Thursday, June 6, 2019

Marketing and Citibank Essay Example for Free

Marketing and Citi hope EssayACKNOWLEDGMENTAlhamdulillah, first of all(a) i would akin to thank God as finally I was able to finish my assignment that fill been given by Marketing lecturer to me. Besides that, not for go far also a to my friends Muhammad Kharusani beca design without his guide me assignment tooshienot be done properly like this. He always gives supports and guide to me how to do the assignment in purpose to produce a good outcome from research that been studied. Credits also argon given to friends class HND1B which help each other to round this task. Topic that been given by me are regarding imagination and process of selling citibank company. Finally, thank to our beloved friend that always stick together and also take on hard to produce a good assignment with all afford and responsibility. Hope that all the feat allow give a lot of benefits to me . non forget also for those who help me complete this assignment direct or indirectly.ABOUT CITIBANKCit ibank, a major international bank, is the consumer banking arm of financial services heavyweight Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. As of March 2010, Citigroup is the third largest bank holding company in the United States by total as strike offs, after Bank of America and JP Morgan Chase. Citibank has retail banking operations in more than 160 countries and territories approximately the world. More than half of its 1,400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, the San Francisco Bay Area, Washington, D.C. and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, and Dallas metropolitan areas. In addition to the standard banking transactions, Citibank offers insurance, credit cards and investment convergences.Their online services division is among the most successful in the field, citation needed claiming about 15 one thousand thousand users. As a termination of the global financial crisis of 20082009 and huge losses in the look back of its subprime mortgage assets, Citibank was rescued by the U.S. political science under plans hold for Citigroup. On November 23, 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion. Since this time, Citibank has repaid its government adds in full.Q1. Present two definitions of merchandising and compare both definitions. Provide relevant examples which relate to Citibank grimace report card. Based on Philip kotler definition, Marketing is a kind and managerial process whereby individuals and groups obtain what they need and sine qua non through creating and exchanging products and value with others. In other words, client will exchange what their value (e.g money), only if their want is met. Based on my opinion, Philip kotler saying that t he great unwashed change what they want is to gain profit and use their important item to change it. In daily aliveness also, we need to satisfy our demand by utilize exchanging process otherwise we cannot improve in a way of how we live. In wanting to possess such a product, we dumbfound to pay a price (cost). Hence, in making a decision to purchase an item, the client will consider both the value and the price. After we have decided on the product, it can then be procured via the process of exchange or transactions.Based on Citigroup, they are development this dodge to satisfy their customer involve and wants. Based on Rochelle Rucker, Citibank faced a few paradoxs to initiate manual fund problems. When they want to send money from their accounts, they handle their banker and then fax, phone or mail in requests to have the transaction processed. Because the process was so complicated, customers complained. Most of the complaints lodged with the department dealt with the time it took to complete the process. So, in collection to overcome this problem, Citibank use six sigma program methods to solve it. Six Sigma is a business management strategy discloseks to improve the quality of process outputs by identifying and removing the causes of defects (errors) and minimizing divergence in manufacturing and business processes.Six sigma used a simple method which is Pareto chart. This chart gives data which has the upliftedest problem occur most often. A team undisturbed of bankers and operations people identified the entire funds transfer process, tabulating defects and analyzing them using a Pareto chart. One of the methods is using internal recollect-back procedure, which required staff to call the person requesting the funds transfer to pip sure that the instructions were correct and hadnt been altered. So in this way, Citibank can ensure that their customer has no problem and problem solved. By using this six sigma method Citibank strives for perfect processes to satisfy customer.In Citibank Malaysia, they have proved their commitment for their customer and community live. A large diorama of Citibanks corporate citizenship in Malaysia focuses on helping people of all ages cave in attend and practise financial management. In 2010, Citibank Foundation allocated grants totalling USD208,000 for their community-based projects. They have worked with piano tuner Television Malaysia (RTM) and invited a new collaboration with ERA Consumer Malaysia to launch the second season of the Stretching Your Ringgit program on TV1, TV2 and Radio RTM. The initiative followed encouraging survey findings that showed more than 70% of Malaysians polled realised the importance of