The company I selected is iQ Credit Union, located in Vancouver, Washington. iQ is a member-owned cooperative who focuses on Southwest Washington and now Portland, but is reachable across the entire world. I chose iQ Credit Union because it is my place of work, and I am familiar with the branch and the overall Marketing Plan. For the new product or service, I have chosen to write my marking plan around a new type of loan, a bicycle loan. This product has been around in more urban areas in the world. A bicycle loan is very similar to a car loan, you first apply for you loan, when you are approved, you can go pick out your new bike as well as any accessories you may need. Following that, finishing signing account and loan documents, take the …show more content…
They are slightly larger in asset size with theirs at 1.2 billion dollars and iQ;s at almost 900 million dollars. Columbia has 13 branches, where iQ has 16. Columbia has gained market share in business banking in Clark County. Columbia markets heavily via traditional direct mail throughout Southwest Washington. They have competitive loan rates and market themselves as being the preferred local credit union with their famous claim that “one in three families in the area are members”. They also use occasional radio and television with these messages trickling over into the Portland area. At this time, Columbia does not offer a bicycle loan, however, they did just open their very first branch in Portland, Oregon, where the demand for bicycle loans is …show more content…
Unitus serves around 90,000 members in the pacific northwest, and offer a bicycle loan product. Unitus offers a competitive fixed rate, simple same-day processing, and will cover bike accessories as well, up to a total amount on 120% of the cost of the bicycle. Getting in to detail, Unitus requires a minimum of $250.00 and a maximum of $7500.00 for the bicycle loan. The rate ranges from 6.99% to 7.49% depending on the products and services the member has with Unitus. The maximum loan term on a bicycle is 36 months. Point West Credit Union is another credit union present in the Portland area. Point West just this month launched their bicycle loan program. At Point West the fix rate varies from 3.74% to