Essentials of Psychological Testing

This assignment delves into the fundamentals of psychological testing, focusing on understanding test construction, administration, scoring, and interpretation. Students will explore various types of tests, their reliability and validity, as well as ethical considerations in testing. The assignment encourages hands-on learning by analyzing a sample test and discussing real-world applications.

MARKETING
ESSENTIAL

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Roles and responsibilities of marketing functions of Barclays.........................................1
P2 Roles and responsibilities of marketing in context with Barclays....................................4
TASK 2............................................................................................................................................6
P3 Different ways by which companies applies marketing mix to process of marketing
planning..................................................................................................................................6
TASK 3............................................................................................................................................9
P4 A marketing plan for Barclays..........................................................................................9
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Marketing is technique used by organisation in order to identify demand of people at a
particular region. In today's competitive world, each enterprise want to acquire marketplace by
increasing its number of customers. Therefore, marketing team helps them in determining what
type of products or services they need to manufacture or provide. This department entails them
purchasing power of people also like at what extent they can pay for particular products in order
to fulfil their desires. Their main motive behind marketing is to develop needs of people and
deliver services accordingly (Babiuk, Braun and Campbell, 2015). This process helps an
enterprise to gain high customer satisfaction. With this assistance, service provider takes people
as target employers and stakeholders as family who contribute their efforts in providing better
customer services. In order to see how marketing helps companies in increasing its sales
performance, Barclay Bank has taken in this assignment. It is a financial institution of UK which
is incorporated in 1896. This report showcases the roles and responsibilities of marketing
department in banks as well as how its functions interrelate with other divisions. For marketing
mix strategies, this file has compared techniques of Barclays with HSBC. Along with this, a
marketing budget plan has evaluated in the last part.
TASK 1
P1 Roles and responsibilities of marketing functions of Barclays
Marketing functions are crucial in defining a venture, that leads to take its business on
long route, by identifying and sourcing potential prosperous goods and services, which generates
profit to the firm through promotions . These functions are common in organizations that
includes market research, product planning, development, advertisements, sales and finance,
consumer services, etc. and these functions consists of some responsibilities, although these
functions are the reason for growth of a firm, Barclays has some roles and responsibilities, that
are described below:
Marketing Information System - MIS or marketing information system, refers to
collecting entire information before an enterprise start a project, it is essential to know the
requirements of a product among public, whether they need it or not (Bačík, Štefko and Gburová,
2014). If it is not in demand but it can be potential item for people, which can provide them a
relief, then the firm can plan for marketing strategy to roll out a product in effective manner.
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Sometimes, it can be recognize by existing goods and services in market, that can acquire a next
state, as in Barclays, there are already some services was offering from existing bank, but it
introduces some high interest rates that can give profit to public, and thus public become
interested in spend money in this venture.
Product planning – Next step after conducting a successful research, is that to make an
effective planning for product development. Management embraces outlines of research and then
focus on planning strategies, to develop innovative ideas that builds a strong image to grasp
attention of large volume of customers. When Barclays, get done with affluent research, it brings
out a new interest rate that is different from other financial institutions, it is offering an attracting
rate to motivate the clients, to invest in organization and be a stakeholder.
Financial – A company decides about the total costing or investments, which they need
to carry operations of a firm, for things it commits a separate team with majority, which approves
all budgetary decisions. Only the member of the team can sanction finance, because they are
responsible for this activity (Chiego, 2018). As in Barclays banks, there is team which approves
all financial decision, which is appropriate according to the position, so that it will push towards
the losses that make it draw into pool of loans. Secondly, a bank is established with a motive to
support people by assisting them loans, when they needed it most. The finance department, take
a overlook for approval, and when they find it deserving, only then it will get sanction.
Development process : When it is about developing a bank, government is wholly responsible
for this, a bank regulatory body is consider as a mother of banks, because it decides every
product which is going to offer to public. This regulatory financial institution promotes rates of
investments, and other interest rates will paid to the public and mother of banks from the
Barclays, against savings (Dudu and Agwu, 2014). It is important while developing a bank, to
select a location which is easy to approach, selecting a personnel to provide help to public, and
flexible resources, strict policies that is applied to the in house resources, assets and liabilities of
a bank.
