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1. HR Task Overlap and the New World of Work 2. Relationships Matter - Assignment Example

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The banking industry in the current times is highly competitive and this calls on companies to come up with strategies that give it a competitive edge over its rivals as well as attract a high number of customers. This paper compares the mission statement of the Bank of America…
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1. HR Task Overlap and the New World of Work 2. Relationships Matter
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Download file to see previous pages The headquarters are in Charlotte, North Carolina.
To start with, Bank of America mission statement defines its marketing position in comparison to other banks. It focuses its members of staff on a precisely defined target market. This strategy is employed by other retail organizations too (Bank of America). Their mission statement is focused towards coming up with affordable products for their customers and it reads:
On the other hand, Wells Fargo mission statement is different from that of the Bank of America. It is centered on profitability and getting the highest financial obligation and the highest amount of money from their customers this is in a similar fashion to all other retail businesses. The mission statement states:
"We believe our customers can save more time and money if — after carefully shopping around and comparing choices — they bring all their financial services to one trusted provider." (Wells Fargo Bank).
There are clear differences between the mission statements of the two companies. While the Bank of America’s mission statement focuses on helping low income earners, Wells Fargo mission statement concentrates on improving its profitability. It is clear that the Bank of America clearly defines its niche in the market showing that profitability is not its main area of focus. On the other hand, Wells Fargo has not clearly defined its niche (Ireland and Hoskisson, 2014). It is clear that the company targets customers from all walks of life owing to the fact that their main goal is on maximizing profitability.
There are minimal similarities between the mission statements of the two entities that state however, it is clear that both are concerned about the welfare of their customer although it is in a different way. While the Bank of America offer affordable investment and lending products to their customers, Wells Fargo focuses ...Download file to see next pagesRead More
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