Business Functions and Marketing Mix of Metro Bank

This report provides an academic analysis of the business functions and marketing mix of Metro Bank, a commercial and retail bank in the UK. It also includes self-reflection and recommendations for the company. The report covers topics such as commercial lending, real estate lending, agricultural banking, and the 4P's of marketing. The report is based on the Gibbs reflection model and includes a description, feelings, evaluation, analysis, conclusion, and action plan.

Business and
Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Academic analysis.......................................................................................................................1
CONCLUSION AND RECOMMENDATIONS............................................................................3
Self reflection..............................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Business is defined as an organisation which is mainly engaged in certain industrial and
commercial activities. It is considered as a specific activity for making money through both
buying and selling of products. In the base of enterprise it is defined as a company which is in
association with entrepreneur original project in order to become successful and enhance the
level of development. There are different ways of an enterprise like partnership, corporation and
so on. The aspect of enterprise is mainly related with earning efficient level of profits in
accordance with entrepreneurial ventures (He and Ortiz, 2021). There are certain consumers who
are involved with the aspect of entrepreneur real success are defined as enterprising and at the
same point of time contains some kind of elements. The below report is based on Metro bank. It
is a commercial as well as retail bank which is being operated in United Kingdom. The company
was founded in the year 2010 by Vernon hill and Anthony Thomson. The report includes
academic analysis, recommendations and self-reflection (Ruwhiu and et.al, 2021).
MAIN BODY
Academic analysis
As per the view point of Robert Shaftoe, 2021, business functions are defined as a
complete set of various operations that can be gathered by a specific department which is
initiated by an event and full information across an organisation. In context with Metro bank
there are different business functions which are carried out and can help in managing and
maintaining all kinds of business functions by enlarging the quality and profitability in whole
corporate world (Rizun, Revina and Meister, 2021). The business functions deals in diverse areas
that can be helpful in performing various units like commercial lending, agricultural banking,
real estate lending and many more. All these type of business functions are being carried out in
the aspect of business practices that are in relation with both international as well as domestic
banking standards. It is further being explained below: - Commercial lending: - It is one of the business functions which Metro bank provides. It
provides an inexpensive source of capital for their business in context with all types of
commercial loans. They provide certain short term loans which is considered as a crucial
source of short term capital for business.
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 Real estate lending: - In the case of chosen company they also lend money for real estate
purchases. They provide loans to all the people who are being involved in purchasing the
raw land and certain construction organisations also who construct homes. Agricultural banking: - The bank also supports agribusiness sector. In relation with this
all the farmers who buy raw land by making the usage of loans get collaborated through
future crop revenues.
 Clearing house for liquidity: - In the case of Metro bank they also assist certain cross-
currency transactions and act as being a money changer. They makes the usage of
fractional banking system through which the form of idle cash can be invested and loaned
out in the form of treasury notes in order to earn better profits.
It has been evaluated that it is essential to perform certain business functions on different units
which are needed to be performed by Metro bank on constant basis so that better effectiveness
can be built up and properly managed (Bratianu, Stanescu and Mocanu, 2021).It also helps the
company in generating more profits for earning revenues.
As per the view point of Zander Henry, 2018, marketing mix is defined as various
marketing tools and techniques that an organisation uses to enlarge the aspect of incursion
towards all the target market groups. Through this the company mainly focus on 4P's of business
which are product, price, place and promotion (Jones, Meckel and Taylor, 2021).The concept of
marketing mix is important for Metro bank also as by following this they chose best marketing
strategy and at the same point of time efficient level of marketing plan of action gets selected in
terms of all promotional needs. In relation with all the 4P's it is being explained below: - Product: - It is one of the significant elements for every business organisation. They
focus on various business practices like in the form of quality, ease of use and many
more. In the case of chosen organisation they have always maintained and managed
product quality through adding value with respect to diverse stages of the value chain. At
the same point of time with the help of promises that they used to make with regards to
loans and other banking services they are being able to earn efficient level of competitive
advantage (Priadana and et.al, 2021). Besides this, with the help of portfolio broadness
Metro bank also enhances their financial strength. Price: - In the case of Metro bank they mainly on the hybrid strategy in order to gather
high level of value. In the case of setting up premium pricing for all the categories of
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banking services. Besides this they also encourage a favourable and positive quality
perception with respect to their bank. Metro bank provides lots of services so with the
help of psychological pricing they adds more value to all their services. Promotion: - For every business organization promotion is very much important so it
was being analysed that Metro bank also uses certain promotional strategies like 360-
degree approach as it is considered a good way in the banking sector (Donner and et.al,
2021). While engaging with the banking sector services like loans and so on the chosen
organisation use the way of conventional marketing. Through this they implements
hoardings which increases their area of visibility and people start trusting more on their
services in comparison with other commercial banks.
 People: - In the banking sector full focus should be there on people. Each individual
regularly access and uses their banking services so on the basis of this they need to build
up good relationship with all of them. There are different components associated with this
like in the form of organizational ownership. Through this they involve their bank
employees in making certain decisions regarding how loans should be provided and other
bank services also.
