Marketing Strategy and Plan Report

This report provides a comprehensive analysis of Wells Fargo's marketing strategy and plan. It begins by examining how Wells Fargo creates value for its customers through teamwork and ethical practices. The report then delves into the role of the customer in Wells Fargo's strategic planning, utilizing a table to illustrate the company's value proposition, target segments, and key benefits offered. A SWOT analysis is conducted to identify Wells Fargo's strengths, weaknesses, opportunities, and threats. The report also incorporates Porter's Five Forces model to assess the competitive landscape of the consumer banking industry. Further sections explore customer satisfaction, loyalty, management, and empowerment, with a focus on the use of social media for customer service and feedback mechanisms. The importance of customer relationship management (CRM) and customer privacy are also discussed, highlighting Wells Fargo's various policies and procedures for protecting customer data. The report concludes with a bibliography listing the sources used in the analysis.

Running Head: MARKETING STRATEGY AND PLAN
MARKETING STRATEGY AND PLAN

MARKETING STRATEGY AND PLAN 2
Table of Contents
PART 1: Strategic Marketing..........................................................................................................3
Creating Value for Customers......................................................................................................3
Role of the Customer in the Company's Strategic Plan...............................................................3
SWOT analysis............................................................................................................................4
Competitive Analysis...................................................................................................................5
Part 2 - Customer Satisfaction, Loyalty, Management and Empowerment....................................6
Customer Empowerment..............................................................................................................6
Customer satisfaction...................................................................................................................6
Customer Relationship Management...........................................................................................7
Customer privacy.........................................................................................................................8
Bibliography....................................................................................................................................9

MARKETING STRATEGY AND PLAN 3
PART 1: Strategic Marketing
Creating Value for Customers
Wells Fargo creates the value for customers in a different manner. The company identifies the
people as team members, not employees because people have used as essential resources.
Furthermore, teamwork helps Wells Fargo to deliver added value to the customer in the baking
service industry, USA. It is relied on making relationship hence it creates a positive image in the
customer’s mind because team member makes a relationship with customers as they make a
relationship with each other (Verschoor, 2016). It builds trust every day by behaving ethically,
rewarding open, two-way communication and honest and keep ourselves liable for decision
making and action. It gives values to customers by considering the rights of customers in each
action. It creates value for customers by promoting diversity in each aspect of the organization
and at each of business process. It also delivers added value to customers by prompt solving the
queries of customers (Cavico, and Mujtaba, 2017). It is also effective to gain competitive
advantages.
Role of the Customer in the Company's Strategic Plan
Strategic planning is a procedure which enables the business to allocate its resources in order to
grab the opportunities in the marketplace (Peppers, and Rogers, 2016). Following charts shows
the role of the customer in the strategic plan of Wells Fargo:
Table 1: Role of the Customer in the Company's Strategic Plan
Wells Fargo
Value
Proposition/Cluster
Target Segment+ Key benefits offered+ Unique capabilities Value proposition
People whose age is Access online account Primary e-banking Wells Fargo OFS

MARKETING STRATEGY AND PLAN 4
38 years
and bill pay, and
transfer funds.
products
provides innovative
banking
Household Income
comes between 75k-
100k
Creates trades related
to bond and stock
Branch and internet
banking
Focuses on customer
driven convenient
services
Large number of
borrowers
24/7 hours services
Non-conventional
delivery channels
hold the high balance
Technical support,
phone support, and
email agent
Excellent customer
services
SWOT analysis
Strength and weakness are two key internal factors that can be controlled by the organization.
Moreover, opportunities and threats that are an external factor for the organization and it cannot
be controllable by the organization. For determining the competitive advantages, Wells Fargo
can assess the SWOT analysis (Verschoor, 2016). It is represented by the table as below:
Table 2: SWOT analysis
Strength
 Strong Brand recognition and financial
condition
 Strong credit rating
 Various product and services
 Greatest recruiter which had employed more
Weaknesses
 Lacking in international approval rather
than key market players
 Low customer care and fulfillment
 Legal Matter

MARKETING STRATEGY AND PLAN 5
than 28000 people across the nation
 Well Fargo is the second largest bank in
deposits, debit card, and home mortgage
servicing
Opportunities
 Expansion in other nations
 diversifying collections for customers
 Acquisition
 the profitable banking industry
Threats
 Online frauds and scams
 Shifting government laws and financial
condition such as recessions
Competitive Analysis
The Michel porter’s five force model is exercised by the company because it is a business
analysis tool which assesses the relative strength of five forces and governs competition within
the particular industry. This author defines that a large number of companies is focused on
increasing the strength of the company in particular industry. The competition level is measured
by using different forces such as bargaining power of buyers and bargaining power of suppliers,
threats of substitutes and threat of new entrants, and rivalry among competitors (Logan, 2016). In
this way, the company has to assess rating for each force because high forces may have the
possibility to decline the profits and it is to be considered as a threat.
Moreover, the Michel porter’s five force model enables the Wells Fargo to assess the banking
industry. It is analyzed that strong forces exist in consumer banking industry that means the
company has high competition from key market players. The bargaining power of buyer is
moderate in the consumer banking industry which is beneficial for Well Fargo to deal in USA

