Marketing Tool
Banking Industry Marketing Tools and Customer Service Evaluation
One of the main problems with large companies is they tend to lose touch with their customers and begin to see them as just "numbers on a page." What they fail to realize is there's no "accounting formula" to tell them just how important "happy customers" really are. The most utilized form of research on the internet is Quantitative Research. This involves collecting electronic information from an appropriate sample of clients to find out what their views are about the organization and the customer service that it offers. This paper will discuss the various marketing tools being utilized within the banking industry and level of customer service it provides.
Navy Federal Credit Union (NFCU)
Navy Federal Credit Union uses a verity of marketing tools to promote their business. These marketing tools include publicity, promotions, and competitive rates. In the NFCU website, the front page has special promotions to advertise their loans. Currently if one was to purchase a used enterprise car using a NFCU loan, then they will receive an award card worth $350. For this marketing strategy, they most likely teamed up with enterprise rent-a-car. This mean the NFCU is most likely not paying for the full 350 dollar award card.
Another marketing strategy is the use of publicity. This is the best way of advertisement because it does not cost much if any, and it has the potential to reach more people. If one was to miss a publicity event for NFCU then they could retrieve a copy of the press release on their website. Some press releases currently posted are "GOV. BUSH APPLAUDS NFCU", "NFCU and Thoreau Middle School Showcase Student Creativity at 16th Annual Student Art Exhibit", and "Visa Honors NFCU with Three Service Quality Awards".
The most basic form of marketing NFCU does is competitive pricing. On the NFCU website, they list rates for all of their services. This...
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