CONCLUSION AND RECOMMENDATIONS
From the above report it has been concluded that both business and enterprise are the
significant aspects. In relation with business it is described as an activity which need to be
performed in the market so that better profits can be earned by providing the customers with best
level of banking services. In order to efficiently run a business enterprise plays a very important
role in providing all kinds of services. In accordance with this there are various types of activities
and functions which need to be performed by an organisation in an accurate way so that the level
of sustainability can be managed and maintained. On the basis of this report an analysis of all the
business functions are being explained and along with this 4P's of business which are in relation
with different kinds of practices while having a self-reflection that determines about various
experiences during the procedure. There are also certain recommendations also that can be
provided to company in context with performing all kinds of business practices in an efficient
way. In accordance with Metro bank there are various recommendations which are further being
explained below: -
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 It is recommended that Metro bank should create a new payment regulator so that plug
and payments platform can be used in accordance with the overall volume.
 The organization can make certain changes to all governmental deposit holdings in order
to encourage local authorities while indulging all the deposits.
 It is also being recommended that they should open their bank in a very prime retail
location through which efficient time and money should be spent up.
Self reflection
As self reflection for report could be performed by Gibbs reflection model that are as
follows: Description: As I am currently pursuing in a teaching placement department in higher
education as I am assisting with class students for performing out different projects in
relation to business as well. As because of rise of Covid19 pandemic situation classes are
to performed on remote basis which is online through which my tutor asked to perform a
discussion on business functions along with marketing mix of Metro bank that was
carried by me. Feelings: As when I was taking up this discussion I felt some how miserable at that time.
As when I took my discussion on that than I came to realise relevance of carrying out
discussion as my hesitation reduced when I took up my discussion. And now in can
considered myself as an effective learner as it has increased my knowledge. Also with
that when this discussion was going I was very keen to carry out work with a proper
coordination of my team and as a result it could build my team working skills as well as
confidence for presenting my ideas in front of other individuals. As I was also feeling
little embarrassed in relation of speaking in front of large audience but afterwards I felt
myself confident for conveying my ideas. As I also realised that feeling nervous is a basic
natural reaction while carrying out any discussion. Evaluation: As when discussion was started I did not feel that condition has been served
at all. Than I was left with my class at end. With this I evaluated that I could now
considered myself more positive as well as I realised that in had to perform out my
working with my team members so that my confidence could be build as well as my team
working skills could be improved in a large base and as a result I am now able create my
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knowledge along with understanding on various concept of business and enterprise which
is business functions and marketing mix of Metro Bank. Analysis: As with this I am now capable analyse different concepts of performing out
business along with various areas. As there are various roles that are to be provided with
various management techniques. As with that we only carry discussion about incident for
a week through which we had carried further discussions. Conclusion: As by carrying out this I am to conclude my self reflection that I have
carried discussions along with my teacher and I have examined that there are various
understandings through my week notes as well as my teammates so as a result I could be
able to enhance my skills.
 Action plan: As this self reflection has given me a wide experience as well as
understanding of enhancing my career for having professional development. As along
with that I took constant sessions on regular basis for thinking out creatively. And these
action plan could be beneficial for me to develop my presentation skills as well as my
mindset could be enhanced by resolving out different issues for having effective
development.
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REFERENCES
Books and Journals
He, J. and Ortiz, J., 2021. Sustainable business modeling: The need for innovative design
thinking.Journal of Cleaner Production,298, p.126751.
Rizun, N., Revina, A. and Meister, V.G., 2021. Analyzing content of tasks in Business Process
Management. Blending task execution and organization perspectives.Computers in Industry,130,
p.103463.
Bratianu, C., Stanescu, D.F. and Mocanu, R., 2021. Exploring the Knowledge Management
Impact on Business Education.Sustainability,13(4), p.2313.
Priadana, S., and et.al, 2021. The Effect of Strategic Leadership on Competitive Strategy and
Business Performance: Evidence from Indonesian SME's.Annals of the Romanian Society for
Cell Biology, pp.4908-4918.
Donner, M., and et.al, 2021. Critical success and risk factors for circular business models
valorising agricultural waste and by-products.Resources, Conservation and Recycling,165,
p.105236.
Ruwhiu, D., and et.al, 2021. Success factors of Māori entrepreneurs: A regional
perspective.Journal of Management & Organization,27(1), pp.41-61.
Jones, O., Meckel, P. and Taylor, D., 2021. Research Methods. In Creating Communities of
Practice(pp. 77-93). Springer, Cham.
ONLINE
Henry, 2018, Marketing mix of metro bank
[Online] Available Through:
<https://www.case48.com/term-paper/Metro-Bank-Plc-Marketing-Mix-9584>
https://smallbusiness.chron.com/functions-banking-business-75076.html
ONLINE
Shaftoe, 2021, the functions of a banking business
[Online] Available Through:
<https://smallbusiness.chron.com/functions-banking-business-75076.html>
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