financial management, especially those in the low-middle income bracket. According to American Marketing Association Board of Directors Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings tha t have value for customers, clients, partners, and society at large.In this eccentric person, AMA said that marketing occur when both of the company involve when there is activity among them. Citibank use the same concept which they provide services to their customer to save the money and make it easier. Citibank also provide bank loan, Credit card, Deposits, Investment, Citigold which gives benefit to customer. Citibank also use communicating to progress to with their customer to provide services or solving problem. Citibank provide services to customer which can give both benefit. for example Citibank provide bank loan and this can reduce burden for people which has low income. As for the Citibank also, they make interest for those who borrow bank loan and this will give benefit to the firm. two of definition gives the same meaning in different way. Philip kotler emphasize of the customer needs and wants. We can say Citibank really care about their customer so they will establi sh the best to overcome any problem that customer faced. In india Citibank care their customer, this can be shown by their customer I can safely say that Citi provides the best card services for India, which is why most of my spend is on Citi and I recommend it to my friends. A lot of the success is the result of having passionate, committed, service oriented people like Manish.My kudos to him. (J sajeev, 2011).American Marketing Association which more to creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. The difference between this concept is AMA is more to set of activity which no related to customer needs and wants. Citibank satisfy their customer and this is the aboriginal of how Citibank more success than the others banker in Malaysia. Compare to Maybank Malaysia, Citibank is much older than the others banker in Malaysia. We can say that Citibank is more experience in treatment money.Q2. Identify at leas t three briny characteristics of a marketing-oriented organization of Citibank case study and provide an examples for each characteristic. What is marketing taste? Marketing orientation is a philosophy focused on discovering and meeting the needs and desires of its customers through its product mix. contrary past marketing strategies that concentrated on establishing selling points for existing products, market orientation works in reverse, attempting to tailor products to meet the demands of customers. In essence, market orientation can be thought of as a coordinated marketing campaign between a company and its customers. Nowadays, business firm use this concept to make their customer stick with their product. We can say that the idea that companies can create a product and sell its features to an eager buying public is no longer concrete. With an increasingly global economy and more and more choices for consumers, companies must be willing to adapt their market orientation to st ay competitive. Based on my opinion, nowadays in Malaysia, we can see a lot of bank is available.So the competition becomes higher than before. In order to attract more people to use their services, Citibank has to adapt with current situation. Citibank use marketing oriented business to identifying customer, consumer needs and wants. In Malaysia, Citibank provide Islamic banking way to satisfy their customer. By using PEST analysis, we can say that Malaysian people are majority muslim and the idea of Citibank to provide Islamic banking which satisfy customer are brilliant. So people can enjoy with low interest rates given. Citibank in Malaysia facing a problem regarding high interest rate offered, so they make a research and develop a new remains which enable customer use their Islamic banking. Another services that they provide is Citibank Guard savings is The first savings account in Malaysia thats enhanced with free Takaful coverage against critical illness.Citibank Home i Part ner provide Capped Rate, elastic Payment and Daily Calculation, Citibank Checking Account I is a system provided by checking account that honours the Islamic banking principle of guaranteed safe custody approved by the Shariah body. Based on the services provided by Citibank, we can conclude that Citibank care about their customer needs and develop a new system according to community lived. Just like the others bank, Citibank online will make all the transactions become much easier as customer can save valuable time and money. No more hassles with long queues, parking and travelling.As we can see, Citibank developing products to meet customer needs and wants. So they come out with product and services which give benefit to their customer Credit Cards, Ready Credit, Home Loans, Loans, Deposits, Investments, Insurance, Islamic Banking. So this is basic need in any of bank in Malaysia. What is the differences between Citibank and the other bank? So lets take an example of Citibank rea dy card. Citibank Ready Credit is an Unsecured Personal Overdraft with Checking Facility that allows you to irritate cash easily in any amount in excess of your credit respite up to the approved overdraft limit. With ready card, we can access our balance in credit card even if the amount has exceeds the limits. As a fact, Maybank did not have their owned ready card. Citibank ready