Strategic Plan Part I: Conceptualizing a Business Essay
Strategic Plan Part I: Conceptualizing a Business
Vantage West Credit Union was originally federally chartered as “DMAFB Federal Credit Union” in 1955, to serve military and civilian personnel working at Davis-Monthan Air Force Base (DMAFB) in Tucson, Arizona. In 2006, it changed its name to Vantage West Credit Union and is known as Arizona’s largest credit union in Southern Arizona (Vantage West, n. d. ).* Define the Business, Products or Services, and Customers
Vantage West Credit Union has become a full-service financial institution, offering a wide array of personal and business accounts, ranging from savings and checking accounts, to loans, mortgages, merchant services, and consumer credit cards. The mission statement is “People helping people achieve their financial goals…our #1 priority.” Vantage West serves its members through its branches, online banking system and call center.
* Create a Vision
* Vantage West has grown servicing more members and a larger population pool. It once serviced military and their families with one branch on Davis-Monthan Air Force Base. As of the present time, it has grown to several locations and many services. “At Vantage West Credit Union, we strive every day to treat our members/owners with the highest level of service and respect.” They strive to exceed members’ expectations. The Credit Union continues to grow in membership by offering current high-technical services with user-friendly methods.
* Define Guiding Principles
* The Board of Directors of Vantage West Credit Union is voluntarily elected by the members to set the strategic direction of the credit union and ensure Vantage West maintains its excellent financial standing. It has proven to be a safe place and reliable financial institution to achieve financial goals of its members. It has set a high standard of business ethics and financial responsibility.
* Discuss the Organization’s Strategic Direction
* Vantage West has a how vision and a mission of “People helping People” and values are guided by several agencies. “Vantage West Credit Union is federally-insured by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the US government, and operated by the National Credit Union Administration (NCUA), an agency of the US Government. We are regulated by the Arizona Department of Financial Institutions (ADFI) with oversight by NCUA for purposes of ensuring the safety and soundness of the NCUSIF.” It is the Credit Union’s training of their employees and the continued implementation of policies that continue the business strategic direction (Vantage West Credit Union, n. d.).
* Evaluate the Organization’s Competitive Advantage
* Vantage West’s company mission “is a unique purpose that sets a company apart from others of its type and identifies the scope of its operations” (Pearce, 2009, p. 11) Vantage West Credit Union places high importance on the treatment of their members in the credit union competitive market. With today’s choices in credit unions, Vantage West needs to be aware of the services and updated technology that the competitors offer, keeping ahead of the fast-changing technology. Vantage West offers a more personal level of services. They address each member by name as a unique service. They offer services on a credit union level in addition services found on a bank level. This credit union started small. They have grown in numbers of their members and branch locations following their strategic direction with their vision and mission statements.
Subject: Credit union,
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 24 November 2016
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