Wells Fargo 2
Wells Fargo, once the rival of one of the countryâ€™s largest financial institutions, Wachovia, acquired Wachovia after federal officials pressed Wachovia for a quick sale before it collapsed in October 2008. Wells Fargo has an extensive history dating back to the mid 1800s. Since itsâ€™ inception, Wells Fargo earned and lived out the reputation of dealing rapidly and responsibly with peopleâ€™s money and goods, while offering both bank and express delivery. Today it is ranked as one of the worldâ€™s 25 most-respected companies and is Americaâ€™s 14th most admired company (Wells Fargo, n.d.).
According to the textbook, the general environment is composed of segments that are external to the firm. Furthermore, these segments affect all industries and the firmâ€™s competing in them (Hitt, Ireland, Hoskisson, 9th ed., 2011). Additionally, in order for a firm to recognize and evaluate opportunities and threats, it is important to scan, monitor, forecast, and assess the elements in each segment to determine their effects on the firm. (Hitt, Ireland, Hoskisson, 9th ed., 2011). It is clear that Wells Fargo and its leading officials have considered these segments, which is indicative of the financial giantâ€™s large success. The Demographic Segment
Wells Fargoâ€™s response to rapid changes in the population, age structure, geographic distribution, ethnic mix, and income distribution in our society and globally has been to offer a full range of retirement solutions and complimentary retirement consultations, as well as, services in Spanish. Additionally, Wells Fargo provides financial services throughout the United States, as well as, internationally. Leading officials of Wells Fargo recognize trends in the
Wells Fargo 3
demographic segment and have readily prepared the company for these changes by maximizing their services which increases overall marketability. The Economic Segment
Although this country has experienced and continues to...
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