Marketing is a set of various activities performed by organisations in order to communicate their offerings to desired and potential customers (Rowley, 2016). It is a crucial and imperative activity which undertakes various set of operations which is important to appropriately place the services and products in the market. The following report is based on Barclays, which is one of the biggest financial organisations of the United Kingdom. It briefly covers the roles and responsibilities of a marketing function and a brief comparison in ways which organisations effectively uses. The report also briefly develops marketing plan for a new offering of Barclays.
P1. Key responsibilities and roles of marketing in Barclays
Marketing is an imperative activity which enables firms and various associations to develop effective communication channel where they could exchange information about their products, their specifications and how they could offer benefits to the customers present in the market. There are various concepts of marketing which are briefly discussed as under:
- Production Concept:As one of the earliest concepts that came after inception of marketing, the philosophy supported by this concept states that those offerings which are extremely affordable and available would be recommended by consumers. However, this concept sometimes leads to development of marketing myopia and organisations adopting this concept undertakes major risks of not accomplishing actual goals.
- Product Concept:The concept is centralised completely on the product. Philosophy supported by this states that only those offerings would be favoured that are high on innovation, performance and provides most high quality of service to the employees. The marketing strategies adopted in this concepts emphasises on ensuring continuous development in the offerings.
- Selling Concept:It considers promotion as a vital strategy which induces interests in customers and tends to enhance the selling of the product. Associated with high risks, companies adopting this concept believes in implementing aggressive selling programs (Scarborough, 2016).
- Marketing Concept:It supports the notion that companies must take market needs and customer expectations into consideration which would in turn transform in the profits (Larson and Draper, 2015).
- Societal Marketing Concept:As the name suggests, this concept undertakes consideration that offerings must provide benefits to companies as well as society as a whole. It must ensure human welfare as an imperative cause of development of the product,
Marketing is an old concept and quite necessary for growth of an organisation. However, there are various current and future trends of marketing are being and are likely to be followed by companies to present their offerings in the market. These trends are mentioned below:
Currently organisations have been adopting different ways of marketing to attract maximum customers towards their offerings. The various current trends of marketing are mentioned below:
- Social Media Marketing:With rise in access to social media, individuals are highly aware and are inclined towards using various platforms to interact with other individuals and gain knowledge about different products of various companies. Companies use portals like Facebook, Twitter and YouTube to introduce and demonstrate their offerings to the public.
- Advertising Campaigns:Current trends include various campaigns set up by organisations where product specifications are demonstrated by advertising on televisions, radios and internet. It allows them to gather attention of masses effectively.
- Content Marketing:One of the most prominent future trends include content based marketing where organisations would be using effective technologies and machine learning to advertise their products in the market (Gillespie and Riddle, 2015).
- Artificial Intelligence:The future holds the key to immense development of technologies in aspects which seem a bit too non-attainable in future. One such thing is Artificial Intelligence. Currently progressing, the future marketing campaigns would be completely emphasising on AI for campaign optimisations and ad exchanges.
There are various marketing processes which must be adopted by organisations like Barclays and are briefly discussed below:
- The firm must conduct effective situational analysis to enhance the identify and determine opportunities for the company (Wirtz and Lovelock, 2016).
- Barclays must develop a research plan to analyse the trends and customer expectations.
- Relevant Information must be collected regarding resources, methods and ways of marketing by analysis of the market and trends among customers.
- Barclays is then required to formulate strategies that fulfil their marketing objectives.
- The last step relates with review of each step and modify the same as per required changes.
P2. Roles and Responsibilities of marketing in relation to a wider organisational context
Barclays Plc is a very huge organisation consisting of various departments and marketing managers of the company indulge themselves in determining the most apt opportunities for the company along with formulation of various strategies that could aid the company in gaining profits. The various roles and responsibilities of marketing are discussed as under:
- Co-ordination of Marketing Campaigns:
Barclays' marketing manager plays a crucial role in coordinating all the marketing campaigns of the company. They are required to coordinate efforts of all the units working to develop these campaigns and continuously evaluate effectiveness of each of those units to achieve the set objectives.
- Integration with Employees:
Employees are an essential part of Barclays and the marketing manager is responsible to ensure long-term employee engagement in the company by focusing on building their competencies, fulfilling their personal needs, integrating their goals with that of the firm, etc. (Hugos, 2018).
- Effective CRM:
Another role of marketing manager in Barclays is to develop and expand customer base for Barclays. They are responsible to identify marketing opportunities, developing strategies and capturing the interests of customers to communicate with the firm in creation of products and services that are customer oriented (Muller, 2019). This way, it helps in developing better customer relationships for