1. Discuss several reasons why marketers continue to have a hard time understanding, predicting, and explaining consumer behavior.
2. After watching the video on Umpqua Bank, what impressed you the most about Umpqua's branding and positioning tactics? Why?
3. How has Umpqua Bank's marketing tactics changed your view of the banking industry?
4. How would you measure Umpqua Bank's brand equity?
Impressions of Umpqua's branding and positioning tactics
1.Consumer behavior can be explained as the attitude of the customer or consumer towards the products or services. Business is facing issues in making prediction regarding the behavior of the consumers towards the products or services offered. Marketers focus on analyzing the measures for predicting the consumer behavior (Ochalla, 2014). Different factors affect the understanding and prediction regarding the consumer behavior by the marketers. These factors are discussed below:
Dynamic nature of the needs of the customers: changes are taking place in the preference or taste of the customers. This change in the needs of the customers affects the process of understanding, predicting and explaining the consumer behavior by the marketers.
Perception regarding the quality: different individuals have different needs and their perception changes regarding the quality of the products. Companies offer same products or services to the customers and perception regarding the quality of every customer is different (Sharma & Lal, 2012).
Demographic factors: change in the land or location is an important factor which affects the process of prediction by the marketers for the understanding of the consumer behavior.
Lack of focus on the non-buyers: the focus of the business is on the existing customers of the business. There is a need to focus on the non-buyers or the potential customers for enhancing the customer base and making predictions regarding the consumer behavior in a better way (Sharma & Lal, 2012).
2.After watching the video on Umpqua Bank, what impressed you the most about Umpqua's branding and positioning tactics? Why?
Umpqua bank has used market research as a branding and positioning tactics in which the bank has sent the associates of the bank for analyzing the needs of the customers including different organizations operating in the different industries. This approach has helped Umpqua Bank in identifying the needs or expectations of the customers and potential customers (Ochalla, 2014). For the purpose of changing the perception or behavior of the customers towards the bank, services are offered in minimal time. Different tactics have been used by Umpqua bank and these include creation of unique delivery system, building a culture around service and innovation, try before you buy approach, engaging the people with the use of digital technology and being a community bank so as to create a borderless community bank (The Financial Brand, 2014). All these tactics adopted by Umpqua Bank has impressed me as these practices adopted by Umpqua Bank has enhanced the effectiveness of the branding and positioning tactics.
Marketing tactics implemented by Umpqua Bank
3.Different marketing tactics have been used by Umpqua Bank which has contributed towards the change the views of the banking industry. The demonstrationis being provided at the workshops by the Umpqua bank which has helped in enhancing the behavior of the consumers towards the services offered by the Bank. Umpqua has reinvented the banking system and focused on meeting the expectations of the different segments of the targeted market. Different sectors were being targeted and strategies were adopted for changing the perception of the consumers towards Umpqua Bank (Magee, 2011). The focus of Umpqua bank was on engaging the customers by conducting meetings, changing the manner bank was operating previously and celebrating occasions with the customers. People were hired from the retail industry and training was provided to them for enhancing the satisfaction level of the customers. Training process has helped in learning the importance of the customer relationship. Neighborhood store concept was initiated where products of other merchants were displayed and sold out (Dumitriu, 2012). This approach has changed the views towards the banking industry.
4.Brand equity can be defined as the commercial value of the brand which derives the perception of the consumer. There are four dimensions of brand equity and these dimensions are brand awareness, brand loyalty, perceived quality and brand associations. For the measurement of the brand equity of Umpqua Bank, there is a need to engage in the evaluation process of the elements of the marketing mix of the Umpqua Bank. Brand equity of the bank will be measured by evaluating the elements of the marketing mix of Umpqua Bank. Dimensions of the brand equity will be considered for the process of measurement of brand equity (Magee, 2011). These dimensions include value, social image, performance, commitment and trustworthiness. Measurement of the brand will be done at regular intervals for analysis of the brand equity. Evaluation of the marketing programs of the Bank will be based on the measurement of the brand equity. Feedbacks can be obtained from the customers for the identification of the problems related to the performance of the product, positioning and employees of the Bank (Lassar, et. al., 1995).
Dumitriu, R. (2012). The Role of Branding in Marketing Strategy. Management & Marketing, 10(1).
Lassar, W., Mittal, B. & Sharma, A. (1995). Measuring customer?based brand equity. Journal of Consumer Marketing, 12 (4), 11-19, https://doi.org/10.1108/07363769510095270
Magee, T. L. (2011). Organizational culture and brand: A grounded theory assessment of employees' enablement to live the brand at a best place to work. Doctor of Business Administration.
Ochalla, B. (2014). 4 Ways to Make Your Brand as Cool as Umpqua Bank. The Financial Brand. Accessed on: 26 January 2018. Available at: https://thefinancialbrand.com/38337/how-to-make-an-umpqua-bank-brand/
Sharma, S. & Lal, K. (2012). Changing Consumer Behavioura Challenge for Sustainable Business Growth. International Journal of Marketing, Financial Services & Management Research, 1(8).
The Financial Brand. (2014). Forum 2014 Keynote Presentation – The Umpqua Bank Strategy. Accessed on: 26 January 2018. Available at: https://www.youtube.com/watch?v=i1NGEImMY0Q