International Marketing Strategy Concept 2022

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Global Marketing Strategies: Barclays Bank
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Global Marketing Strategies: Barclays Bank
Introduction
To tap the numerous benefits of internationalizing and globalizing their products,
contemporary firms and organizations are poised to exploit the concept of global marketing
strategies. Alternatively referred to as the international marketing strategy, global marketing
strategies refer to the tactics used by firms and companies to reach international markets. Global
marketing strategies refer to plans and schemes that companies are determined to use to unlock
international markets. The fundamental approach in global marketing strategies revolves around
adjusting a company's marketing strategies to adapt to the underlying conditions of other
countries. Companies adjust their planning, promotion, production, and positioning to fit with the
global requirements. This report attempts to delve into the concept of global marketing strategies
used by UK-based multinational companies, Barclays Bank. Being one of the oldest and reputed
companies in the banking sector, Barclays Bank enjoys a significantly large customer base in
many countries. Headquartered in London, Barclays Bank aims at tapping the numerous banking
and investment opportunities worldwide. This report attempts to investigate the global marketing
strategies used by Barclays Bank. The significance and demerits regarding the concept of global
marketing strategies will be further investigated by consulting relevant literature resources.
The rationale behind Global Marketing Strategy
The contemporary global economy necessitates the need for embracing international
marketing strategies and the selection of appropriate globalized market entry strategies. Due to
the advancement of technology and the concept of globalization, both large and small firms in
the world can exploit the wide and diverse global economy. Hussain and Khan, (2013) consider

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the world to be a global village that is being driven by globalization. As a result, competition is
on the rise and organizations are striving to implement the best strategies that would give them
an edge over their rivals in foreign markets. Adaptation and standardization are some of the key
concepts that have been discussed over the last decades as asserted by the three scholars. In their
article, Hussain and Khan, (2013) acknowledge that some scholars are in favor of standardization
while others wholeheartedly support adaptation, suggesting that marketing strategies could either
be adaptation or standardization.
Global marketing strategies depend on how firms and companies can employ their
marketing strategies in the global context. Before expanding into the global market, companies
need to enjoy the success of their sound marketing strategies in the domestic market. According
to Agarwal and Wu (2018, pp. 5), global marketing strategies are determined by the traditional
marketing strategies used by firms in their domestic markets. Appiah-Adu and Amoako (2016,
pp. nd) assert that before setting for the global market, local multinational firms are needed to
initiate and implement sound and effective marketing strategies. Firms with appropriate and
effective marketing strategies are likely to develop functioning international marketing strategies
when companies need to reach the global market.
For Barclays Bank, the need to initiate international marketing and appropriate market
entry strategies was facilitated by the bank’s effective marketing strategies in the United
Kingdom. After enjoying many of success in investment and corporate banking as well as wealth
and investment management in the UK domestic market, Barclays Bank saw it prudent to expand
its market reach and set other branches in other countries. At present, Barclays Bank operates in
more than 50 countries on all continents (Barclays Bank International Branches 2020). With

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more than 4,000 branches worldwide, the multinational bank has a listing not only on the
London Stock Exchange but also on the New York Stock Exchange.
Global Marketing and Market Entry Theory
The product life cycle is the primary theory to consider in the setting and implementation
of international marketing and market entry strategies. The product life-cycle consists of three
distinct phases which include the introduction of a new product in the global market, the maturity
of a product in the global market, and the standardization of a product in the global market
(Vezzetti, Alemanni and Morelli 2017, pp. 22). When entering an international market, for
instance, Barclays Bank needs to introduce its new products and services to its potential new
clients and customers. The growth of Barclays Bank in international markets depends on the
perception of the maturity of its products and services in the global market. Lastly, sustainable
growth and development of the multinational bank depend on the bank's ability to standardize its
products in all its branches worldwide. Standardization of goods and services can be attributed to
companies, franchises and firms' performance, customer satisfaction and sustainable growth
(Chiou and Droge 2015, pp. 132). For instance, Barclays Bank needs to ensure that the services
offered in its London branches can be accessed by its clients in other Asian, African, Australian,
American and other European Barclays Bank's branches.
Consumer-based brand equity management exists as a primary international marketing
theory used by many multinational companies (Michaelidou, Reynolds and Greenacre 2015, pp.
4). The scholars assert that in the global market, firms practicing international marketing and
market entries need to examine and measure their prospective customers' brand equity awareness
and satisfaction. For instance, when Barclays wishes to establish a branch in a particular country

