models that relate and explain the

 

phenomenon of the company’s practical operations and theoretical perspectives.

 

https://library.phoenix.edu/home.

 

3. Business-related publications and articles such as The Wall Street Journal to

 

provide insightful analyses and critiques on the development and strategies.

 

https://www.wsj.com/articles/we-need-to-be-a-technology-company-wells- fargo-struggles-with-aging-systems-11578738600

 

Business Opportunity

 

According to the SWOT analysis conducted, Wells Fargo has a unique opportunity worth

 

exploiting involves the diversification and differentiation of its products through the integration

 

of new technology.  It will be inclusive to even PWDs as well as provide a large customer base

 

with attractive features that would yield more benefits (Ensign, 2020). Hence, maintaining or

 

maximizing its competitive advantage and reputation that has been soiled by fraud scandals.

 

Management Function

 

To effectively implement and exploit the new opportunity, the management should

 

develop an effective and comprehensive plan that will enable the organization, leadership, and

 

control of the latest products, technology, and reputation building. They should include in the

plan effective strategies through the opportunity that will align with the goals and objectives of

 

maximizing customer experiences, satisfaction, corporate growth through product diversification

 

and differentiation, and, most importantly, a regained reputation and image.