Unit 2 Marketing Essentials Barclays Report

This report provides a comprehensive analysis of Barclays' marketing strategies, focusing on the roles and responsibilities of the marketing function, its interrelationships with other departments, and the application of the marketing mix (7Ps). The report evaluates Barclays' marketing plan, comparing it to competitors like HSBC, and proposes a detailed, evidence-based marketing plan to enhance its market position. It also examines the impact of the macro environment on Barclays' operations and suggests tactics to achieve business objectives, including expanding its target market and diversifying its product portfolio. The report concludes with a strategic marketing plan that tactically applies the 7Ps to achieve overall marketing objectives.

Unit 2 Marketing Essentials
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Executive Summary
The company chosen is the UK based bank Barclays. The roles and responsibilities of the
marketing wing is inspected at the outset. A striking thing was noted. Apart from the regulation
factors, the Barclays marketing wing always thinks for the society and the customers and is
never isolated from the society. The interrelationships with the various departments with the
marketing wing are also analysed. While going through the marketing mix of the company it is
noted that Barclay’s goal is also to sell the product that is needed by a client the most and he is
advised accordingly by the sales staff. There is no pressure to sell a product. However, there
should 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 to
financial needs of various customers, converting them into paying customers and keeping them
for life. Target market selected as students and households at of age group 18 and above. The
marketing 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 loan
travel insurance as its product portfolio. These services will be offered at competitive prices. The
company will set up its offices in busy urban area where high number of footfalls are present. It
will implement integrated marketing to promote its products. To meet its objectives, Barclays
will employ efficient and experienced people. Barclays will improvise fixed layout system for its
operations 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 organisation
will be benefited if it successfully implements the identified strategies.
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Table of Contents
Executive Summary ........................................................................................................................2
Introduction ....................................................................................................................................4
LO1: Explanation of the role of marketing and how it interrelates with other functional units of
an organisation ................................................................................................................................5
P1 Explanation of the key roles and responsibilities of the marketing function ........................5
M1 Analysis of the roles and responsibilities of marketing in the context of the marketing
environment for the chosen organisation ................................................................................6
P2 Explanation of how roles and responsibilities of marketing relate to the wider
organisational context .................................................................................................................6
M2 Analysis of the significance of interrelationships between marketing and other
functional units for the chosen organisation ...........................................................................7
LO2 Comparing the ways in which organisations use elements of the marketing mix (7Ps) to
achieve overall business objectives ................................................................................................9
P3 Comparison of the ways in which the chosen organisation applies the marketing mix to the
marketing planning process to achieve business objectives. How does it differ from other
organisations or could do better compared to other organisations? ..........................................9
M3 Evaluation of different tactics applied by the chosen organisation to demonstrate how
the business objectives can be achieved ..............................................................................12
LO3 Using contemporary examples and demonstrating both the positive and negative influence
or impact which the macro environment has on business operations 1400...................................13
P4 Production and evaluation of a basic marketing plan for the chosen organisation .............13
M4 to produce a detailed evidence-based marketing plan for the chosen organisation .......14
Conclusion ....................................................................................................................................18
References.....................................................................................................................................19
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Introduction
The company chosen is Barclays. It Is a UK based banking and financial service
company having the HO in London. The branches of the bank are located around the world and
the 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 has
branches 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 this
marketing function with the other functions of the organisation; comparing the ways in which
Barclays uses elements of & marketing mix to achieve overall business objectives and
production and evaluation of the basic marketing plan.
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LO1: Explanation of the role of marketing and how it interrelates with
other functional units of an organisation
P1 Explanation of the key roles and responsibilities of the marketing function
The marketing people analyse and get hold of data for the demand that is there in the
market by self-market research or by deploying an agency. They also work closely with the
people 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 marketing
plan. The marketing mix consisting of the 7Ps is built on it. Thus, the marketing people work on
te product, price, place, promotion, physical evidence, people and process. The monitoring of the
entire marketing tactics is done by the marketing managers. The shortfalls are seen. The
correcting action are taken on the sales. The feedback generation and taking of appropriate
remedy is an ongoing process.
