Marketing Mix and Business Functions of Metro Bank

This report covers the marketing mix and business functions of Metro Bank, a commercial bank operating in the UK. It includes an academic analysis of the bank's marketing mix and business functions, as well as a self-reflection on the skills needed to enhance academic and professional careers.

Business and
Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................3
Academic Analysis..........................................................................................................................3
Marketing mix........................................................................................................................3
Business functions..................................................................................................................5
CONCLUSION................................................................................................................................7
SELF-REFLECTION......................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Business depict the particular word that is useful in establishing things which are
commercial and also helpful in terms of running specific profit that can be generated for the
shareholders and owners. Apart from this, enterprise depict the specific word that represent the
particular business and its functioning which is held on the public and private basis (WONG and
POON, 2018). It depicts thing in several manners by which organisations prefers to distribute
their overall shares and stocks. To carry forward this report, Metro Bank is opted which is a
commercial bank and also operates its business and further activities from UK. The report leads
to cover details regarding the further discussion which is related to marketing mix and business
functions of bank. Despite from this, reflection is also done of the report that cover suitable skills
in order to enhance the academic and professional career.
Academic Analysis
Marketing mix
Marketing mix is the basic model for any business that undertake things around the specific
product, price, place and promotion as it represents the particular set of instruments of marketing
which has been covered by the entities in order to achieve their overall goals and objectives in
the market area. It undertakes the four important factors which are useful in terms of allocating
the budgets and resources that are helpful for the formation and enhancement of trade good
(Bennett, 2016). Presently, Metro bank uses 4P’s of marketing to obtain their overall marketing
objectives by which they can enhance their objectives which are discussed as:
Product: It is the most critical factor regarding the existence of bank that depends on no
product and bank. Metro Bank need to make effective efforts in terms of maintain their overall
quality of products considering their easiness for having effective use and for the further benefits
in their portfolio. These elements are discussed as:
 To keep the quality standards, Metro bank tends to maintain their quality by adding worth
to their products at several stages. It leads to deliver high quality of products at several
stages. They also lead to deliver high quality in order to achieve competitive advantage to
their bank and also opt only those resources that are dependable from their trusted
supplies.

 Apart from that, all the products of Metro bank are quite easy to use as they have their
user manual that leads to make things understand for each and every product (Nouri
Koupaei, Mohammadi and Naderi, 2016). It also leads to deliver the prominent services
for 24*7 that provide each and every detail in order to make effective experience of
customers effortless. Most of the time, for the selling of products they lead to provide
detailed explanation of each and every information.
Price: It is helpful for the bank in order to enhance their worth of trade products considering
the exercise of blended techniques so that they can set effective price of their products. This
factor is useful for them in suitable way:
 It is useful to get effective profit with proper growth for Metro bank considering its
premium prices as it includes the privilege things along with hike in regard of their
products.
 It is useful in determining maximum number of customers considering the varieties of
products as it leads to enable them to target their audience and group of buyers as well
(White, 2016).
 It helps in keeping things under control at every cost by eliminating overall marketing
and distribution expenses as it leads to provide return when Metro bank gets new
customers.
 It is helpful in order to keep the price of products as per the geographical area at the time
of considering the shipping as per the expenses related to customs.
Place: It depict he suitable location where the products are traded in market. Metro bank has
given this element considering the high value as it is related with the availability of products to
the customers. For this, they tend to undertake suitable things that are discussed as:
 The stores of company are helpful in terms of holding control over the operations
considering the designs and layout of stores (Wang and et. al., 2016). They also lead to
interact with customers effective and collect feedback at the particular place.
 Metro bank use these stores to reduce the risk of physical and financial investment in
order to deliver effective growth. These stores provide sufficient knowledge of local
customers.

 With the effective use of social media, Metro bank enhances their sales and stock
considering their products and retailers who are available online. This leads to add things
on the benefit for Metro bank as they can now reach to several customers at same time.
 Considering the specific locations which are offshore agents like bridge among bank and
its customers who keep an eye over the quality along with the healthy terms related to
negotiations with other areas.
 To improve the efficiency cost of Metro bank leads to place their products in the
hypermarket along with super market as due to this, they can deliver them throughout the
country.
Promotion: It implies over the advertising of products that leads to create awareness
regarding the company. For this, Metro bank pay importance to their promotional activities so
that they can create awareness regarding their products to public (Huo and Zhang, 2017). With
the effective use of 360-degree approach, company leads to make things quite effective and also
make use of suitable tactics like:
 Bank need to maintain an effective business profile on social media considering the
portal where they can effectively interact with suitable customers and also collect their
feedback.
 Bank also need to introduce loyalty card scheme for their customers by which they can
exchange trade goods in terms of redeeming their points.
 Here, the Metro bank take help of hoarding for having effective promotion so that they
can improve their brand visibility with the help of bank in order to generate effective re-
call to their brand. They also lead to promote their products with the help of television
that provide effective benefit.
 They lead to determine the strong presence with full confidence by considering their
brand ambassador that put great influence on the customers.
Business functions
Business functions depict those activities that are performed by the organisations and these
activities are different from the core and also provide proper help to functions. In terms of Metro
Bank, they lead to implement several activities which are useful for them to get hike in their
sales and also enhance more customers (Dobson and et. al., 2018). Functions that are being
performed by bank are discussed as:

