Swot Analysis Essay
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SWOT Analysis is a famous tool to analysis overall strategic position of the business and environment. Besides, people used SWOT Analysis to identify their strategies and create a specific business model that best aligns all the resources and capabilities to requirement to environment which the firm operates. SWOT has divided into two, which is internal factors (S, W)that firm have some to measure it, meanwhile, external factors(O, T) is something not control by us. Strengths are qualities that enable company to achieve their mission; we can observe several strengths from Citibank.
Citibank is a global network company by almost seven of the top ten banks in the world and considered as the market share leadership in world. Citibank has experienced to emerge into many foreign markets, although they had not always been a world- class success story. In addition, Citibank is an innovative company who always come out with some ‘new’ services to customer.
By open a multinational account services, Citibank has gained the confidence from Japanese consumers. The strong focus on technology and innovative financial services help Citibank to won many awards. Citibank has a good training and development for their employee too. There is always a mentor to guide their employee progress. Hence, Citibank people are great demand from other banks. On the other hand, Citibank do have some weaknesses that may influence Citibank success and growth. They face some conflicts came from bad management and coordination. Citibank merged with Citicorp and Travelers group, there is a report of differences and conflict between two co-CEO, John Reed and Sanford Weill. This problem arises due to different cultures of two organizations.
There may lead some communication problems between them, which by language and cultural barriers. External Factors has opportunity and threat, which is not under company control. Opportunity of Citibank is they have offered retail banking services. Citibank has launched their strategy of localized commitment, to employ 95% local employee in Japan. By implement this strategy, Citibank has become very popular by government. Citibank has many opportunities to expand to other foreign countries by implement the multinational account. It will win consumer heart and helps Citibank to become a first enter foreign market more successful. Citibank certainly have threat, the main threat of Citibank is competitor. Citibank’s major competitors include domestic and foreign competitors. Examples of domestic company are Bank of Tokyo- Mitsubisi and Sanwa Bank. Foreign company are HSBC and Deutche Bank. But Citibank has many competitive advantages which are strong brand equity, innovation and localized high employees. With all these competitive advantages, Citibank has much percentage to win among so many competitors.