Advertisement – However, a bank doesn't need any marketing, but it should be known to
public that there is a bank in local area, so that they don't need to go farther place. Another
advantage of marketing is, to establish a new product that requires to inform in public interest, so
that people can get the benefit with the products like mutual funds, bonds, different kinds of
accounts. People need to be aware about every planning of bank, so that they can enhance
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spendings or withdraw their investments, if they are in crisis. Advertisement can be released by
television, social media, print media, etc. for public welfare.
Selling – After the advertisements, other important factor is selling, which is always
dependent on workforce. Barclays has a dedicated team, though its executives are providing an
outstanding service, as now a days, employees are going door to door, as it is a policy of bank,
that offers a comfortable service to the users (Felten, O'Banion and Maida, 2015). They can open
an account without step – in to the bank, this becomes possible because of technology and loyal
staff. Barclays established in the United Kingdom, but it also developing across the nation, as
other banks are also opening in other countries. For this it needed to push a new business,
considering civilization and competition.
Customer service – This is last but not least process where customer interact, it is comes
in the motion for succour to the clients, wherever they needed, for any kind of reason, whether to
install a new new account or purchasing a product. It under takes all feedback from customers
and forward it to marketing and other sections, so that user queries can be resolved.
There are some other roles and responsibilities in marketing context, as below:
Marketing strategies : Marketing strategies is foremost in placing formulation of
marketing, including promotions, advertising, social media, that develops for customer
satisfaction, with an ease to allure by offering best selling product and services, which is gives a
success to business and provides a security to customer as well.
Monitoring of marketing environment – Marketing should be aware about the external
environment, so that current situation of market can be be recognize, it is achievable by
monitoring market, that gives a perfect scenario to supply a product in the market, with an
effective need and time (Hacker, Gambone and Hobel, 2015). Because time has significance, a
demand must be fulfil within time.
Market segmentation – Under market segmentation, marketing section, divides
potential buyers in different sections, so that actual requirement can be identify, like a bank has
different products for children, their education, savings, whereas distinct kind of products for
adults like savings accounts, home loans, purchasing loan, construction loans, vehicles loans,
medi - claim facility, etc, in these type of product can market segmentation is good for bank.
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P2 Roles and responsibilities of marketing in context with Barclays
In order to gain sustainability in the market place, a company has to manufacture its
products with better quality that help in retaining customers for a longer period. With this
assistance, industries need to use various strategies and policies to attract people towards its
products. For better productions and increase sales performance, a company has divided
responsibilities to each department that helps in achieving the desired goals in a profitable way.
Working operations of these divisions are interrelated with each other therefore, all of them need
to make proper coordination in carrying out operations as well as for making proper decisions.
They made several policies and for implementation of the same in workforce, managers and
leaders together helps in convincing workers as well as reducing resistance among them (Hadni,
2016). Apart from this, marketing department helps in providing various options to associated
managers of other divisions so that they can carry out their operations appropriately. The major
roles and responsibilities of marketing department in banks and other organisations related with
other ones for performing their task in a proper way are as follows:
Function of marketing department with operational one : This department is considered
as one of the most important part of a company who takes all responsibilities of managing
operations in a proper way. It performs various functions like planning, organising, coordinating
and controlling the operations as well as provide resources needed to make goods. In context
with banks like Barclays, it focuses on reducing the cost per current account which can be
achieved by combining automation, outsourcing and moving operations globally. Operational
managers monitor transactions and supervise the execution of all process on daily purpose. For
growth of economy, they develop policies and financial back up plans in order to protect
operational business from major crises (Hanafy and Metwally, 2014). Coordinating with
marketing department, managers of both divisions help in analysing marketing situations and
purchasing power of people. Members of marketing sector identifies standard of living of people
as well as conditions of other organisations like how much capital they need to improve their
businesses and standardisations. After determining needs of capital requirement of small firms,
bank managers offer them loan on easy terms and conditions.
Finance department with marketing function: This department helps in allocating funds
to other divisions according to their requirements. Almost all type of sectors whether small or
big, for operating businesses they need sufficient amount of money for purchasing resources and
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carry out other activities. Similarly, Barclays is a financial institution who offers creditability,
loan and other cash related products to customers, therefore, its management helps in raising
funds from government and private institutions. This would help in getting high customer
satisfaction as well as in increasing profitability. Therefore, marketing department helps
identifying sources from where a company can raise its capital and find customers who eagerly
wants to take loan on any interest on easy terms and conditions. They also locate suppliers which
helps in supplying resources on easy cost. Thus, coordination of both departments helps in
utilising resources as well as in raising and giving funds in a proper way. This would help in
widening business of a company appropriately.
