Citi Bank Launching The Credit Card In Asia Pacific Essay

Citi Bank Launching The Credit Card In Asia Pacific - Essay Example The feasibility of launching the product in Singapore would become clear in the light of the following analysis: Income and Standard of Living: Singapore is a country of rich and affluent people with an average per capita income of $8,817 that is continuously growing at a higher rate than other countries in the region and a standard of living much better as compared to most of its neighbouring countries. Most of the population can conveniently afford a credit card therefore this country offers great opportunity to the Citi corp. in launching its product for the first time in the whole region. Therefore, the land of Singapore offers more opportunities than risk for the Citi Bank credit card launch. Although risks are there, but the country having 100% urban population, higher per capita income and much better standard of living offer less country risks to the launch of a product like credit card. Although the country profile of Singapore offers has great attractiveness for the launch of Citi Bank credit card, yet the market ... Although the country profile of Singapore offers has great attractiveness for the launch of Citi Bank credit card, yet the market profile suggests a great number of risks associated with it. The credit card market has been already captured by major international players such as American Express Bank, Hong Kong Bank, Chase, Standard Chartered and local banks such as UOB, DBS, OUB, and OCBC, which make it very difficult for a bank to successfully enter the market and remain profitably in business for long. In order to enter the Singapore market and successfully launch the product, Citi Bank could either purchase an existing already established business, or launch a rigorous marketing campaign to attract a great number of customers or can even both the options simultaneously as suggested by the case given. However it is recommendable for the Citi Bank to go for the development of its product's own market. The bank should adopt a number of possible marketing strategies that could help it achieve the objective of customer awareness and customer acceptance. Initially, the customers should be made acquainted to the product and then the product must be positioned in a way to win the customer acceptance. Competitive Advantage Singapore is a market where people enjoy a high standard of living and therefore, enjoy the products that are associated with image, status and recognition. Citi Bank can take advantage of this attitude by positioning the credit card and associate its image with high status, prestige, affluence and style. The bank should use its "international identity" and offer its product to the people with maximum international usage and recognition. This can be the most visible competitive advantage readily available to be