Discuss the SWOT technique with respect to at least one element each that you identified in two of the four quadrants
Discuss the SWOT technique with respect to at least one element each that you identified in two of the four quadrants. Explain how this knowledge could be used in the strategic planning process within Quicken Loans.
Direct access to mortgage specialists - via email, fax or phone from application to close.
Instant real-time loan comparison - The Company’s website, www.quickenloans.com, provides comparisons of mortgages and thousands of financing options.
Diverse loan options - Quicken Loans specializes in plain vanilla mortgages, including conventional, FHA and VA programs.
Real-time loan status information – The company’s specialized website, www.myql.com, allows consumers to immediately find where their application stands on a real-time basis at any time.
Rocket Mortgage: The first completely online mortgage experience which gives consumers the ability to import and verify financial information, customize their mortgage, get approved and lock their rate without speaking to a human being.
Location - Although the company recently moved its headquarters to downtown Detroit, the city residents and media still have no trust in the organization.
Organization created a competitive laid back culture which can lead to unethical and illegal practices just to close a deal.
Company headquarters in Detroit and branch locations in four other states. The lack of physical presence and availability is off-putting for shoppers who prefer human contact.
Invest more funds into web based marketing
Take advantage of the fact that the main competitor is a Bank not a mortgage lender.
Opportunity to reach out to millennials and college students who will be looking to purchase a home in the near future and prefer online interaction.
Global influences – Business investments in properties locally and abroad.
New markets – Opportunity to offer Auto Loans as well as Personal Loans.
Political effects – Republican Governor in Detroit that does not support the company.
The company completely relies on the use of the web for their market.
Market demand – Be careful of the market demand for housing, there is now a shift to purchasing small less expensive homes.
Rocket loan completely online interaction opens the door for the potential of hacking and identity theft.
Loan companies like DiTech and Wells Fargo are quickly making strides to catch and lead the way. Business model compromise.