Online Assessment with Specific Reference to Samba Bank - Essay Example

Online Assessment This paper will address the topic online assessment with specific reference to Samba Bank. In doing so, thepaper will answer four questions that relate to Samba Bank. Samba Financial Group is a large banking firm located in Riyadh, Saudi Arabia (“Samba Financial Group” 1). The bank offers a wide range of financial products and services for commercial purposes. Notably, Samba Bank is a publicly listed company. I had been working for the bank as a Financial Adviser since 2005 and in 2007, the bank promoted me to become its Branch Manager in Riyadh, Saudi Arabia. RESPONSE 1 Samba Bank uses two Cialdini weapons of influence (Polanski 1-6), which includes reciprocity and scarcity intentionally. Notably, reciprocity dictates that whenever we receive value, we get an impulse to give value back (Cialdini 3-8). Indeed, in some cases, we may even get inspired to give back more value than we received. Indeed, whenever we receive value free in the marketing, it is for impelling reciprocity. Hence, we have so many promotions, discounts, and gifts in the market to trigger us into buying more (Cialdini 3-8). In the case of Samba bank, this weapon applies where the bank hospitalizes customers with expensive kinds of coffee, dates, and chocolates, which get customers satisfaction. The reciprocity effect is that the bank will maintain its customers and encourage them to do more transactions. As branch manager, I also use this weapon mostly when dealing with a customer who is out of the country and his time deposit has matured. I seek to satisfy such customers when they call the bank for a renewal instead of following the formal paper work process of renewal. As such, I renew their accounts over the phone and wait for their signatures until they come. Hence, I satisfy their needs with an aim of maintaining them and gaining reciprocity when they return. Moreover, I unfreeze customers’ accounts while they are abroad if the cause to freeze was a simple issue like expiry of their ID. In this way, the customers will be able to use the account while travelling and update their ID when they return. This results to reciprocity as such customers invest in the bank for a long time. I also ensure that customers seeking business loans get the money within a short time with an aim of gaining reciprocity when their businesses grow. Scarcity is other weapon used in Samba bank to derive a perception that a financial product or service is limited or diminishing thus, creating more demand for the product (Cialdini 199-207). Indeed, the scarcity weapon creates promotions, which seemingly end at a certain time but actually never ends. They only encourage more sales at the end of the promotion time (Cialdini 199-207). In Samba bank, there are random offers to attract more customers to the bank or increase the cash flow. Indeed, the bank offers a chance for customers to deposit smaller amounts than normal to upgrade their accounts. For example, the bank allows customers to upgrade from the Blue to Gold segment on depositing only $ 25000 instead of the normal $75000. This compels customers to deposit in their accounts with money from other banks thus increasing Samba’s cash flow. Moreover, the bank offers the customers a chance to enjoy free credit card life at no annual fee for a short period. This attracts new customers to the benefit of the bank. RESPONSE 2 Samba bank uses various marketing strategies that relate to the concepts/theories in Ariely’s Predictably Irrational book. Such concepts include the cost of zero cost concepts and the power of price concept. The concept of cost of zero cost implies that humans consider losses and profits before purchasing but when something is free, customers do not consider the losses (Ariely 50-56). Indeed, customers get the perception that the product on offer has more value than its face value. Indeed, people would wait for long to get a free thing (Ariely 49-54). As such, this concept is very powerful in triggering customer’s behavior. In the case of Samba bank, encourages customers to open an account with the bank and get free credit for the first year. This attracts more customers as they aim at the free credit. The bank also encourages customer to pay for home insurance with an offer of getting free car insurance. This motivates customers to pay for home insurance with an aim of getting free car insurance especially those with cars. Additionally, the bank encourages customers to open a savings account with an offer of getting a safety box at no annual fee for the first year. This encourages more customers to open savings account as they aim for the free safety box. Ultimately, the bank gets more value than the free offers. The power of price is another concept that Samba bank uses. This concept draws a relationship between quality and price (Ariely 173-178) where most customers assume that the most expensive products are more effective than the discounted ones (Ariely 173-178). In the case of Samba bank, the bank offers very expensive credit cards, which include Samba Signature Alkhair Credit Card and Samba Al-Khair Business Card (“Samba Financial Group” 1). This is for business owners and the high class who believe that expensive products are more effective. As a result, the bank is able to satisfy all types of customers. RESPONSE 3 Samba products affect the customers’ senses and indeed Samba bank take senses into account when creating marketing strategy. The five senses include vision, hearing, touch, smell, and taste. With reference to touch, customers find fun in touching the products thus making purchasing to be a more comfortable experience. In the case of Samba bank, the company offers very expensive and luxurious furniture in some branches thus making the customers feel relaxed, entertained, and comfortable while doing business with the bank. With reference to smell, customers appreciate scented marketing which reflects expensive upholstery. Indeed, in most Arabic countries, there are scented bricks called bukhoor, which perfume homes and clothing with a rich thick smoke when burnt. In the case of Samba bank, the company uses the scented bukhoor in their branches to welcome and entice the customers thus serving the most prestigious customers. With reference to hearing, customers find comfort in listening to upbeat and cool music as they do their shopping. In the case of Samba bank, the company offers some cool music in the banking hall thus making the customers comfortable. RESPONSE 4 Notably, Samba bank seeks to stand apart from its competitors. Indeed, the company’s marketing strategy for its product achieves stimulus discrimination and stimulus generalization. In fact, Samba bank stands out as the only bank, which offers depositing checks through smart phone applications in Saudi Arabia (“Samba Financial Group” 1). Additionally, Samba bank gives the best credit rates and puts more emphasis on attracting customers from other banks to gain competitive advantage. As a result, Samba employees strive for the approvals and exactions for their customers for purposes of marinating them and establishing a strong competitive advantage. Works Cited “Samba Financial Group.” Samba. 2013. Web. 14 June 2013. < http://www.samba.com/english/index_01_01_en.html> Ariely, Dan. Predictably Irrational: The Hidden Forces that Shape Our Decisions. New York: HarperCollins Publishers, 2009. Print. Ariely, Dan. Predictably Irrational: The Hidden Forces that Shape Our Decisions. 2008. Web. 14 June 2013. < http://www.e-reading-lib.org/bookreader.php/138702/Predictably_Irrational%3B_The_Hidden_Forces_That_Shape_Our_Decisions.pdf> Cialdini, Robert. Influence: science and practice. Scott, Foresman, 1988. Print. Polanski, Tom. Dr. Robert Cialdini and 6 principles of persuasion. Web. 14 June 2013. < http://www.influenceatwork.com/wp-content/uploads/2012/02/E_Brand_principles.pdf> Read More