Washington Mutual - "Spotlight on Teachers"

Details

Case Code : CLSM042
Publication date : 2005
Subject : Services Marketing
Industry : Banking and financial services
Length : 04 Pages
Price : Rs. 100

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Key words:

Washington Mutual (WaMu), Mortgage Loans Market, Wells Fargo, Middle Class Customers, Brand Awareness, Promotional Strategies, Humor, Dime Bancorp, J.P.Morgan Chase, Citigroup, New York City, Spotlight on Teachers, Community Development Programs, Sales Promotion Campaign, Beta Research Corp, Unaided Awareness, New York Times, Michael Bloomberg, Washington Mutual Financial Centers, Times Square, K -12 School Teachers, Broadway

Note

1: This caselet is intended for use only in class discussions.
2: More comprehensive case studies are priced at Rs.200 to Rs.700 (US $5 to US $16) per copy.

 

Abstract:

Washington Mutual (WaMu), a leading US bank entered New York City through the acquisition of Dime Bancorp, which had 125 offices in New York and New Jersey (NJ) in 2002. The caselet provides a detailed description of Washington Mutual's (WaMu) sales promotion campaign "Spotlight on Teachers". It discusses the design, implementation and outcomes of the sales promotion campaign.

Issues:   » Design and implementation of sales promotion campaigns in financial services.   » Selection of target audience for a sales promotion campaign.   » Financial services marketing in USA. Introduction Washington Mutual (WaMu), which first started as a regional player in the early 1990's, became the seventh largest bank in USA with $275.18 billion worth of assets in its fold by 2003 .

WaMu was the second largest player in the mortgage loans market, next only to Wells Fargo. Its aggressive acquisition strategy enabled it to penetrate the market and acquire nearly 30 banks since it started operations in 1990.

WaMu targeted the middle class customers and offered products such as free checking of accounts and home mortgages, which other bigger banks had largely ignored. The bank positioned its branches as ‘retail banking stores’ instead of traditional bank branches...

Questions for Discussion:

1. What could have been the objectives of WaMu's sales promotion campaign -"Spotlight on Teachers"? Comment on the success of the sales promotion campaign in reaching the target audience.

2. What are the other ways through which Washington Mutual can increase brand awareness and gain initial push in the New York city market?