Analysis of learning theories

Analysis of learning theories Education is very dynamic, and new initiatives, focuses and theories are constantly being introduced with the collective aim of enhancing both teaching and learning. The foundations of most educational theories appear to be behaviourism and subsequently constructivism according to Woollard (2010). As a result, this assignment will focus primarily on these two learning theories. I aim to compare and contrast behaviourism and constructivism with regards to their impact on teaching and learning. Focusing on three areas of the curriculum, I shall also consider how both behaviourist and constructivist approaches are applied and consequently the impact on an individual childs learning. Throughout the assignment I will make considerations for my own teaching and conclude with the implications on my personal philosophy. During my time in school I have had the opportunity to observe a teacher in year two and as a result I was able to analyse theory being put into practice. The individual child I have chosen to focus on is aged six and is in year two. For anonymity purposes I shall refer to the child as Child A throughout this assignment. Child A is not recognised as having special educational needs (SEN), but she is currently working at a level 1b which is considered to be below expectations by two sub levels in all core subjects (National Curriculum n.d., online). Taylor and Mackenney (2008) explain how several theorists have contributed to behaviourism, which have influenced teaching and learning in classrooms today. According to Taylor and Mackenney (2008), Skinner and Pavlov are the major contributors to behaviourism, therefore due to restricted word count, this assignment will focus on their work with regards to behaviourism. Davis and Sumara (2006, p.113) state that the work of Piaget is acknowledged as the major influence on constructivism and in turn is prominent within contemporary discussions of curriculum and pedagogy research. This assignment will focus primarily on Piagets stage theory of development. The stage theory of maturational development offers a universal process for learning, however, similar to the behaviourist view that a law of learning can be provided, it may be too over simplistic (Sigelman and Rider 2011). Bruner (1960) questioned whether the stage theory is realistic. He suggested intellectual growth must take natural ways of thought into account. Similar to Piaget, Bruner developed stages of learning and intellectual growth, however, Bruner does not believe that the stages represent different and separate modes of thought at different points of development Bruner (2003). According to Bruner (1961), learning can be achieved at any stage of development if concepts are taught at a simple level initially and revisited with a higher degree of complexity at another time. Gardner (1992) argued against the stage theory of learning as he claimed that cognitive skills develop at different and unrelated speeds (Gardner 1992, cited in Cohen 2012, p.48). This is also supported by McInerney and McInerney (2009) as they believe that although learning does appear to develop through stages, cognitive development does not progress in the neat stages originally suggested by Piaget. Piaget did however state that although all children develop through each stage in the same sequence, they do not all develop at the same pace (Nairne 2010, p.113). Gardner (1992) further questioned Piagets theory, as like Bruner, he believes earlier aspects of learning and ways of thinking are used throughout all stages of development and can be used to support learning in new areas (Gardner 1992, cited in Pound 2006). Skinner argues children cannot be taught skills they do not naturally posses, this aspect of development is similar to that of Piagets theory of readiness as both theories imply that before learning can be achieved, the child must be at the appropriate stage of maturation (Elkind 2011, online). Davenport (2002) stated that children are capable of thinking in more advanced ways before the age of seven as Piaget believed. Piagets experiments have been questioned by more recent researchers as I shall discuss. It has been put forward that Piaget may have presented tasks in particular ways in order to get specific results. When aged four to seven year old children were asked direct questions opposed to open ended questions, their responses were less artificial (Meltzoff 2007). This could have therefore mislead children and subsequently lead to underestimating childrens level of understanding and sophistication. In turn, questioning whether developmental stages undervalue the extent to which children constantly change as they are growing up. Thus again questioning the simplicity of Piagets theory. Culture and individual differences appear to be irrelevant in Piagets theory of learning, as he believed all children are equipped to learn and develop through the same stages (Snowman et al. 2011, p.70). This was criticised by Cole (2006) as he emphasised the role of society on learning and stated that children who live in traditional societies are more attentive to adults and therefore likely to develop a more observational approach to learning, whereas children from a less traditional society, are more likely to learn through verbal instruction. He evidenced his theory by conducting an experiment involving aged 6 to ten year old children and found his results were consistent with his theory. All children can learn and succeed, but not on the same day in the same way supports this theory (Spady 1994, p.9). According to Wood (2012), Behaviourists assume that behaviour is entirely controlled by the environment and prior learning. This theory is very much on the nurture side of the nature nurture debate and as a result many experiments, the majority of which involving animals, have been carried out. The use of animals in behaviourist experiments is criticised by Robins (2012, p.36) for suggesting that animals and humans learn in the same way. Bjorklund (2011) described how humans are complex and behaviour changes of animals are instinctive, whereas human behavioural changes are due to learning. He also argues that humans are separate from animals as we are the only species with powerful intellect. The way in which we think and the