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Marketing Essentials

18 Pages 4471 Words 901 Downloads

Introduction

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.

TASK 1

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:

Current Trends:

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.

Future Trends:

  • 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 Barclays.

  • Market Research

 Barclays marketing manger carries out market research in order to gain a better understanding of customers needs. Marketing research helps the mangers to attract different opportunities while creating niche for its products and services. Organisation's managers also study competitors strategies in order to create superior products  and for employment of efficient marketing technique.

  • Risk Taking

 It is one of the important marketing manager function. Risk taking ability to refers   to uncertainty about consumer products resulting from new products creation which is will be offered to customers in future for purchase.

Marketing Department plays a crucial role in Barclays and it is imperative that it develops contributing interrelationships between each functional unit of the organisation to maximise the scope of organisational success. These interrelationships of marketing department of Barclays with rest of its functional units is mentioned as under:

  • Finance Department and Marketing:

Both of these departments within the organisation play prominent roles and are required to develop effective interrelationships to enhance the opportunities for each marketing objectives. Each marketing plan of Barclays require inclusion of financial data for existing offerings as well as new. However, to enhance profitability, it is essential for marketing department of Barclays to develop promotional and advertising campaigns that contribute in increasing sales. On the other hand, it is also essential for financial department to provide ample financial support to the marketing department for accomplishing their marketing objectives effectively.

  • HR Department and Marketing:

Each department is required to have talented and competent personnels to drive the organisation smoothly towards success. HR department is required to hire such employees for Barclays which contributes in its consistent profitability. For the same, marketing department aids in advertising job descriptions and specifications required for each job role (Groucutt and Hopkins, 2015). However, for marketing, HR department plays the role of ensuring customer engagement as per the marketing needs change which requires them to put in extra efforts effectively. HR departments play crucial role in developing work environment which positively effects the performance of marketing personnels in Barclays.

  • R&D and Marketing:

With dynamic market situations, it is likely that marketing trends change as per customer tastes. R&D provides appropriate information to marketing department regarding new cost-effective methods to communicate with customers and offer them their offerings effectively and in the most profitable manner. Cross-functioning of these two departments is required in Barclays to develop and present products and services that satisfies customer expectation.

Within Barclays, marketing has a very important and strategic role to play. The company is required to develop each of its products as per the demands of customers (Rancati, Gordini and Capatina, 2016). Different needs of market and taking customers' perspective into account requires marketing department to be quite efficient in ways which enables the firm in development of services and products which gives immense benefits to customers. It would also be important in case Barclays wants to expand its operations in a completely new market. The firm would then require marketing to develop positive perception about their benefits to customers so that they could be competent enough to withstand the intense competition.

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e interrelationships between each functional unit is also necessary for collective growth of the company. It is essential that marketing department interrelates with each other functional unit to develop strategies in ways which does not exert pressure or is disadvantageous to other departments. Marketing objectives must be developed in ways which ensure short and long-term benefits and accomplishment of goals of each other functional units effectively.

  • Production and marketing department :

 Barclays marketing department works closely with the production department to ensure that adequate research and development is done in order to ensure quality and design that can match customers needs in future . Also to ensure that volume of order by marketing department can match the scheduled time for delivery.

TASK 2

P3. Marketing Mix of Barclays and HSBC

Product:-

Barclays provides effective products to its customers like investment management, commercial banking, retail banking, etc. The product strategy adopted by the company offers diversified options to different customers like individuals, small businesses, corporates, etc. the company has a range of products for range of individuals and institutions. Where as in HSBC services vary according to the country it operates in. however, the company offers product standardisation in various nations that have adopts similar culture with that of its home market (Pappas, 2017). The agenda of this strategy is for HSBC to attains economies of scale. However, with change in culture, the services also vary in nature. Similar products are offered in a different ways to customers. By offering products of varied nature and portfolios and ensuring no unethical conduct, Barclay bank strives to achieve the business objective of ensuring its sustainability in market for a long time.

Price:-

The pricing strategy of Barclays effectively depends upon competitive offerings , customer demands and regulatory influence. It offers various flexibility alternatives for its customers for payments, for instance, 25% discount is offered in broadband schemes for mobile and various discounts on loans (Barclays Marketing Mix (4Ps) Strategy, 2018). Where as in Price discrimination is the strategy which is adopted by HSBC. Similar to products, this financial institution analyse various markets and set the price accordingly.

Place:-

The firm operates in more than 50 countries. Along with offline branches, Barclays also provides its services online. It has a lot of online bankers within the country and is continuing to expand its digital bankers within the country and is continuing to expand its digital operations. Where as in HSBC The base of operation for HSBC is in North and South America, Asia, Europe and  Africa.  With such a vast scope of operation, the company also provides immense services to its customers. For instance, the firm has provided internet banking and ATM facilities to its customers. By tapping the advantage of offering online as well as offline services to customers, Barclays bank ensures that the goals and objectives of the enterprise are achieved in a timely manner.

