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Some of them include. The Citi-Capital, Citigroup Private Bank, Diners Club, Primerica, Citi-Insurance, Citi-Mortgage, Citi Financial, Citi Cards and many others. Most B2B Companies fall under the Information technology sector. However, there are a few exceptions. Citibank is one such company. Although it belongs to the banking sector, it is backed up by B2B. It did this with the hope of integrating more technology into their business ventures. Their strategy was to engage in more e-commerce and reap the benefits of this approach. (Butterworth-Heinemann, 1991)
The report will examine some of the relationship marketing tools used by the Company in its operations. In this case, relationship marketing can be defined as the use of marketing techniques to retain pre existing clients. This form of marketing gained a lot of interest in the corporate world (including Citigroup) because they realized that traditional marketing had some loopholes. The latter type of marketing focused on acquisition of new clients and did not have a strategy to retain them. Relationship marketing shifts from individual transactions with clients and instead deals with a customer’s cycle. Most efforts are directed towards satisfaction of customer’s needs such that they may keep coming back for more business.
Citigroup’s relationship managers have realized that the Company met all these three aspects. First of all, the Company offers both investment and commercial services which means that clients have a lot of services at their disposal. Some of them include. Mortgages, priority banking for high net worth clients, loans, investment banking, telephone banking and card products. Secondly, clients in the banking sector are in continuous need of these services. Lastly, those customers who decide to do business with the Company normally select one service or product. In the case of Citigroup, some customers strictly come to obtain loans, some would like to save their money there but access it conveniently when need arises (commercial services and card facilities). (Jackson, 1985)
The organization has implemented relationship marketing through consumer tracking. Since Citigroup is B2B backed, then it was able to use a comprehensive data base to analyze what consumer tastes and preferences are. It has been a leader in business communication with the client. Citigroup has been asking its clients about their thoughts on the institution. It found that certain services were preferred over others. It also realized that consumer kept coming back for certain products during definite seasons. It was able to establish a pattern and focused its energies on products that gave them maximum returns. This was also topped up by improving services that clients were dissatisfied with. One such service was provision of housing loans. The Company found out that many clients were happy with their rate of loan processing. This made the organization very keen on this service. Clients who came for this type of service received special attention, consequently, the product kept selling and more customers were retained.