Caso Wachovia: "Watch Ovah Ya" Finaces.

PART IV: COMPREHENSIVE CASES AND COMPREHENSIVE VIDEO CASES

Case 4.1

Wachovia: “Watch Ovah Ya” Finances

Chapter 1

1.        Marketing research involves the identification, collection, analysis, and dissemination of information.  Identification involves defining the marketing research problem (or opportunity) and determining the information that is needed to address it. Wachovia has an objective to grow. Marketing research can help Wachovia to identify specific growth opportunity.  Specifically, research will specify the information that is needed to determine if the identified opportunities are good.

        Once specified, the information needed must be obtained from relevant sources. A variety of data collection methods varying in sophistication and complexity can be used. Wachovia will have to determine which of the methods is best suited for the information that is needed.

        Once collected, the data are analyzed, interpreted, and inferences are drawn. Many different statistical techniques can be used to describe populations of interest or to infer causal relationships between variables. The choice of methods will depend on the type of data collected.

        Finally, the findings, implications and recommendations are provided in a format that allows the information to be acted upon and to be directly used as input into decision making. Wachovia managers will want the information explained to them in business terms, not research terms, so that they can act on it. Researchers will have to prepare a report for management that will describe their findings, include the statistical analysis, and make recommendations.

Chapter 2

1.        What should the management do to further expand Wachovia’s market share in the consumer market?

2.        The marketing research problem.

(a)        Broad

                The marketing research problem is to determine consumer preferences, intention, and behavior with respect to banking services.

(b)        Specific components:

(1)        What criteria are used by consumers in selecting a particular bank?

(2)        How do consumers evaluate Wachovia and its competitors on the factors of the choice criteria?

(3)        What are the characteristics (demographic and psychological) of consumers who exhibit positive preferences and/or intentions toward Wachovia?

(4)        What are the characteristics (demographic and psychological) of consumers who are loyal to Wachovia? How are they different from customers who are loyal to other banks?

Remember that the management decision problem might be phrased in another manner, the answer provided here is only one interpretation. The marketing research problem may be defined in several different ways depending on the information found when researching the environmental factors, and the goals to be achieved in the research. The definition provided here only represents one conceptualization of the problem definition.

Chapter 3

1.        The appropriate research design is to use exploratory research followed by descriptive research.

Exploratory research is needed to define the problem more precisely, to develop hypotheses, to isolate key variables and to establish priorities for further research.

A review of secondary data (including syndicated sources) and interviews with company officials, banking specialists, and industry experts will be a useful first step. These sources will provide highly credible information that can be brought to bear precisely on the problem of expanding market sharing by catering to consumer preferences.

Focus groups are a popular exploratory technique. They allow researchers to communicate directly with a group of consumers in a question and answer format. Consumers interact with one another enabling them to exhaust all ideas, attitudes and impressions they contain. Focus groups will be discussed in more detail in Chapter 5.

Descriptive research enables researchers to describe market characteristics and functions.  Initially, a single cross-sectional survey can be conducted that is repeated periodically.  Thus a multiple cross-sectional design will emerge over a time.  Surveys to gather descriptive research can be designed to learn the following:

• To develop a profile of the characteristics of consumer who exhibit positive preferences and/or intentions toward Wachovia.
• To determine the criteria consumers use to evaluate Wachovia and competing banks.
• To determine the characteristics of consumer who exhibit loyalty toward Wachovia.

Chapter 4

1.        Students should be encouraged to search the Internet using search engines like Google and Yahoo! as well their library’s online database.

2.        Syndicate sources offer Wachovia access to common pools of information at relatively low cost. Several different types of syndicate sources can be used, including surveys and advertising evaluation. Surveys of psychographics and lifestyles will be useful for determining the characteristics of consumers who exhibit positive preferences toward Wachovia. The Yankelovich Monitor can be used to better understand consumers.

Advertising should be evaluated in order to set up the most effective promotional campaign for Wachovia. Working with printed material, either the Gallup and Robinson Magazine Impact Studies or the Starch Readership Survey can be used.

Information on banking behavior is maintained by firms such as the NPD Group that main a variety of purchase panels.

Information on the media consumption habits of consumers can be obtained from firms such Nielsen Media Research.

Chapter 5

1.        The most common and appropriate technique would be a focus group. Focus groups allow researchers to discover unexpected findings due to the free-flowing group discussion that it engenders. It can help us to understand consumer perceptions, preferences and behavior concerning banking; obtain impressions of Wachovia; uncover the choice criteria of consumers in the selection of banks; and factors which cause consumers to exhibit loyalty to a bank.

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