WEEK 8 PAPER FOR MIKE SMITH

Running head: INTERNATIONAL MARKETING 0

International Marketing Plan

Progressively into globalization, companies have continued to increase their market coverage. Decisions have to be made regarding the best strategies the company believes will help it venture into a new market. With the help of globalization, consumption cultures have continued to transverse to different regions of the world making many world destinations a viable point of establishing business.

Particularly focusing on Wells Fargo as an institution in the banking sector, financial services have continued to embrace more global approaches. This means that financial institutions have great potential in establishing business in new markets. Based on the diversity of their products, Wells Fargo can manage to capture different segments in a country such as India. Major focus in making this entry should be based on the target market in capturing the targeted growth as well as how to enter the market.

People make up the market function and it is important that Wells Fargo identifies its potential market segments before venture into the market. The Indian population is endowed with great market potential in terms of high population numbers as well as diversified demography in terms of financial needs (Hattari & Rajan, 2010). Comprehensive coverage of the target market enables realization of optimal business results. Additionally, market entry strategies are also very important in enabling identification of the brand. Therefore Wells Fargo should aim at identifying whether it is going to use licenses, joint ventures or foreign direct investments within the Indian market.

Generally, globalizing Wells Fargo will enable increase in its revenues due to increased supply of services. However, this action needs to be approached carefully through the two strategies of identifying target market and formulating the most appropriate entry strategy to ensure the brand hits the road running.

References

Hattari, R., & Rajan, R. S. (2010). India as a source of outward foreign direct investment. Oxford development studies, 38(4), 497-518.