Favorite Brand Paper
University of Phoenix
July 13, 2015
Engaging consumers in the modern business environment requires innovative branding efforts from companies in virtually every industry. A brand which I am passionate about is the American Express card due to its ability to stand out from the crowd in a highly competitive arena. The following paper analyzes the American Express brand and explains how ground-breaking branding has cultivated phenomenal success for the company and its stakeholders.
Reasons Why I am Passionate about the American Express Brand
American Express holds an impressive record of corporate responsibility. I admire their ...view middle of the document...
Commitment to Service
A third reason for the choosing the American Express card is the clear commitment to customer service. When you purchase a product that is backed by the American Express logo, you have confidence that there is strong customer service behind the scenes. According to the American Express (2015) website, “the J.D. Power Credit Card Satisfaction Study ranked American Express the “Highest in Customer Satisfaction with Credit Card Companies, Eight Years in a Row, Tied in 2014.” (Superior Service, p.1).
Loyal Customer Relationships across Different Groups
The financial services sector has a very broad customer base because virtually every average citizen requires some form of financial service. AMEX has managed to reach a very large class of people by offering a range of highly targeted products. For instance, it offers the Bluebird Program for low net worth individuals who would not otherwise be eligible for high credit limits. From there, it offers the gold and platinum cards for bulk for American consumers. These cards have credit limits ranging from 5K to 20K and are suitable for the average middle-class family with stable employment. Lastly, the company offers the black card to the wealthy class, or the 1% as it has become known today. The company has created a highly efficient system for individuals to use plastic credit cards as status symbols. This branding strategy has allowed AMEX to reach a wide audience, despite differences in purchasing power.
Comparison of Other Competitors
Two competitors to AMEX that merit mentioning are Visa and...