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or area, the bank is tasked to ascertain that its people are already familiar with its brand. Heavy
advertising and marketing are done to improve a company's brand equity awareness.
Opportunities in Global Marketing Strategies
Globalization and “Glocalization”
According to Ihentunge (2017, pp. 118), there is a very thin line between the concepts of
globalization and “glocalization”. The scholar asserts that “glocalization” exists as a subset of
globalization. Concepts of globalization and “glocalization” exist as an interplay between
domestic and international marketing strategies (Grigorescu and Zaif 2017, pp. 72). Metin and
Kizgin (2015, pp. 106) refer to the concept of globalization and “glocalization” as hybrid
integration where multinational firms “think globally, but act locally”. The two concepts involve
the production of goods and services according to both local and global considerations. In the
case of Barclays Bank, the multinational company is poised to produce and serve "glocalized"
financial services to its global customers. The bank has a strong belief in its traditional local
marketing model and attempts to employ the model in its international marketing and market
entry strategies. The bank recognizes that the global economy is in need to enjoy its "glocalized”
financial services. Considering that the traditional English banking system is highly venerated in
the world, Barclays Bank perceives the concepts of globalization and “glocalization” as
opportunities in the global economy.
To ensure sustainable growth and development, multinational companies need to offer
their "glocalized” products and services in the global market. The production and distribution of
a company’s goods and services should adhere to local and global considerations. The concept of
standardization is very fundamental in the attempt to produce and distribute “glocalized”

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products. Delivering of “glocalized” products require companies to research new territories,
design how their products will travel from the central region to the regions, work with local
partners, learn the foreign customs, adjust prices, and write plans (Ten ways to improve your
international marketing strategy 2020). Firms that wish to enter new international markets are
tasked to ensure that their local markets and stakeholders are satisfied before venturing into
international markets. Before venturing into foreign international banks, Barclays Bank ensured
that its structures were functional in the United Kingdom. Through its numerous branches,
Barclays Bank offers “glocalized” financial products to the global economy.
Technological Advancement
Inarguably, the advancement of technology is directly linked with the development of
international marketing strategies. International marketing strategies overtly depends on the
advancement of technology. For instance, digital marketing frameworks are widely used by
many multinational companies to tap wide and diverse markets in the global market (Kannan
2017, pp. 24). Entering new international markets requires intensified advertising. In
contemporary competitive markets, it is necessary to utilize mainstream media advertisement
tools. Barclays Bank uses its websites, social media platforms as well as television and radio
platforms to advertise its products. Moreover, concepts such as mobile banking and e-commerce
have necessitated Barclays Bank to utilize the advancement of technology in the banking sector.
Achieng and Ouma (2016) identify the impact of Hello Money, Barclays Bank's mobile money
platform on the level of the bank's customer satisfaction. The scholars assert that new
technological exploit has greatly improved customer satisfaction, retention, and loyalty.

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Implications of International Marketing
In their international marketing strategies, firms affect and be affected by the activities of
regional trading blocs and organizations. In many cases, international marketing strategies
contradict the set regulations and principles by organizations such as the European Union (EU)
and the World Trade Organization (WTO). For instance, Barclays Bank's international marketing
strategy was overtly seen on September 20, 2008, when the company acquired most of the shares
in Lehman Brothers (Wiggins, Piontek and Metrick, 2019, pp. 2). The Lehman Brothers, a North
American financial institution had filed for bankruptcy after a series of financial turmoil.
Barclays Bank sought to advantage from the benefits associated with acquisitions. First, after the
acquisition, Barclays Bank would benefit from assets and resources owned by Lehman Brothers.
This would function by increasing Barclays Bank’s assets in the global market. Secondly,
acquiring Lehman Brothers would eliminate establishment costs that would have been incurred
during the entry of the bank in the North American region. Thirdly, contrary to the conventional
misconception, acquisitions in the financial field serve to reduce and improve competition (Kim,
Finkelstein and Haleblian 2015, pp. 1364). In John D. Rockefeller’s words, it is erroneous to
perceive mergers and acquisitions as a monopoly, rather than the fruits of the capitalistic
enterprise (Surdam 2020, pp. 161). Barclays Bank's acquisition was an international marketing
and market entry strategy. The company sought to expand its customer base, especially in North
America.
Conclusion
To conclude, the concept of international marketing and market entry strategies have
been optimally used by Barclays Bank. The product life-cycle and consumer-based brand entity

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theories and frameworks that are known for defining and illustrating the concept of international
marketing are overtly seen in the principles and activities of the multinational banking
institution. The primary reasons associated with the bank's international marketing and market
entry approaches are associated with the advantages derived from globalization, technological
advancement, and increased assets and customers due to mergers and acquisitions. Barclays
Bank's success in the global marketing arena, moreover, can be attributed to its ability to produce
and distribute “glocalized” products and services to its globalized market.

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Bibliography
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