technological and cultural innovations afforded by our intelligence set us apart from animals (Bjorklund 2011). The Stimulus Response theory was an attempt to discover general laws of learning (Wood, 2012). Piaget studied children and not animals, however Seltman and Seltman (2006) criticised Piagets research methods, as his theory of how babies develop was almost wholly based on his own children. This could suggest that his research samples were limited and therefore weakening validity (Robins 2012). The argument by behaviourists that behaviours are dependent upon prior learning and the environment implies that people have little or no control over their own actions Engler (2008, p.226). Popovic (2008) believes behaviourism offers no explanation for, and does not consider the possibility of behaviours being a result of mental events such as beliefs. Popovic (2008 p.87) also points out that if this was true of all learning, then we are unable to have any beliefs that we have not previously acted upon or verbally expressed, going against all sense of logic. Pastorino and Doyle-Portillo (2011, p.207) argued that Behaviourism is ignorant of the mental process, and disregards the activities of the mind, as only measureable and objective behaviours are regarded as learning. Put simply, if no explicit change in behaviours take place, then no learning has occurred. This strongly suggesting only quantifiable displays of knowledge are valid and any mental process is meaningless (Mingers 2006, p.11). Although in general, a change in behaviour is a result of learning, it may not always necessarily be the case (Lefrancois, 2006). Lefrancois (2006) offers an explanation as he describes how losing a hand modifies behaviour and states that the loss itself is not learning. He believes a person may learn to compensate for the loss of their hand by learning new skills, therefore changes in behaviours does not necessarily result in improved learning. One must question how children are able to solve problems without the trial and error method deemed essential by behaviourists, as Bandura (1977) suggests that observational learning and mental processes both contribute to development, as children learn by imitating behaviours and noting mentally the possible consequences of their own behaviours. Behaviourists believe that the teacher is responsible for all learning and as a result are in charge'(Huerta 2007, p.36). It may be argued that children will not be encouraged to work and learn independently, and creatively, therefore individuality and discovery will be nonexistent (Overall, 2007). Denby (2012, P.136) supports this by claiming that children are passive learners and purely learn what they are fed by the teacher. Palmer (2001) explains that simply teaching is not sufficient learning and supports her argument by stating Einsteins teachers did not teach him that e=mc ² (Palmer 2001, p.41). This thought provoking quote supports the need of discovery and independent learning. Palmer suggests purely acquiring knowledge which is taught and from prior experience, is not true learning. Piaget (1972), was also opposed to this theory as he suggested that teaching should not place emphasis on the passing on of knowledge and that children learn by discovery as they are naturally curious and well motivated to learn (Piaget 1972, cited in Kail and Cavanaugh 2012, p.124). He also believed that children should respond to their own curiosity and that education is making creators and not just resembling another adult (Piaget 1972, cited in Davenport 2002). As previously mentioned I have observed three separate lessons in year two and have been able to witness theory being put into practice. These lessons included Mathematics, Literacy and Science. Each lesson followed the same structure in which they began with a clear lesson objective and steps to success, with all the children on the carpet, developing on to the task and concluding with a plenary. The children appeared to be familiar with the structure of the lessons and due to the lesson objective and success steps, were aware of what they could expect from the lesson and in turn what was expected of them. Most children can learn curricular skills when the concepts are broken down into little steps and in the classroom a clear Learning Objective and Success steps would achieve this (Slavin 2000). This suggests that the childrens abilities to complete a learning objective gives a clear indication of what children do and do not know (Deiner 2009, p.121). This lesson structure appeared to be a behaviouristic approach to teaching as the lesson was broken down into small steps, however it may be criticised for discouraging spontaneity and not allowing for individuality if all the children are required to follow the same sequence (Curzon 2004, p.157). Some teachers do not care for the child who gives answers which do not comply with predetermined correct answers, which could be seen as inhibiting learning and development and promoting conformity (Sarsani 2005). A quantity of children are unable to work in an unstructured environment as they are reliant on consistency and the continuity and structure allow children to feel safe and secure (Tassoni 2002, p.238), which is, according to Maslow (1970), a basic need in order to learn effectively. During the literacy lesson of which I observed, the teacher read a story to the whole class on the carpet and afterwards dictated to the children the differences between thoughts and feelings. The teacher then asked the children to independently write down examples of thoughts and feelings offering a sticker for good examples. Although the children were being active, this appeared to be a behaviouristic approach as the children were told the information and worked alone with an extrinsic incentive. Child A failed to write any ideas on her board and as a result did not receive a sticker. The teacher may have interoperated this as Child A not understanding the task or having any ideas, when in fact, she may not have been confident in writing her suggestions or quick enough to complete the activity. Perhaps the children could have worked in pairs to discuss ideas and have the lower ability (LA) children paired with a more able child. If children have the opportunity to work with other children who are at a different cognitive