Responsibilities of Marketing Wing of Barclays : Report

Added on - 15 Jan 2020

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Unit 2 Marketing Essentials1
Executive SummaryThe company chosen is the UK based bank Barclays. The roles and responsibilities of themarketing wing is inspected at the outset. A striking thing was noted. Apart from the regulationfactors, the Barclays marketing wing always thinks for the society and the customers and isnever isolated from the society. The interrelationships with the various departments with themarketing wing are also analysed. While going through the marketing mix of the company it isnoted that Barclay’s goal is also to sell the product that is needed by a client the most and he isadvised accordingly by the sales staff. There is no pressure to sell a product. However, thereshould always be some attempt to sell some product which will benefit the client in the long run.The marketing objective for this study has been set as to promote its business and services tofinancial needs of various customers, converting them into paying customers and keeping themfor life. Target market selected as students and households at of age group 18 and above. Themarketing analysis represents that company only targets on the industrial and corporate sectors.Thus, it remains out of the reach of large number of people and consumer sector.The 7Ps of analysis represents that company will develop education loan, home loantravel insurance as its product portfolio. These services will be offered at competitive prices. Thecompany will set up its offices in busy urban area where high number of footfalls are present. Itwill implement integrated marketing to promote its products. To meet its objectives, Barclayswill employ efficient and experienced people. Barclays will improvise fixed layout system for itsoperations in various regional and branch offices. It will make its ambience clean and organised.It will implement these strategies within one year time. The analysis represents the organisationwill be benefited if it successfully implements the identified strategies.2
Table of ContentsExecutive Summary........................................................................................................................................................Introduction.....................................................................................................................................................................LO1: Explanation of the role of marketing and how it interrelates with other functional units ofan organisation................................................................................................................................................................P1 Explanation of the key roles and responsibilities of the marketing function........................................................M1 Analysis of the roles and responsibilities of marketing in the context of the marketingenvironment for the chosen organisation................................................................................................................P2 Explanation of how roles and responsibilities of marketing relate to the widerorganisational context.................................................................................................................................................M2 Analysis of the significance of interrelationships between marketing and otherfunctional units for the chosen organisation...........................................................................................................LO2 Comparing the ways in which organisations use elements of the marketing mix (7Ps) toachieve overall business objectives................................................................................................................................P3 Comparison of the ways in which the chosen organisation applies the marketing mix to themarketing planning process to achieve business objectives. How does it differ from otherorganisations or could do better compared to other organisations?...........................................................................M3 Evaluation of different tactics applied by the chosen organisation to demonstrate howthe business objectives can be achieved..............................................................................................................LO3 Using contemporary examples and demonstrating both the positive and negative influenceor impact which the macro environment has on business operations 1400...................................................................P4 Production and evaluation of a basic marketing plan for the chosen organisation.............................................M4 to produce a detailed evidence-based marketing plan for the chosen organisation.......................................Conclusion....................................................................................................................................................................References......................................................................................................................................................................3
IntroductionThe company chosen is Barclays. It Is a UK based banking and financial servicecompany having the HO in London. The branches of the bank are located around the world andthe different operations are in retail, wholesale, investment banking, wealth management,mortgage lending and in credit cards. It caters to more than 45 million customers and hasbranches in around 50 countries. The four main core businesses are Corporate and Personal(including personal banking, corporate banking, wealth and investment management);Barclaycard, Investment Banking and Africa.The present study will investigate the role of marketing, the interrelations of thismarketing function with the other functions of the organisation; comparing the ways in whichBarclays uses elements of & marketing mix to achieve overall business objectives andproduction and evaluation of the basic marketing plan.4
LO1: Explanation of the role of marketing and how it interrelates withother functional units of an organisationP1 Explanation of the key roles and responsibilities of the marketing functionThe marketing people analyse and get hold of data for the demand that is there in themarket by self-market research or by deploying an agency. They also work closely with thepeople in advertising, distribution and procurement for making the right material for sales.Thus, the marketing people first judge the market segments and then do the targeting.They work on the positioning of the brand and the company. Then they create the marketingplan. The marketing mix consisting of the 7Ps is built on it. Thus, the marketing people work onte product, price, place, promotion, physical evidence, people and process. The monitoring of theentire marketing tactics is done by the marketing managers. The shortfalls are seen. Thecorrecting action are taken on the sales. The feedback generation and taking of appropriateremedy is an ongoing process.The role of marketing function in Barclays is concerned with working within a globalgrowing business and with a household name brand. Specific areas of the organisation are servedby the marketing function with projects from brand management to marketing communicationsand customer research. The function centres around the clients and customers of the bank. It isrequired to understand the needs and behaviour of the customers and clients and alsocommunicating with them effectively(Yale Law Journal , 2015). There are corporatecommercial clients and there are also the consumers on the high streets’ branches. The people inthe marketing function come up with different campaigns for appealing to the different demandsof the otherwise varying targets. So, the marketing function is also aware and builds the targetedconsumers and does the segmentation and targeting which is a part of the market planning.Creativity is the key element in the marketing function. The idea is to connect with customers.Marketing function interacts with all other functions of the organisation in order tounderstand various needs and demands which all the departments want to get fulfilled. Forexample, finance department will need marketing to provide sales as to recover the invested5
amount and earn returns. While production department will require marketing function toprovide a forecasted data about potential demand and supply ratio. Human resource departmentwill require information regarding the potential hiring of staff in order to fulfil the demand ofmarketing function. The interaction of marketing function is necessary in the Barclays. It helpsthe bank in understanding its customer needs and wants in order to devise better plans forinvestment.M1 Analysis of the roles and responsibilities of marketing in the context of the marketingenvironment for the chosen organisationThe marketing environment refers to the forces and factors which affect a firm’s abilityto build and to maintain successful relationships with customers. The macro marketingenvironmental factors are social, economic, political, legal influences. Like most corporatecompanies, Barclays marketing wing does not work in isolation to the rest of the society. InsteadBarclays marketing wing believes that greater opportunity exists if the organisation is visiblyaccessible and more involved with the public. The organisation is socially responsible and showsconcern for the public and environment(Irwin & Scott, 2010). This is a part of the externalmarketing environment. In the external environment, the bank also cares for makingconveniences for the banking of the elderly customers.The bank carefully notes the political changes that take place and the economic changeslike the ones made by the apex bank of the country with respect to the interest rates and the basispoints. The fiscal and monetary policies are noted and accordingly the bank’s new schemes areformed. The marketing personnel and mangers keep stock of the competitors’ strategies and theprices and other promotional aspects. This is a part of the internal marketing environment. Themarketing wing foretells the risk involved by addressing the implications of an economicdownturn or some stress scenario and they are often responsible for giving the leaders the advicethey need for making informed decisions. This is an activity of marketing wing in unison withthe risk professionals of the bank.6
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