Running head: PROBLEM SOLUTION: USA WORLD BANK Wk 4
Where Is The Toaster?
UOP
Where Is The Toaster?
Hidden behind the faded cherry stained cabinet door, sits the box with the bank's promotional sticker clearly visible. Amongst all the other gadgetry of seldom used items, the shiny silver four-slice toaster is a reminder of marketing schemes that banks and savings and loans institutions used to attract new clients. The occasional lollipops for the children in tow, and the small doggy biscuit for the canine in the car are just some of the items found at the drive-up window when making deposits or withdrawals. Nowadays, the toaster has evolved as financial institutions still attempt to lure new clients and increase market share. "Online access to banks nationwide has opened up more choices for consumers and made marketers find ways to become more savvy in catching their attention with different kinds of giveaways, services and even missions" (Nycz-Conner, 2006). USA World Bank, a financial institution with branches throughout the United States as well as an international presence, attempts to market one new product annually. Return on investment is always a concern, and market research is expenditure. "Marketing budgets for banks have been on the rise since 2002, reaching a peak of $10.6 billion in 2005, and the American Bankers Association predicts that number will drop slightly by the end of this year but remain stable overall" (Nycz-Conner, 2006). Several of these products have seen great success, but recently the marketing initiatives have produced lower than average revenues and USA World Bank needs to ensure a greater earnings ratio (University of Phoenix, 2005).
The current emphasis is on a charge card with rewards ...