level, they are likely to be encouraged by the more mature child, therefore advancing to higher understanding of the material (Wood 2008, online). As previously mentioned, the children were offered a sticker as a reward for completing their work. Kohan (1993) states that offering extrinsic rewards will reduce intrinsic motivation, which according to Piaget (1970) children are self motivated therefore extrinsic rewards are not necessary (Piaget 1970 cited in Groark and Eidelman 2011, p.40). Child A failed to complete the task and as a result she was upset because she did not receive a sticker. Slavin (2000) criticises offering rewards for completing work as it may lead to children only completing any task if a reward is given and suggests the emphasis should be on the process of learning and not the end product. Slavin (2000) continues to explain how the children may not always complete a task, but they have developed their knowledge and understanding through the process. I feel this is particular constructivist view of learning is very important for my own teaching practice, as it is important to recognise individual achievement which is likely to differ highly between children. Something which is taken for granted for one child, may be a big accomplishment for another. Following on from this, the children were then set tasks involving describing characters. Child A being in the LA group, was given a worksheet with a list of adjectives, in which she had to circle appropriate words to describe her chosen character. This was with adult support, who read out all the words and child A circled the ones she deemed appropriate. This appeared to be a constructivist approach as the adult could be said to be acting as a facilitator, however if the adult had asked Child A to attempt to read each word, rather than doing it for her, she may have improved her decoding and blending skills as well as highlighting knowledge and areas for development. The fact that Child A had to circle adjectives which were already provided on a worksheet, was perhaps not the most effective way of developing understanding, as Child A chose both evil and kind to describe the same character. This task does not necessarily demonstrate understanding. A behaviourist may argue that because Child A has circled many appropriate adjectives, she has displayed learning, when in fact she has chosen words at random or words she is familiar with. This activity could have also been made more active for the children by allowing them to study pictures and props and having to produce adjectives themselves following manipulation and assessment. As a result, a more accurate demonstration of understanding could be produced. Piaget believed children learn for themselves rather than being taught, and therefore construction is superior to instruction (Santrock 2001). Child A may be missing out on this opportunity and according to her maturational stage of development she should be focusing on physical reality and should teach herself through direct experiences (Smart 2011, p.95). The teacher could then follow on from this lesson by looking at the describing words the children came up with, and building on their prior knowledge to develop their skills by introducing alternate (more complex) adjectives and lead on to produce a descriptive sentence. Piaget believed children can build on existing knowledge in order to concrete knowledge (Brain and Mukherji 2005, p.77). The children then had a fifteen minute phonics lesson which included nonsense words. Child A struggled to decipher which words were real words which appeared to have a negative impact on her self esteem as Clark (2012, online) suggests that the latest phonics tests do more damage than good. He continues to criticise the nonsense word strategy by questioning whether it demonstrates the childrens abilities to decode words rather than their ability to understand words in context. The maths lesson I observed was the introduction of estimations and sorting. At the start of the lesson the children chanted the three times tables and Child A participated confidently. The teacher then asked individual children a times table at random and when asked, Child A was unable to give the correct answer. It may be possible that Child A had learned to regurgitate the times tables in sequence, but has not got any reasoning or logic. It may be criticised that Child A has not been allowed enough opportunities to develop a depth of understanding (Tassoni 2007). An article in TES magazine (Brettingham 2007, online) reported that the rote learning focus devised from the numeracy strategy resulted in an increase in number skills, but a decrease in problem-solving. This was also supported by an analytical report of the Rose review, as it states children need not only to learn what to study but also how to study (Baker 2009, online). More recently, school Minister Paton (2012) claimed that children will increase their confidence with their number knowledge if they learn times tables by heart and rote learning should become a fundamental part of primary education. Ward (2012, online) criticises this theory of learning as he states that lessons should focus on logic not solely arithmetic. He claims that by placing greater emphasis on children knowing pairs of numbers by the end of year two instead of year one, there is a danger of assuming the children is successful however having no sense of reasoning or calculation. Mathematics does however appear to be gearing towards rote learning as recent article in the NUT confirmed that the Government are proposing by 2014 and teaching will be more directed, with rote learning a key method of delivery (Anon. 2012, p.23). Following the mental starter children were then shown a meter stick and the teacher modelled how an estimation would be made of the board. A child was asked to stand next to the meter stick and the teacher asked the children to estimate how tall the child was. Child A gave the answer sixty meters. It could be criticised that estimation is too abstract for year two because at age six, Child A is considered to be in the pre-operational stage of development, suggesting that she should not be able to understand the concept of logic or abstract thinking Sigelman and Rider (2012). Perhaps this particular lesson or unit of work was not appropriate