Online Assessment Essay Example | Topics and Well Written Essays - 1000 words

Online Assessment - Essay Example 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 custome rs 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 w eapon 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’