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Business Marketing Audit Plan for Citibank UAE
Assignment 2 – TBS904 Marketing Management
Jean Jacob
4809166
Executive Summary
The aim of this project to conduct a market audit for Citibank UAE and its credit card product.
Firstly a historical overview of the company was undertaken. This revealed that the 2008 near collapse of the company, and its retreat from nearly 11 countries in Asia and the Middle East in 2014 were important points in the company history. One of the countries where Citibank retained its operations was the UAE.
To help find out why this was the case, an environmental survey was conducted. This found that despite difficult negative trends like banking regulations and regional instability, the fundamental strengths of the UAE; i.e. its business friendly environment, good economic indicators and low interest rates made it an attractive market for Citibank.
Citibank was also examined from the perspective of Carrol’s Pyramid of Corporate Social Responsibility. It was found that Citi had violated its legal and ethical responsibilities by participating in LIBOR scandal in 2012.
We next examined the target segment and found it be focused on three segments of the wealthy, the affluent and the emerging affluent. Each segment had credit cards with specific selling points aimed at them. This included the Citibank Simplicity card, which had minimal fees, aimed at the emerging affluent, the Emirates Gold card, which offered rewards through the Emirates Skywards system, as well as other perks, aimed at the affluent. The card aimed at the wealthy, the Emirates Ultima Card offered rewards of a magnitude greater than the ones offered by the Gold card.
A competition analysis was also conducted which found that Citibank operated as a niche company, employing the Product-Line niche and the End-User niche strategies.
The key success factors in the industry were found to be either a large market share or a focus on a narrow segment,...