Paper Sample on MasterCard's Market Dominance: Ideologies, Values, and Strategic Insights

Nevertheless, MasterCard should enhance its strategic position if it needs to advance and improve its share in the market and keep up with the competition in the market. VISA is one of the largest and most conventional long-term competitors to MasterCard. Other small competitors are also coming up with alternative solutions for payment that may end up taking larger shares in the market. That means that MasterCard always has to keep looking at better ways of enhancing their services and ensuring that their domination is continued. Most of the companies coming up may have the same business model as MasterCard, with the only difference being that they do not have the same product (Conklin, 2010).

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1.1 MasterCard Ideologies

MasterCard has grown to build itself a few philosophies within which it operates. These are incorporated in their aim, vision statement, mission statement, and values as discussed herein.

1.1.0 Company Aims

MasterCard Incorporated as a company aims to implement strategies for their trademark to help in the creation of desire, reputation, and international acceptance. The outcome was dedicated to supreme quality for all stakeholders, including customers, corporations, states, retailers, and financial firms. It initiates and runs various global trade functions through technology and innovation to provide its customers with safe and quick payments. Through the expansion of the MasterCard company, it continued to create value through various activities such as helping all its clients and members within the ecosystem, increasing the business prospects of its customers by aligning its marketing activities to MasterCard's business goal, and supporting plan centers (MasterCard, 2020). A success key factor for the multinational company is based on the fact that its values, mission, and vision are, at most times, in line with its objectives and actions. That means that more than not, MasterCard lives up to its motto. An example of this happens when it advances open technology strategy and banking strategy to enhance the customer experience (Paul, 2020).

1.1.1 Values

Security: The company ensures that all its service providers worldwide are operating through cost-effective, reliable, and safe solutions so that the clients can have the best possible assistance for them to improve, expand, or start their business performance. It is always mindful of the people and criminals who might want to conduct criminal activity and exploit consumer data, especially during this age and time when cyber crimes are rampant and normal in many sectors and industries (Jennewine, 2020). MasterCard ensures that these corporations and retailers are assured of their money safety, with a deep-rooted tradition of improving and investing in several technology layers such as IA, behavioral and physical biometrics, and EMV. Through these, the company gains more consumer trust and continues dominating more markets.

Innovation: MasterCard has always utilized its employees' expertise and creativity to create the way people do their transactions. The way it has contributed to innovation has been pivotal for the growing enterprises. There is the improvement of transaction experience for consumers and the facilitation of more sustainable models of financial mechanisms worldwide. Many MasterCard innovations have been instrumental in transforming transactions by ensuring they are more secure, more open, smoother, more convenient, and have easier network processing. Besides providing and utilizing top-notch technology to its clients, the company believes that ensuring an innovative attitude is vital for its ultimate success. As such, MasterCard ensures that its employees are competent enough to continue its legacy and success through the recruitment of talented and success-oriented individuals with big ideas and curious minds (Conklin, 2010). MasterCard then inspires these individuals to cultivate progressive imagination. For many years, the company has solely dedicated many departments to working with reputable entrepreneurs and developers to ensure that they foster innovation-driven communities that provide the best services to people of different walks interested in their work (MasterCard, 2020). Even though most of the ideas are based on ensuring better services, MasterCard thinks of making profits and providing value.

Trust: This is an integral part of any business. There has to be trust for people to work together without any issues. For the most part, MasterCard's management has always dealt with, ensuring that it cultivates trust between its customers and the entity. Success and profitability are only possible when there is public confidence in them (Schultz., 2010). Even though there have been a few times when the company has been the subject of scrutiny due to fraudulent activities in the past, MasterCard values respect, integrity, and transparency. The company has also made sufficiently huge investments in providing security and innovative services to its clients.

Partnership: In today's business environment, partnership is often needed since many human activities and linked. In this regard, MasterCard gives immense value to the collaborative efforts with other entities that it collaborates with both indirectly and directly. It is an essential element for ensuring all parties' success and ensuring the community's betterment (MasterCard, 2020). MasterCard initiative also looks at other factors such as regional scope while seeking worldwide alliances. The company has a huge integration capacity attributed significantly to its global efforts of giving better services.

Agility: Agility is one of the most profound cultures at MasterCard. The company ensures this through implementation and inventiveness while operating with a sense of urgency and providing value all along. For maximum customer experience, there is a need for swiftness while dealing and responding to clients' needs and doing other duties.

1.1.2 Mission Statement

The company's mission is engrained in ensuring that it achieves the provision of global service. This goal has been actualized in many different ways that the company does its activities. MasterCard is a renowned financial entity with worldwide acceptance. It has continued to keep up with the market changes and ensure that they are renovating payment each day to make the services secure, convenient, and fast. At the moment, MasterCard gets 60% of its revenue outside the United States, compared to the 46.3% average for the Standard & Poor's 500 Index businesses benchmark. After the company consolidated various local associations into one and made it public in 2006, it has continued to continue its domination into the world, even reaching more markets than it ever did (Conklin, 2010).

1.1.3 Vision Statement

The Ultimate vision of MasterCard is rooted in creating a world that is beyond cash. The company recognizes that there is a significant percentage of the world's population with inadequate bank access or other ways of accessing and storing money conveniently at all times. Often, they tend to carry cash, which can be dangerous and risky to them. Financial inclusion provides that everyone should be ready with the tools to be involved in a rising economy. Financial inclusion is vital, whether it means using a safe ID card or a mobile payment system. It allows for the empowering of people worldwide so they can support themselves and their societies. It is worth noting that MasterCard has lived up to its mission and ideology of inspiring people and inclusion so people can operate in a world beyond cash by providing its payment technology business to people from all walks of life. Since MasterCard has a global footprint globally, it has been capable of establishing tailor-made and creative instruments both at international and domestic levels. This aspect has allowed the company to form a partnership with the government, other corporations, and businesses. For instance, Rwanda's partnership ensures better pension, healthcare, and education provision for the people.

2.0 Porter Five Forces

According to Michael Porter in the article "Five Forces that Shape Strategy," observed five forces that can help impart a firm's profitability within an industry. He further discussed these forces as rivalry among existing players, substitute product threat, suppliers' bargaining power, and new entrants' threat. MasterCard has a holistic strategy framework that presents competition based on what is available.