Promotions:-

The promotion strategy which is adopted by Barclays emphasises on 360 marketing and branding. The firm has focused on comprehensive and robust marketing plans which effectively reach each of Barclays' customers (Duffett, 2017). It includes word-of mouth, sales promotion, website advertisements, sport sponsorships, etc. Where as in HSBC Aggressive promotions are adopted by HSBC. The agenda of this firm is to be heard regardless of the medium. It works towards capturing all media forms possible to capture widest market area. Moreover, the company also indulges in CSR activities to connect with as much individuals as possible. By making use of extensive marketing and advertising techniques, Barclays bank aims at informing customers about the services offered by enterprise so as to retain them for a long period of time in future.

People:-

The firm has emphasised effectively over ages to develop healthy employee relationships with individuals working in the organisation (Piñeiro-Otero and Martínez-Rolán, 2016). The firm has set quite effective examples over ages regarding its employee relations. The firm has various schemes, for instance, flexibility benefits scheme which authorises employees to decide the most appropriate benefits. Such schemes are implemented to satisfy agenda of establishing effective and healthy working environment within Barclays. Employee welfare is also given utmost priority in the company. Where as in HSBC  company is directly associated with customers. They are considered as the most important stakeholder of the company. Employees to are trained in ways which provides maximum benefits to customers. However, there are various schemes for employees, but the ultimate importance are given to customers and employees are crucial for enhancing their profitability. Barclays bank recognises the importance of maintaining effective and healthy employee relations as well as motivating them by providing a number of benefits. This assists the enterprise in ensuring that they deliver desirable performance so that the goals and objectives of firm are achieved in timely manner.

Process:-

The banking process of Barclays is quite user-friendly and effective. It gives proper and easy access to consumers to acquire variety of diversified services using their bank accounts. There are various relationship managers present in the branches which ensures that customers are attended appropriately and with utmost effectiveness. Where as in HSBC offers personalised and customised service to each of its customers (Dioko, 2016). The processes which are followed too are considered effective and the ATM's for customers helps the firm to gain assurance of their involvement. The company segregates its its functions based on interconnections. Services like E-outlets are also offered by the organisation for its customers to carry their financial activities. Services provided by HSBC are fully automated to ensure customer engagement.

Physical Evidence:-

The facilities provided by Barclays at both online and offline portals present utmost convenience to the customers. The company has launched Barclays' mobile application for its customers globally to acquire its financial services. In addition to this, Barclays also has various regional applications to provide services for its regional clients. Where as in HSBC Apart from offline branches, the company has its own website which consists of all of its services and personalised account for each customer. Physical aspects includes paperworks, brochures, business cards, etc.

TASK 3

P4. Development of Barclays' Marketing Plan

Barclays Plc is one of the biggest financial institutions in the UK. Thus, it becomes important for the company to develop and implement effective marketing plan to communicate their new products and services to customers present in the nation as well as globally. A marketing plan would allow Barclays to develop effective strategies for the bank to market its new offerings in ways which contributes in its profitability. With advancements of technologies, the company is planning to develop a new offering for its customers which would be called as “Barclays Watch”, which would be a smartwatch through which customers could carry out their financial activities with utmost ease and convenience. The marketing plan for Barclays is mentioned as under:

Organisational Overview:

Barclays Plc is a British Financial Institution and multinational bank which is listed on New York and London Stock Exchange. The company was founded way back in 17th century  and since then, the firm is consistent in providing its financial and effective banking services to clients in the country.

Vision and Mission:

Vision of Barclays is to effectively attain consistent growth by ensuring diversification in the base and enhancing its marketing presence. Another vision of this company to create effective market opportunities that helps the firm in attaining profitability and a huge customer base.

Mission of the company through Barclays Watch is to step up its innovation game and provide its services in a competent manner to the consumers to enhance its competitiveness and enable itself to serve customers in a more profitable and innovative manner. Also, the company, through its new offerings is planning to satisfy current and expected future customer demands (Griffitts, 2016).

Strategic Goals:

With development of Barclays Watch, the company is expecting to enhance its profitability by almost 3.5% within the next 9 months of its market release. The strategy of Barclays would be to market their smartwatch using latest advertising methods and robust marketing campaigns.

Offerings:

Barclays Plc provides clients with a range of services and products like personalised and investment banking, financial solutions, commercial and retail banking, wealth management, etc. The company provides all kinds of effective financial services and assistance which fulfils the financial demands of its customers.

