1. Identify five cultural, social, personal or psychological characteristics (shown in Chapter 5, Figure 5.2) that would affect a person becoming a customer of Umpqua Bank
There are more than five characteristics that I noticed but the five that I feel are important are reference groups, lifestyle, personality and self-concept, perception, and beliefs and attitudes. There are large numbers of companies that have become popular because of references given to potential customers by satisfied customers. Reference groups expose a person to new behaviors and lifestyle, influence the person’s attitudes and self -concept, and create pressures to conform that may affect the person’s product and ...view middle of the document...
A belief is easy to influence but an attitude is hard to change. There is little that you can do when a person’s attitude is negative towards this bank but if it is positive that is something we can work with. Traditional banking has been around for over 400 years and UMPQUA Bank is anything but traditional and will be met with skepticism.
2. Show how a consumer would use the five stages of the consumer buying process in making the decision on whether to become a customer of Umpqua Bank.
Need Recognition: There is always a need for a banking institution. Some of those needs may be a location issue, availability, hours of operation and service.
Information Search: A person can research the institution before becoming a customer to ensure that this is the one for them and is the best choice.
Evaluation of Alternatives: When evaluating the alternatives there is not another institution of it’s kind, there may be better incentives than with competitors and may surpass that of their competition.
Purchase Decision: I am not sure how this works with this institution but I do know that banks have different services and charges that are offered to the customer. This may influence the decision too.
Post Purchase Behavior: The importance of the continuance of services that attracted the customer is important from day one to the last day that the customer is no longer a customer with the bank. It is important to maintain customer satisfaction from beginning to end. This will help the institution improve in areas where they were lacking and continue to excel in others.
3. Describe the ways...