Marketing Essentials: A Comprehensive Review

This assignment explores the core principles of marketing, examining its various aspects such as consumer behavior, market segmentation, promotional strategies, and ethical considerations. Students are expected to analyze different marketing models, identify key trends, and discuss the role of marketing in contemporary business environments. The provided bibliography suggests a range of relevant sources for research and understanding the multifaceted nature of marketing.

Marketing Essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P.1 Key role and responsibilities of marketing function of Barclays.........................................1
M1 Evaluate roles and responsibilities of marketing in context of marketing environment .....4
P.2 Role and responsibilities of marketing related to wider organization context......................4
M.2 Importance of interrelationship between marketing and function areas.............................6
D.1 Evaluating key elements and their relationship between other factors ...............................6
TASK 2 ...........................................................................................................................................7
P3. Comparison of application of various elements marketing mix...........................................7
M3 Evaluation of tactics to accomplish goals .........................................................................11
D2 Designing of marketing plan which applies use of marketing mix...................................11
TASK 4 .........................................................................................................................................11
P.4 Creation and Evaluation of marketing plan .......................................................................11
M4 Creation of detailed marketing plan...................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Marketing is a process in which the seller sells goods and services to many customers.
They are sold according to choice and preferences of customers. Thus firm can increases the
profits and market share. It can also maintain strong and unique image in minds of all customers
and in market(Arguello, 2013). Report discusses about the Barclays company which is banking
firm. It is an organization which provides many financial and banking services to various
customers. It is founded in 1690. Thus it can satisfy many consumers a lot. Assignment
discusses about the role and responsibility of marketing function and duties, functions of
marketing which can help other departments in company. Project explains about the comparison
of ways in which marketing mix applicable to marketing process so that it can achieve
organization objectives. It also discusses about the production an evaluation of marketing plan.
TASK 1
P.1 Key role and responsibilities of marketing function of Barclays
Marketing has a crucial role in managing plans and policies fir the company so that it
can easily sells the goods and services to customers. It helps the firm in identification of neds of
consumers and promotion of product (The Role of a Marketing Department, 2018). Roles and
functions related to marketing in Barclays company are
Identification of need of all consumers – Marketing helps in identification of all the
choices and preferences of all consumers and then accordingly provides services to customers.
There is a service department which can provide efficient and god services to all consumers.
They can provide loans at reasonable interest rate according to the consumers needs.
Departments can provide and deliver services such as mutual fund ,insurance services in a better
manner to all users. Thus they can deliver the best services to all consumers. This helps in
increasing satisfaction level of all customers. This helps the firm in earning more profits and
purchase of many securities such a equity and derivatives etc. They can also provide retail
services in which it can give suggestions related to providing of loan according to choice of
many consumers (Blythe, 2012). Bank can also provide services such as wealthy in which it can
give advices to many tax professional and other tax accountants according to their choice and
related to matters in investing money in which are so that it can give more returns.
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market share. Thus company can maintain unique and distinct position in minds of all
consumers and in market.
Exchange of financial services – Company can provide financial services according to
needs and wants of many consumers(Baker and Magnini,2016). They can provide commercial
services such as acceptance and withdrawal of deposits to any users. Firm can also provides
services such as as investment in which it can advice many consumers related to sell and
purchase of many securities such a equity and derivatives etc. They can also provide retail
services in which it can give suggestions related to providing of loan according to choice of
many consumers (Blythe, 2012). Bank can also provide services such as wealthy in which it can
give advices to many tax professional and other tax accountants according to their choice and
related to matters in investing money in which are so that it can give more returns.
Understand factors in industry – Firm can evaluate the needs many consumers related
to delivery of services. They can evaluate the internal and external factors in environment related
to demand of services. Hence it can deliver the services according to choice of consumers such
as loan, securities and advisory services according to many users. Thus they can provide loan at
reasonable rate to many consumers and services so that they can give maximum returns through
bank advices. It results in increasing the satisfaction of many users and results in increasing of
many profits and market share.
Help in delivery system – Firm through delivery system department can deliver good
and efficient services to many users. Customer service department helps in creating strategies
and policies related to distribution of services such as insurance,loans,purchase of
securities,acceptance and withdrawal of deposits according to choice and preferences of all
people. They can also give advices to many professional related to investment in sector which
give more profits. Thus it gives different benefits to many peoples. Hence it increases the
happiness level of many users. Thus bank can earn more revenues and can maintain good and
unique position in minds of all consumers.
