DISCUSSION WEEK 1 MGMT 670- Douglas Bernal

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Nov 24, 2024

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DISCUSSION WEEK 1 MGMT 670 - 1. Part 1 of your response: Visit one of the websites listed below and locate the company's vision and/or mission statement(s). Critique the adequacy and merit of the company's vision and mission. Be sure to list the effective elements and the shortcomings. 2. Part 2 of your response: Draft at least 3 strategic objectives for the company based on what you learned from Part 1. Be sure to make the objectives SMART. Critique of Wells Fargo's Mission Statement While browsing Wells Fargo's website, I found several key commitments, such as customer privacy, sustainability through corporate responsibility, and diversity/accessibility for employees and communities (Wells Fargo, n.d.). However, notably absent from their website was a readily available mission statement. A Google search revealed it: "We help our customers succeed financially by building trusted relationships, providing reliable guidance, and serving their full range of needs" (Wells Fargo Mission Statement, n.d.). This statement effectively emphasizes Wells Fargo's commitment towards customer success in finances and acknowledges the importance of trust, guidance, and comprehensive service. However, there are shortcomings in terms of visibility on the official website, succinctness of the statement, and the firms actual alignment to these statements. As mentioned, there is no clear mission or vision statement easily accessible on the firms website, which may create ambiguity and hinder effective communication of the organization's purpose to it's customers. Providing a clear and visible mission statement unifies employees around a shared purpose that inspires performance, outlines future goals, captures an organization's essence, and provides a reason for existence; which in turn attracts stakeholder support (Vision, mission, and goals, 2012; Understanding the Strategic Management Process, 2012). Wells Fargo's mission statement is also quite general which may dilute it's impact. A succinct mission statement helps

define how resources should be allocated to accomplish key objectives, contributing to a desired decision-making pattern within the organization (Understanding the Strategic Management Process, 2012). This means, creating a new mission statement with a tighter focus around key concepts could boost the brands impact among consumers. Lastly, Wells Fargo's mission statement promises customer satisfaction, ethical conduct, and financial success. However, its reputation, tarnished by recent scandals, legal troubles, and declining trust, paints a starkly different picture (Lunn, 2021, Prentice & Stempel, 2023; Skipworth, 2023). This contrast between stated values and actual behavior erodes credibility and hinders stakeholder trust. To be accurate, a mission statement must align with a firms values and corporate culture (Vision, mission, and goals, 2012).] Aligning Wells Fargo Values and Mission through SMART goals To address these criticisms, Wells Fargo can employ SMART goals to help achieve its mission and better align it with the firm's values. The importance of SMART goals is highlighted in their ability to provide clear and tangible guidance for employees, ultimately contributing to organizational success (Feld, 2024). First, by utilizing resources such as C-suite members, marketers, and other teamsters to create a new mission, Wells Fargo can set specific mission goals that are explicit and clear. Specific goals can address the reasons for the organization's existence, capturing key elements of its identity (Vision, mission, and goals, 2012). In this case, emphasizing a specific, well-articulated and shared mission statement could help re-align the firms commitments to its core value. Second, SMART goals, being measurable, allow Wells Fargo to quantify the achievement of objectives related to aligning the mission with the organization's values (Feld, 2024). Such insights can be analyzed with something as

simple as consumer surveys. This would help ensure that the desired pattern of decision-making is effectively communicated and adopted throughout the organization. Wells Fargo could then incorporate a new clearer and visible mission statement on their website and also promote the statement through digital marketing. This aligns with SMART's focus on aggressive/actionable goals that present a significant challenge (Vision, mission, and goals, 2012). However, such goals should also be realistic. Realistic goals, which are feasible and attainable, can ensure that the mission statement is effectively integrated into the digital marketing strategy (Vision, mission, and goals, 2012). When evaluating future marketing strategies, firms should analyze the scope of their capabilities, market demand, and the firms willingness and ability to meet those demands (Narayandas, 2005). Lastly, setting time-bound goals with achievable deadlines can invigorate and streamline the implementation of the new mission statement. For this phase, envision a one-year timeline for creation, rollout, and promotion of a new mission statement. By setting challenging yet attainable timely goals, the organization can strengthen its performance (Vision, mission, and goals, 2012). In conclusion, Wells Fargo's implementation of SMART goals can inspire and guide future achievements, providing clarity and tangible guidance for employees, as well as fostering transparency and trust among consumers. References: Feld, M. (2024). MGMT 670: Week 1 Lecture: Week 1: Strategy, business models, competitive advantage, vision, mission, objectives. Presented on January 2024. Lunn, B. (2021). Wells Fargo Scandal and the Creative Destruction 7 Act Play. Daily Fintech, 1–4. Narayandas, D. (2005). Managing markets, segments, and customers. [Video]. Harvard Business School Faculty Seminar Series. Retrieved from: https://video-ebscohost-

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com.ezproxy.umgc.edu/c/wk4xaf/details/1_ceonqjjn? q=Managing%20markets%2C%20segments%2C%20and %20customers&deviceId=&lang=en&minDate=&maxDate= Prentice, C., & Stempel, J. (2023, September 15). Former Wells Fargo executive avoids prison in fake-accounts scandal. Reuters. https://www.reuters.com/business/finance/former- wells-fargo-executive-avoids-prison-fake-accounts-scandal- 2023-09-15 ] Skipworth, W. (2023, August 8). Wells Fargo’s $125 Million Fine For Employees Using Personal Messaging Marks Latest Run-In With Regulators And Courts. Forbes. https://www.forbes.com/sites/williamskipworth/2023 /08/08/wells-fargos-125-million-fine-for-employees-using- personal-messaging-marks-latest-run-in-with-regulators- and-courts/ ] Understanding the Strategic Management Process. (2012). In Mastering strategic management. Washington, DC: Saylor Academy. Retrieved from https://saylordotorg.github.io/text_mastering-strategic- management/s05-04-understanding-the-strategic-ma.html Wells Fargo. (n.d.). Home. Retrieved from https://www.wellsfargo.com Wells Fargo Mission Statement. (n.d.). Retrieved from https://www.indeed.com/cmp/Wells-Fargo/about Vision, mission, and goals. (2012). In Mastering strategic management. Washington, DC: Saylor Academy. Retrieved from https://saylordotorg.github.io/text_mastering-strategic- management/s06-01-vision-mission-and-goals.html

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