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Citibank IN New Countries for Futures Markets Development - Essay Example

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Citibank IN New Countries for Futures Markets Development

Furthermore, the projected customer base also determines the market entry approach that best fits that target market. In the case of Chile, the country illustrates an ideal market size approximated at 17.4 million citizens, and with the main degree of economic freedom. In this regard, the best market entry approach for Chile is the improvement of customer engagement and satisfaction through more relevant ad timely communications. This is mainly because of the large projected customer base that in turn requires for additional attention. The real-time relationship between the customers and the bank backed by the timely communications offers in-depth customer insights through each interaction point (Czinkota 512). The turning of customer’s insights into automated and operational brilliance further paves way for the new banking service in Chile thus leading to realization of higher profits. This approach also suits Chile as it incorporates the research evidencing the deficiency of banks to provide value to their customers. Countering this pre-existent condition, this approach enhances the customer’s records using key insights such as their lifestyle and banking behavior. As a result, there exists a more relevant and effective distribution of value to all segments of the customer base. Subsequently, factors such as high ranking in World Bank’s income groups of 2012 and lower middle economy characterize Bolivia. Furthermore, the similarity between Bolivia and Chile as illustrated by the cultural dimensions calls for an entering approach that depicts slow customer attrition while building stronger relationships (Carlton 252). This approach ensures minimal dissatisfaction of customers thus preventing loss of established customer bases to competitors. Through creation of early warning systems, this approach identifies the customers’ turning points prior to their occurrence thus providing a chance to address the customers at risk. In other words, this approach ensures continuous productivity through active implementation of retention measures through shaping the services according to the customer’s preferences. On the other hand, Slovenia illustrates a collective society whose members exchange adherence and loyalty. With a reduced market size, Slovenia calls for a real time customer growth initiative. This approach propels take cross-sell and up-sell to new heights by triggering the target market’s readiness to open new accounts and enjoy the services offered. Through development of cross-sell and up-sell programs, identification of customer’s readiness to create, change or start utilizing on-line services becomes predictable. As a result, the bank gains control over the sale of certain products and services through studying customer behavior. Foreign direct investment actively participates to the growth of global business through provision of new markets and applicable marketing channels (Graham & Spaulding 1). Furthermore, it contributes to provision of cheaper production facilities in a country like Chile where the population is relevantly high. Furthermore, licensing accrues for significantly higher returns through engagement into relatively risky markets such as Bolivia. Following to extreme competition, foreign direct investment facilitates provision and effective utilization of new technology, products and skills. On the other hand, these aspects aid the development of a strong forward ...Show more

Summary

Date: Marketing paper 1 As the summary depicts, future market development refers to the manufacturer’s attempt to identify a new market for both existing or new products and services, and subsequently develop them to fit the respective criterion…
Author : jward
Citibank IN New Countries for Futures Markets Development essay example
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