The role of marketing function in Barclays is concerned with working within a global
growing business and with a household name brand. Specific areas of the organisation are served
by the marketing function with projects from brand management to marketing communications
and customer research. The function centres around the clients and customers of the bank. It is
required to understand the needs and behaviour of the customers and clients and also
communicating with them effectively (Yale Law Journal , 2015). There are corporate
commercial clients and there are also the consumers on the high streets’ branches. The people in
the marketing function come up with different campaigns for appealing to the different demands
of the otherwise varying targets. So, the marketing function is also aware and builds the targeted
consumers 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 to
understand various needs and demands which all the departments want to get fulfilled. For
example, finance department will need marketing to provide sales as to recover the invested
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amount and earn returns. While production department will require marketing function to
provide a forecasted data about potential demand and supply ratio. Human resource department
will require information regarding the potential hiring of staff in order to fulfil the demand of
marketing function. The interaction of marketing function is necessary in the Barclays. It helps
the bank in understanding its customer needs and wants in order to devise better plans for
investment.
M1 Analysis of the roles and responsibilities of marketing in the context of the marketing
environment for the chosen organisation
The marketing environment refers to the forces and factors which affect a firm’s ability
to build and to maintain successful relationships with customers. The macro marketing
environmental factors are social, economic, political, legal influences. Like most corporate
companies, Barclays marketing wing does not work in isolation to the rest of the society. Instead
Barclays marketing wing believes that greater opportunity exists if the organisation is visibly
accessible and more involved with the public. The organisation is socially responsible and shows
concern for the public and environment (Irwin & Scott, 2010). This is a part of the external
marketing environment. In the external environment, the bank also cares for making
conveniences for the banking of the elderly customers.
The bank carefully notes the political changes that take place and the economic changes
like the ones made by the apex bank of the country with respect to the interest rates and the basis
points. The fiscal and monetary policies are noted and accordingly the bank’s new schemes are
formed. The marketing personnel and mangers keep stock of the competitors’ strategies and the
prices and other promotional aspects. This is a part of the internal marketing environment. The
marketing wing foretells the risk involved by addressing the implications of an economic
downturn or some stress scenario and they are often responsible for giving the leaders the advice
they need for making informed decisions. This is an activity of marketing wing in unison with
the risk professionals of the bank.
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P2 Explanation of how roles and responsibilities of marketing relate to the wider
organisational context
Marketing is the branch which creates the marketing plan and there by the marketing
mix. This plans of the collection of the product, price, place, promotion. Thus, with the
marketing branch selecting the product portfolio and the price and with the marketing objectives
linked to it, the sales target and the sales pitch of the sales persons are planned.
The promotion element of marketing decides on the promotion material and the ways of
presenting the good word about the products to the target audience. The advertisement budget is
also done. This paves the way of selection of the advertising material, the advertisement content,
the media in which the promotion is to be broadcast or podcast.
The marketing mix conceived by the marketing wing decides about the element ‘Place’
of the 4 or 7Ps. This is the distribution. Thus, the lower end of the supply chain is decided
according to the nature of the product and the buying behaviour of the target consumers.
The sales volumes achieved, the sales travelling cost, the tax disbursed by the distribution
members or the franchises for the automated teller machine service charge – are all to be
recorded and analysed by accounts and finance respectively.
The corporate tax to be given by the company on the sales volumes, revenues and profit
earned for the volume of sales achieved is also associated with the records assembled by the
accounts and finance.
The roles and responsibilities of marketing help the Barclays to achieve the
organisational objectives. The roles and responsibilities of marketing in Barclay’s finally result
in creating a situation by which more people deposit their money within the various schemes of
the bank and that is how the bank can invest the money and gather profitability. This is for the
betterment of the interest of the shareholders of this financial institutions and their net worth.
Marketing in Barclays assumes the role of ‘partnering’ with the whole organisation. Instead of
being a mere function in the whole organisation, marketing deals with networking with the
whole organisation (Leekha Chhabra & Sharma, 2014). The CSR wing consists of prominent
members from the marketing team and the different society and environment related work done
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and managed mostly by these marketing personnel shows the concern for the social causes of the
company. Marketing is associated with the public face of the Barclay’s. It communicates to the
public by designing the various messages of the bank shown in public interface through media.