Evaluating target market – Company needs to evaluate the choice and needs of target
market so that it can easily reach to many consumers. They can divide whole population on basis
of income,geographical,psychological an behavioural customers. Marketing helps in
segmentation whole population and helps the company to target the particular segment out of
total population. Thus they can deliver services according to needs and wants of all consumers.
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Understand factors in industry – Firm can evaluate the needs many consumers related
to delivery of services. They can evaluate the internal and external factors in environment related
to demand of services. Hence it can deliver the services according to choice of consumers such
as loan, securities and advisory services according to many users. Thus they can provide loan at
reasonable rate to many consumers and services so that they can give maximum returns through
bank advices. It results in increasing the satisfaction of many users and results in increasing of
many profits and market share.
Help in delivery system – Firm through delivery system department can deliver good
and efficient services to many users. Customer service department helps in creating strategies
and policies related to distribution of services such as insurance,loans,purchase of
securities,acceptance and withdrawal of deposits according to choice and preferences of all
people. They can also give advices to many professional related to investment in sector which
give more profits. Thus it gives different benefits to many peoples. Hence it increases the
happiness level of many users. Thus bank can earn more revenues and can maintain good and
unique position in minds of all consumers.
Evaluating target market – Company needs to evaluate the choice and needs of target
market so that it can easily reach to many consumers. They can divide whole population on basis
of income,geographical,psychological an behavioural customers. Marketing helps in
segmentation whole population and helps the company to target the particular segment out of
total population. Thus they can deliver services according to needs and wants of all consumers.
Hence it increase the satisfaction level of many consumers. Through this they can earn more
revenues and can easily expand and diversify the businesses in different locations. It also helps
the company to maintain distinct and unique position in market as well as in minds of many
consumers.
Hence it increase the satisfaction level of many consumers. Through this they can earn
more revenues and can easily expand and diversify the businesses in different locations. It also
helps the company to maintain distinct and unique position in market as well as in minds of
many consumers.
Market research – Company has to perform market research as it has to evaluate the
requirements of all the consumers (Brassington and Pettitt, 2013). It can deliver services
according to choice of many consumers. Thus this it can deliver good and effective services to
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many consumers. Through market research it can provide many services such as loan,advisory
services according to wants of many users. Hence many customers are satisfied and they are
happy (Brooks and Simkin, 2011). It results in increasing pleasure of many consumers. Thus it
can derive best services to many users. Hence it can earn more revenues and market share. It
leads to success and growth in future.
Growth of business – Marketing helps in development of business as company deliver
the services according to needs and requirements of all customers. They solve all problems of
customers and can give services according to their choice. Customers also give suggestions to
primogenitive of services such as loan,advisory services related to purchasing of many securities.
Hence bank can make changes in delivery services according to acquirement of many people.
Thus customers are satisfied and they can also give reference to their friends and relatives. Thus
it increase the reputation of firm in market a well as in minds of many consumers. Hence it can
earn more profits.
M1 Evaluate roles and responsibilities of marketing in context of marketing environment
There are roles and responsibilities of marketing of Barclays company thrifty which it
can satisfy the consumers. It includes the identification of needs and exchange of
services,evaluating the target market, understand factors in industry,evaluating target market
helps in delivery system and growth of business. Bank delivers the services according to demand
of many users. Through this it can increase happiness and satisfaction level of all customers.
They can also give reference to many consumers. It helps in capturing more customers. Thus
firm can earn more profits and can expand the business. It also leads to growth and development
of business.
P.2 Role and responsibilities of marketing related to wider organization context
All sections of department of company have a crucial role in contribution of objectives of
company. Marketing helps in human resource department,operations and the customer service
department. It is done so that all sections of company can function effectiveness and efficiently.
Duties and functions of marketing department with other departments of Barclays company are-
Marketing and human resource department- Marketing helps in producing relevant
data to human resource department related to selection,recruitment and job description etc. They
also evaluate the performance of all employees (Brooks and Simkin, 2012). The methods in
giving all documents and records related to selected employees. Thus marketing section can
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selects qualified employees. Marketing department also helps in performing research and
provide job description to department so that human resource department can select and recruits
educated and qualified employees (Cabrera and Williams, 2014). They also provide advices
related to providing training and evaluation of performance of all staff members. Through these
rerecords and relevant information personnel department can deliver training to all workers
according to their potential. This helps in delivering training to employees which have more
knowledges and skills, potential and knowledge. Human resource department through helps of
marketing department can also organize offertory seminar through which they are recognized
and are given huge status. Thus it increases the enthusiasm level of all employees to perform
better. Hence they can give good results. So marketing helps human resource department in
different ways. Through marketing human resource department can select qualified and
competent employees. Thus human resource can function efficiently and effectively. By
recruiting educated employees firm can earn more profits and can increase the market share.
