Question

o If you are a competing credit card company, how would you respond to the Chase Sapphire Reserve card? How should Chase be prepared for the competition? o How successful do you feel Chase will be at retaining customers in their second year of the Sapphire Reserve card? Should they make any changes t

o their offering or strategy to improve customer retention?

Answer 1

The Chase Sapphire Reserve can benefit to the most people but if you have the company which can provide more secure payments and satisfaction to the customers than you can easily compete with any organisation. Credit card companies are becoming more interested in their customer's lives because it provides various funding facilities to the customers at any time ,any place, easy to access. If we are a competing credit card company , we can respond to them in various ways :

1. Understand the competitor landscape : We should understand the basic structure of the competitor's environment .Their process and their criteria of analysing everything.

2. Learn about the market :Observing and talking to competitors can help us to understand the market. Learn about the company's understanding to customers . What market challenges did the chase sapphire reserve card run ino. Which technologies do they apply? How do they communicate with their customers?

3. Take challenge as a task: We should take competition as a continuous challenge that keeps you on track. We should make our credit card company more convinient for poor households to gain a larger foot print.

4. Stay focused : We should stay focus on improving our facility instead of focusing on others.

Chase should be prepared for the competion in various ways:

1. Make new strategies time to time: Chase should make new strategies time to time according to the needs of the customers so that it will maintain its existence.

2.grab opportunities : Chase should grab new opportunities for the welfare of its company and for the satisfaction of customers.

3. Changing of techniques: We live in a dynamic environment so we should act accordingly. Changing techniques can be benefitted to them.

The Sapphire Reserve is an extremely valuable card for travel, The facilities they are providing is premium. The card has an APR of 16.99%-23.99% variable.Chase wiil be successful at retaining customers in their second year of the Sapphire Reserve card. They can add up more facilities to their services to attract more customers.They can make changes in their charges paid by the customer and update their card time to time for the benefit and protection of the services. In this way they can make various changes and reach more and more customers.