card is benefit to their customer as it is convenient to pay, pay for amount that we use. Another characteristic of a marketing oriented business is making the product is available to customer at a right time and place.We already know about product and services of Citibank as Credit Cards, Ready Credit, Home Loans, Loans, Deposits, Investments, Insurance, Islamic Banking. Lets take an example of Credit cards, before this Citibank only produced normal credit for their customer only. But now, Citibank produced a new credit card Citibank at work. Citibank at Work takes Citibanks world-class consumer banking products and services right to the doorstep of employees at their workplace. Apart from enjoying customized privileges across a wide range of products including banking accounts, credit cards, loans, deposits and insurance on-site, employees of these companies also have access to financial seminars and lifestyle events, tailored to their specific profiles and needs. By using Citibank at work, business company can do their job efficiently as they have their own business credit card.Q3. Explain four elements of the marketing concept and relate your effect with Citibank case study. FOUR ELEMENTS OF MARKETING ORIENTED transcriptionProduction Concept is a concept where goods are produced without taking into consideration the choices or tastes of your customers. It is one of the earliest marketing concepts where goods were just produced on the belief that they will be sold because consumers need them. It holds that customers will prefer products that are widely available and inexpensiv e. Manager focusing on this concept concentrate on achieving high production efficiency, low cost, and mass distribution. From my opinion, production concept emphasize on distribution of product. This type of concept are easier to use. Based on the case study, Citibank provided more credit card for their customer. Each customer could have more than one credit card. Product Concept holds that consumers will favor those products that offer the most quality, writ of execution, or innovative features. Managers focusing on this concept concentrate on making superior products and improving them over time.They assume that buyers admire well-made products and can pass judgment quality and performance. However, these managers are sometimes caught up in a love affair with their product and do not realize what the market needs. Related to the case study, Citibank improved their product to satisfy customer need. Before this, customer got problem to use their credit card where credit card can be used for loan only. But after an improvement, Citibank come out with Citibank Premier Miles card, Platinum, Citi business, Air-Asia Citibank gold. Next elements use is selling concept. It holds that consumers and businesses if left alone, will ordinarily not buy teeming of the selling companys product.Selling concept also is an idea in marketing that if customers are left to themselves, they will not make the effort to buy a companys products. Therefore, it dictates, companies must be aggressive in pushing their sales. Based on my opinion, if company want to sell their product by using selling concept, they have to be aggressive in promoting their product. Not like the older ways where they promote their product by using agents. As for the Citibank case study, nowadays they advertise their product through internet and media more efficiently.Marketing concept is a business philosophy that combines above three business orientation. It holds that the key to achieving its organizati onal goals consists of company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. These three philosophies are the product, selling, and marketing philosophies. Even though each philosophy has a particular time when it was dominant, a philosophy did not die with the end of its era of dominance. In fact, all three philosophies are being used today. The best way to meet the organizations goals is also by meeting customer needs and wants. The marketing concepts emphasis is to understand the customers before designing and producing a product for them. With the customers wants and needs incorporated into the design and manufacture of the product, sales and profit goals are far more likely to be met.What are Citibank do to satisfy their customer needs based on marketing concept is they make swot analysis to know what can be done to attract more customer in Citibank. Citibank (2009) has mention that their custom ers can have their banking activities in the Islamic principles. This not only able attracts more customer but Citibank are show that they understand their customer need in the daily banking activities. This principle have apply in Citibank branch in Malaysia. What are the reasons behind the recent growth in Islamic finance? One is the strong demand from a large number of immigrant and non immigrant Muslims for Sharia-compliant financial services and transactions. (Low chee hua, 2010) In order to compete in the rising of the demand of Islamic Banking, Citibank has introduced the Islamic Banking to their customers. So basically, marketing concept is satisfy customer problem and solved it by looking of what customer need.The societal marketing concept was an offshoot of the marketing concept wherein an organization believes in giving back to the society by producing better products targeted towards society welfare. Some have questioned whether the marketing concept