Before developing a business strategy, it is important for every firm to perform a SWOT analysis in order to assess its current position in its industry. Citibank, like any other firm, has strengths, weakness, opportunities, and threats to consider in order to compose an effective plan for the future. Identifying the strengths of a company can give that company focus to know which areas it should continue to build on in order to pursue competitive advantages. Although Citibank has many strengths, its three major strengths are: diverse range of products, global reach, and continuous investment in technology.
Strength - Diverse Range of Products:
Citibank offers a multitude of various products to satisfy every need of its clients. Citibank offers cash management services, securities and fund services, trade services as well as trade finance, and outsourcing services (Hitt et al., 2011, p. 100-102). The purpose for Citibank’s wide variety of products is to satisfy its clients. Because Citibank’s products are so diverse, clients and potential clients are able to get all of their banking needs met in one location. Citibank can build on this strength by continuing to diversify their product offerings in order to maintain their focus on customer satisfaction (Hitt et al., 2011, p. 101). Strength – Global Reach
Citibank employs “over 268,000 employees in 100 countries” which puts Citibank in the position “to serve its customers’ global needs.” Through the use of strategies such as the “embedded bank” strategy, Citibank has established itself as a global bank. Citibank’s global reach assists its product diversification which adds value to the company. Citibank can build on this strength by continuing to establish branches in more locations across the globe. Furthering its global reach will keep Citibank in close competition with its competitors as well as offer opportunities to expand its customer base. (Hitt et al., 2011, p. 109) Strength – Continuous...