Order at http://researchpapershub.com/order/
Full Syllabus Assessment
Case StudyCitibank’s value addition strategyCitibank is the market leader in India in the credit card market. Citibank card was launched in India in 1990. The major reason for its success in the market is the sophisticated information system that it has developed, innovative customer service and value addition to the product from time to time.Citibank cards are widely accepted all over India. This has been achieved mainly through the efforts of the sales and distribution wing of the bank to sign up many airlines, hotels, restaurants, petrol pumps, supermarkets, other retail outlets of FMCG and consumer durables, hospitals, etc.The product range of Citibank includes a wide area – Diners Club Card. Prof erred MasterCard, Preferred Visa Card. Classic MasterCard, Classic Visa Card, with a variety of facilities to its customers. Diners Club Card is an exclusive card targeted at the high income, high society, high lifestyle segment. Preferred and Classic Card series are for the upcoming executive classes, with the Preferred Card offering higher insurance coverage and larger emergency withdrawal limit and other added benefits.The concept of Moneyback’ or ‘moneyspinner’ is an incentive to make the cardholder use the card more and spend more. The cardholder earns 0.5% of his purchase value as money-back points and when these accumulate to 100 points, a sum of Rs. 100 is credited to his account. Citibank also assists its cardholders to pay their household bills (electricity, phone, etc.), mutual funds and the like where credit cards are not accepted by giving them the facility to dial the bank for issue of a draft, under the ‘Dial-a¬Draft’ scheme. Citibank offers a 25% temporary credit line increase for a period of three months to enable its cardholders to buy consumer durables or celebrate social occasions.Citibank also provides Personal Accident Insurance free of cost. In the case of immediate reporting of loss of card, Citibank assures a card replacement within 48 to 72 hours. The liability of the cardholder against fraudulent charges is limited for Preferred Cards and zero for Classic Cards. The Credit Shield facility provided ensures that the cardholder’s outstandings are life-insured and are not a burden on their families. The Preferred series offers a Purchase Protection facility of up to Rs.20,000-Rs.50,000 (depending on approved credit limit) on all goods for a period of one month. In addition to these, Citibank advertises the excellent personalized service it extends to its cardholders 24 hours a day, 7 days a week. Its slogan is, “The Citi Never Sleeps’.Citibank markets its facilities using the tag line “the best way to pay”. It has effectively managed to change the customer perception of a credit card from that of an elitist status symbol to that of a middle market convenience product in a very short span of time. The Bank’s present strategy is to aim at the ‘young and upwardly mobile professionals’ – the yuppies – in the IT and BP0 sectors. It is looking at cities that have a moderately high population and are showing signs of consumerism.Citibank also offers many discount schemes to its cardholders on various items to be purchased, to induce spending. Another method adopted is inducing member merchant establishments to accept credit card payments even during a sale.The Citibank-Philips tie-up deal is another value – added scheme. This is called “Bag-a-Bonanza”, where Citibank polders will get discounts and extended warranty on a variety of Philips products. All these offers are regularly informed customers through direct mail and advertisements in the newspapers.In the context of direct marketing, Citibank asks its own card members to persuade their friends, relatives and acquaintances to acquire a Citibank card. By getting a specified number of credit card members, the original member would be entitled to a prize.Citibank has also tied up with other organizations for co-branding. For example, there is Jet Airways-Citibank Card where mileage points gained on travel can be used for purchases through redemption.Citibank has used the concept of cross-selling to its advantage. Since Citibank is a global consumer bank, it has large number of clients who take loans or make a deposit in the bank. These clients are induced to buy a card since they can get a discount on the card fee. Simultaneously, Citibank card owners get a discount on the interest rates for house and car loans which they find very attractive.Citibank employs agencies to go to various offices and households to market the Citibank credit card. It retains cardholders by adding value to the card that the holder possesses.Finally, Citibank owes its success due to its ability to move fast. Its competitors take a long time to catch up with its innovations. This gives Citibank the benefits of its innovations. Citibank was the first to tie up with petrol pumps to accept credit cards. All these value added innovative services will be remembered by members when it is time for renewal of the card membership.
Question 1Citi Banks different product mix includesPreferred Visa CardDiners Club CradPreferred MasterCardAll of above
Question 2“””Citibank also provides personal accident insurance free of cost””, states ____________ concept of marketing”Customer conceptProduction conceptSelling conceptthe societal marketing concept
Question 3Citibank’s market leader strategies in the credit card industry rests on __________________ conceptthe marketing conceptNone of the aboveProduction conceptSelling concept
Question 4Citibank’s success in the market is due toAll of the aboveinnovative customer servicesophisticated information systemvalue addition to the product from time to time
Question 5Citibank’s promotional mix includesAll of the aboveSales PromotionAdvertisingPersonal selling
Question 6The wide product range of Citibank card is successful because of ________________ effective strategyAll of the aboveTargetingPositioningSegmentation
Question 7Citibank cards are in the ________________ stage of product life cycleMaturityIntroductionGrowthDecline
Question 8Citibank’s new card development begins withIdea generationconcept developmentproduct developmentBusiness Analysis
Question 9Citibank owes it success to _________All of the aboveinnovative strategiesability to fastTie-up with other companies
Question 10 0 / 10 ptsCitibank’s successful value addition strategy can be contributed to :Citibank’s innovative competitive strategiesCitibank’s Successful co-branding strategiesUnderstanding the customer’s needs and designing the product accordinglyAll of the above
13 Jun 2020 03:57Full Syllabus Assessment
Case Study
Question 1
Highlight the opportunity identified by the Astec’s
None of the above
Both a&b
Requirement of additional services with their power supply generators
need to specify the information that is needed to determine if this opportunity is a good one.
Question 2
Is the problem facing Astec a case of problem identification research or
problem solution research?
All of the above
This is a case of problem solution research
This is a case of problem identification research
This is a case of competitors problem identification research
Question 3
What ethical considerations does the researcher face in this project?
The accuracy and validity of the procedures or findings should not be misrepresented
“Research should be conducted in an objective manner, free of personal biases and motives.”
All of the above
The researcher should accept the standards of scientific investigation
Question 4
Descriptive research will help the management in :
To determine the perceptions of different industrial buyers of power supply generators toward greater service.
“To develop a profile of the characteristics of power supply generator customers, especially those interested in additional services.”
To determine the perception of the service offered by different power supply generator producers.
All of the above
Question 5
Is a cross-sectional design or a longitudinal design most preferable in this case?
Both a&b
longitudinal design
A cross-sectional design
All of the above
Question 6
Identify the factor related to Legal Environment
What is the buying process for power supplies?
What are the long term objectives of the marketing manager?
What government regulations on power supply generators exist?
The service image of Astec in the marketplace.
Question 7
What is the marketing research problem facing Astec?
What are the preferences of power supply customers with respect to product attributes and customer service?
None of the above
What are the underlying motivations of power supply customers?
What is the size of the market segment interested in expanded service of power supply generators?
Question 8
What sampling technique do you recommend for this study?
Judgmental sampling
quota sampling
Systematic sampling
stratified sampling
Question 9
“In designing scales for the survey, which scales do you recommend?”
None of the above
comparative scales
non-comparative scales
Both a&b
Question 10
Astec is interested in offering the guaranteed distribution program. Astec believes that companies which order power supplies every month are good candidates for this program. It is estimated that the program will be worthwhile if only 20% of the companies order power supplies each month. The management wants to be 99% sure that they are within 2%. How large a sample do they need to survey?
4632 respondents
648 respondents
2653 respondents
2681 respondents
Quiz Score: 100 out of 100
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."
