Management Essay

7763 words - 31 pages

Wells Fargo GroupMarketing 304Professor Kiesler2:00 P.M. - 3:15 P.M. T/Th9 May 2007Wells Fargo:Marketing PlanKevin De PlaceBill HoRyan NealDiana SuranyiKevin YetterExecutive SummaryOur team constructed a marketing plan of the company Wells Fargo. The first half of the report covers the company background by finding information about it, its competition, and the environment to see how the company stands. The second half of the report deals with a new product, tax preparation, and how it will be implemented into Wells Fargo.When analyzing the company, we found that it is viewed as the largest bank in the United States by physical size. The company have "2000" child companies and their advertising style is very recognizable with the stagecoach theme. The biggest competition to Wells Fargo is Bank of America.There are many trends that are looked at that could affect the banking industry. Some trends include the environment, government policies, technology, and much more. These trends show how the industry should view what is going on in the market that could affect how consumer's perceptions are changing in the market.After the trends were analyzed, our team analyzed the customers and put them into segments. These segments are relevant because of the different ways that consumers look at the bank industry. The segments were then used to make the target market of the age range of 26 to 60 years old and lower to middle class consumers.Then we made a SWOT table; that shows our strengths, weaknesses, opportunities, and threats. All this information was then used to make our marketing plan.Through examination of the information in the situation analysis, our team came up with a new product service, tax preparation. This service will coincide with our home loans by making it a free service to customers who have a home loan with us. If a customer does not have a home loan with us; the service can still be used in-house with a specialized and licensed tax preparer or with software for a fee.Our target market is people in the age range of 26 to 60 years old and lower to middle class. Our team will initially setup a test market in the San Franando Valley in June 2007 and end in May 2008. After implementation, the findings will be reviewed so the service can be setup to all customers.Finally, our team feels confident in our recommendations of this new service. The service is expected to bring in 58 new home loans per year, which will insure brand loyalty and enforce Wells Fargo's customer loyalty.Table of ContentsSituation AnalysisCompany …..…..……………… ……………………………………………………..1History of Company ……………………………………………………..1Current...

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