Citibank: Launching the Credit Card

Topics: Revenue, Marketing, Economics Pages: 4 (1511 words) Published: March 7, 2006
Recommendations:
•Launch the credit card operation in Asia Pacific.
•Use a customized marketing strategy/customized offerings; Focus on customer service; •Enter Australia, India, Indonesia, Philippines, Singapore, Thailand, Taiwan, Malaysia, India, and Indonesia; Further develop Hong Kong market; Enter Korea – whenever regulations allow it. •Use different appeals/ value prepositions: in India, Indonesia, Taiwan, Thailand, Malaysia emphasize status; target upper and upper-middle class; use Citibank and Dinners database to qualify customers and minimize credit risk; create strategic alliance with high-end retailers, providers of luxury services; in Australia, Singapore, Hong Kong emphasize service, perks, value; use mass-marketing strategy; tailor the product to customers' needs; address the business community to enroll more retailers. •Employ multifaceted direct marketing; employ greenfield market development; use premium product pricing; use one processing center; Use trials/experiments to decide the best price/fee levels; modify the operation following best practices. Citibank should launch the credit card operation in the Asia Pacific since the proposal promises a great ROI as well as strategic positioning, increased company value, and the ability to market products to broader customer base. The initiative is a logical step for a number of reasons. First, the decision aligns with the Citibank's mission in the Asia Pacific – "to be the most preeminent provider of a wide array of financial services to an increasingly affluent upper- and middle-income market" (page 1). Citibank positions itself as a global company that "views the world as one marketplace and had consistently pursued a global strategy for growth." The initiative is a strategic match with Citicorp's organizational philosophy and vision. In addition, to achieve its ambitious goals of 30% or 30 million revenue growth by 1990 and undisputed leadership in the region, Citibank has to create new...
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