for Child A in relation to her developmental stage. Pollard (2012, p.18) states that teachers have to start from where pupils are in their learning. He also says the Government need to set the framework and let the teachers take control, suggesting that concepts will be more individualised to suit childrens abilities. Constructivists believe children need time to practice and master skill as Piaget stated that teachers should not try to speed up the learning process, as children can only learn at their biological maturation level and therefore understanding would be incomplete (Hill 2001). One must be concerned about the children who may not be ready to move on as well as the children who grasp a concept quickly as Slavin (2000), suggested children who learn quickly will receive less instruction than others, therefore they will be held back and have to wait for others to catch up and consequently the children do not learn as much as possible. Guskey (1982) said work should be highly individualised and differentiated and the learner should not wait for others to comprehend a concept. The final task in mathematics was sorting shapes by their properties to understand classification. Child A seemed to lack concentration and barely attempted the task. Perhaps the teacher could have chosen something to sort that was of interest and relevant to Child A so she would be self motivated as when a child is self motivated, they are more engaged and likely to further their own development (Hill 2001). Donaldson (1978) argues that children need meaningful context in order to learn and understand why they are completing particular tasks. During the science lesson the children worked in the same groups as Literacy and Mathematics, (ability groups). While grouping by abilities may be appropriate in mathematics due to wide varieties of skills and understanding, science is an opportunity for children to work in mixed abilities. Whitney and Dean (2005, p.32-33) suggest that ability groups can be damaging to self esteem and result in teachers having lower expectations of LA children. The teacher could be denying Child A the opportunity to develop and extend her knowledge as Whitney and Dean (2005, p.33) also state that less able children are often stimulated when working in mixed ability groups and the more able do not appear to suffer. One of the possible reasons for teachers not placing children in mixed ability groups could be the fear of being marked down by OFSTED inspectors claims Harris (2012, online). In this recent report by Harris (2012, online) Michael Wilshaw (2012) the head of OFSTED, claimed it is critical to have high quality mixed ability teaching, if a child with low abilities is placed next to Oxford potential. He describes the ability to teach an individualised curriculum as hugely difficult and due to a combination of low expectations and inadequate mixed ability teaching, the brightest children are failing (Wilshaw 2012, cited in Harris, 2012, online). Despite this, Smith (2006, online) argues that science education in junior schools could be transformed by mixed ability grouping pupils as children lean to be more independent and communicate better with each other(Smith 2006, online). As stated in the introduction, Child A is said to be underachieving in all core subjects. It may be fair to suggest that she has not been given the chance to develop in science and due to her below average literacy and mathematical skills, has been generalised to be underachieving in all core subjects and Eshach (2006) argues that although scientific concepts may be hard to grasp, it does not mean that children are unable to think abstractly about scientific concepts. The terms below average expectations and lower ability are used often in schools. One must raise the question as to what is deemed to be average in order to establish expectations. Egan (2012 p.98) suggests the stage of maturational development theory highly influences the expectations set by teachers and the Government, as the National Curriculum is broken down into Key Stages, and years groups are determined by ages rather than abilities. It is argued by Kincheloe (2005, p.22) that this works by a one size fits all rule, which could prove detrimental to those deemed to be below average. A report by The Department for Education (Richardson 2011, online) stated that children who are slow to develop in early primary stages fail to catch up to where they should be as they move through school. This may be supported by theories of how the brain develops as Taylor (2002, p.23) states that there can be no doubts that learning is dependent upon the speeds with which nerve messages move and are sorted within the brain therefore learning is restricted the maturity stage of a childs brain. Newberger (1997) argues that childhood is the optimum time to provide children with new knowledge as the brain continues to grow throughout childhood and due to its plasticity it can grow in response to new experiences. Through critically analysing both behaviourism and constructivism and observing applications of both theories within the classroom, I have reached the conclusion that in order to reach each child and maximise potential, approaches are used hand in hand. Despite its criticisms, behaviourism is still an important aspect of education (OHagan 2003, p.37). My researched has allowed me to consider my personal philosophy for teaching and pedagogy, and my observations have further enabled me to see the implications of learning theories and strategies on an individual childs development. Through distinguishing between practice which appears to work effectively and practice that may not, I recognise the importance of understanding the stage of development each child is at and how my teaching must reflect that as a result. I feel that having high expectations of all children, allowing children to discover, construct their own knowledge and express individuality is important, alongside encouraging individuals to share ideas and learn from one another in both ability and mixed ability groups. The most prominent aspect, which shall impact on my emerging educational philosophy as a result of all my research, is that all children are individuals and one approach to learning and teaching is not effective to ensuring children fulfil their potential.

