Key Role and Responsibilities of Marketing Functions

This article describes the key role and responsibilities of the marketing functions in a business organization. It discusses the concept of marketing, current and future trends, marketing process, and the functions performed by the marketing department. It also explores the relationship between marketing and other departments in the organizational context.

BUSINESS ESSENTIALS

Table of Contents
BUSINESS ESSENTIALS..............................................................................................................1
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1 Describe the key role and responsibilities of the marketing functions.............................3
P2 Describe hoe roles and responsibilities of marketing relate to the wider organisational
context....................................................................................................................................6
TASK 2............................................................................................................................................7
P3 Marketing mix in order to achieve objective of the business............................................7
TASK 4..........................................................................................................................................11
P4 Evaluate and produce a basic marketing plan for an organisation .................................11
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Marketing is described as a process in which the business organisation promote their
products and services in an appropriate manner. The organisation adopt promotional strategies to
sell their goods to its customer in order to attract them. It involves different activities such as
publicity, advertisement, event, sponsorship and many more that assists the bank in boosting
sales as well as profitability of business organisation. Lloyd is selected as a base of bank which is
mentioned in this report. It is a British financial institution founded in 1995 by Lord Blackwell in
UK. This report shows detailed data and information about key responsibilities that is utilised for
marketing function (Arunachalam and Sharma, 2019) In addition to this, it determines the
relationship between marketing department with other areas involved within the bank. Along
with this, this report shows a comparison between Lloyd with its competitive firm depend on the
marketing mix process. At last, it involves a development of marketing plan for a given bank.
Task 1
P1 Describe the key role and responsibilities of the marketing functions
Marketing is determined as a set of different functions and activities which is conducted
by bank for exchanging ideas, thoughts and views about goods and services provided by them. In
addition to this, the main motive of marketing is to satisfy the need and requirement of customer.
Concept of Marketing: It emphasised on the philosophy in which business organisation
analyse the need and wants of its user and then taking a decision in an appropriate manner for
satisfying the need of customer. The main purpose of marketing is to analyse the requirement of
its user and satisfy them accordingly.
Current and future trends of marketing: In current competitive environment, the
marketing process is change on regular basis because industrial sector is developing
continuously. According to the investigation, it has been examined that Lloyd is using social
media for marketing activities. It involves advertisement, public relation, publicity, sales
promotions and many more (Baker and Magnini, 2016). Based on this, the business organisation
will be capable to promote its goods and services in effective manner. With the help of social
media it helps banking sector to attract the ample of customer around the world within a shorter
period of time. These methods of marketing proficiency boost the sales as well as profitability of
the Lloyd bank.

Marketing process: In order to satisfy the need and wants of consumer , marketing
process is adopted by Lloyd. There are 4 major steps which is going to be discussed below:
First step: In the initial stage, the financial manager of Lloyd analyses all the external
opportunities prevailing in the market ( Brychkov and Domegan, 2017) It also identifies need
and wants of consumer in order to satisfy them. It offer discount and charge low interest rate in
order to earn more and more revenue.
Second step: After analysing the whole market, Lloyd target only those market which
create more revenue for the bank. Moreover customers are also classified according to the kind
of product provided by them at the workplace.
Third Step: After analysing target market, financial manager of the bank develop an
suitable marketing plan which assists the banking sector to promote their products and services in
appropriate manner to its user.
Fourth Step: At last, the financial manager implement the strategies, plan and
procedures for promoting products and services in an suitable manner. They adopt promotional
strategy such as advertisement, publicity, sales promotion and event for promoting the products
and services in an appropriate manner.
Lloyd is a British financial institution of UK which offers superior quality products and
services such as Life insurance, Pension and retail banking to its customer at international level.
The bank provide unique and specific products and services across the world. Based on given
scenario, it has been analysed that marketing sector perform different functions which assists
them in earn more and more profit. In the present scenario of Lloyd, marketing department plays
a essential role for the survival and future growth of the banking sector (Baker and Saren, 2016)
Through effectual marketing techniques they attract ample of customer towards their products
and services. There are different marketing activities and functions performed by marketing
department which is going to be discussed below:
Market Information: In the initial stage, the financial manager of the Lloyd analyses
the whole market for the purpose of assessing need and wants of the customer. It means
analysing both internal as well as external factor which imposes direct impact on growth and
development of Lloyd. In assistance of this, bank also analyses the need and wants of consumer
or they want to alter them according to their taste and preferences. They provide the different
products and services such as ATM, credit card and debit card facilities to its customer in order

