Overview

The Western Union Company is the global leader in electronic money transfer. In this market, Western Union holds an 18% global market share.
Western Union offers a quick, convenient and reliable way to send and receive money around the world in minutes. Originally founded in the United States in 1851 as the Western Union Telegraph Company, Western Union is now active in 200 countries, with more than 375,000 points of sale, processing in excess of 109 million transactions every year. Western Union is a Fortune 500 company, and its logo is ranked among the world’s Top 50 Brands.
Vision: To become a dynamic business oriented organization, serving the needs of customers and other stakeholders.
Mission: Western union aims to provide the best money transfer service. They serve the needs of customers by providing a simple, fast and reliable international money transfer service.
Slogan: The fastest way to send and received money worldwide.
Industry: Financial services
Founded: 1851
Founder: Ezra Cornell
Headquarter: Englewood, Colorado

Application of 7ps in Western Union Money Transfer & Service Creation and Delivery
01. Product
Product is deep core heart of an organization. Success of an organization depends on the quality of a product. In case of service product is invisible. Service product lies at the heart of a firms marketing strategy. If a product is poorly designed, it would not create meaningful value for customers, even if the rest of 7ps are well executed. So the marketer’s job is to visualize the product in front of the customer. Product can be classified in different ways: * Core product * Supplementary product
Core product: Core product or service is the central component that supplies the principle to the customer.
Supplementary product: Supplementary service augments the core product. Those services enhance value and appeal.
Core product of western union money transfer:
In case of Core product for western union is transferring the money from one place to another even from one country to another country. A person can transfer the money from anywhere in the world.
Supplementary products of Western union money transfer:
In case of Supplementary products for western union are – * Money Order Service * Prepaid Card Service * Corporate Incentives * Home Delivery

02. Place and time
Place and time is very important element in 7ps. Delivering the product elements to customer involves decisions on where, when and how the product is delivered to customer. Delivery may involve use of physical or electronic channel, depending on the nature of service. Place includes:

* Geographic locations served * Physical and electronic channel * Customer control * Convenience * Channel partners or intermediaries.

* Geographic locations served:
Western Union operates through a network of approximately 485,000 Agent locations in 200 countries and territories. So, the customers can access the service of western union “Anytime, Anywhere”. Western union always opens for the customers. * Electronic channel:
Western union uses a specific server to transfer the money from one country to another. The server is linked with the every agent. When anyone wants to transfer the money, then the information is stored in a server. With the help of server, the information is available in any agent location. This is how money is transferred from place to place. * Physical channel:
The money that is transferred through server is available in any agent location. In order to collect the money, the customer should present physically in agent location. * Customer convenience:
The agents of western Union are most convenient “Anytime, Anywhere”. So the customer can collect the money easily and in more convenient. * Channel partners and intermediaries:
As we know today’s competition is not about the brand, today’s competition is about the network. If an organization has a strong network, then the organization definitely gets the success. Western Union covers 200 countries with 485,000 agents.
Service of western union is distributed through- * Physical channel * Electronic Channel

Places of western union money transfer in Bangladesh.

The money is transferring the money from one place to another through electronic Channel. To receive the cash that means to receive the service from western union the customer have to present physically.
Distribution options: * Customer goes to service personnel * Service personnel go to Customer home * Service transaction is conducted remotely
Among those Distribution options western union follow two Distribution options- * Customer goes to service personnel * Service transaction is conducted remotely
Another options Service personnel go to Customer home is not applicable in Bangladesh, it is followed in foreign countries.
03. Price:
Setting price for service is very crucial and challenging. Price means the amount of money charge by a company for a particular service. Pricing is the most important but difficult decision. Price is the only elements who generate profit or revenue for the company. For western union, the price is set based on service charge. The price can be set based on two things: * Amount of Money * Exchange rate

Amount of Money (Euro/Dollar) | Price (Euro/Dollar) | 0-65 | 9.5 | 66-130 | 14.5 | 195-260 | 22.5 | 550-630 | 34 | 1085-1240 | 53 | 1550-1860 | 73.5 | 2790-3100 | 121.5 | 4960-5270 | 205.5 | 9920-10230 | 397.5 |
Amount of Money: Western union service charge varies country to country based on amount of money. The sample of a char given below:

Exchange Rate: Western union consider exchange rate while the set the service charge. It also varies from country to country. Mostly in the third world countries western union money transfer change low price as the value of money is low.

