Washington Mutual Marketing Plan
Washington Mutual Marketing Plan
A Marketing Success Story
Background:
Browse the papers or search the internet today for Washington Mutual Bank, and most of what youll find is bad news about the poor condition of the bank. Stocks have fallen from a high this year of $46.38 to $14.10. (Quote, 2007) Yet Washington Mutual Inc.s (WaMu) marketing stories and strategies over the past five years are riddled in success.
Washington Mutual Bank opened its doors on September 25, 1889 as the Washington National Building Loan and Investment Association to help Seattle residents rebuild after a devastating fire. Five months later the association wrote the first monthly-installment home loan on the Pacific coast. Shortly after, the association made more than 2000 similar loans to residents in an effort to rebuild the areas devastated by fire. (History, 2007) Today WaMu is the seventh largest bank in the United States with assets of nearly 330 Billion dollars and a vision to be the nations leading retailer of financial services for consumers and small business. Their mission is to build strong profitable relationships with a broad spectrum of consumers and business. “WaMu will accomplish this by delivering products and services that offer great value and friendly service, and by adhering to our core values of being fair, caring, dynamic, human and driven.” (Visions, 2007)
WaMu is working toward a 10 year goal established in 2002 to make more than 375 Billion dollars in loans to the communities they serve. Loans are targeted toward single and multi-family dwellings, affordable apartments, manufactured home sites, consumer and small businesses and community investments and developments. (Lee, 2007)
To attain this ten year goal, WaMu has defined and implemented a marketing plan that includes Sales Promotions. “Sales promotions are marketing communication activities that change the price/value relationship of a product or service perceived by the target, thereby (1) generating immediate sales and (2) altering long-term brand value.” (Schultz, 1998) Sales promotions come in many types including: coupons, bonus packs, in-pack, on-pack, specialty containers, continuity program, refunds, sweepstakes, contests, through the mail premiums, price-off, trade deals, and cause related promotions. In this paper we shall explore WaMus use of sales promotions to develop their brand and ultimately sales and profit. This paper is the final project for IMC 617, Sales Promotions, West Virginia University.
Objectives of this Paper
This paper will address the following questions:
What were the primary objectives of WaMus Spotlight on Teachers campaign?
What three additional sales promotions could WaMu have used to accomplish these objectives?
What three sales promotions tactics can WaMu employ to maintain their success in the New York market?
Is cause related marketing an effective strategy to increase sales and improve brand image