Environmental Scan Essay

1306 Words Aug 17th, 2013 6 Pages
Environmental Scan

Dwayne A. Haynes

MGT/498

August 12, 2013
Michael Medoro

Environmental Scan

Internal and external environmental scanning helps shape strategic management and planning. Companies use business strategies to create value and secure competitive advantages. Measurements verify the company’s strategic effectiveness. This essay is a brief overview of the internal and external environmental scans, competitive advantage, value, and measurements used at Wells Fargo and Verizon wireless. Most of the supporting data are summaries from the Wells Fargo, and Verizon websites. Wells Fargo is a large financial institution with five strategic priorities: putting customers first, growing revenue, reducing
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Customer service representatives have the information and systems they need to gain new customers, and retain current customers. The company uses technology to measure product usage, trending, forecasting, marketing, profitability, protecting confidential information, and pricing (Wells Fargo, 1999 - 2013). “When we focus our technology resources on service to customers, we can achieve a true competitive advantage for Wells Fargo. What’s important is the creativity and speed with which we put that technology to use to benefit our customers” (Our Strategy). Customer-centric is putting the customer first. The company strives for convenience and consistency across all distribution and communication channels. Most households have a variety of financial needs. Cross-selling provides the consumer the convenience of having all financial needs under one company, saving them time and money. Knowledgeable employees at every level, promotes quality sells, and service experiences for the customers. The brand is what people say about Wells Fargo and their interactions. The company makes a promise to customers. “We sum up our promise in two words: Working together. This promise is backed by two fundamental supporting characteristics, or brand pillars, that help differentiate Wells Fargo from our competitors: relationships and guidance” (Our Strategy). Wells Fargo seeks to establish and maintain meaningful relationships that create value, commitment, and