Environmental Analysis and Research:

Before setting out the production, it is imperative that Barclays effectively undergoes market research and in-depth analysis to gather knowledge about the trends in the market and expectation of various customers from the company. To achieve this, Barclays must adopt primary and secondary research methods such as providing online quizzes and questionnaires to customers and gather banking trends from various online options like Google Analytics.

Its effectiveness would be judged as per the information gathered through research and thus, appropriate information would help the firm in developing more systematic plan.

Barclays' Target Market:

After market research, Barclays must adopt focus on determining its target market towards which the bank would be channelising its marketing strategies. The firm must adopt STP approach to determine the most appropriate market for Barclays Watch.

  • Segmentation:This procedure is undertaken by companies divides the whole market into various segments. These segments serve as target groups which makes it easier for companies to develop and implement their marketing strategies. The market for Barclays watch is divided into segments mentioned below:
    • Geographical:Under this segment, geographical location is the factor of division of market. For Barclays Smartwatch, the bank would be choosing urban and rural areas of the United Kingdom as prominent and appropriate segments.
    • Demographical:Age, Income and Occupation are the factors in this segment to divide the market. The marketplace for Barclays Smartwatch would be divided with customers of age more than 18 years, with more than £1,000 and business class individuals would be chosen.
    • Behavioural:This divides the market on behavioural basis. For Smartwatch, individuals who are technologically inclined and interested in acquiring new financial products and services would be analysed.
  • Targeting:After segmentation, Barclays is required to further narrow its scope to determine its target market. Barclays would be opting customers from Urban Localities of the country, with age more than 18 years and income level more than £1000 who are technologically inclined.
  • Positioning:The firm would be positioning its smartwatch in both offline as well as online branches. With effective advertising and marketing, the customers would be provided information about the watch on social media as well as on TV and newspapers to enhance its popularity and gain more customer attention.

Effectiveness of  STP is discussed below:

Effective segmentation, targeting and position would help the company in determining appropriate target market and thus, with such effective positioning, Barclays would be able to apply their marketing strategies effectively and thus, STP is quite effective for the firm.

Marketing Mix:

All the elements of marketing mix must be chosen in ways which provides immense benefits to Barclays Smartwatch and encourage more customers in the UK to buy the offering. In addition, the firm must analyse each aspect of the market and develop strategies through these elements to build a competent image of the watch in the market and amplify its want (Akbar, and et. al., 2017).

Marketing Strategies:

The marketing strategies of the firm would be according to the market needs and current trends which include social media, interactive marketing and compelling advertisement. It would be very effective as current market needs and customers would support this approach and strategy of the company. It would help in marketing its new service.

Marketing Budget:

MARKETING BUDGET

Particulars

1st year

2nd year

3rd year

4th year

5th year

Initial Amount

17000

7300

13400

13200

16460

Investment

14000

10000

24600

2900

13300

Total

31000

17300

38000

16100

29760

Marketing Outlay

 

 

 

 

 

Promotion

4500

2600

4160

3600

2420

Sales publicity

2100

1600

2850

1900

1400

Direct selling

4600

2900

4000

4000

6850

 Total

11200

7100

11010

9500

10670

 From the given budget, it could be well interpreted that £14,000 would be used by Barclays as investment, £4500 of which would be applied for promoting Barclays Watch.

Conclusion

Thus, it can be concluded by above information, that marketing is very crucial and an essential element for an organisation. Its concepts and roles are important to be defined and the marketing department must be utilised in ways which promotes overall growth of the company. Elements of marketing mix would enable companies to determine the strategy to accomplish their set marketing goals. Lastly, marketing plan would serve as an effective strategy that would lay out a structure which could be adopted by companies to market their products in the market.

References

  • Akbar, F., and et. al., 2017. Niche marketing strategy framework for SMEs: A conceptual framework.
  • Dioko, L.D.A., 2016. Progress and trends in destination branding and marketing–a brief and broad review. International Journal of Culture, Tourism and Hospitality Research. 10(1). pp.5-13.
  • Duffett, R.G., 2017. Influence of social media marketing communications on young consumers’ attitudes. Young Consumers. 18(1). pp.19-39.
  • Gillespie, K. and Riddle, L., 2015. Global marketing. Routledge.
  • Griffitts, M., 2016. Human resources marketing and recruiting: Essentials of internship management. Handbook of Human Resources Management. pp.103-118.
  • Groucutt, J. and Hopkins, C., 2015. Marketing. Macmillan International Higher Education.
  • Hugos, M.H., 2018. Essentials of supply chain management. John Wiley & Sons.
  • Larson, J. and Draper, S., 2015. Internet marketing essentials. Idaho Falls, ID: Stukent Incorporated.
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