River Federal Credit Union: The Need for Growth
The River Federal Credit Union’s board of directors’ strategic and tactical planning session had just adjourned. Through a lengthy discussion, the nine-person board had identified and examined three strategic marketing options that could continue the credit union’s success path. Each option involved financial services that could grow membership in the credit union. The board was eager to see growth in members that would both make deposits and obtain loans. Such expansion was critical, given the greater use of technology and regulations in the credit union sector and their associated costs. A larger membership base would allow the board to spread the costs across more individuals, thus easing the burden on current members. Students are asked to decide which course of action Linda Clark, Chief Executive Officer of the credit union, should recommend at the next monthly board meeting.
- Identify the factors that distinguish an organization’s market segments
- Demonstrate an understanding of external environmental factors
- Prepare a SWOT analysis
- Select a strategic marketing option and justify the selection as the one most appropriate