Marketing Essentials for Barclays
Added on 2020-10-23
14 Pages4146 Words397 Views
Leadership ManagementMarketingPolitical Science
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MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................3Concept of marketing, including current and future trends....................................................3An overview of the different marketing processes.................................................................4Roles and responsibilities of marketing manager...................................................................5Marketing influence and interrelate with other functional departments of Barclay ..............5Value and importance of the marketing role in the context of the organisation....................6Significance of having effective interrelationships between different functional departments..6Marketing mix of HSBC Holdings and Barclays...................................................................7Marketing plan for Barclays.................................................................................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTION Marketing is the process of creating relationship between organisation and customers. Itis the process to understanding the needs and wants of customers and satisfying them. The actionwhich is taken for promoting the brand, is called marketing. Marketing is an important conceptof organisation which is needed to aware customer about the product, through marketing thecustomers can know about the existence of product in market. This file will consider theBarclays public limited company which is a British multinational investment bank and financialservice company, situated in London. This file will consider concept of marketing, includingcurrent and future trends and different marketing processes. Other information about role andresponsibilities of a marketing manager in the context of the organisation and interrelates withother functional departments of the organisation. Further, description about marketing mixmarketing plan (Hugos, 2018).Concept of marketing, including current and future trendsThere are five concepts of marketing -Production- Customers favor products that are available and highly affordable. Itincludes improve production and distribution.Product- Consumers favor products and services that offers the most quality,performance and innovative product (Goldberg, Fishbein and Middlestadt, 2018).Selling- Consumers can buy the product only when they aware about the product. Marketing- It focuses on basic needs and wants of the consumer regarding the productand try to provide better satisfaction to the customers.Societal marketing concept- This concept focuses on well-being of society withproviding them the best products which can fulfil their satisfaction level. Current and future trends in marketingRelationship marketing- Relationship marketing arrives with campaigns and seminars.In this marketing the marketer spend their time with the consumers. They believe inunderstanding the needs and wants of consumer that what is the desire of them. It createsrelationship between them and it helps to increase productivity(Chernev, 2018).
Industrial marketing- This marketing trend arrives when business sales its product toanother business. The primary cause of this marketing is technological revolution. Anotherreason is entrepreneurial staying in the market sees many organisations going back to thedrawing boards and reinventing themselves. Societal marketing- The responsibility of organisation is to find needs and wants of theconsumer. They target the market and try to provide the best thing to consumer to fulfil theirsatisfaction level. An overview of the different marketing processesSituational analysis process- Situational analysis involves determination of theunformed preferences and satisfying them. The business has to understand the environment inwhich customers existing with different and unique needs. To understand the present and futuretrends the company does not make wrong judgement(De Mooij, 2018).Marketing strategy- Through situational analysis the best opportunity identifies andafter it a strategic plan can be developed. Marketing strategy has three parts segmentation,targeting and positioning. Organisation divides the market into different segment of the bases ofthere age, gender and many more things and after it they target the market in which the productwill sale. After targeting it comes to positioning in which the marketer tries to set their product inmind of customers. Marketing mix decisions- Marketing mix considers elements such as product, price,place and promotion. After marketing strategy it comes to marketing mix in which the companydecide the product on the basis of customer preferences and select the best price of the product.The next stage is place, where the product will sale and after deciding all of these it comes topromotion. The organisation promoting the product in different areas. Implementation and control-All the efforts which put by the organisations, have tocontrol and monitor very closely. Marketing mix helps the organisation to make change.Developing the new product with understanding all the marketing strategies is not easy but it hasto check that the efforts are useful or not.
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