Environmental Scan

1282 words 6 pages
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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 …show more content…

The internal environmental scan for Wells Fargo includes, stakeholders, technology, and culture. “Our foundation for success can be summarized in three beliefs in who we are and what we do: Our product is service. Our value added is financial advice and guidance. Our competitive advantage is our people. Our formula for greatness starts and ends with people. Here it is: mind share + heart share = market share” (Our Strategy). The scan includes an organizational analysis to identify and develop the organization’s resources and competencies. The external scan requires Wells Fargo to consider the societal environment including economic, technological, political-legal, and sociocultural forces, and the task environment including government, local communities, suppliers, competitors, customers, creditors, unions, and special interest groups. This scan includes an industry analysis that examines key factors within a company’s task environment (Wheelen & Hunger, 2010). The internal and external scans help Wells Fargo implement, execute, measure, and manage business strategy, and planning. Verizon Wireless is one of the largest telecommunication companies in the United States, and the world. Recent Verizon network strategies and competitive advantages were ubiquity, and reliability, commitment to investment, and advanced technology deployment (Verizon, 2013). According to Verizon (2013), “Verizon's network

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