Roles and Responsibilities of Marketing Function in Barclays

MARKETING ESSENTIALS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................4
P1 Key role and responsibilities of the marketing function........................................................4
LO2..................................................................................................................................................6
P2 Marketing relate to the wider organisational context.............................................................6
LO3..................................................................................................................................................9
P3 7P’s marketing mix strategy...................................................................................................9
LO4................................................................................................................................................15
P4 SOSTAC MODEL................................................................................................................15
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................21

INTRODUCTION
Marketing is one of the major functions to a company or business. Currently no business
can achieve its decided targets in the market without using marketing functions. Nowadays top-
level management within most organisations are putting their huge efforts for making their
marketing functions more and more effective. There are marketing team of a company always
needs to be highly effective in its job role, because effective marketing team always provides
effective results in the market to a company. Day by day competition within each industry is
continuously increasing, in which upper management of an organisation should give order to its
marketing department for using well-developed and well-improved marketing tactics and
strategies within its daily marketing functions.
In this dynamic and modern world, only those companies or businesses are able to earn
high profit in the market which using modern marketing strategies, because modern marketing
strategies are more effective in attracting lots of new customers as compare to traditional
marketing strategies (Yohn, 2019). There is digital marketing strategy is also a small part of
modern marketing strategies. This report discusses marketing functions of the Barclays.
Basically, the Barclays a financial service company and multinational investment bank,
headquartered in London, United Kingdom. This bank provides different services, like; retail
banking, commercial banking and private banking etc. In the report’s ending, an effective
marketing plan also has been included for the Barclays.
LO1
P1 Roles and responsibilities of the marketing function
The marketing function plays an excellent role within a company, because this gives
opportunity to company for promoting its products and services at the large scale in the market.
Currently marketing function plays great role to the Barclays as well. According to the top-level
management of company, currently the Barclay is one of the most popular banking companies in
the United Kingdom, in which the marketing function of company is one of major reasons which
contributes in maintaining this position of bank in the banking sector of the UK. This statement
of Barclays’ top-level management is completely true, because bank can’t maintain high
reputation in the market without involving marketing function within its daily operations.

On the other side, the marketing manager of Barclays is very effective in its existing job role,
because this manager always uses such marketing strategies in its daily operations which
provides great return to the Barclays (Song and et.al., 2018). Top-level management completely
knows this fact that, competition within the UK’s banking industry is increasing day by day.
That’s why top-level management and marketing department of Barclays are currently focuses
developing and innovating more marketing strategies and techniques which can enable to bank
for gaining huge competitive advantage in the market. There are some major roles and
responsibilities of the marketing function has been discussed below which helps in understanding
the actual value of marketing function within Barclays.
Promotes products and services: Currently Barclays provides lots of banking services to
customers or people in the market. In this situation, promotion of its different services is very
necessary take to the company for increasing its profit ratio in banking sector of the United
Kingdom. That’s why there is marketing function is one of major ways to this bank which
provides great facility of promoting products and services at the large scale in the market.
Basically, Barclays is taking huge advantages through its marketing function. For example;
currently this company is able to effectively promote its various banking service across the
United Kingdom. This attribute of Barclays’ marketing function enough to generate huge
revenue in the market.
Increase customer base: Currently each banking company within the United Kingdom is
putting high efforts for gaining large customer base in the market (Vaid and Ahearne, 2018).
Basically, when a company has large customer base in the market, then it can easily lead its
respective industry or sector. There are top-level management of Barclays also trying to gain
very large customer base. In this situation, marketing function is one of the best ways to
company for gaining large customer base. Generally, upper management should give order to its
marketing manager for running different marketing campaigns in various markets segment for
positively influencing customers. In these marketing campaigns, marketing team of Barclays
need to run some informative advertisements which can convince to people or customers for
buying banking services through Barclays. By taking these all steps, the bank will be able to
achieve large customer base within banking industry of the United Kingdom.

Help in gaining competitive advantage: The marketing function gives great contribution in a
company for gaining huge competitive advantage in its respective industry or sector. Currently
lots of companies or businesses in the market are successfully gaining huge competitive
advantage with the support of marketing function. In this situation, Barclays also able gai
competitive advantage in the UK’s banking industry. Basically, marketing team of the Bank
should develop such marketing strategies, tactics and techniques which can much effective than
its competitors’ marketing strategies. Of course, competitors of Barclays also plan for gaining
huge competitive advantage within the support of their respective marketing function (Direction,
2016). This is the main reason that, marketing team of Barclays should develop very productive
marketing strategies, otherwise company can’t gain huge competitive advantage in existing
banking industry.
Increase market share: Marketing function plays an excellent role in increasing market share as
well. In this situation, top-level management of Barclays need to highly use marketing function
for increasing its market share within the international banking industry. Of course, Barclays
already has gained large market share within the UK’s banking industry, but it should more
increase its marketing share, because many new entrants are continuously entering the UK’s
banking industry. That’s why it is necessary Barclays for increase its market share with the
support of marketing function. Firstly, marketing team of bank need to divide its whole market in
to small market segments for systematically understanding the actual demand of customers.
After dividing whole market into small segments, marketing team need to target all customers or
people on the basis of their income status, attitude, interest, ethnicity etc. At the end, team is
required to sun different marketing campaigns for effectively promoting its different banking
services in various market segments. This role of marketing team will definitely enable to
Barclays for gaining the large market share.
Building customer relationship: Currently each business or company within the marketing is
taking different innovative steps in their business environment for building effective relations
with customers or people within the market (Abubakari, 2016). In this situation, marketing
function is one of the best keys for different companies or businesses for building an effective
relationship with customers. Basically, most customers or people always like buy products and
services only from those companies in the market which provide maintain effective relationship

with its customer. According to different business experts, maintaining effective relationship
with customers is not a small task to a company, because each company always need to put its
lots of efforts for building effective relationship. In this situation, Barclays should take help of its
marketing team to maintain effective relations with customers. On the other side, marketing team
of this bank is responsible to go to various market segment to interact and communicate with
different customers. There are well-developed communication skills can play great role the
marketing team of Barclays for building excellent relation with customers and people.
LO2
P2 Marketing relate to the wider organisational context
Roles and responsibilities of the marketing function are completely interrelating other
organisational functions. A company can’t achieve its decided target in the market without
maintaining cooperation values between its all departments. Basically, marketing department of
Barclays always need to take help from other departments of the bank for successfully running
its various operations in the bank’s business environment. There are other departments of
Barclays also can’t run their various operations without marketing department, because every
department of company completely depends on other departments of bank for fulfilling its
different needs and requirements (Clark, Fine and Scheuer, 2017). Interrelation of Barclays’
marketing function with other functions of bank has been discussed below;
Human resource management (HRM) and marketing
Marketing function and HRM of Barclays are fully interrelate with each other. For
example; when marketing team is required some talented and skilled employees in its marketing
functions, then marketing management of Barclays directly contacts to human resource
department of bank for hiring new skilled and talented employees in business environment. On
the other side, human resource department of bank responsible to follow the instruction of
marketing team which has based on hiring employees. HRM should run its various recruitment
and selection practices for hiring some skilled and talented employees for the marketing team.
Basically, this is a system where all department of bank are come together for cooperating each
other. There are all department of company cooperate each other just because of achieving