All the marketing actions are supposed to have a positive impact on the society.
M2 Analysis of the significance of interrelationships between marketing and other functional
units for the chosen organisation
With better marketing and proper selection f he marketing mix, the profitability of the
organisation is supposed to be increased and the shareholders would thus be the gainers through
better dividends. This will in turn enable the finance department to allot more funds for raising
the infrastructure of the company (Fabozzi, 2016). Of course, good service by the customer
facing staff and the back office is also required. Processing of the customers’ requisition for
money should be superb. The good performance the marketing wing also requires the
comprehension of the tastes and changing perceptions of the public about banking service. This
message is passed by marketing wing to the research and product formulation wing of the
Barclays and this is how new packages and schemes are worked out by Barclays by being
aligned to the basic rules of the apex bank of the location country concerned. Marketing function
acts like the eyes and ears of the bank in relation to many other functions of the bank. Marketing
wing is integrated in to all basic functions of the organisation (Casu & Gall, 2016). Marketing
wing also keeps track of the market risk which addresses the financial loss which results from
the adverse changes in the market prices. This helps the bank protect the performance and the
reputation by means of identifying, assessing, minimising, the risk across the business. This is
how risk professionals get the alert message and begin their rear-guard action.
D1 Critically analysing and evaluating the key elements of the marketing function and how they
interrelate with other functional units for the chosen organisation
The key elements of marketing help the Barclays to achieve the organisational objectives.
Designing of the financial products, the charges and rates, the promotions and advertising – are
all the key elements of marketing. The market research is also within the list of marketing
elements. While evaluating, it should be mentioned that it is the marketing wing of Barclay’s
which first comprehends what the market wants and conveys the same to the concerned
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functions like internal research wing and the product formulation division. The data which the
marketing wing gathers is used by the bank in the future analysis and action. Once the data is in
place, the management can think about the strategy. The planning to reach the objectives also
involves the marketing wing in the actions of the revenue generation forecasting and setting the
communication strategy. This assists the internal financial planning of the bank.
The above planning takes place at the topmost level and the tactics at the ground level are
also to be worked out. The marketing wing takes care of how to increase sales, how to bypass
and overpower the competitor financial organisations, how to provide a better value to the
customers.
LO2 Comparing the ways in which organisations use elements of the
marketing mix (7Ps) to achieve overall business objectives
P3 Comparison of the ways in which the chosen organisation applies the marketing mix
to the marketing planning process to achieve business objectives. How does it differ
from other organisations or could do better compared to other organisations?
The common purpose of the company is to help people achieve their ambitions in the
right way. The bank wants to lend, invest and protect the resource of the customer. For the
customer and client, the target is to raise corporate and personal banking to a better weighted
ranking. The investment Bank will be one of the prioritised areas (homebarclays, 2015). The
strategy is to build on the capability of being a transatlantic bank and faithful for its consumers,
corporate and investment banking clients. Barclays is facing stiff competition from its
competitor HSBC.
P – Product
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The bank has operations in wholesale, investment, retail and management. The company
deals in finance and banking. There is investment management, digital banking service,
investment banking, commercial banking, retail banking, personal banking, premier banking and
international banking. There is Barclyacard which comprises of credit cards, mybarclaycard and
other reward cards. This is aimed for raising corporate and personal banking to a higher level.
HSBC is a direct competitor of Barclays bank. It offers its services in wholesale, investment,
retail and management. Both banks deal in finance and banking. HSBC is making its moves in
order to diversify its product and customer range.
P – Price
There are total 48 million customers for the company and the demand is for effective
pricing policy. This should be acceptable to the individual and corporate customers. The
company has decided to cut down the expenses annually by 25% operating cost to maintain this
pricing which is favourable for the customers (Dell’Atti & Trotta, 2016). Unlimited withdrawal
opportunities from current account are offered for free or competitive rates which must be paid
quarterly. There is trade in high income securities and hence there has been a high increase in
revenue. Here there is a contrast with rival HSBC in the sense that penetration pricing has been
affected by the subject company. However, in cases like setting up the current account, there are
generally no fees charged by most banks including HSBC (Lussier & Hendon, 2015). The profit
share maximisation is resorted to by any financial institutions than the revenue maximisation by
Barclay’s. HSBC is proving its self to be a competitor who is gaining market share by providing
better pricing policies. They aim to cut down their operating cost in order to increase their
productivity and quality.
