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Suntrust Customer Relations: A Case Study

2358 Words10 Pages

SunTrust Customer Service Relations

Guitteau Pandol

Palm Beach State College

2014-10-10

In a hyper competitive marketplace such as the banking industry, customer service can be the ultimate way of winning a greater share in the market in order to get more revenue and profitability. Most of the time, a large percentage of consumer remain loyal to an organization because of its customer service orientation. No businesses would be able to survive without the impact of customers, therefore customer relations should be the main focus of all organizations (Forde, 2002). Hence, in order to stay competitive in the market, SunTrust Bank, Inc has built a better brand through customer service by putting it customer at the forefront of its …show more content…

This production line has three stages. First, they associate their brand with causes that their customers care about and on the same token engaging them. SunTrust participates in many community events. For the next four months for instance, SunTrust Bank is sponsoring SunTrust Sunday Jazz Bunch which is an ideal way to relax and enjoy Fort Lauderdale Scenic River walk. It is a free and live outdoor concert which brings the best local jazz artist to the area (Stutz, 2014). Another central element in SunTrust mission is to promote local volunteering opportunities. One way SunTrust does that is through a community service program called “Solid Give Back”. For instance, SunTrust employees have lent their hands to Habitat for Humanity in the construction of numerous homes in order to offer low cost housing for the middle class. Since the day the program was introduced in 2010, …show more content…

The vision statement symbolizes the final goal of an organization. The reason for this confusion can sometimes become the mission statement once it is being attained. According to (Lucas, 2013), it represents the values and the purpose by explaining what the organization intend to become in the future. A poor distinction between the two can substantially hurt an organization by not being able to leverage their resources in an effective and efficient

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These authors tell us that a mission statement should be a written account of the reason an organization exists, with its’ distinct purpose. While mission statements are broad statements that endure over time they are more concrete than a vision statement and “not an expression of hope” (p. 168). It shows how an organization fits into a specific environment and distinguishes it from other organizations of its type. It identifies the scope of operations based on who the primary stakeholders are, what business they are in and what service they will provide. “The mission provides direction” (Ginter et al., p. 173) and must be the basis for decision-making about the future of the organization.

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With the help of volunteers, teachers and therapists, over 6,900 children were cared for in 2017. Throughout the year, Kids Ability has multiple events to have raise money for the organization. This is a great way for organizations to give back to the community by sponsoring a variety of events. Large firms such as Sun Life Financial, are a sponsor of Kids Ability. Not only is it good for Sun Life Financial to give back to the community but the firm uses it a selling point when talking to potential clients.

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For example, Chase has access to a large pool of consumer data analytics, which it could use to provide more personalized offers and benefits in order to specialize even further and generate more personalized brand loyalty. Even if the same offers were available to everyone, this could look like a marketing and communication initiative to help affluent consumers select a custom benefits plan within the broader umbrella of Chase Sapphire. Secondly, providing unparalleled customer service is another way to win over consumers, especially affluent consumers who may be looking for more than simple monetary value. Research suggests that “customer experience has a positive effect on the four dimensions of brand equity,” namely “brand awareness, brand associations, perceived quality and brand loyalty” (Biedenback & Marell, 2010). Chase should re-evaluate customer service workflows and maximize the personalization of the consumer experience.

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It relates to the purpose of the company and what they want to achieve in the future. The mission goes beyond the vision as it explains the company’s goals and objectives more clearly. It also mentions how this will be accomplished. The last step is to create a strategy based on the defined vision and mission. (Miller, 2014) Tesla’s mission is ‘to accelerate the advent of sustainable transport by bringing compelling mass market electric cars to market as soon as possible’.

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