Marketing Umpqua Bank
Umpqua Bank
A Unique Banking Experience
By
Unit 4 Assignment
AB219: Marketing
Date:
Umpqua Bank is certainly unique and definitely has a niche in the marketplace for individuals who seek a more relaxed personable experience when they do money related business.
While this may be fine for some customers, it may not be to others. Cultural, Social, Personal and Psychological factors do indeed affect whether someone is going to choose Umpqua Bank as their bank of preference.
Culturally there may be a bit of a stigma to doing business with a bank that does its business in a way that could be termed as “loose and informal”. For those customers they expect a bank to be formal and tight, with men in black suits and ties and women in business like attire. They don’t expect people to be sitting around drinking coffee and chatting. This may cause them to feel uncomfortable and not want to do business with the bank. For young people this would be a very attractive environment. They are not used to the days of old; they may like the informal setting and bring in their friends. This area that I have discussed would be part of the subculture too. Young people generally do not like regimen, rules and regulations, and while these remain intact at Umpqua, they are semi-hidden in this informal appealing environment.
Social class would also be a major influence on who “shops” at Umpqua. Although in an informal setting that makes people feel welcome, some customers may feel that they are out of their own class and again feel uncomfortable. Another issue that I see, is that I did not see in the video reference to doing business with ethnic groups such as Hispanics. On the website I did not see a link that would take you to a Spanish page.
I was not sure when I viewed the videos on the Umpqua Bank website on what does local look like that I understood the cartoonish message. Bank like you live: the
A Unique Banking Experience
By
Unit 4 Assignment
AB219: Marketing
Date:
Umpqua Bank is certainly unique and definitely has a niche in the marketplace for individuals who seek a more relaxed personable experience when they do money related business.
While this may be fine for some customers, it may not be to others. Cultural, Social, Personal and Psychological factors do indeed affect whether someone is going to choose Umpqua Bank as their bank of preference.
Culturally there may be a bit of a stigma to doing business with a bank that does its business in a way that could be termed as “loose and informal”. For those customers they expect a bank to be formal and tight, with men in black suits and ties and women in business like attire. They don’t expect people to be sitting around drinking coffee and chatting. This may cause them to feel uncomfortable and not want to do business with the bank. For young people this would be a very attractive environment. They are not used to the days of old; they may like the informal setting and bring in their friends. This area that I have discussed would be part of the subculture too. Young people generally do not like regimen, rules and regulations, and while these remain intact at Umpqua, they are semi-hidden in this informal appealing environment.
Social class would also be a major influence on who “shops” at Umpqua. Although in an informal setting that makes people feel welcome, some customers may feel that they are out of their own class and again feel uncomfortable. Another issue that I see, is that I did not see in the video reference to doing business with ethnic groups such as Hispanics. On the website I did not see a link that would take you to a Spanish page.
I was not sure when I viewed the videos on the Umpqua Bank website on what does local look like that I understood the cartoonish message. Bank like you live: the