MARKETING STRATEGY AND PLAN 6
(Wells Fargo, 2017). Along with this, the threat of substitute’s product and services has low
force as well as the threat of new entrant has minimal force in the consumer banking industry.
Part 2 - Customer Satisfaction, Loyalty, Management and Empowerment
Customer Empowerment
Social media is becoming a great customer service tool for the banking industry. Wells Fargo
Company uses different social media tools to influence more customers towards their
organization. Together with, it uses social media to increase awareness about the product and
services because a large number of people works online in the US. These social media tools are
Twitter, Facebook page, and Instagram. It is analyzed that bank provides information related to
offers, and a new scheme to their customers via online channels such as company’s websites and
twitter because it helps the company to send a direct secure message to the customers (Jensen,
2017). It is effective to secure communication channel by which company can gather sensitive
detail.
Chart 1: Customer Empowerment through Twitter
(Sources: Jensen, 2017)
Customer satisfaction
The company uses different tools to access the customer satisfaction level such as feedback
system through online and offline channels. This channel also helps to communicate with
customers about satisfaction and dissatisfaction with the chosen products and services. The

MARKETING STRATEGY AND PLAN 7
company sends feedback forum after purchasing the products and services where the customer
can give their feedback about products and services. Together with, the customer can comment
regarding products and services on Wells Fargo websites which will be shown to other
customers. Hence, if it is negative comment then the company should take prompt action and
solve the query on the website because it can negatively affect on potential and existing
customers (Weinstein, et al., 2015).
Customer Relationship Management
Customer relationship management is used as strategies, practices, and technologies that Well
Fargo uses to organize and evaluate the customer’s interaction and information throughout the
customer lifecycle. The key intention of using CRM is to enhance the business relationship with
the customers and also persuades the customers to retain at the long term and increase sales
growth.
There are different activities is used by Wells Fargo to maintain a relationship with customers
named customer care, documentation, acquisition, communication, database, customer loyalty,
analysis, and Public relation (Zhao, et al., 2014).
Chart 2: CRM through different activities
(Sources: Zhao, et al., 2014)

MARKETING STRATEGY AND PLAN 8
Customer privacy
Customer privacy is a kind of data privacy which is concerned to liaison amid a set of the
merchant, business, public expectation of privacy, distribution of information, and legal and
political issues which are surrounding the company. It is analyzed that different kinds of personal
information are collected by Wells Fargo from the customer. This information is included
account balance and transaction history, credit history and investment experience, and social
security number and employment information (Soltani and Navimipour, 2016). In order to run
the business operation, Wells Fargo needs personal information of the customer. There are
different rules made by Wells Fargo to keep the data of customers named Wells Fargo U.S.
Consumer Privacy Notice, Digital Privacy and Cookies Policy, and Social Security Number
Protection Policy. Another is Wells Fargo Financial National Bank Privacy Notice, Wells Fargo
Bank, N.A. Dillard’s Privacy Notice, Health Information Notice, Wells Fargo International
Privacy Notices, and Wells Fargo Insurance, Inc. Privacy Notice (Wells Fargo, 2017).

MARKETING STRATEGY AND PLAN 9
Bibliography
Cavico, F. J., & Mujtaba, B. G. (2017). Wells Fargo's Fake Accounts Scandal and its Legal and
Ethical Implications for Management. SAM Advanced Management Journal, 82(2), 4.
Jensen, J. A. (2017). Assessing corporate demand for sponsorship: marketing costs in the
financial services industry. Marketing Letters, 28(2), 281-291.
Logan, L. W. (2016). Companion dog therapy home care provider. UK: California State
University, Long Beach.
Peppers, D., & Rogers, M. (2016). Managing Customer Experience and Relationships: A
Strategic Framework. USA: John Wiley & Sons.
Soltani, Z., & Navimipour, N. J. (2016). Customer relationship management mechanisms: A
systematic review of the state of the art literature and recommendations for future
research. Computers in Human Behavior, 61, 667-688.
Verschoor, C. C. (2016). Lessons from the Wells Fargo scandal: the latest ethics scandal to hit
the banking world demonstrates the importance of ethical influences in regard to
company culture, risk evaluation, employee incentives, and more. Strategic
Finance, 98(5), 19-21.
Weinstein, A., Clasen, W., Lorenzo, E., & Roberson, E. (2015). Bank of America customer
service: Good is just not good enough. Journal of Business Cases and Applications, 14, 1.
Wells Fargo (2017). Keys to competitive analysis. Retrieved from:
https://wellsfargoworks.com/marketing-center/article/keys-to-competitive-analysis
Wells Fargo (2017). Privacy, Security, and Legal. Retrieved from:
https://www.wellsfargo.com/privacy-security

MARKETING STRATEGY AND PLAN 10
Zhao, X., Hou, J., & Gilbert, K. (2014). Measuring the variance of customer waiting time in
service operations. Management Decision, 52(2), 296-312.
Other readings
Brown, H., & Worthington, R. (2017). Corporate culture: Reflections from 2016 and lessons
learned. Governance Directions, 69(2), 100.
Gilchrist, S. (2016). Build the customer-centric organization: Using data and analytics to
accelerate competitive advantage. Journal of Digital Banking, 1(3), 240-248.
Honka, E., Hortaçsu, A., & Vitorino, M. A. (2017). Advertising, consumer awareness, and
choice: Evidence from the US banking industry. The RAND Journal of Economics, 48(3),
611-646.
Martin, K. D., Borah, A., & Palmatier, R. W. (2017). Data privacy: Effects on customer and firm
performance. Journal of Marketing, 81(1), 36-58.