Wells Fargo Analysis

MERCK & COMPANY INC.1. The marketing mix A. Product / Service Wells Fargo is an American bank that provides financial services to its customers throughout North America and Internationally. Our marketing mix starts with the description of the service mix of the firm Wells Fargo. This company gathers different ranges of services offered to the market place to meet the customers’ needs and expectations. Wells Fargo counts nine different kinds of bank services to compete in the financial industry.Ranges of services: Banking (Debit, credit card, Checking and saving account) * Brokerage (Facilitate the buying and selling of financial securities) * Insurance * Wealth management * Retirement services * Investments * Mortgages (4000 in 2009) * Consumer finance services (financial advice) * Well Fargo’s Financial Securities: Security business (merger advice, stock and bond underwriting, loan syndications, and fixed-income trading) B. Price We do not have any information about th e price of the services in the case study. C. Place Wells Fargo has a wide presence throughout the US territory.Headquartered in San Francisco, the company is decentralized to provide an optimization of the geographical coverage. Therefore, every local Wells Fargo store is like the headquarter for satisfying all their customers. The decentralization is an effective strategy when a company tries to have an effective wide presence on any market. This strategy has made the success of many of the Scandinavian organizations or institutions. Indeed, it allows any company, like Wells Fargo to get closer to its customers and be able to understand and meet better their needs and expectations.As we can see from the case, the company is doing well with its distribution and the customers service in general, it has even been rewarded Retail banker of the year according to US Banker. Consumers want and need a bank office near to the place where they live or where they work. The bank company must be strongly present in the quite big city and in the metropolitan area where the demand for the financial services is important. That is why Wells Fargo has developed a wide distribution, in the US domestic market, throughout more than 6,700 retail stores in 40 states in widely in North America.The acquisition of Wachovia is a part of a new distribution strategy to reach more consumers with an extended presence on the market. Now, Wells Fargo has branches almost all the states from the East to the West both in the North and the South. This acquisition has allowed Wells Fargo to extend its presence in the Eastern part of the US, which represents a huge part of the financial market. Indeed, Wachovia had a strong presence in the part of the US especially in Connecticut, Florida, Virginia, North and South Carolina. 6,700 Banking Stores: 3,296 US Wells Fargo Banking stores * 3,314 US Wachovia Banking stores * 90 Other financial branches Finally, in addition to the classical distribution channel, Wells Fargo use the electronic distribution with its online website where customers can be informed and have an access to some services like checking accounts, make wire transfer, plan a rendezvous with a financial adviser†¦ D. Positioning Without information about promotion, we chose to develop a part about positioning that is, in fact, a sub part of the promotion.In marketing, positioning is the process by which marketers try to create an image or identity in the minds of their target market. Positioning on the global market with a presence in Canada, in the Caribbean, Latin America and other countries, Wells Fargo is especially focused on the US national market. In 2008, after the acquisition Wachovia, a Wells Fargo’s press release said that the company was:† the most Extensive Financial Services company, Coast-to-Coast in community banking†. Wells Fargo is widely recognized in the financial industry.The company has built a very credible reputatio n with its promotional campaigns, its track records and the customer loyalty. The statistics based on the industry and government sources clearly show its size and brand image: * 41st revenue among all US companies ranked by Fortune * 17th most profitable company in the US * 33rd Largest employer in the US * 18th most respected company in the world as ranked by Barron’s * â€Å"AAA† credit-rated by Moody’s * The only standard & Poor’s AAA bank in the US * Among the top 50 companies as ranked by Diversity Retail Banker of the Year according to US Banker * Number-one commercial real estate lender * 18th among the world’s most valuable brands according to the Financial Times Wells Fargo tries to communicate to its customers, how much they are important for the company, saying that they are the center of everything they do. The mission is now to improve the quality of the services. Indeed, the company is, according to the CEO, Mr. Kovacevich, enough de veloped and enough big. The services are now provided with an easy access for the consumers.Now the direction to take is the quality provided: â€Å"We are a big company. We will continue to grow – not to become bigger but as a result of getting better†¦ Regardless of how big we are and how much territory we cover our team shares certain values that hold us together wherever we are and whatever we do†. Wells Fargo puts considerable emphasis on its culture in brand image toward the customers. It wants to be known as a financial partner, for outstanding services and sound financial advice, satisfying all of their financial needs and helping them to succeed financially.The company even considers its customers as friends. However, the company, does not only communicates to its customers but also with: * Its employees, telling them how much they are important for the company. Indeed, Wells Fargo wants to be known as a company that believes in its people as a competitiv e advantage over the competition, a great place to work, and as an employer of choice that really care about them * Its communities, promoting the economic advancement of each partners including those not yet able to be economically self-sufficient.Being seen as a community leader in economic development, in services that promotes economic self-sufficiency, education and social services is a necessity. * Its shareholders, insuring them that investing in Wells Fargo will be a great investment with financial results among the entire Fortune 500 and with the Moody’s credit-rated of â€Å"AAA† (the highest possible one) 2. Customer’s Analysis and Target Market The Wells Fargo’s target market