Marketing and operations – Operational department helps in evaluating all the
activities and tasks of the company in a proper manner. Marketing department helps in
providing relevant information related to financial plans and policies. It helps in providing
information related to the news riles and regulations and helps in creating new and innovative
design of financial system and policies. It also helps in providing knowledge of budges to
operations department. Marketing performs a research and provide relevant data to operations
department such as managing the loan and payment to all customers. They helps in providing all
record and statements related to all details of customers. They also provide information related
to online sources etc. Hence operations department can easily find that number of customers to
whom credit is given and to whom deposits are received.
Through creation of innovative and new services department can easily provide unique
and innovative financial services according to needs of customers. It also has records of
customers to whom loan is given and from whom loan is received (Caragher, 2016). So it is
easy for company to receive dues from all customers and to give loans to many users. Through
new rules and regulations operational department can implement the ways through which it can
deliver the services to many consumers. By getting online sources it can easily reach to people
by making many applications online. Through this it can reach and capture many consumers.
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Marketing and customer service department – Marketing department can provide
relevant data and information related to all customers and their requirements (Coast, 2014). They
can also provide data related to services such as providing loans,purchase and selling of many
securities which is according to needs and wants of many consumers. Marketing also helps the
department to create new plans and policies created to delivery of services so that more
consumers are attracted. They provide information related to communication with customers so
that department can easily explain all policies to many users This helps in attracting many users.
They have been providing information related to solving all problems of all customers and
handle them property.
They also help department by providing all records of prospects customers and tell them
about communicating with all the customers. This helps the department to deliver best services
related to securities and loan as they has evaluated the needs and wants of all consumers. By
receiving all information related to prospects consumers they can easily communicate with all
consumers and they can create strategies and tactics to explaining services and communicating
with customers. Thus it helps in attracting more consumers and it also increases the satisfaction
level and happiness of many customers. Hence all activities and task in operations successfully
and efficiently. Thus firm can earn more profits and can easily expand their business.
M.2 Importance of interrelationship between marketing and function areas
Marketing helps other departments so that they can function efficiency and effectively.
Marketing help the human resource department by providing information relating to all
customers and also give data related to competent employees. Thus human resource department
can recruit and select educated employees. Marketing helps the operations department in
creation of all financial plan, policies and new system of financial system so that it can deliver
good and efficient services to all consumers. It also receives information related to needs of
customers and provides services such as providing loan and other according to user's
requirements. Marketing also helps in customer service department by giving records of
prospective consumers so that manager can easily communicates with them and can attract them
to purchase more services. Hence it can capture more consumers.
D.1 Evaluating key elements and their relationship between other factors
Marketing assists other departments so that they can perform well and their activities can
run efficiently and effectively (Desai, 2013). Marketing helps 3 departments human resource
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department,finance and operations in different ways. It assists human resource by providing all
information of all employees thus firm can easily select educated employees. They also provide
data related to competent staff members (Dessain and Zeuch, 2015). Through this all activities
can run successfully. Marketing assists the operations department in making of various strategics
related to delivery of services. They also guide the department in communicating with customers
and provide their choice related to financial services. Hence operations department can create
different methods and processes related to providing of services. Thus they can increase the
satisfaction level of all employees. Marketing can assists customer service department in giving
records of leads customers who can easily purchase the schemes of bank. It also helps them in
interacting with customers in better manner so that they can taker loans and other attractive and
innovative schemes of bank. Through this assistance firm can earn more revenues and can easily
expand operations in many countries.
TASK 2
P3. Comparison of application of various elements marketing mix
Marketing Mix: To hit targets, organisations uses this type of tool to understand the
marketplace and make alterations if needed in order to make profit. A marketing mix can help
firm in different ways and these are: making strategies, determination of actions which aid them
in advertising or promoting goods and services in different geographical areas. Barclays is a
multinational and well known bank that is providing their services in order to improve
experience of their users. On the other hand, when a company raises its finds competitors at
marketplace (Diana, Pdibb, and Simkin, 2013). In this context, as comparison HSBC is giving
good rivalry to Barclays in all over UK and on other countries as well. Various applications and
marketing mix of both of Banks is given below:
Factors Barclays HSBC
Product/Services  A multinational back that is
providing various services
to their consumers like,
saving and current
accounts. Along with this,
in current scenario they
 There are so many services
like private banking,
investment banking and
commercial finance banking.