04. Promotion
No marketing programme can be succeeded without effective communication. Through promotion the customer get the information regarding the benefits of service, where and when to obtain it, how to participate in service process to get the best result. For promotion purpose Western union uses different types of strategies such as:
Messages originating within the organization: * Production Channel * Marketing Channel
Production Channel: * Service Outlet: Western union promotes their product through Service Outlet. * Agent Location: Western union has so many agent locations in everywhere convenient place. Through agent locations Western union promotes their product.
Marketing Channel: * Television * Radio * Newspaper * Magazine * Bill board * Poster * Sticker
Television: Western union makes an animation based advertisement which is shown in television.
Radio: The voice of that advertisement is also broadcast in radio. Through radio general people can also inform about Western union.
Newspaper: Sometime western union use newspaper to promote their service.
Magazine: Inside the magazine western union give logo of their organization and make inform to the customers.
Bill board: In front of the agent location means near the banks, post office etc. several types and sizes bill board is shown of western union.
Poster: Beside the roar School, College, university or corporate office they attach poster to promote their service.
Sticker: On the cars, CNGs. Buses they attach sticker to inform about their service. Beside those the sticker is also shown in some departmental stores and retail stores. The sticker they use is colorful and attractive. They attract the customers to see the sticker more than one time.
Messages originating outside the organization * Email * Word-of-mouth * Blogs * Website
Email: Through mail sometimes they inform the customers.
Website: Western union has their own website through which they continuously connect with the customers and inform them about their service.
Blogs: Western union promotes their product through blogs.
Word-of-mouth: Through Word-of-mouth people can also learn about their quality service. They provide the superior service to their customers. After getting the service, one people inform and encourage other people to use the service. This is how western union creates the word-of-mouth among the people.

Promotion Strategy of Western Union Money Transfer

05. Process: Process can be described in two perspectives… I. Sender point of view II. Receiver points of view
Sender point of view
Step 01 (Completing the form):
The process began with the completing the form. At first the customer goes to the Western union agent location and inform them that he or she want to send money. Service personal of the western union ask to fill-up a form including: * Name * Country * To whom you sent money * Amount of money
Step 02 (Present payment):
After filling up the form the customer present the cash including service charge to the service personal of western union agent.

Step 03 (Get the receipt):
After getting the cash the service personal of western union provide a receipt to the customer and a 10 digits MTCN number which act like a password. The receipt contains: * Name * Amount * Money transferred to * MTCN number
Receiver points of view:
Step 01- (Visit to the agent location):
The person whom the money is transferred that person visit to the agent location of western union with the MTCN number. There are many agent location of western union in every country. The location which one is more convenient to the customer from that agent location he or she collects the money.

Provide the following information to the Agents * The Money Transfer Control Number (MTCN) from your Sender's receipt is required. * Sender's first and last names. * City and country the money was sent from * The amount that was sent. * Your first and last names, address, and telephone number.

Step 02 (Identify the receiver):
In this stage the receiver must provide the legal identification to the agent location service personal. The receiver has to be shown * National ID card or * Driving license
Step 03 (Sign the receipt):
After identification the receiver gets the receipt and signs the receipt. The signature must match with the signature of national ID card or driving license cad signature. If not match then service personal don’t provide the money to the receiver.
Step 04 (Receive the money):
When everything is ok, then the service personal sign into the receipt and give a copy of receipt to the receiver. Then receiver collects money from the cash counter easily.

