Strategic Planning Essay Example | Topics and Well Written Essays - 1750 words

Strategic Planning - Essay Example a. Demographic Trends Demographic patters offer a description of the changes, which involve sizes, age structure, geographic distribution, ethnic mix, and distribution of income (Ireland el at, 2009). These patterns enable the business to focus on understanding demographics of a certain area. Apparently, Wells Fargo Bank needs to understand alterations, which occur in different parts of America. Nevertheless, Wells Fargo has focused on the ability customize their market; for instance, numerous bankers are multi-lingual in order to increase their ability to deal with diverse population. b. Economic Trends Increasing rate of unemployment has been associated with high rates of interests and foreclosures. Well Fargo is focusing on avoiding the subprime market, which they feared more compared to their competitors during economy downfall. Moreover, the bank was able to pay the â€Å"bailout†, which was provided by the government and led to substantial profitability in 2010. During t his recession, the Well Fargo identified ways of assisting their customers and remaining profitable despite these economic conditions. c. Political Trends There are strict political and legal implications in the banking and mortgaging industry in which Wells Fargo Bank operates. In fact, these implications have effects, which lead to financial reforms laws. On the other hand, there are resent issues, which are influencing the trading in the financial industry. d. Social Trends Wells Fargo has depicted increased interest in taking their social responsibility; in fact, they have a vision of building their corporate vision to assist their customers and ensure that everyone is succeeding in the community. On the other hand, they focus on offering members of the society equal chances of opportunities and prosperity for different walks of life. Therefore, they are struggling in being socially responsible through their financial services. e. Technological Trends There are technological pat ters, which have become prevalent in banking industry; through in other situations it poses threat to financial businesses. There are numerous programs and firms that are operating online and they are exploiting technology as a source of competitive advantage. f. Global Trends Apparently, Wells Fargo does not operate in the global market; through they deal with customers from different counties and ethical background. In this case, the bank has identified the need for understanding the global perspective, which is highly applicable in to their business. g. Physical Trends The company runs efficiently, whereby they take numerous steps of protecting the natural resources, and this has significant benefits to the future generation. On the other hand, they Wells Fargo bank has gained ability to engage their customers and communities in stewardship effort, through which they achieve significant impact (Wells Fargo, 2009). h. Industry Environment The industry environment entails the barri ers to entry into the market, suppliers bargaining power, buyers bargaining power, availability of substitutes and competitive rivalry; in this case, industry environment is perceived in these dimensions. i. Operating Environment Operating environment entails five segments, which include competitors, creditors, customers, labor, and supplies. In this case, the competition has decreased significantly due to four choices in the financial