 Personal banking includes
wealth management services
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have offered online
application which directly
removed burden from
manpower and saved time
of both of them and of
clients as well.
 Digital banking is also one
of products that has been
given by Barclays to their
consumers. Under this,
clients can easily manage
or transfer their money
from one account to
another without going to
the bank.
 Credit card offers with eye
catching schemes pulls
ample number of
customers.
through which individual
loans, international credit
cards are being given to
consumers.
 HSBC is a public financial
institute that helps
researching treasury and
capital markets which
includes foreign exchange,
flow of money in different
areas,
Price  It has over 48 million
clients from all over world
and do not made any sort of
fraudulent activity which
helped them in keeping
belief of their users.
 Management of Barclays
has reduced their expenses
in order to maximise their
profit in which they have
reduced almost 25% of
their operational costs.
 Barclays alters their policies
of prices in order to sustain
at market for a longer period
of time as changes are
required as marketplace is
dynamic in nature.
 Executives keep on locating
or making strategies so that
improvisations can be made
and with the help of this
better rivalry can be given to
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 Barclays is continuously
helping their client through
various ways like, they
have levied minimum
interest rates for the their
customers which is also
aiding them in generating
more revenue.
their competitors.
 HSBC has made some
changes like they have
offered their users current
accounts without charging
them and so on.
Place  Barclays is doing business
in almost fifty nations all
around globe.
 Almost 1600 branches are
in United Kingdom from
4,750.
 They are also locating into
new geographical areas in
which they can open their
branches in order to
enhance their business.
 In all over United Kingdom
they have ample number of
ATM's that stays open
24*7 for clients. Along
with this, Barclays has also
offered the same service in
other countries as well by
doing
 HSBC is one of largest bank
that has six thousand and six
hundred offers among eighty
five countries.
 Away from this, HSBC has
merged or collaborated with
other financial institutes that
are offering different
schemes to their consumers
in all over world.
 They also keep on searching
for places where they can
improvise or enhance
business.
Promotion  Online media is said to be
one of most effective
strategy that is being used
 This element is said to be
main one which helps firms
to enhance sale of products
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by Barclays on a
continuous basis in order to
grab attention of people in
huge number.
 One of the oldest financial
institute that has kept on
making alterations
according to the market by
using various concepts.
 Innovative commercials are
being used by Barclays.
Along with this, they have
also sponsored different
football teams.
and services.
 Advertisement's helps their
clients to know about what
schemes that are being
offered currently at
marketplace.
 HSBC has sponsored whole
women championship which
created heavy recognition in
all over world.
Physical Evidence  They offer good state of
affairs for both staff
members and for
consumers as well by
giving them proper
environment.
 Online sites have created
favourable conditions for
Barclays where they are
directly getting attached
with their consumers
 HSBC has ample number of
stores in all over world that
are offering great services to
their consumers.
Process  Barclays looks forward to
ease the process which is
being used by their
consumers.
 Feedbacks can be taken by
 Services and schemes gets
changes according to need of
consumers or by locating the
state of marketplace.
 HSBC has already formed a
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their consumers in order to
ease the process.
customer service department
in order to solve issues that
are being faced by their
customers.
People  Person like Jenny C. are the
people of Barclays that
comes in front of outside
world. They are the one
who bring up or makes
different policies,
structures, vision, mission
for company.
 HSBC mostly uses
distinctive approach which
can be used by management
in order to grab attention of
people.
M3 Evaluation of tactics to accomplish goals
Barclays or of any other organisations aim is to hit targets so that desired profitability can
be raised. Here, management sets productions for every single employee so that better conditions
can be made of company at marketplace (Kennedy and Parsons, 2014). Along with this,
promotional activities are said to be very important in nature in order to improve sale of services
and of products as well.
D2 Designing of marketing plan which applies use of marketing mix
A marketing plan has different factors like price, product, promotion, places, people,
process and physical executions that helps firm to meet their desired goals and objectives for a
longer period of time. Away from this, goodwill can also be enhanced by doing various activities
like providing services to consumers, by CSR activities and so on.
