Bridget Chilo Applications in Marketing 1104A-03 Marketing Management Project Type: Unit 5 Individual Project November 6, 2011 Wells Fargo is diversified financial service company providing investment banking, mortgage, consumer and commercial finance through more than 9,000 stores and 12,000 ATM’s across North America and internationally (Wells Fargo, 2011). Wells Fargo is the fourth largest bank in the U. S. by assets and the third largest bank Internationally (Marketing Mix, 2011). Wells Fargo rank 63 out of 500 in the Fortune 500 companies.
In 2009 Wells Fargo 6,650 retail branches,12,260 automated teller machines, 276,000 employees, and over 48 million customers. Wells Fargo operates under both Well Fargo and Wachovia names, and as of 2010 Wachovia became known as Wells Fargo Bank (Marketing Mix, 2011). The CEO is John G. Stumpf and the corporate office is based out of San Francisco, California. . At Wells Fargo, the goal is focus on building g long-term relationships with customers. Wells Fargo also gathers valuable information about the company through customer feedback rogram, which includes: (Wells Fargo, 2011) * Surveys * Customer advisory councils * Global payments conferences * Customer site visits There are several international countries in which Wells Fargo operates, and four of the countries are Ireland, Hong Kong, United Kingdom, and Germany. These countries all focus on services to meet the needs of Wells Fargo customers. Wells Fargo uses the implementation of the 4P’s Marketing Mix. The implementation of the 4P’s Marketing Mix concept of Wells Fargo will be explained in detail.
The implementation of the 4P’s is used as a tool to assist in implementing the marketing strategy(Marketing Mix,2011). The 4p’s are product, price, place and promotion. The product is defining the characteristics of the product, price is what customers are willing to pay for the product. The place is being available at the right time, right place, and right quantities. Promotion would be advertising, public relations, and selling. Promotion would be the most important 4P in the Marketing Mix, because in order to sell the product you have to display and advertise it.
The term “marketing mix” became well known after Neil H. Borden published his 1964 article, The Concept of The Marketing Mix. He then began using this term, when he started teaching in the 1940’s after James Cullitian described the, marketing manager as a mixer of ingredients (Marketing Mix, 2011). The ingredients in this market mix included product planning, pricing, branding, promotional selling, placing merchandise, advertising, and display. The goals of the 4P’s are to make decisions for customers in the target market in order to generate a positive response.
The implementation of the 4P’s marketing mix will be described from Wells Fargo. The term product refers to the physical products as well as services. Here are some examples of product packaging: * Brand name * Styling * Quality * Packaging * Warranty Price Decisions are the amount customers want to pay for the product. The company can increase or decrease the product if another store has the same product. Some examples of price decision are: * Suggested retail price * Price discrimination * Volume discount and wholesale prices * Seasonal pricing Price tragedy (skim, penetration, etc…) Distribution or place is where customers look for the product. Some marketers go to trade fairs, make online submissions, and send samples to companies. Some examples of distributions decisions are: * Distribution channels * Warehouse * Order processing * Logistics * Inventory management Promotion represents all the communication about the product with the goal of provide excellent customer service. Examples of promotion are: * Advertising * Sales promotion * Public relations and publicity Personal selling and sales force * Marketing communication The market mix may vary between different countries, only because the countries differ in their relative economic strengths. Some countries may differ in the timing of demand for various products. There are differences in promotions in different countries. The advertising will have to be translated in different countries. People in some countries are more receptive to advertising than others. Countries often have arbitrary rules on what can be advertised and what can be claimed (International Marketing).
Firms will often try to charge high prices to subsidiaries in countries with high taxes so the income earned will be minimized. References Marketing Mix 4P’s Model (2011). Retrieved on November 5, 2011 from http://www. valuebasedmanagement. net/methods_marketing_mix. html Perhner, L. International Marketing. Retrieved on November 5, 2011 from http://www. consumerpsychologist. com/international_marketing. html Wells Fargo Commercial (2011). Retrieved on November 5, 2011 from https://www. wellsfargo. com/com/services_all Wells Fargo. Get to Know Our Company. 2011. retrieved on November 4, 2011 from https://www. wellsfargo. com/about/corporate .