Sales and marketing function: Working process of these departments are quite looking
same and linked with each other. If marketing team gets success in promoting products or
services of a company at marketplace then it becomes easy for sales department to sell the same
and increases productivity as well (Hussain, Gurung and Jones, 2014). Thus, managers of these
divisions together make strategies in order to attract customers so that they can sell their
commodities easily. In context with banks like Barclays, these divisions help in understanding
demands of customers and fulfil the same within a period of time which will gradually increase
its sales and productivity.
Research of development department and marketing function: Since demands of
customers at market place changes rapidly, which force companies to make modifications or
changes in productions and made products accordingly. Apart from these changes in
technologies and innovation affects demand of customers also, they want more and more new
products or services for satisfying own needs. Therefore, in order to satisfy them organisations
having business in any sectors needs money to make changes and adopt technologies. So,
Barclays always try to provide loan to big and small firms so that they can carry their operations
easily. This would help this bank in increasing its own economy also.
Marketing department with human resource management function: From all
departments, human resource management is the main part of an organisation who provides
manpower to all divisions. This department helps in staffing, hiring human resources and
managing them. HR managers identify needs of every individual person in a company and try to
fulfil the same on time so that they can work with full efficiencies. In order to retain them in
workplace they provide training and development program. In marketing field, this management
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used to hire employees on contract basis. They assign targets to marketers and pay accordingly.
Like in banks, marketing team has to attract customers towards its services like what these
institutions offer them like rate of interest for saving account, creditability and more.
IT department and marketing function: Today with fast changing technologies, provides
several benefits to companies in enhancing their businesses. It provides many tools and
machineries to help organisation for better outcomes. It provides several online applications for
companies for selling products or services on easy way which helps in reducing time and money
both. Like in banking sector, Barclays is known for its high-performance in technologies and
creativity (Kaplow, 2015). It has produced many innovations like online banking services to
customers which helps them in using services of bank easily. Through this application, people
can withdraw their money and use services of bank on any time. But apart from may benefits,
major disadvantages of providing online services is increasing rate of cyber thefts. Cyber
criminals always keeps their eyes on transactions of money of people. Therefore, it is
responsibility of IT department of banks to provide securities to customers and safe money of
them as well.
TASK 2
P3 Different ways by which companies applies marketing mix to process of marketing planning
Marketing mix is used as a tool in industries, which helps them in achieving better
outcomes as well as accomplishing desired targets successfully. It has divided initially at four
levels named by product, price, promotion and place. But later on, it has extended into 7Ps as
process, people and physical evidences. This process helps in analysing strengths and
weaknesses of companies.
Product-service: This process helps in improving production of a company by
identifying demands of people as well as current trends of marketplace.
Prices: For making price strategies of particular products, organisation need to determine
purchasing power of buyers as well as policies in order to get competition advancement form
them.
Place: For setting target audience where a company can promote and deliver its products,
this process helps in determination of particular place.
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Promotion: This process helps in searching the best distributive channels for an
enterprise which advertise its products in a better way.
Physical evidence: It includes those factors through which a company can deliver its
services easily.
People: This marketing strategy identifies needs and demands of people according to
their age and purchasing capacity.
Process: It refers to procedure of marketing team which shows their strategies and
policies used in promotional activities.
For evaluating effectiveness of strategies of Barclays, a comparison has been done with
policies of HSBC in following manner:-
BASIS Barclays HSBC
Product Barclays Bank has offered wide
range of products or services to
customers. It has recruited trained
and high skilled workers in
workforce who are always ready in
delivering banking solutions to
people (Kazmi, 2017). It provides
many services like investment
management including cash pooling
and corporate accounts, digital
services, commercial, retail and
personal banking such as credit and
debit card etc. Along with this, it
offers multi-currency accounts and
mybarclaycard also.
HSBC has offered its services as
Private, Investment, Global and
Commercial Banking, Wealth &
Retail Management. With assistance
to product differentiation, this bank
has offered services from personal to
business and business to corporate
banks. It provide loans mainly to
small and big firms.
Price Currently this bank has 48 million
customers which shows
effectiveness of its price strategies.
