NOTE: Free essay sample provided on this page should be used for references or sample purposes only. The sample essay is available to anyone, so any direct quoting without mentioning the source will be considered plagiarism by schools, colleges and universities that use plagiarism detection software. To get a completely brand-new, plagiarism-free essay, please use our essay writing service.
One click instant price quote
Market Management Peoples Bank operational strategies are the proof that more and more classic financing businesses are beginning to realize the importance of Internet as a tool of increasing their profits. This particular bank employs Mondosofts analysis system and this is one the most important factors that allowed Peoples Bank to increase its Web site efficiency up to 65 % last year. This bank was being founded in 1842 and now it is considered to be the largest independent financial institution in the state of Connecticut. Its assets are now being estimated of more than 12 billion dollars.
The most prominent feature of Peoples Bank is the fact 80 % of all customers servicing is done primarily through its Web site, which has traffic of close to 20 million views a year. Peoples Bank approach to providing services to the customers is flexible one. It is very important for the staff to understand current behavioral trends among its clients. Thats why this bank has pioneered in collecting potentially usable information about those who use banks services and also about those who just log onto Peoples Web site to find out more about it.
Banks Behavior Tracking system is based on the principle of keywords customers look for the information that interests them by typing certain keywords, while using banks search engine. Peoples Bank consider these words as keys to understanding behavioral trends among its clients and this allows it to come up with an adequate strategies of how these customers are to be treated. What role is Peoples. com playing in the distribution of these insurance products? Peoples.
com role in distributing banks insurance products is very important one. Obtaining information about such products, customers usually associate with having to talk to bank representative. This means making an appointment and even waiting in lineup sometimes. Peoples com has effectively eliminated this by allowing 24 hours access to its informational database. In addition, it enables customers to make financial decisions online. This approach has not only increased banks efficiency, but it also resulted in an increased number of customers using banks services, especially when it comes to distributing insurance products.
What is the length of the channel the bank uses to distribute its own checking account products? Banks channel length, nowadays is defined by how its services are integrated in rapidly expanding concept of e-commerce. The Web is an ideal channel not just for Peoples but also for other banks, given the nature of their product. There is no doubt that comparing to most of its competitors, Peoples. com is, at least, one step ahead.
Therefore, this particular bank channels length can be considered as adequate. How would you describe the channel positioning of Peoples Bank? In my opinion, Peoples Bank channel positioning is best described by the fact that its Web services play the most important role in banks operations. This means that banks Web services, as one of its many other channels of reaching the customer, has an overwhelming priority, which automatically position them as primary channel. What is People's unique selling proposition (USP) OR unique value proposition? Peoples unique selling proposition (USP) is a condensed idea of the essence of this banks services.
Every commercial enterprise has to have its own USP if it wants to be successful. Peoples Bank USP is this banks motto at the same time its. It is being designed to outline the main principle, according to which Peoples operate it makes possible for its customers to use banks easy to online services and this is the main difference between Peoples and other banks. Another unique feature of Peoples Bank is that this is native bank. It only has branches within state of Connecticut, which ads to its appeal, as majority of those who use this banks services, are residents of Ct. Thus, Peoples USP is also characterized by its emphasis on traditional values.
Bibliography: About Peoples (2004). Peoples Bank. Retrieved October 22, 2004 from web
Free research essays on topics related to: unique selling proposition, channel, insurance, length, banks
Research essay sample on Selling Proposition Usp Unique Selling Proposition Usp Peoples