gathers more than 25 million customers across the USA, and internationally.Demographically, the firm does not really have a specific target, and wants to provide financial services to all consumers who need either rich people or those who have financial difficulties. Geog raphically, the customers are divided up over 40 US states out of the 55. Mostly located in the metropolitan area, they are concentrated near the cost (both East and West). However, Wells Fargo, still provide its services in the less dense areas, where people need to have an access to a bank for community banking services.About buyer motivations and expectations, we noticed that customers are looking for efficient, reliable and adapted financial services and advice from the company. They expect good quality services and want from the bank the ability to meet their needs and expectations. Wherever they are, the consumers need to have an easy access to financial services in the bank office and in the Internet as well, where customers check their different bank accounts and transactions. Wells Fargo is specialized in different segments where it is one of the top companies, if it is not the top one.The most important segments are the homeowners, the small businesses, the agricultural bu sinesses, the debit card users and the prime home equity. In these segments, the company is performing very well, providing good quality services and good customer service which allow the company to constantly increase the customer loyalty, being able to keep its customers from the competitors. However, it does not mean that the others are abandoned. Wells Fargo really tries to emphasis that all customers are important, from the consumer banking over lending to the big institutional client. 3. SWOT MatrixThe SWOT Matrix is an important matching tool that us to develop four types of strategies for Wells Fargo: * The SO (Strengths-opportunities) strategies use a Wells Fargo’ internal strengths to take advantage of external opportunities. * The WO (Weaknesses-opportunities) strategies aim at improving internal weaknesses by taking advantages of external opportunities. * The ST (Strengths-threats) strategies use a Wells Fargo’s internal strengths to avoid or reduce the imp act of external threats. * The WT (Weaknesses-threats) strategies are defensive tactics directed at reducing internal weaknesses and avoiding external threatsStrengths 1. Brand Image and Culture and values (ethical behavior) 2. Credibility 3. Statistics based on the industry and the government sources show its size and strength 4. Acquisition of Wachovia: extension of the distribution channel and the number of customers 5. Decentralization strategy 6. Strong position in the markets involved in 7. Management: 8. Innovation leadership (Internet: E-commerce) 9. Market leadership in the West: the largest financial institution headquartered in the Western US that has a strong balance sheet and is able to steer through the pitfalls that plagued many of its competitors 10.The new products like the Wells Fargo Securities took from Wachovia securities business 11. Moody’s credit rate â€Å"Aaa† (the highest possible) Weaknesses 1. Decrease of the net income and ROA and ROE 2. L imited international presence 3. Bad reputation as a bank since the economic recession 4. Weakness asset quality among high real estate exposure 5. The Wachovia subprime mortgage problems 6. Overcommitted in credit default swaps 7. High amount of goodwill ($23 billion) Opportunities 1. Many banks are struggling like Citigroup with negative Operate margin (-57. 9%), Net income ($ -23. 9 Billion), and EPS (-3. 651) 2. Some Banks have recently failed and have been seized by Federal officials like Lehman Brothers Colonial Bank and Guaranty Financial group: Delinquency rates on their holdings has soared as high as 40% -> Decrease the competition 3. Grow internationally 4. Keep improving the internet uses 5. Develop new products for new businesses SO Strategies| WO Strategies| 1. Develop new internet applications and services for customers (S8, O4) 2. Increase promotions to attract more customers (S1, S2, O1, O2) 3. Open branches in foreign markets (S1, S3, O3) 4.Get closer to the custome rs needs and develop loyalty programs (S2, S5, O6)| 1. Advertising campaign to reassure the consumers (W3, O1, O6) 2. Open branches in foreign markets (W2, O3) 3. Develop alternative services to diversify the ranges and not focus and mortgages (W4, O5)| ST Strategies| WT Strategies| 1. Develop completive services and use competitive advantages to gain market share (S3, S5, T7) 2. Take advantage of the lack of regulation 3. Develop a strong customer loyalty database (S4, S5, S6, O7, O8)| 1. Develop alternative services to diversify the ranges and not focus and mortgages (W4, W1, T4) 2.Charging lower interest rates to the customers (W1, T1)| Threats 1. Continued deterioration in the housing and credit market 2. High unemployment rate 3. Tight credit 4. Many homeowners cannot make mortgage payments 5. The value of houses has dropped the amount borrowed -> great problem for owners and banks 6. The lack of regulation today has blurred the product and services bank offers 7. Competition w ith Bank of America and Citigroup 8. Superregional and International Banks are growing, they all tend to expand globally 9. Assurance rates increase 4. Industry and Competition analysisThe financial industry counted nine main players before the economic crisis in 2008, which meant height potential competitors for Wells Fargo including Bank of America, Citigroup, US Bancorp, Merrill Lynch, Morgan Stanly, Lehman Brothers, Colonial National and Guaranty Financial Group. The economic recession has eliminated the weak banks that were not doing well enough to overcome the outcomes of the economic crisis, like Lehman Brothers, Colonial Bank and Guaranty Financial Group. Furthermore, an economical selection has been made and only the best banks are still competing on this industry.The industry is currently suffering from the economic recession and all of its outcomes including the deterioration of the housing and credit market, high unemployment rate, and tight credit. That is why many bank s, especially the community banks, are struggling and some even have failed, including Colonial National, and Guaranty Financial Group. Moreover some Banks like Citigroup are not performing well by loosing money and market share. Guaranty had more than $3 billion of securities baked by adjustable-rate mortgages.The bank has seen the delinquency rates on holdings soared by 40% before the federal officials seized the bank in August 2009. As we can see from the chart, in term of revenue Wells Fargo is not the best financial service company. Until 2007; Citigroup was the leader in sales but the economic crisis and the recession that have followed this crisis has led to a sharp decrease of its sales. Since 2008, Bank of America is the leader in sales and the stronger competitor for Wells Fargo. However, its sales are fluctuating whereas the Wells Fargo’s sales show a slow but steady rise.This chart displays the evolution of the net income of the three main companies including Well s Fargo, Citigroup, and Bank of America. Wells Fargo was the last company in 2007 before the economic crisis in term of net income. However, we can see that the two competitors are not doing well enough to keep being competitive, especially Citigroup, which had a decrease of 210. 