American Express Card Case

American Express Card Case - American Express Card Case...

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American Express Card Case Yujie Zhang Brand and Product Management Principles American Express (AmEx) has a long history of offering a brand that people can trust. This dates back to their founding in 1850 when they began with both handling and transporting the assets of their customers. The company has been known for their safe and secure handling of assets. It carried forth this reputation when it introduced products for travelers, like Travelers Cheques and money orders in the late 1800s. This principle of trustworthiness has carried through all their business ventures. The initial and guiding principles of "trust, security, integrity, quality and customer service" was renewed and reaffirmed in 1993. These are the attributes the company wants its brand to stand for. There came a time when employees needed to be re-educated about the brand. When Ken Chenault, now CEO but then head of the card business, identified three guiding principles for that business: provide superior value to customers, to achieve best-in-class economics, and to direct all activities to support the AmEx brand. These guiding principles are inherent in the principle of security and trust. Today, AmEx has set itself a prestigious vision of becoming the world’s most respected service brand, which is committed to making a positive difference in its cardholders’ lives. No matter how they choose to define ‘success’, the company’s will to win and sense of personal accountability will ensure that AmEx is there to help. From its beginnings, AmEx has successfully perpetuated the image of status and luxury through its cards. They target high-end and affluent customers and their revenue places them number one in the industry in terms of the dollar value of purchases. Consider the data: the average AmEx cardholder charges an average of $8,360 per year compared to Visa's average of $2,470 and MasterCard's average of $1,960. This is all part of their brand image marketing. When AmEx shows merchants and prospective partners the data regarding these amounts, merchants and potential partners want to be affiliated with the company. It means more income for them and also greater brand image. It becomes worth it to pay the higher merchant fee. The principles of affluence and status have been very successful for AmEx.
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American Express Card Case - American Express Card Case...

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