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The paper will analyze the seven elements of service marketing in Citigroup headquartered in Charlotte, NC, and also outline the competitive advantage the service industry acquires through a successful marketing element.
Service: Most banks are experiencing an era where their revenue is not dependent on the sale of money alone (Once). Services in the financial industry are intangible and involve money in varied attributes such as depositing, lending, and transfer procedures. Citigroup should select the features of the primary service which is the deposit and lending of money and the bundle of supplementary services like the online money transfer with reference to the customer’s desires. All aspects that have the potential to create value for Citigroup services should be bundled together to bring out the best customer experience.
Price: Pricing is an essential feature in the marketing element of the service industry. Citigroup has to settle at prices that are affordable to the customers, and that ensure the bank is operational. Setting the price is centered on the value of the services they offer. In the service industry unlike in the product marketing, a decrease in price does not result in an increase in the customer base. The prices in the banking industry and Citigroup are dependent on the service being provided and assume the names such as interest, expenses, and commission.
Place: The most relevant aspect of banking is the ability to persuade customers that their resources are available whenever they are needed (Once). A bank such as Citigroup has to ensure that their services are visible to potential customers and that existing ones have adequate channels to access their resources. Citigroup can open branches on strategic positions or partner with other financial institutions to gain a greater geographical share.
Promotion: Citigroup has numerous goals that shape the way they
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Service Marketing Name: Course: College: Tutor: Date: Introduction Service marketing is the marketing sub field that can be divided into two main fields of goods marketing and services marketing. The goods’ marketing area includes marketing of the fast moving goods of the consumers and durables.
The customers are likely to have positive service encounter with a company and its products if they are satisfied with it. In case the customers experience dissatisfaction, they are most likely to confront negative service encounter. The companies need to identify various gaps that hinder the customer satisfaction level.
8 Branding and positioning of Masafi in the targeted segment. 8 Decline in market. 8 Social and governmental constraints on the use of polyethylene for packaging purpose which may adversely affect the business of Masafi due to state’s pollution-free policy.
In modern world, marketing managers of a service firm repeatedly use marketing jargons like customer driven service offering, continuous performance improvement and others, but interesting fact is that only few of them understand the practical implication of service quality gap Landrum et al (2007).
The paper will also identify the numerous stages in the services marketing process. It is evident from recent research that best practices in services marketing create a strong brand and eventually the brand develops the personality for the organization, service or product.
The field of marketing is no exception. There were the days when selling was prevailing in the economies rather than marketing. The entire aim used to be to generate revenue, but now the aim of satisfying customer has been given a key significance.
These include the steps that are taken by the human resources management regimes within the organization or industry as well as the adequate ethical measures and considerations that are making the relevant rounds. On this token, people factor has
The retailers are also on a constant lookout to change the sales and marketing methods with multiple options in price, product presentation and range of products. We can also see that the retail sector