By Lumar LeBlanc
American Express is having a hard time trying to keep long term wealthy customers. Many of there wealthy customers are switching to banks like Chase, because they offer better premium cards with more perks. Top list Amex clients like Mr. Burch switched to Chase's Sapphire Reserve Card for this reason. American Express long time CEO Mr. Chenault will be retiring in 2017 after 16 long years of service. And the challenge new CEO, Mr. Squeri, has to deal with is how to get the millennials and keep the rich.
Amex credit-card purchase volume went down 22.9% from last year from the rising competition of other institutions. Amex has came up with different ways in order to improve there results. They have already transformed the Platinum Card to offer better perks for customers. Amex is focusing on there target market, mostly product of the four P's. And also to remember the key concept of competitor analysis, so that Amex can analyze the competition and know there competitive advantage.
https://www.wsj.com/articles/amex-chiefs-mission-get-millennials-keep-the-rich-1508491807?mg=prod/accounts-wsj
Posted: October 20, 2017, by AnnaMaria Andriotis
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