7%. All of the companies have seen its net income decreased but Wells Fargo has the slightest decrease which allow it the to have the highest net income in 2009 and shows by the way its capacity to overcome though situations. 5.Type of strategies Wells Fargo shows the desire to take part in the top financial companies in the domestic market. This is one element from their long-term strategies. This desire to compete with the market leaders such as Bank of America represent the results expected from pursuing certain strategies. According to this case, we can say that Wells Fargo is pursuing a market development and market penetration strategy, introducing present services into new geographic areas. This stra tegy, has particularly led to the acquisition of Wachovia and the extension of the Wells Fargo’s presence to the Eastern US.This market development strategy has required intensive effort for Wells Fargo in terms of investment and management. This strategy basically involves introducing present products or services into new geographical areas. Here by acquiring Wachovia, Wells Fargo can use a strong presence through the Wachovia’s distribution. The firm’s competitive position was clearly to improve compared to the market leaders. However, the company was rather successful at what it does before the acquisition, which was a primordial condition prior to such acquisition.Then but not least, it already had the needed capital and management quality to manage the expended operations. With this acquisition, the firm has a huge distribution capacity throughout all of the Wachovia’s bank offices and retail stores. Combined with the strategy of decentralization, th is will allow them to reach more consumers and increase the productivity. The year 2009 shows a quick preview about what the firm can achieve in the next years. The acquisitions or mergers are two commonly used ways to pursue strategies like market development or more generally intensive strategies including, market penetration and product development.The market penetration consists in increasing market share for present products or services in present markets through greater marketing efforts (increase number of salespersons, advertising expenditures, promotion, and publicity efforts). Then, the product development strategy seeks increase sales by improving or modifying existent products or services (it entails large research and development expenditures). A merger occurs when two organizations of about equal size unite to form one enterprise. That is what often happened in the Wells Fargo’s history and what helped the firm to grow faster and reach the size the firm had in 2 008.On the other hand, an acquisition occurs when a large organization like Wells Fargo purchases a smaller firm or a firm not doing well, like Wachovia. By acquiring Wachovia, Wells Fargo has realized some major benefits: * Provide improved capacity utilization * To gain access to new customers and products 6. SPACE Matrix The Strategic Position and Action Evaluation (SPACE) Matrix, is a marketing tool used to help the company to define the best strategy to develop according to its internal strategic position (Financial Position and Competitive Position) and the external strategic position (Stability Position and Industry Position).The four quadrants of the Matrix indicate whether aggressive, conservative, defensive, or competitive strategies are most appropriate according the characteristics of the company and its industry. Financial Position * The bank’s return on asset is 0. 44 (decrease of 72%) but superior of all competitors * The Bank’s Net income was 3. 58 Bill ion (increase of 28%) and superior of all competitors * The Bank’s revenue was 42. 84 Billion (increase of 1. 51%) compared to the industry average of 7. 98 Billion * The Bank’s earning per share 0. 912, over the main competitors and over the average industry (0. 91)Total| Rating465520|Industry Position * Deregulation provides geographic and service freedom * Deregulation increases competition in the banking industry * Economic recession * Growth potential * Financial Stability Total| 4213410| Stability Position * Banking deregulation has created instability throughout the industry * Less-developed countries are experiencing high inflation and political instability * The barriers to entry into the market is high * The competitive pressure is highTotal| -4-4-2-4-14| Competitive Position * The bank provides financial services through 6700 offices and retails stores in 40 states * Superregional banks, international banks are becoming increasingly competitive * The bank ha s a large customer base * Customer loyalty Total| -1-5-2-2-10|According to the SPACE Matrix, Wells Fargo presents an aggressive profile. The company is financially pretty strong, has some competitive advantages in a rather stable industry. The Wachovia acquisition is a great operation following the product development or market penetration strategy. 7. External Factor Evaluation Matrix (EFE) Regardless of the number of key opportunities and threats included in EFE Matrix, the highest possible total weighted score for an organization is 4. 0 and the lowest is 1. 0, and the average total weighted score is 2. 5. An organization with 4. 0 total weighted score is responding in an outstanding way to existing opportunities and threats in its industry.It means, the firm’s strategies effectively take advantage of existing opportunities and minimize the potential adverse effects of external threats. Key External Factors| Weight| Rating| Weighted Score| Opportunities: * Many banks are s truggling like Citigroup with negative Operate margin (-57. 