CEO of Umpqua bank, Ray Davis, has a vision of making Umpqua “the world’s greatest bank”. Since then, Umpqua enhance consumers motivation by making itself personally relevant to customers. Personal relevance is something that has a direct bearing on the self and has potentially significant consequences or implications of our lives. Relevance fuels their motivation to process information, make decisions, and take actions. Umpqua ways to enhance consumer motivation by making itself personally relevant to customers are by make each store is a “community hub” :
* Provide Umpqua brand coffee, so people can spend a few minutes sipping Umpqua-brand coffee
* Provide local music selected by Umpqua, so customer can listen to local music selected by Umpqua
* Provide Umpqua’s free Wi-Fi internet access, so customer can surfing the web using Umpqua’s free Wi-Fi internet access
* Make the place lots of light
* Provide comfortable seating so customer can feel comfortable while waiting
* Provide a coffee bar
* Provide a television screen so customer will not feel bored
* Provide a teller area styled like the reception desk on upscale hotel
Umpqua store is nothing like the formal, stuffy stereotype of an old-fashioned bank branch. By these ways, Umpqua can enhance consumer motivation by making itself personally relevant to customers and customers will also feel comfortable come to the Umpqua bank. Umpqua bank also enhance the kids by launch a summer program to teach youngsters how to run a lemonade stand, offer them 10$ in start-up money, give them hints about advertising and pricing, and lend out kid-friendly folding lemonade stands to young entrepreneurs. Now, today’s lemonade tycoon may very well become tomorrow’s satisfied customers.
2. Explain, in consumer behavior terms, how the Innovation Lab enhances...