Cok Sodality Cooperative Credit Union Limited Business Essay

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To improve the well being of our members by providing saving opportunities, affordable credit and other financial products to our members and customers. We will achieve this by delivering superior service, by being innovative and by consistently living the co-operative principles.


To be the leader in all markets we serve; by being a member-focused, financially sound, profitable and technology-driven organization with a highly competent and motivated team.


The Golden Harvest Savings Plan long-term life Insurance and savings plan offering competitive interest. Designed for members between 15 and 65 years old, it a fixed monthly deposit credit union to for a specific number of years.

The COK Partner Plan operates on the same precepts as the traditional "partner" system; but with the COK Partner Plan, you can earn extra hands on your savings, your money is safe and your draw is guaranteed.

The Wealth Maximizer Plan is a long-term Tax-free savings plan that allows you to put away lump sums for five-year periods. The minimum start the plan is a deposit of $25,000 and you will get maximum return on your money tax-free! You can make additional deposits monthly to a maximum of one million dollars per annum and you have the option of withdrawing 75% of your interest semi-annually.

The C.A.R.E.S account is specially geared towards young savers aged 0-18 years. The account was set up to encourage children to develop healthy and responsible saving habits, encourage parents to make preparations for the continuation of their children's education and to promote the credit union philosophy among young people.

The fixed deposit account is for persons who want interest on their saving, the minimum deposit for fixed deposit is $ 10000. The interest earned is base on the deposit amount. Deposits can be fixed for 30 days, 90 days, 180 days and 365 days.

The golden egg is a deposit account that offers members 24hr access to their money through ATM giving them competitive interest while they save.

The Organization Overall Positioning Strategy

City of Kingston Co-operative Credit Union Limited (COK) has long been regarded as the largest credit union both in Jamaica and in the English-speaking Caribbean. Sodality Co-operative Credit Union Limited has also been hailed as the pioneer of the movement and as such holds the honor for being the oldest credit union within the same demographic. COK extended their bond by merging with sodality credit union to incorporate persons outside of Kingston and St. Andrew presently they operate six branches to give member assess to their money.

B. (i) Discuss three macro environmental factors currently impacting the organization's marketing efforts.

Technological environmental forces - these are factors that create new techniques, creating new products and market opportunities. New technology emerges and replaces older technology and therefore COK Co-operative credit union have to create new products and market opportunities to satisfy customers needs a change in technology can have both positive and negative impacts moreover company's must learn to adopt to rapid change in technology and seeks to accept these changes rather than refusing them.


Online banking - it speeds production and attracts more customers as they spend less time dealing with finances.

Web access - companies information is readily available via website and customers having access to these information are better able to conduct business with the organization such as bill payments, information on products offered.

Social networking systems - take for instance face book, it gives COK Co-operative credit union ltd the opportunity of advertising their products online; it is considered cost effective and time consuming.

Emails/Text Messaging- updates are been sent on a timely basis to the customers advising them of the products and services offered, promotion and accounting information.


Online banking - online transactions can be exposed and personal information can be gained if hackers can crack the company security code and get past the firewalls created. COK Co-operatives has very little to worry about due to their present security system put inplace, privacy and copyright policies has also been implemented to secure its members.

(ii) Repositioning of the COK Co-operative credit union ltd

Technological factor - when new technology emerges COK Co-operative credit union accepts the change by ensuring that a particular team of highly qualified personnel's forming a special team is been made aware of these changes in technology. This team after doing there necessary test of the products then further train the staff, improving their skills and extends their ability to achieve the task.

COK Co-operative credit union been able to readily adopt to changes has aided them to incorporate new products and distinguishing them from their competitors

Economic environmental forces

These are factors that affects consumer buying power and spending patterns. These include:

Income level

Interest rate/ Increase taxes


Prices of products


Employment level

These factors influence the buying and spending patterns of customers, which reduces profit for the firm and as such COK Co-operative Credit Union Ltd has put measures in place to cite the unforceable events such as investments and purchasing of shares.


This has force management to reduce job availability, meaning less job opportunities and as such the marketing efforts are affected where there is more work/task to be carried out with less labourers - productivity level decreases. It has also caused the firm to advertise less and this reduces the number of new customers who would normally conduct businesses.

Reposition itself

COK Co-operative Credit Union Ltd plans for the unforceables and as such forecasting play a vital role, making preparations that caters to the long-term needs of the organization. COK Co-operative Credit Union Ltd have the option of selling their shares and re-invest the proceeds into performing stock.

