Marketing and Citibank Essay

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Not forget also for thos e who help me complete this assignment direct or indirectly.ABOUT CITIBANKCiti edge, a major(ip) international bank, is the consumer banking lace of fiscal run giant Citigroup. Citibank was founded in 1812 as the City situate of juvenile York, later First National City Bank of New York. As of March 2010, Citigroup is the third largest bank holding union in the United States by total assets, after Bank of America and JP Morgan Chase. Citibank has retail banking operations in much than 160 countries and territories around the world. More than one-half of its 1,400 byices argon in the United States, closelyly in New York City, Chicago, Los Angeles, the San Francisco speak Area, Washington, D.C. and Miami. More youthfully, Citibank has expanded its operations in the Boston, Philadelphia, Houston, and Dallas metropolitan areas. In do-gooder to the standard banking relationss, Citibank offers insurance, belief mentalitys and investment outputs.Their online go division is a mong the most happy in the field, citation consumeed claiming or so 15 zillion maprs. As a result of the global financial crisis of 20082009 and huge losses in the nurse of its subprime mortgage assets, Citibank was rescued by the U.S. government nether plans agreed 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 prison term, Citibank has repaid its government contributes in full.Q1. Present two definitions of selling and analyse both definitions. Provide relevant examples which touch base to Citibank slip of paper study. Based on Philip kotler definition, Marketing is a social and managerial process whereby individuals and groups obtain what they need and command through with(predicate) creating and exchanging ingatherings and value with others. In other words, guest provide exchange what their valu e (e.g money), nevertheless if their want is met. Based on my opinion, Philip kotler maxim that the great unwashed change what they want is to gain profit and use their blue-chip item to change it. In daily life also, we need to avenge our demand by used exchanging process otherwise we cannot modify in a way of how we live. In wanting to possess such a increase, we guard to pay a price ( be). Hence, in making a decision to purchase an item, the node will consider both the value and the price. After we bring in decided on the product, it can then be procured via the process of exchange or transactions.Based on Citigroup, they are utilize this strategy to fulfill their client call for and wants. Based on Rochelle Rucker, Citibank set about a few conundrums to initiate manual fund tasks. When they want to launch money from their looks, they call their banker and then fax, phone or mail in requests to own the transaction processed. Because the process was so complicate d, clients complained. Most of the complaints lodged with the department dealt with the time it took to complete the process. So, in regulate to surpass this problem, Citibank use six sigma program methods to solve it. sixer Sigma is a craft management strategy seeks to improve the quality of process outputs by identifying and removing the causes of defects (errors) and minimizing variability in manufacturing and business processes.Six sigma used a simple method which is Pareto chart. This chart gives data which has the highest problem occur most often. A team composed of bankers and operations mint identified the entire funds transfer process, tabulating defects and analyzing them using a Pareto chart. sensation of the methods is using internal call-back procedure, which required staff to call the soulfulness requesting the funds transfer to come sure that the instructions were correct and hadnt been altered. So in this way, Citibank can verify that their customer ha s no problem and problem solved. By using this six sigma method Citibank strives for perfect processes to sate customer.In Citibank Malaysia, they pull in proved their commitment for their customer and community live. A large aspect of Citibanks corporate citizenship in Malaysia focuses on lot people of all ages better understand and practise financial management. In 2010, Citibank Foundation allocated grants totalling USD208,000 for their community-establish projects. They have worked with Radio Television Malaysia (RTM) and invited a new coaction 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 represented more than 70% of Malaysians polled complete the importance of financial management, especially those in the low-middle income bracket. According to American Marketing Association Board of Directors Marketing is the action, set of institutions, an d processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and ships companion at large.In this matter, AMA said that market occur when both of the fraternity involve when there is activity among them. Citibank use the same concept which they suffer go to their customer to give birth the money and make it easier. Citibank also impart bank loan, book of facts card, Deposits, Investment, Citigold which gives benefit to customer. Citibank also use communicating to have-to doe with with their customer to provide service 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 refer for those who borrow bank loan and this will give benefit to the firm.Both of definition gives the same meaning in divergent way. Philip kotler accentuate of the customer call for and wants. We can say Citibank really anxiety about their customer so they will endeavour the trump to overcome any problem that customer faced. In india Citibank bid their customer, this can be sh stimulate 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 point 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 secern 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 handling money.Q2. rank at least three main characteristics of a marketing-oriented organization of Citibank case study and provide an examples for each characteristic. What is marketing predilection? Marketing orientation is a philosophy focused on discovering and chance uponing the needs and desires of its customers through its product mix. Unlike 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 melodic theme that companies can create a product and sell its features to an eager buying public is no longer concrete. With an progre ssively global economy and more and more choices for consumers, companies must be willing to adapt their market orientation to stay competitive. Based on my opinion, nowadays in Malaysia, we can see a lot of bank is available.So the competition becomes higher than onwards. 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 abbreviation, 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 interestingness rates given. Citibank in Malaysia facing a problem regarding high interest rate offered, so they make a research and develop a new outline which enable customer use their Islamic banking. some other services that they provide is Ci tibank Guard Savings is The first savings line in Malaysia thats enhanced with free Takaful coverage against critical illness.Citibank headquarters i Partner provide Capped Rate, Flexible Payment and day-to-day Calculation, Citibank Checking Account I is a system provided by checking account that honours degree the Islamic banking principle of guaranteed safe custody approved by the shariah law body. Based on the services provided by Citibank, we can conclude that Citibank handle 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, I nsurance, 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 ready card. Citibank Ready Credit is an Unsecured Personal Overdraft with Checking Facility that allows you to access cash easily in any amount in excess of your character balance up to the approved overdraft limit. With ready card, we can access our balance in confidence 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 skillful time and value.We already love 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 thi s Citibank only produced linguistic rule honorable mention for their customer only. yet now, Citibank produced a new mention 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 wheel 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 answer with Citibank case study. FOUR ELEMENTS OF MARKETING ORIENTED ORGANIZATION drudgery 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 wide available and inexpensive. Manager focusing on this concept concentrate on achieving high production efficiency, low salute, 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 party favor those products that offer the most quality, performance, or innovative features. Managers focusing on this concept concentrate on making superior products and improving them over time.They turn out that buyers admire well-made products and can appraise 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 enough 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 make headway their product by using agents. As for the Citibank case study, nowadays they report 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 organizational 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 corporate into the design and manufacture of the product, sales and profit goals are far more likely to be met.What a re 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 customers 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 marke ting concept wherein an organization believes in giving back to the society by producing better products targeted towards society welfare. Some have hesitationed whether the marketing concept is an reserve philosophy in an age of environmental deterioration, resource shortages, explosive commonwealth growth, world hunger and poverty, and neglected social services. The marketing concept possibily sidesteps the electric 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 play 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 busin ess 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. Success 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 directly 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 expect ation. 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 forge 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 dole out 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 access up with different strategies t o 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 insisted 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) case 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 reliable 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 any time, 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 store credit card they are confident that they will make money off 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 whitethorn 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 culture 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 the 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 extraneous company but Citibank is a good model to local financial institution to learn their strategies to increase their competitive capability to compete in the global market.