to attract more and more customer. It is important to collect the information in order to identify
the need and wants of consumer.
Financing: Banking sector also perform various types of activities and functions which is
connected to finance. For example, sometimes finance manager of Lloyd offers low interest rate
facilities to their daily customer in order to sustain them for a longer time period. In assistance of
this, by offering low interest rate facilities to its customer helps the bank to maintain healthy
relationship with its customer in order to retain them. Depend on this, banks can boost their
profitability as well as sales at the competitive marketplace. In addition to this, finance is very
important for operation of business activities and function in an effective manner.
Market planning: The main purpose of financial manager is to prepare suitable plan in
order to achieve targeting goals and objectives within a given time period. In addition to this, it
helps the bank to improve their reputation as well as goodwill in the banking sector. The
marketing manager build a effective plan for accomplishing objective within a stipulated time
period (Bünte, 2018)
Product design and development: In the banking sector, the main purpose of financial
manager is to provide innovative products in order to attract the customers. In context of Lloyd,
main focus of manager is to provide new products and services to its customer. Beside from this,
the bank provides different services such as life insurance , insurance and pension policy to its
user. They design products and services according to the need and requirement of customer such
as ATM card, Credit card design and many more.
Exchange functions: The financial manager assess the need and wants of consumer in
order to satisfy them. They adopt promotional strategies such as advertising, public relation,
publicity and many more for attracting more and more customer. In addition to this, they provide
superior quality product and services such as investment banking, retail banking and many more
to boost the overall profitability of the bank.
Distribution channel: In this channel, the bank provides timely delivery of products and
services to its user. In context of Lloyd, the financial manager adopt both offline and online
distribution channel for attracting large number of customer (Rowley, 2016). Through online
services, the banks provides different products through websites . On the other hand, offline
products are available at the place where bank exist. The bank provides different facilities to its
customer such as bank loan services, ATM facilities, credit card and debit card services to its

customer in an effective manner . It helps them in increasing profitability as well as future sales
of the bank.
From the above mentioned topics, it has been analysed that marketing functions is very
essential for growth and development of bank. Through marketing functions, bank can boost the
whole profitability in the market. It has also been examined that marketing functions plays
essential role inside and outside the banking sector.
P2 Describe hoe roles and responsibilities of marketing relate to the wider organisational context.
For maintaining success and growth of the bank in the market, marketing division plays
very crucial role. In reference of Lloyd, marketing sector of bank is interconnected with various
department of bank ( Eng, 2017).Because marketing sector connects with its customer on a
continuous basis that helps them in analysing their need and wants. Marketing department is
directly connected with customer so they know their wants and requirements towards products
and services. Moreover marketing department provide guidance to other departments in respect
of need and requirement of its consumer. Interrelationship of marketing department with other
sector which is going to be discussed below:
Marketing and Finance: Through marketing department, the financial sector of bank
boost their profitability in order to achieve competitive advantage over rival banks. In context of
Lloyd, the financial manager focuses on providing unique and specific products and services to
its customer in order to retain them for a longer period of time. Due to increase in the number of
customer, sales and profitability is automatically increases thus it helps them in accelerating
reputation and brand image of bank. Along with this, the finance department allot finance in
every department in order to execute its business activities and functions in an appropriate
manner. Finance department of Lloyd is directly interconnected with marketing department, as
they offer finance to the marketing sector for promoting their products and services in an
effective manner. This shows that both sectors are interconnected with each other.
Marketing and Human resource: Human resource plays a significant role in every
banking sector. Both marketing department and human resource department of Lloyd is
interconnected with each other (Folinas and Fotiadis, 2017). Through good reputation as well as
brand image of bank , there are ample of applicant attracted towards the bank who search the job.
It displays that human resource department is interrelated with marketing department . Along
with this, they both plays an essential role for attracting ample of applicants.

