From the Unit of Branding I found the concept of building Brand Dynamics interesting and decided to use it on the Commonwealth Bank of Australia to see how it works.
The first stage is the 'Presence stage' which asks whether I, the customer of financial services namely banking know about Commonwealth. Due to consistently good service and word of mouth I am very aware that the Commonwealth Bank is one of the 4 major retail banks in Australia and provides banking services like deposits, debit cards etc.
The second stage is the 'Relevance stage' which asks whether the service offers me something in particular. As an international student who needs regular access to my money to make purchases and the ability to make them without actual cash the Commonwealth Bank satisfies my need by allowing me to open an account there and have access to the money in the account by assigning me a debit card.
The third stage is the 'Performance stage' which asks whether the service can deliver. The Commonwealth Bank has made it very convinient for me to access my funds and also gives me good interest rates on my deposit as compared to its competitors. Hence I can say that it does perform and does it on a consistent basis.
The fourth stage is the 'Advantage stage' which asks whether it offers something more than its competitors. I feel that by having a branch on campus it allows students easier access to withdrawal of cash and the ability to go to the branch directly to ask questions etc. Hence I feel that the Commonwealth Bank definitely has an advantage over its competitors.
The fifth and final stage according to the model is the 'Bonding' stage. This asks the question whether Commonwealth Bank is the best in providing this financial service namely the banking one. I feel that I am still currently in this stage and am unable to comment on whether this is indeed the best of the services as I have not experienced the other services offered by its competitors.
The first stage is the 'Presence stage' which asks whether I, the customer of financial services namely banking know about Commonwealth. Due to consistently good service and word of mouth I am very aware that the Commonwealth Bank is one of the 4 major retail banks in Australia and provides banking services like deposits, debit cards etc.
The second stage is the 'Relevance stage' which asks whether the service offers me something in particular. As an international student who needs regular access to my money to make purchases and the ability to make them without actual cash the Commonwealth Bank satisfies my need by allowing me to open an account there and have access to the money in the account by assigning me a debit card.
The third stage is the 'Performance stage' which asks whether the service can deliver. The Commonwealth Bank has made it very convinient for me to access my funds and also gives me good interest rates on my deposit as compared to its competitors. Hence I can say that it does perform and does it on a consistent basis.
The fourth stage is the 'Advantage stage' which asks whether it offers something more than its competitors. I feel that by having a branch on campus it allows students easier access to withdrawal of cash and the ability to go to the branch directly to ask questions etc. Hence I feel that the Commonwealth Bank definitely has an advantage over its competitors.
The fifth and final stage according to the model is the 'Bonding' stage. This asks the question whether Commonwealth Bank is the best in providing this financial service namely the banking one. I feel that I am still currently in this stage and am unable to comment on whether this is indeed the best of the services as I have not experienced the other services offered by its competitors.
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