Consumer Behavior – Diploma of Commerce
Case Study – What’s in Store at Umpqua Bank
1. How does Umpqua enhance consumer motivation by making itself personally relevant to customers?
In order to enhance consumer motivation, firstly, Umpqua is supposed to get to know its consumer behavior by making itself personally relevant to customers. Secondly, the company should be creative to be outstanding among of its competitors. In details, beside of making different transactions in Umpqua Bank, the customers nowadays can enjoy their time in Umpqua according to a friendly environment which serve drinks for customers and listen to such a great playlist in Umpqua. Moreover, while waiting to be their turn, customers can surf web via internet connection in Umpqua or watch television. More or less, Umpqua Bank seems like a community hub where people can feel like home.
2. Explain, in consumer behavior terms, how the Innovation Lab enhances customers’ ability to process information about banking products and services.
According to the globalization nowadays, everything is conducted through technology. Therefore, Innovation Lab is not an exception for financial banking service. Customers basically think that technology is quite faster than manual, as a result, the mindset about Innovation Lab already enhances customers’ ability to process information about banking products and services. In addition, in the accordance with an article, Innovation Lab is both people friendly and efficient. It features huge touch-screen multimedia plasma wall where customers can obtain detailed product information and listen to podcasts about various services.
3. What is Umpqua doing to enhance consumers’ opportunity to process information about financial services?
First of all, in order to enhance consumers’ opportunity to process information about financial services, Umpqua is learning the ways that customers react in any case. In...