9%), Net income ($ -23. 79 Billion), and EPS (-3. 651) * Some Banks have recently failed and have been seized by Federal officials like Lehman Brothers Colonial Bank and Guaranty Financial group: Delinquency rates on their holdings has soared as high as 40% * Grow internationallyKeep improving the internet uses * Develop new products for new businesses * New customers in the Eastern US financial market| 0. 090. 120. 050. 040. 070. 11| 342423| 0. 270. 480. 100. 160. 140. 3| Threats: * Continued deterioration in credit market * High unemployment rate * Tight credit * Many homeowners cannot make mortgage payments * The value of houses has dropped the amount borrowed * The lack of regulation today has blurred the product and services bank offers * Competition with Bank of America and Citigroup * Superregional and International Banks are growing, they all tend to expand globallyIncrease in insurance rates | 0. 100. 030. 070. 050 . 110. 060. 050. 030. 02| 222323423| 0. 200. 060. 140. 150. 220. 180. 200. 060. 06| Total | 1. 00| | 2. 80| Here we can note that the total weighted score is of 2. 80 is above the average of 2. 5, which means Wells Fargo is doing pretty well in the Financial industry, taking advantage of the external opportunities like the bad shape of the competitors and also containing the threats facing the firm like the competition with Bank of America. Of course, the firm could do better, improving its strategies to respond in better way to the threats and get a higher total weighted score close to 4. 0.According to the case, Wells Fargo should expand more its activities on the international market, and develop new financial products and services to be more attractive and competitive. Moreover, the firm must find solutions to overcome the bad state of the economy and its outcomes. 8. C. Internal Factor Evaluation Matrix This strategy-formulation tool summarizes and evaluates the major strengths and weaknesses in the functional areas of business. Like in the EFE Matrix, the total weighted score can range from a low of 1. 0 to a high of 4. 0 with an average score being 2. 5. Total weighted scores well below 2. 5 characterize organizations that are weak internationally whereas scores significantly above 2. 5 indicate a strong internal position. Key External Factors| Weight| Rating| Weighted Score|Strengths: * Brand Image and Culture and values (ethical behavior) * Credibility: Statistics based on the industry and the government sources show its size and strength * Acquisition of Wachovia: extend the distribution channel and the number of customers * Decentralization strategy * Management * Innovation leadership (Internet: E-commerce) * Market leadership in the West: the largest financial institution headquartered in the Western US that has a strong balance sheet and is able to steer through the pitfalls that plagued many of its competitors * Moody’s credit rate  "Aaa† (the highest possible)| 0. 070. 090. 110. 100. 060. 040. 090. 04| 44443343| 0. 280. 360. 440. 360. 180. 120. 360. 2|Weaknesses: * Decrease of the net income and ROA and ROE * Limited international presence * Bad reputation as a bank since the economic recession * Weakness asset quality among high real estate exposure * The Wachovia subprime mortgage problems * Wachovia is overcommitted in credit default swaps| 0. 080. 060. 080. 060. 070. 05| 212212| 0. 160. 060. 160. 120. 070. 10| Total | 1. 00| | 2. 89| The IFE Matrix provides important for strategy formulation. With a total weighted score of 2. 89, we can say Wells Fargo has a pretty strong position in the financial industry and can expect to become stronger and stronger because the firm knows how to create competitive advantages and how to use its strengths. 9.IE Matrix The IE Matrix is based on two key dimensions: the IFE total weighted scores on x-axis and the EFE weighted scores on the y-axis. The Internal External Matrix inputs are the EFE and IFE total weighted scores. As the EFE Matrix and the IFE Matrix have shown, Wells Fargo had 2. 89 for EFE and 2. 80 for IFE. In the IE Matrix, we can see the red dot represents Wells Fargo’s position on the Matrix. It is in the V cell, which suggests that Wells Fargo should use a hold and maintain strategy consisting of the Market Penetration and Product Development strategies; it should the most efficient strategy for the firm after the stage of the acquisition.However, the firm is very close to the cell I, II, and IV, which means the company’s situation can be descried as slow growth and build and where intensive strategies would be the most adaptable like market penetration and market development. 10. Grand strategy Mix The Grand strategy matrix is based on two evaluative dimensions: competition position and market growth. Wells Fargo is located in the Quadrant I of this Matrix, which means that it is in a rather excellent strategic po sition. Therefore, continued concentration on current markets (market penetration and market development) and products (product development) is an appropriate strategy. We can notice that a notable shift from its established competitive advantages would be unwise. Rapid Market Growth Quadrant I Quadrant II Strong Competitive Position Weak Competition Position Slow Market Growth Quadrant IV Quadrant III

What Does Mass Mean in Chemistry

Mass is the property which reflects the quantity of matter within a sample. Mass usually is reported in grams (g) and kilograms (kg). Mass  may also be considered to be the property of matter that gives it a tendency to resist acceleration. The more mass an object has, the harder it is to accelerate it. Mass vs. Weight The weight of an object depends on its mass, but the two terms dont mean the same thing. Weight is the force exerted on mass by a gravitational field: W mg where W is weight, m is mass, and g is acceleration due to gravity, which is about 9.8 m/s2 on Earth. So, weight is properly reported using units of kg ·m/s2 or Newtons (N). However, since everything on Earth is subject to about the same gravity, we usually drop the g part of the equation and just report weight in the same units as mass. Its not correct, but it doesnt cause problems... until you leave Earth! On other planets, gravity has a different value, so a mass on Earth, while having exactly the same mass on other planets, would have a different weight. A 68 kg person on Earth would weigh 26 kg on Mars and 159 kg on Jupiter. People are used to hearing weight reported in the same units as mass, but you should realize mass and weight are not the same and dont actually have the same units.