Mktg308 Week 4

Topics: Percentage point, Feedback, Customer service Pages: 6 (1470 words) Published: April 28, 2013
WEEK 4 (Week Commencing Monday 18th March)
Discussion Topic/Questions:
All students should formulate a written response to these discussion questions although submission of these question answers is not required. Consider the following article:
NAB and CBA trump rivals in Satisfaction
Date: December 17, 2012
The big four banks managed to slightly improve their customer satisfaction rankings last month, although ratings are expected to come under pressure following the decision by most to hold back some of the December cash rate cut. -------------------------------------------------

Latest figures from Roy Morgan Research show the bank sector as a whole was again winning over customers after the closely watched satisfaction rankings took a negative turn earlier this year on the back of mortgage rate pricing. -------------------------------------------------

The figures for November don't take into account the latest round of rate cuts, where each of the majors held back some of the Reserve Bank's 0.25 percentage point cut. -------------------------------------------------

Even so, they show NAB and Commonwealth Bank — which for years lagged in customer satisfaction — have finally turned the tables on their rivals. -------------------------------------------------
NAB remains on top with a rating of 80.5 per cent, but gains were hard to come by with the bank up just 0.1 percentage points in November. CBA added a further 0.4 percentage points to come in at 79.5 per cent. -------------------------------------------------

Westpac was ranked third at 77.1 per cent (up 0.3 percentage points) while ANZ had the biggest lift for the month with 0.6 percentage points, but still lags rivals at 75.7 per cent. -------------------------------------------------

After being top-ranked in customer satisfaction for more than seven years, ANZ became the laggard among the big four banks in May, the fall coinciding with ANZ deciding to go it alone in terms of setting interest rates. -------------------------------------------------

ANZ, which reviews interest rates every second Friday of the month, last week said it would pass on 0.2 percentage points of the RBA's most recent cut. This put it in line with rivals. -------------------------------------------------

On an annual basis ANZ is the only bank to have gone backwards. Its ratings are down 1.9 percentage points on the year, compared to Westpac's increase of 0.8 percentage points. CBA is up 2.6 percentage points while NAB gained the most ground, up 3.2 percentage points. -------------------------------------------------

NAB has maintained the abolition of a range of bank fees three years ago was the key to winning back customers. -------------------------------------------------
NAB chief executive Cameron Clyne said this was part of an agenda of restoring the bank's reputation. -------------------------------------------------
"(This) is central to the long-term sustainable success of the business," Mr Clyne said at a shareholder meeting last week. Read more: Question 1: Do changes in customer satisfaction scores always lead to changes in the bottom line (profits, revenues) of organisations? Why or why not? Consider this article:

Are your customers satisfied? Don't ignore them
Date: June 20, 2012

A new survey of 6500 US consumers revealed some things that may not surprise you -...
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