Marketing and Production: Marketing department of Lloyd is interconnected with the
production department. With the help of this, bank produces the different products and services
such as credit card , debit card facilities, loan and many more. The manager of bank give target
to its employees such as open a number of bank account within a targeted period of time.
Therefore, it works as a production for bank and helps them in generate more revenue and profit.
Marketing department emphasised on identifying the need and requirement of customer in order
to satisfy them. In addition to this, they can alter their products and services according to their
needs and requirements. They offer financial services in an effective manner such as ATM card
as well as credit card facilities in order to satisfy the demand of customer. This displays that
marketing and production department are interconnected with each other. They both helps the
bank to accomplish pre-decided objective and target within a stipulated period of time.
Marketing and research: The R&D Department of the bank helps in gathering
information for promoting the products and services. They collect information which is used to
identify the need, wants, requirement as well as marketing trends. For this process, the marketing
department of bank making an effective strategies, plan and policies in order to attract the large
number of customer towards their products and services. This research will assists marketing
team to represent their product and services such as credit card, debit card, ATM, Insurance,
pension services and many more to its customer. The main purpose is to attract more and more
customer towards their products and services in order to retain them for a longer period of time.
This displays that marketing department and R&D Department are linked wit each other.
TASK 2
P3 Marketing mix in order to achieve objective of the business
Marketing mix consists of a number of tools and components in order to develop and
strengthen brand of a product. It also helps in increasing revenues of company (Hanlon, 2019) A
company needs to make strategies while selling there products and marketing mix is one such
strategy. It evolved from 4P's of marketing and now consist of 7 P's. In order to understand how
Lloyd uses marketing mix to achieve its objective below mentioned is marketing mix of Lloyd
along with marketing mix of one of its competitors.
Marketing Mix (7 P's)
Basis Lloyd Barclays

Product Lloyd bank satisfies its more
than a million customers with
a wide range of product.
Products and services are
divided into various segments
such as retail, commercial
banking, insurance and
finance. Some of its products
are loans, share dealing,
investment, insurance etc.
Barclays offer a large number
of products and services. The
product portfolio of company
includes tools of investment
management, digital services
of banking, commercial
banking, retail banking,
international banking, personal
banking etc.
Price The pricing strategy which
Lloyd uses is value based
pricing method. It is of thought
that value is most important
force that drives a customer to
buy your product. Lloyd also
provides with a varying price
range which gives both high as
well as low price rates
depending on services or
product (Hisrich and
Ramadani, 2017).The main
motive of using this strategy is
to charge for benefits that
customer perceived.
Barclays have a policy od
providing services to its
customer at a rate better than
its competitors. In order to do
so it is cutting down expenses.
Barclay plan on reducing 25%
operating cost annually. This
will also lead to increase in its
capital. In order to retain its
loyal customers Barclays
provide mortgages and loans
at reasonable rates.
Promotion Lloyd's brand image in UK is
unbeatable. It have created a
number of marketing plans
which helps it to be in
limelight. It have launched
In order to survive in market
competition in today's scenario
Barclay is adopting concept of
marketing. It held football
league from year 1987 to 1993.