Payment from creditors may be slow, late or paid in part or not at all; this reduces company revenues. Late payments received reduces the valuation of the co-operation debt, bonds and the companies ability to survive its debts may be impaired. COK Co-operative Credit Union Ltd often offers promotional products to its customers by offering longer payment plan and easy access loans.

Political Environmental forces

These include laws of government agencies and pressure groups that influence and limit various organization and individuals in a given society. The political environment in COK Co-Operative Credit Union Ltd operates affect the marketing activities of the organization.

Changes in government also result in change in policies and procedures set by the organization, COK Co-Operative Credit Union Ltd have to adjust their policies in accordance as such changes are been made. It can cause the company to reduce its operation, withdraw from the market entirely. Laws are enforced to protect consumers from false advertising, product safety and to protect the organization from competitive behavior and product liability. These are laws that cover truth in advertisement.

Repositioning of the firm

Rules that are enforceable by law has to be obeyed by all organization in the market. They must adjust their policies to suit these laws/regulations and also considering the needs of the customers. COK Co-Operative Credit Union Ltd seeks to ensure that advertisements are true and as such this will increase customer loyalty. Customers are to be made known that they are protected from unfair practices and what the rules and regulations of the organization are.

© Pricing approach utilized by COK Co-operative Credit Union Ltd


The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefit of having or using the product or service.

COK Co-operative Credit Union Ltd sets their prices based on internal factors such as marketing mix strategies, cost and marketing objectives, external factors such as recession, inflation and interest rates.

COK Co-operative Credit Union Ltd utilizes the competition based pricing approach when pricing their products/ services. This is a price set by a company for a product to compete with another company's pricing.

Going rate pricing

This is where they set the prices based largely on following competitor's prices rather than on company costs or demand. Take for example interest rate when the competitors sets their rate. COK Co-operative Credit Union Ltd tries to charge the same amount or make it less than what the competitors charge. Keeping in mind if products are too high they might raise the market share and if its too low they might be forced out of the market.

Recommendation for advertising

COK Co-operative Credit Union Ltd could try not to use advertisement as a means of getting customers to make final purchase.

(D) Effectiveness of the promotion mix currently being used by COK Co-operative Credit Union Ltd.

Promotional mix consist of specific blend of advertising, personal selling, sales promotion, public relations and direct marketing.


This is any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor; this includes print, broadcast, outdoor etc.

This is the non-personal communication of information usually paid for and usually perceived in nature about products, services or ideas by identified sponsors through the various media such as print, broadcast, outdoor etc.

The use of the various advertising media helps to inform and remind customers of the existence of a product, it builds the brand image for the company, where it test their awareness of brand recognition and perceived values. It is also effective as it builds a relationship with the customer and encourages customer loyalty and it is ideal with the repeat purchases

It helps the customers to receive and compare the messages of different competitors.

COK Co-operative Credit Union Ltd are able to express their products through the art of print, visuals etc. this helps to build the long-term image of the product and the company.

Personal selling

This is the oral communication with potential buyers of a product with the intention of making a sale. It may focus initially on developing a relationship with the potential buyer but will always ultimately end with an attempt to choose the sale. These include sales presentation, trade shows and incentive programs.

Involves personal interaction- needs of the customer can be addressed quickly

The sales message can be customerized to meet the needs of the customer-the message is delivered to suites each customer needs.

It allows representatives to get across large amount of information as it relates to the product.

Frequent customer meetings- helps to build good long term relationship


Personal selling can be costly so COK Co-operative Credit Union Ltd should utilize other promotional mix methods in advising customers.

Sales Promotion

This is any initiative under taken by an organization to promote and increase sales. These include coupons contests, point of purchase and display discount.


It attracts customer attention and provides information that may add to a purchase

It offers quick response relating to a product.

It boosts sales and increase profits as customers might think that the product won't be available for long.


Try not to have too many promotions as it might damage the image of the brand.

COK Co-operative Credit Union Ltd should evaluate their sales promotion programs by company sales before, during and after promotion.

Public Relations

This is the art of science of establishing and promoting a favorable relationship with the public.


In selecting the right media many customers can be made aware of the products and services offered.

Company information is used to attract the attention of customers

Emphasis is placed on specialized products

Promote products to boost sales

Interactive- it allows dialogue between marketing and consumer therefore the message can be altered depending on the consumer response.

It cross- sell related products so they have the opportunity to relate other products to the customers

It is flexible in achieving result; information can be logged immediately.


In order for COK'S promotion to be more effective one would recommend the sponsoring of more local events, make them selves available for social events which can contribute to their social responsibilities.