This bank makes price strategies in
order to run its business for long
purpose. Its main goal is to get
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In order to get high revenues and
return on investment, Barclays has
levied a minimum rate of interest on
saving accounts. Pricing policies of
this bank generates much
competition for other banks as it
offers the customers to withdraw
unlimited transaction from ATM of
other banks in free mode. It has also
engages in trading in fixed-income
securities as well as provide
services like mortgages, business
and personal loan at reasonable
rates. Such price strategies helps in
maintaining loyalty of people also.
customer satisfaction, therefore,
offer its services on affordable rate
of interest.
Place It is an international bank who
serves many customers globally. On
domestic basis, this bank has tie-up
with Post-offices and offer its
services on ATM for 24x7 hours. In
order to avail marketplace, Barclays
has got success in open its branches
in many countries (Marin and
Robert, 2014). Digital services for
transaction of money by electronic
and online applications like internet
banking, Barclays's iPortal helps in
attracting customers towards its
products.
This bank also expand its business in
many countries as well as has
million of international clients. It
offers services to people to deposit
and withdraw cash on ATM using
cards. Its mobile banking app also
helps people to use services of this
bank in a proper way.
Promotion It is one of the oldest bank of UK In context with promotional
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which timely changes technologies
according to desires of customers.
This financial institution promote
its services and products through
commercial advertisement on
televisions, print media, social sites
and official websites. For improving
economical conditions, it has
sponsored Football League from
1987 to 1993 and recently in 2008
to Dubai Tennis Championship.
activities, name and fame of this
bank is still reaching out from
people. So, it should try to advertise
services and products through
distributive channels.
Process Its business is based on Input-
Process-Output in which customer's
deposit are taken as input, ATM as
processes while profit as Output.
Process of HSBC bank is based on
inter-connections. Its e-outlet
services helps in acquiring
customers as well.
TASK 3
P4 A marketing plan for Barclays
Marketing plan is a business plan which is generally used by marketers of a company so
that they can perform the task in an easy manner. Therefore, manager of this department has to
make a well written plan, which provide a necessary direction to members of marketing team
that helps them what to do for better outcomes. It is a blue print which assist companies to
achieving desired objectives targets on time (Mohapatra and et. al., 2014). Marketing team
always engages in identifying the needs and demands of people as well as find trends of
marketplace so that an organisation can make products accordingly and fulfil desires of
competitors as well. With this assistance, situational analysis, budget and sales forecasts etc.
includes in such plan which helps an industry to measure its cost required for carrying out these
operations.
Introduction Of Business:
Barclays Plc. is a multinational bank of UK which carry out its operations in more than
40 countries having 120,000 employees over there. This bank organised its operations in
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personal and corporate banking as well as wealth and investment management. It engages in
retail and commercial banking sector which offers number of financial services to clients. In
terms of ownership it is the most powerful translational bank along with this, Barclays is the first
corporations who appoints a female bank manager.
Vision and Mission of Barclays:
Vision helps workers of company in accomplishing objective of an enterprises through
which they can engage in work with a better manner and contribute their efforts towards
achievement of business goals. While mission set targets for workers as well as tell them in
which period of time they have to complete the same (Mueller and et. al., 2015). With this
assistance, vision of Barclays is to achieve growth at marketplace with time by diversification
along with increasing number of clients that helps in enhancing profitability. Its main mission is
to get customer satisfaction by offering innovative services and products to them.
Goals and objectives of Barclays's:
The main goal of this bank is to increase its revenue by 10% in one year as well as to
enhance expenditure of at least 5% on advertisement for better marketings its services.
In order to produce an effective marketing plan for this bank, it is necessary to analysis
strengths and weaknesses. Therefore, a SWOT technique is used to measure its strengths,
weaknesses, opportunities and threats as given below:-
Strengths Weaknesses
Barclays is one of the best financial bank
which gain its popularity in all over the world.
It has 4500 branches in more than 40 countries
which offers personal banking facilities. Along
with this, this bank is also associated with
ATM alliance which helps people to withdraw
money from any ATM without pay a price. Its
innovation in banking sector shows major
strengths and made this corporation as the
heart of creation which includes first credit
card in 1966 as well as start online banking
transaction in 1995. In order to avail
This bank has got some ethical problems and
consequences in Zimbabwe due to which its
investors shows less interest and step aside.