is an appropriate p hilosophy in an age of environmental deterioration, resource shortages, explosive population growth, world aridness and poverty, and neglected social services. The marketing concept possibily sidesteps the potential conflicts among consumer wants. Citibank also take part in their societal marketing. Citibank became a major sponsor of the Sydney Swans in 2005, who is melt down in the AFL.The marketing concept is about matching a companys capabilities with customer wants. This matching process takes place in what is called the marketing environment. Businesses do not undertake marketing activities alone. They face threats from competitors, and changes in the political, economic, social and technological environment. All these factors have to be taken into account as a business tries to match its capabilities with the needs and wants of its target customers.An organisation that adopts the marketing concept accepts the needs of potential customers as the basis for its operations. Suc cess is dependent on satisfying customer needs. So basically, Citibank use marketing concept to attract more customer to use their services. One of the techniques used is credit card promotion such as Instant Rewards at Shell, Dominos pizza, Samsung S3, Asia web direct. Before this, if customer wants to pay bill or loan they have to go to Citibank. But nowadays, they upgrade their system to online banking so that customer can pay instantly and reduce waste time.Q4. Provide an indication of the likely costs and benefits to Citibank case study in adapting a marketing approach. In Citibank, there are many advantages and disadvantages of a marketing approach.Customer SatisfactionIn customer satisfaction, it refers to which a products perceived performance matches a buyers expectation. It is a measure of how products and services supplied by a company meet or surpass customer expectation. We can see based on their services of Citibank do for their customer. In Malaysia, Even the Citibank atm machine is less than the other bank, but their services to customer is good. Citibank will try their best to solve problem of customer credit card so that they will not lose their customer.Customer CareCustomer care is a phrase that is used to describe the process of taking care of our customers in a positive manner. The term is used in place of complaint handling due to its positive focus, and is a reminder that customer satisfaction is a priority. Related to Citibank case study, they care about their customer. we can see that Citibank provide customer services so they will know any problem of customer faced. There is a few customer having problem regarding Citibank delay card. As banks are losing their customer fast, they are coming up with different strategies to retain their customers. When/where was the last time you made the transaction with the card? I told him I dont remember anymore since I have a few cards and I have not been using Citibank Card for a while. He insist ed me to answer that question before he can proceed, and I insisted I that I dont remember and suggested him to ask another verification question. (Kclau, 2010) fibre of services and products.In company, they must have their own quality of services and products. It is designed to constantly improve the quality of their products, services and marketing concept. In Citibank, their main objective at Citibank is to provide received and quality services to our customers. Our customer service policy has the overall aim of ensuring that our customers are provided with services which are reliable and best suited to their needs. They have to manage and ensure that quality control standards for services are met. Citibank also have online credit card services so they can login anytime, anywhere to view their account details and activities.DISADVANTAGES OF CITIBANKThere is one reason and one reason only that its so easy to get a fund credit card they are confident that they will make money of f of customer purchase. The interest charged on store cards, as compared to bank credit cards, is at least several percentage points higher and often as much as 10-15% higher. As well, annual fees or sign-up fees may run twice as much as those of standard credit cards. Means that, Citibank charged is higher than the other banks in Malaysia, so thats why only businessman use Citibank. It involved high cost in retaining the customers. And also, the target market for Citibank is higher because they only target their customer on businessman.CONCLUSIONAs overall conclusion, Citibank is one of the multinational companies that successful in online based financial institution that operate in Malaysia. Citibank able to understand the flori tillage of local citizen (promo Islamic Banking Services), able to gain their market share by solved the geographical problem (online banking services), able to cost cutting by promo the online banking culture to their customer, and able to compete with t he local financial institution. We know that Citibank is really cares about their customer and try their best to satisfy customer needs and wants. Based on this concept of marketing, Citibank now are well known in all around the world. Although it is a foreign company but Citibank is a good fashion model to local financial institution to learn their strategies to increase their competitive capability to compete in the global market.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.