Working in business management means taking on responsibility to lead your organization in a variety of situations. Part of that responsibility is understanding where an organization has been and where it’s going. In this course, you put yourself in the shoes of a manager and use resources to make decisions on where an organization is heading in respect to business needs, organizational structure, leadership strategies, and change management. Some of the information needed may be easy to locate, but other information may take time and effort to find. Some may even need assumptions based on research. These research and strategizing skills will be useful in your business management career.

Select a company and learn about its history. This will prepare you for your Wk 2 Analysis.

Review at least 3 companies from Business Source Complete SWOT Analyses.

Note: Some reports are more recent than others. It’s in your best interest to find a company with a recent (within 2 years) report.

Select 1 global company from Business Source Complete: SWOT Analyses to use for the next 5 weeks (this will sometimes be referred to as “your company”).

Create a chart or outline that conveys the following information:
o Name of company
o Industry
o Brief history of company
o At least 3 milestones from the company’s history
o 3 resources (in addition to Business Source Complete) where you can locate company information in future weeks. This may include company websites, current employees, journals, etc.
o Define 1 new unique business opportunity the company can do to increase their competitive advantage.
o Identify a function of management that is needed for this opportunity.

Wells Fargo & Company

Companies Reviewed for the SWOT Analyses

The companies reviewed for the business SWOT analyses for the fiscal year 2019 include

• Walmart Inc.
• Wells Fargo & Company
• 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:

• Banking
• Financial Services
• Insurance

Brief History

The birth and development of Wells Fargo & Company traces 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 means 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 19th 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. This was a huge and remarkable milestone that built 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 20th century, the company was operating in over 10,000 locations and with diversified function, which is the second remarkable milestone in its history and development. In the contemporary world, Fargo Wells expands its functions 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 20th 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 company’s website for credibility, reliability, and authenticity of the information, which must be up to date. https://www.wellsfargo.com/about/corporate/history/
2. The University of Phoenix Library, which can provide scholarly journals to provide 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 Journals 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 the 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 new 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 experience, satisfaction, corporate growth through product diversification and differentiation, and most importantly a regained reputation and image.

References

Ensign, R. L. (2020, January 11). ‘We Need to Be a Technology Company.’ Wells Fargo Struggles With Aging Systems. Retrieved from The Wall Street Journal: https://www.wsj.com/articles/we-need-to-be-a-technology-company-wells-fargo-struggles-with-aging-systems-11578738600

WFC. (2020). History of Wells Fargo. Retrieved from Wells Fargo & Company: https://www.wellsfargo.com/about/corporate/history/