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The Resource How did a newly launched brand combat the economic crisis?, N?khet Vardar

How did a newly launched brand combat the economic crisis?, N?khet Vardar

Label
How did a newly launched brand combat the economic crisis?
Title
How did a newly launched brand combat the economic crisis?
Statement of responsibility
N?khet Vardar
Creator
Author
Subject
Language
eng
Summary
Prior to the end of 1990s, Turkish banking was considered to be a profession of money transactions within the Turkish banking system. However, by the end of 1990s, retail banking started to become the center of attention, leading banks to become much more customer oriented. In particular, Garanti Bank started concentrating its efforts on credit cards and formed a separate company in October 1999 called Garanti Payment Systems (GPS) to manage its credit card business, with more direct links to consumers. As a result, Garanti Bank launched the Bonus Card under its own brand, Bonus, on April 15, 2000. The card had an EMV (European Master Visa) chip, as well as multi-branded chip-based attributes, and enabled novel Customer Relations Management (CRM) opportunities for its time. After the launch, Garanti Bank shifted to a primary focus on credit cards, resulting in a positive response from the market. However, within the first six months of the Bonus launch, Turkey faced a deep recession in November 2000, with a big jump in overnight interest rates. Then in February 2001, the Turkish Lira was devalued by 94% overnight. Under these circumstances, Garanti had two choices: to continue its communication strategy as planned, or stop all communication, as nearly all shops were empty. Could Bonus help in uplifting consumers' morale? The uncertainty continued throughout 2001, leading to major layoffs but Garanti continued in its set course with the Bonus Card, while making necessary adaptations to its initial strategy, such as changing their communication message, getting engaged in co-branding activities and many more. As a result, Bonus grew at least two or more times than the sector average, in different criteria such as total sales, total transactions; accounting for more than half of the total Master Card credit cards in Turkey with 1.65 million card holders by August 2002
Member of
Cataloging source
CaToSAGE
http://library.link/vocab/creatorDate
1961-
http://library.link/vocab/creatorName
Vardar, N?khet
Dewey number
332.1068
Illustrations
illustrations
Index
index present
LC call number
HG1615
LC item number
.V37 2018
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
SAGE Knowledge. Cases
http://library.link/vocab/subjectName
  • Banks management
  • Banks and banking
  • Garanti Bank
Target audience
specialized
Label
How did a newly launched brand combat the economic crisis?, N?khet Vardar
Instantiates
Publication
Note
2Teacher Notes for Sage Business Cases are available for academic staff. Contact the Liaison Librarian for Business and Management for details3
Bibliography note
Includes bibliographical references and index
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
SAGE000003466
Extent
1 online resource
Form of item
online
Isbn
9781526444578
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations.
Specific material designation
remote
Label
How did a newly launched brand combat the economic crisis?, N?khet Vardar
Publication
Note
2Teacher Notes for Sage Business Cases are available for academic staff. Contact the Liaison Librarian for Business and Management for details3
Bibliography note
Includes bibliographical references and index
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
SAGE000003466
Extent
1 online resource
Form of item
online
Isbn
9781526444578
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations.
Specific material designation
remote

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