This process impacts on its brand image and
reputation negatively. Some rumours are also
spread that in order to protect its autonomy this
bank pay more to directors. Reason behind that
is it didn't want to take finance from
government. Due to economical crises in
country of UK, Barclays need for bailout. The
major weaknesses of this enterprise is usage of
old techniques and technologies. Therefore, it
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customers, recently it has launched OnePulse
Card.
needs to adopt latest technologies. For
international marketing, it needs to make
transfer of money as transparent.
Opportunities Threats
Due to increase in demands of credit in
retailing sectors, manufacturing firms and all
type of business, provides great opportunity for
Barclays to expand its organisation globally. In
UK marketplace and other countries almost all
companies want to increase their growth and
development in businesses which gives
chances to banks to capitalise or provide loan
to them. For attracting customers towards
services, this bank need to get in a wider
portfolio of services (Mueller and et. al.,
2015.).
Major threats for all organisation including
banks is economical stabilities of a country.
Apart from this, recession periods impacts
drastically on positions of all banks. Likewise
in starting year of 21st century, Barclays has to
close its various branches due to less customer
friendly which provide chances to other banks
to come over this company. Apart from this, its
brand image is not so strong in Europe because
of competitors present at marketplace like
HSBC and RBS.
Target market: It refers an area of marketplace from where a company can get many
customers through easy marketing process. Therefore, members of marketing team helps a firm
to locate demands of customers and set targets accordingly. Setting target assist an enterprise to
make goals and objectives in achievable manner as well as gives an advantage to management
to determine the customers and purchasing power of them. This process helped in improving
sales performance through which an organisation can increased its economy by gaining high
return on investment.
Marketing Budget: In order to identify demand of customers and current trends of
marketplace, financial department have to make a budget plan according to needs of marketing
team. Finance manager holds all responsibilities for allocating the resources or money to
marketing department so that they can implement their strategies in a successful manner. Getting
sufficient budget helps merchandising team to carry out their operations appropriately on time
and help company to set objectives accordingly.
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Marketing budget
Particulars 1st year 2nd year 3rd year 4th year 5th year
Initial money 75000 250000 20000 15000 20000
Investment 25000 14000 15000 18000
Total 75000 50000 34000 30000 38000
Marketing
expenditures
Advertisement 10000 9000 7000 6000 6000
sales promotion 7000 4000 3000 7500 9000
Direct marketing 8000 2000 5000 7200 2000
Total 25000 15000 15000 20700 17000
Available balance 50000 45000 19000 12300 21000
CONCLUSION
From the above report it can be concluded that, marketing essentials is most important
part of an organisation which performs its operations in a systematic way. It entails the company
what type of products for acquiring marketplace. It helps an organisation in setting goals and
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mission as well as determining demands of customers as well. Managers of this division used
many promotional techniques for advertising goods or services of a firm to attract minds of
customers through which they can enhances sales performance also.
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REFERENCES
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advantage retailers. Journal of applied economic sciences. 9(4). p.30.
Chiego, D. J., 2018. Essentials of Oral Histology and Embryology E-Book: A Clinical Approach.
Elsevier Health Sciences.
Dudu, O. F. and Agwu, M. E., 2014. A review of the effect of pricing strategies on the purchase
of consumer goods. International Journal of Research in Management, Science &
Technology. 2(2). pp.88-102.
Felten, D. L., O'Banion, M. K. and Maida, M. S., 2015. Netter's atlas of neuroscience. Elsevier
Health Sciences.
Hacker, N. F., Gambone, J. C. and Hobel, C. J., 2015. Hacker & Moore's essentials of obstetrics
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testing. John Wiley & Sons.
Hadni, A., 2016. Essentials of Modern Physics Applied to the Study of the Infrared: International
Series of Monographs in Infrared Science and Technology (Vol. 2). Elsevier.
Hanafy, T. O. and Metwally, M. K., 2014. Dynamic Modeling Process of Neuro Fuzzy System
to Control the Inverted Pendulum System. Indonesian Journal of Electrical Engineering
and Computer Science. 12(8). pp.6153-6163.
Hussain, F., Gurung, A. and Jones, G., 2014. Cocos2d-x game development essentials. Packt
Publishing Ltd.
Kaplow, R., 2015. Cardiac surgery essentials for critical care nursing. Jones & Bartlett
Publishers.
Kazmi, S. Q., 2017. Bricks in the Wall; Determining brand equity and its essentials in
educational sector. RADS Journal of Social Sciencess & Business Management. 4(1).
pp.64-78.
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