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Citibank IN New Countries for Futures Markets Development - Essay Example
Pages 3 (753 words)
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…
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. ...
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