many campaign in its online
service like money manager.
Other campaigns launched by
it were “for your next step”,
“New Dawn”, “Black
Horse”etc.
it also became a sponsor for
Barclay Cycle hire. Now it has
M.S. Dhoni as its brand
ambassador in Barclays
Premier League India.
Place It is important financial
institution in United Kingdom.
It also have operations in other
countries mainly in Middle-
East, Asia, United States and
Europe. By venturing in Asia
in commercial banking sector
Lloyd is helping out its client
from UK who have operations
in Asia and to customers who
wish to invest there(Wilson,
2017).
Barclays have customers all
over the world. It it have 4750
branches in almost 50
countries. 1600 of it are
situated in UK itself. It have
ATM's most of which are open
for 24 hours. It also have
presence online through digital
services it provides. It have
Btesco marketing
strategyarclay's iPortal,
Business Portal and Internet
Banking as well.
People Lloyd have its sales team,
customer service team and
delivery partners. It makes
sure that all of these get proper
training. It also provide its
sales team with bonuses and
incentives so that they work
well.
Barclays have a number of
people who work in its sales
department and play important
role in its marketing as well. It
also have people working in its
customer service departments.
They are in touch with
customers in case if any issue
arises with its product . They
are trained well to solve
problems and respect

customers. Then they have
people working in their retail
stores as well who are trained
in order to answer queries of
customers and suggest them
with best option available for
them.
Physical Evidence Lloyd has its own brand logo.
This image helps to be a
physical evidence for firm.
Lloyd could take feedback
from its clients in order to
know whether there is any
improvement required or not.
It has its own stores in which
one can experience a shopper
friendly environment.
Barclay have different
packaging and colours so that
they are easily identifiable by
its customers. The shelves in
which they are presented are
also different and combined
with colour of products. It also
shows its physical presence
through online websites which
is easy to use with high quality
images of its product.
Process Lloyd uses systems in order to
handle a number of its
processes which increases its
efficiency and delivery of
service to its customers on
time (Stern and Porr, 2017)
Lloyd also believes in constant
growth. It looks for ways to
improve and innovate its
process so that there may be
reduction in wastage of cost,
efforts and time.
Barclay make sure that
whenever its product are short
retailers have a system to
inform them. This is to ensure
that customers always get
products whenever required. In
its online delivery process,
orders are received
systematically and then the
required product is shipped to
service provider. One of its
process also involves

researching for available
market opportunities in order
to understand need of its
customer.
TASK 4
P4 Evaluate and produce a basic marketing plan for an organisation
It is a blueprint which assists the marketing team of bank about all functions and
activities which are implemented in the future time period. Though marketing plan bank will be
able to analyse the market situation and condition that imposes positive and negative impact on
the growth and development of bank. In context of Lloyd, marketing manager of bank develop
an appropriate plan which helps them in achieving goal and objective within a stipulated period
of time. Marketing plan of the bank which is going to be discussed below:
Overview of Bank
Lloyd is one of the popular British financial institution founded by Lord Blackwell in the
year 1995 in UK. It provides various financial services such as Life insurance, pensions and
commercial banking services to its customer. In addition to this, they offer different products and
services such as ATM, loans, credit card and debit card facilities to its customer in order to
satisfy them. Along with this, Bank offer various discounts and low interest rate in order or
attract the customer towards their products and services.
Mission: The manager of bank make effective strategy, plan and policies for conducting
banking functions and operations in an effective manner. The mission of the bank is to delivery
superior quality products and services to its customer in order to satisfy them.
Vision: The main purpose of Lloyd is to achieve a strategies vision to become a superior
bank for its customer (Yagelski, 2016). It achieve a leading position in front of customer to
provide effective facilities to its user. It helps the bank in retaining customer loyalty and trust for
a longer period of time.
Marketing Objectives
 One of the main objective of bank is to boost its profitability and sales by 30% in
next 3 months.