Accepting deposits: In terms of mobilising funds that are of public and provide safe custody
of their overall savings regarding the interest of the customers of Metro Bank in order to perform
several functions:
 Deposits which are for savings: This function is being performed by Metro bank in terms
of promoting their habit of saving among public.
 Deposits which are fixed: It is the amount which is being deposited for the fixed period
of time as customers cannot withdraw the amount (Tanasiichuk and et. al., 2019).
 Deposits for current basis: It is provided to businessmen in which they can fulfil their
requirements that are urgent.
 Deposits relating to recurring: Here, the customers of bank, deposit specified amount on
the regular basis and also gather high interest on their maturity period.
Granting loans and advances: Metro bank accept those deposits which are useful for them
on further basis in terms of providing loans and advances to their customers (Goerzig and
Bauernhansl, 2018). It includes suitable facilities:
Overdraft: It facilitates the cutting-edge account holders to shy away cash every time with a
purpose to be extra than the to be had stability and financial institution provide this facility in
opposition to the collateral security.
 Credits in cash: Here, the Metro financial institution offer mortgage for the fast time
frame that is constant in advance.
 Loans: In the Metro financial institution, they lend cash to their clients for unique length
like one or a couple of 12 months in opposition to a few belongings which might be
tangible in nature.
 Discount on payments of exchange: In this, Metro financial institution offer quick time
period mortgage facility wherein dealer bargain invoice from financial institution in
opposition to in a few kind of fees.
Functions associated with utility: Respective financial institution additionally carry out all
of the tremendous position which they offer credit score letters, additionally deal in overseas
exchange, take part in social health programmes, additionally they offer facility of lockers to
customers in order that additionally they hold their precious things (Schmidt and et. al., 2016).
Bank additionally do making certain of inventory at the side of debentures.

Functions associated with agency: Metro financial institution act because the agent for his
or her clients because it results in switch price range from one region to every other and
additionally accumulate periodical series associated with salary, pension and additionally get
dividends for his or her clients (Chatzoglou and Chatzoudes, 2016). Bank additionally do
governance in their portfolio of clients as they cause promote stocks with debentures.
CONCLUSION
From this report it has been concluded that venture perform different capacities while
remembering their correct place, product, right development strategies and set effective value
which will be moderate to their clients so that they can improve their business. In respect to
banks, they perform functions like capacities identified with agency, accepting deposits, allowing
advances just as advances and capacities identified with utility which help them to fabricate their
picture and more clients. It can likewise be inferred that abilities like communication, working in
group just as self-assurance help individual in their expert too in their particular career.
SELF-REFLECTION
From above report it is evaluated that my self-assurance expertise helps me in confronting
all worrying and testing circumstance in an organisation. An organization is set up in a powerful
environment and face different difficulties however I am assuring about my abilities that assists
me with pushing myself and viably face any circumstance and effectively complete my work at
time. I have a decent authority ability through which I am ready to oversee workers of
association and furthermore spurs them to productively tackle job with the goal that I help
association in adequately accomplishing objective of organization.
I was cheerful as I imagined that everything is working out as expected before this issue
emerges. I was disappointed yet by one way or another I realize that revamping will help us and
that spurred me to continue further more energetically. I project thought me how I can oversee
time which help me to work on my ability of using time effectively as in the wake of
understanding my misstep I realize that we as a whole need more time.
Now and then I face that in view of my principles that I utilized for overseeing
representatives in association will make clashes among me and labourers yet around then my
exchange expertise will assist me with haggling with them that I will help them in their future
undertakings which will likewise inspire them to take care of job with their full effectiveness.

This has shown me how I can arrange will individuals and complete my work from them. After
that I rethink my procedure and everything went by my arrangement after that.
I have dissected that dissemination of work was a decent choice taken by me yet I ought to
need to tell different labourers how they will take care of job as indicated by task prerequisite.
From this experience would now be able to say that this venture has shown me how might I
speak with others which fabricate my relational abilities. Presently, on the off chance that I work
with bunch in future I will address them about their qualities and allot work to them concurring
which will help in keeping up with the progression of work and aid fruition before cut-off time.
Next time prior to doing the division of work. I will initially frame procedure just as
construction which will be followed which guarantee precise working. This task has made me
sufficiently sure to confront any trouble which may emerge in future at my working
environment. I will remember representatives of organization for dynamic interaction so they can
put their ides effectively and decisively.
This module has made me a sure individual who has great correspondence through which I
can impact my kindred universities. It has additionally shown me how I ought to haggle with
individuals so their just as mine prerequisite will get satisfied. It has help me in shaping better
choices and better group the board. I am ready to deal with a group of an association alongside
finishing the undertaking to convey me allot project before cut-off time. This load of things will
help me in my expert life and help me in building my vocation.

REFERENCES
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