06. Physical Environment:
Physical environment includes the appearance of buildings, landscaping, equipment, staff member uniform, sign and other visible cues all provide tangible evidence of service quality. Service firms need to manage physical evidence, because it can have a profound impact on customer’s impressions.
Color:
Color is stimulating, calming, expressive, distributing impressionable, cultural, exuberant, symbolic. It pervades every aspect of lives, gives the beauty. Researchers have found that colors have a strong effect on people feeling .western union has designed with nice color. It attracts the people’s eyes. The customers want to see the color again and again. The color of western union is the combination of black and yellow and it is eye-catching. Color | Degree of warmth | Nature | Common association and human response to color | Yellow | warm | Sun | Optimism, Clarity, Intellect, Mood Enhancing ability | Black | Silent | Night | Darkness, Dream |

So, from the color we can say that western union open from the morning to the night. As the nature of color is sun and night.
Spatial layout:
Spatial layout refers to the floor plan, size, and shape of furnishing, counters and potential machinery, equipment and the way in which they are arranged.

Functionality:
Functionality refers to the ability of those items to facilitate the performance of service traction. Western union can transfer the money from one country to another country, from one place to another within an hour. So, the speed of functionality is so high.
Signs and symbol:
Many things is the service environment act as explicit or implicit signals to communicate the firms image- help customer to find their way and to convey the secure script. In particular, first time customer will automatically try to draw uncaring from the environment to guide them through the service process by watching the sign of western union, the customer easily recognize the western union.
Staff Grooming:
Appearance of service personnel is very important. The service personnel should look smart and their clothing should look attractive

07. People:
In every organization people are very important. Service personal is also a part of people. Service personal should have the welcoming approach. They should smile always Customer will not fell ease if the service personal is not friendly. From top to down every operation is operate and controlled by people. So choosing the right people for the right is also very impartment.
People include managing the human side of the enterprise. * Job design * Selection * Training * Motivation * Evaluation
These are parts of Human side.
Job design: Designing the job includes two things: * Job description * Job specification

* Job description: Duties and responsibility performed by an employee * Job specification: Skills and knowledge that requires performing a job.

A sample of job designing for western union is given below:
Position: Business Development Executive
Essential Duties and Responsibilities: * Build and maintain strategic business relationships with existing and prospective clients. * Develop sales strategies and plan to best position products and services. * Manage the complete sales cycle process to ensure maximum productivity and completion of sales/pipeline reports, and competitor information. * Communicate customer requirements, sales, and lead information with the trading team and management. * Meet and exceed sales targets. * Establish a productive sales/dealer relationship. * Develop and maintain sales pipeline through Western Union Business Solutions' CRM system. * Desired Skills & Experience
Experience & Educational Requirements: * University or college education with an emphasis on international studies, economics, marketing, or finance - highly regarded. * Minimum 2 years of business to business solution sales experience with a proven track record essential. * Experience in the financial or technology industry * Foreign exchange dealing work experience * Salary: Negotiable

Performance Evaluation:
There are different ways to evaluate the performance of an employee: * Liker Scale * Pair comparison method * MBO(Management by objective) * BARS * 360 degree feedback

Among them Western union applies Liker Scale, Pair comparison method, MBO(Management by objective) to evaluate the performance of employee.
Performance Evaluation = Expected performance-Actual performance
If the performance is effective, then the employee gets the reward and if the employee performance is efficient, then the employee gets reward with facilities. But if the performance is not up to satisfactory then the employee gets the punishment.

Training:
Training is the process, development is outcome. There are two ways to provide the training * On the job training * Off the job training

Training | On the job training | Off the job training | Job rotation | Vestibule training | Assistant to position | Experimental experience | Committee assignment | Outdoor training |

These types of On the job training and Off the job training are provided by Western Union to the employee.

Managing 7ps of Western Union require collaboration between Marketing, Operation management, and Human resource management.