 Bank introduce new products and services such as effective loan facilities to
farmer for enhancing its marketing share by 20% in next 6 months.
STP Approach: There are three type of approach adopted by bank in order to make
appropriate marketing plan. Through this approach, bank classify its whole market on the basis
of different sections. After segmentation, user target its potential customer and lastly positioning
their products and services in the market. STP approach of Lloyd which is going to be discussed
below:
Segmentation: In this process, the overall market is classified into different sector which
helps the bank in assessing the need and wants of consumer. The whole market is divided into
four sector such as demographic, geographic, psycho-graphic as well as behaviour of its
customer.
Targeting: After segmentation, bank target its customer according to their need and
requirement. Marketing manager of Lloyd target its user on the basis of their demand towards
products and services (Pollock III and Edwards, 2019).
Positioning: This is the last stage of STP approach bank positions their products and
services on the basis of need and wants of the targeted customers. It involves the reputation and
goodwill of bank in front of their customer.
SWOT Analysis of Lloyd
Strength Weakness
 The strength of Lloyd is it is one of the
biggest digital bank provide different
type of products and services such as
retail banking, insurance and pension
facilities to its customer. In addition to
this, it also provide ATM facilities,
credit card and debit card services to its
user ( Zackariasson and Dymek, 2016)
 Bank offer products and services
according to the need and requirement
of customer.
 The major weakness of Lloyd is it faces
difficulty and challenges when new
bank take entrance in the banking
sector.
 The net contribution ratio of Lloyd
bank is below than the industrial
average that affect the bank in adverse
manner.

Opportunities Threats
 One of the main advantage of Lloyd
bank is to implement latest technology
which helps them in making
differentiated pricing strategy in the
innovative market.
 The new taxation structure offer new
opportunities to Lloyd manager to
accelerate sales and profitability level.
 Due to lack of highly skilled worker in
international market shows threat for
Lloyd bank, thus it decreases sales as
well a profit level.
 Due to increase in competition level it
imposes biggest threat for bank which
reducing the future success and
growth .
Marketing budget
Particulars 1st year 2nd year 3rd year 4th year
Investment 8000 8000 6000 5000
Initial money 8000 5000 5000 5000
Total 16000 13000 11000 10000
Marketing
outlay
12000 1000 4000 5000
Sales
publicity
2000 2000 1000 1000
Direct selling 4000 3000 1000 1000
Promotion 4000 2000 5000 2000
Total 22000 8000 11000 9000
Monitoring and Control
On the basis of above mentioned marketing budget, it is the responsibility of marketing
manager to monitor and control every function and activity on continuous basis (Nirschl and
Steinberg, 2018). The main purpose behind this step is to eliminate wastage that helps in saving
money and resources. For this purpose, the manager of Lloyd should monitor and control whole
activities on continuous basis. Along with this, thee management team of bank will achieve their
pre-decided objectives in an appropriate manner.

Strength and weakness of Marketing Mix-
Strength Weakness
The strength of Marketing mix is that, it helps
in assessing all the significant factor of bank
inside the business environment.
Marketing mix is costly as well as time
consuming process. Therefore it is necessary to
hire professionals for conducting marketing
mix.
The strength of Marketing mix eliminate its weaknesses such as it is costly as well as
time consuming process.
Strength and weakness of Marketing Budget:
Strength Weakness
Marketing budget give guidance for its
employees in order to execute its action. It also
helps in promoting important principle of
coordination and communication (Perreault,
2018)
Marketing budget are functionary and it is
time consuming process.
The strength of budget eliminate its weakness of time consuming process.
CONCLUSION
From above report it can be concluded that marketing plays an important role in running
a business. An effective marketing strategy is very helpful to a company in order to promote their
goods and services in market. It is also analysed that processes of marketing result in increased
productivity and increased profits for a company. Lloyd being a bank does not have much to do
in marketing. In order to achieve Lloyd's objectives marketing team needs to create banking
conditions, expectations and attitude. They also take into consideration its competitors in order to
achieve success. The above report have explained how marketing is important for financial
institution like Lloyd. It have also explained steps in marketing, key responsibilities and roles in
marketing as well as interrelationship between marketing and other functions. Marketing team
makes plan which is then executed by firm which results in increase of profits as well as
goodwill of firm. The main purpose is to increase profitability as well as future sales of the the

bank. Lloyd is a British financial institution deal in different product and services such as retail
banking, pension as well as insurance services to its customer.

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