TASK 4
P.4 Creation and Evaluation of marketing plan
Marketing plan helps company to achieve goals and objectives on time. There are some
strategies which has to be framed by manager which helps company to deal with changes
happening in organisation. Business operates in society, so there are various factors which has to
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be taken care by while market product in society (Lamb, Hair and McDaniel, 2011). SWOT and
PESTLE are two main important components which are considered by Barclays.
SWOT ANALYSIS
SWOT analysis is done to consider internal skills and qualities of company (MAYER,
2011). It is important that manager has to first analyse these factors and then take decision. There
are possibilities that sometimes there is conflict in plans and policies, then it must be resolved
properly.
STRENGTH
 Barclay's has good image in market.
 They provide best solution to customer
related to debt, equity problems. They have good financial problems
which help them to raise fund easily
and customer trust their brand.
WEAKNESSES
 They pay high returns to top level
management of organisation.
 Sometimes dealing with Barclay's is
time consuming and this proves costly
also.
 There are possibilities of interest
clashes among different financial
parties.
OPPORTUNITIES
 As change in market trend the financial
trend are increasing day by day. These days young generation acquire
knowledge about financial resources
and then invest appropriately.
THREAT
 Barclay face hardships and hence they
had to close their many branches.
 Economic stability is the biggest treat
for Barclay's.
PESTLE ANALYSIS
These are external factors which manager of Barclay's cannot control but they can frame
flexible policies which can help organisation to achieve business objectives.
Political factors- This is important factor which has to considered by manager in order to apply
business policies effectively (Nguyen and Simkin, 2012). It is important that manager has to
take care of political factors. It means if there is change in political parties and their policies
then company has to modify their plans and policies.
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Economic factors-Economic factor is important for company so that business can run smoothly.
Due to change in demand of consumers, Barclay's management also change features of product.
This change needs finance to pursue business.
Social factors- Barclay's run their business in society so it is essential that manager has to take
care where is it operating (Pike, 2015). As this company runs in various part of country's, it is
essential that manager has to frame policies as per society where business is running. This helps
company to generate faith and trust in minds of customer.
Technological factors- Technology is important in financial sector,. There are customer with
different problems. To create good and long relations with customer it is important to use
updated techniques which are beneficial in giving best and appropriate solution quickly.
Legal factors- There are different laws which are related to business and for organisation it is
important to apply them. Sometimes there are modifications in laws so Barclay's has to consider.
As they are financial enterprise so it is more important for them to follow these laws and
regulations. This reduces chances of fraud in society.
Environmental factors- Barclay's has different branches at various places. It is important to
consider environment also. After festive season there is change in demand and supply of
financial advices.
STP (Segmentation, positioning and Targeting)
STP applied in Barclay's in following way- Segmentation- This is the step where manager of company finds new customer and they
tries to know about demand of customer. This step is essential so company can know
about their demand so that they can deliver what they want. This helps company to
improve their position in market. Targeting- This step is also known as demand analysis. After segmentation management
of Barclay's target for whom they want to serve services. There are various methods
through which company adopt to analyse best method among available.
 Positioning- In this step company positions its product in market through various
sources. It is important that manager has to market product to targeted consumer and in
case of problem faced by them, they can solve them , this improves efficiency and quality
of their services. Barclay's gets chance to enhance its image in industry. There are many
competitors of this association, as the scope of advisory services is increasing.
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M4 Creation of detailed marketing plan
These days marketing is not an easy task (Puddle, 2015). There is requirement of proper
planning which help company to achieve business objectives on time and with proper use of
resources (Wirtz, 2012). It is important that manager has to perform activities which are
beneficial for company. There are various options, through which marketing plan can help
Barclays to achieve targets with best innovative ideas. There is difference in perception of
employees who are working in company so it is important to communicate changes properly to
personnel which help organisation in improving their efficiency. Through marketing plan,
employee get to know about their code of conduct and managers can also easily assign
responsibilities and duties.
CONCLUSION
It can be concluded from above report that marketing is important for every firm so that
they can sell the products in unique manner and can satisfy the customers in better manner.
Through this company can earn more profits (Zirkle, 2014). Various roles and responsibilities
of marketing are there in company. Different duties and functions of marketing related to other
department which helps other section. Comparison of marketing mix of two organizations which
help firm to achieve business objectives and evaluation of marketing plan in company.
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Online
The Role of a Marketing Department. 2018. [Online]. Available.
<https://www.thehartford.com/business-playbook/in-depth/marketing-department-role>
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