P – Place
The business is spread to as many as fifty countries. There are numerous branches and
i500 of them are in UK itself. Most of the branches have 24 x 7 ATMs. Customers in UK have
free access in ATMs while it is charged in overseas locations. It is also free for the tie up bank
clients. There are tie ups with post offices. There are digital channels and online transaction is
facilitated by business portals, Barclay iPortal and Internet Banking. HSBC being a competitor is
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no far behind. It has already established its online portal as well as mobile banking in order to
facilitate customer. It is opening up ATM;'s at strategic location to grab more attention. It have a
policy of no transaction fee overseas.
P - Promotion
The company has made the various products visible to the consumers. It has taken resort
to every promotion tool available. The different commercials are exhibited on tv, print media, on
the official website of the company. Numerous sponsorship programmes have been taken up to
maintain and increase the value of the brand. Barclays has been consistent sponsor of the EPL. It
has also sponsored Dubal Tennis Championship once (Bairner, et al., 2016). These are related to
create the brand recognition required by ordinary consumers and employees of corporate sectors
who are targeted clients for investment banking. For Barclays, Premier League in India, the
Indian wicketkeeper M S Dhoni was appointed the brand ambassador. HSBC is promoting its
products and services in UK as well as abroad as to attract more customers towards its bank.
They use social media and other platforms to deal with customer queries and to promote their
new products.
P – People
The customer facing staffs, despite the technological development, often decides the
service quality. Special attention is given to the training of such employees and to the attire and
dress that they wear. The back-office staff is also provided with the message of the performance
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of the bank in terms of customer interaction, so that they are also geared up to take the job on the
unforeseen occasions. The training and development option are being used employed by every
bank in order to enhance the quality of the workforce. HSBC is not being far behind, it is one of
the leader in providing training and development opportunity to its employees. These employee's
act a a way for a bank to interact with the customer and deliver its product in return of profits.
P – Physical Evidence
The essential evidence of the bank branches, the ATM and cash machines, the various
danglers, posters and brochures which have independent value and peripheral evidence which
can be possessed by the consumers but have very little independence values like the various
cards. The product and services sold by Barclays and HSBC carry physical evidence in some or
the other form. Various investment schemes offer returns for some investment. The return or
profit earned by the customer is the physical evidence of the investment scheme. HSBC is
offering it best valued investment scheme in order to lure customers towards its products.
P - Process
There are bank personnel to conduct tests of how efficient the front desk and reception
staff is at the man branches to explain the various bank schemes and packages and their benefits
to the visiting clients. A step by step guide on these banking policies and schemes are also
distributed on regular basis to the front-line staff.
Thus, there is always a measure and an attempt to attract the most number of potential
customers as possible. The elements are directed in a way by which the aspirations and
ambitions of various strata of people are supported. There are targeting to the consumers as well
as to the corporate service holders and corporate bodies as well (Nick, 2015). Different segments
are to be attracted and hence different sports events like football, tennis etc are sponsored.
Barclay’s offers over ten different current accounts in UK. It is also not supposed to
charge clients for setting up such accounts like the competitors. However, it can do better by
having different promotional activities for the different accounts.
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M3 Evaluation of different tactics applied by the chosen organisation to demonstrate how the
business objectives can be achieved
One of the priority business objectives is to raise the weighted preference of promoting
the investment banking. The frontline sales personnel are trained adequately in this way. It is of
course true that it is a tough job to make the ordinary customer inclined to spend his valued
earnings to the unforeseen circumstances of the stock market in the place of keeping it in the
comparatively haven of the savings account. Owing to this challenge these frontline staff is
trained in the adequate way and is often incentivised for having been successful in converting a
rather unwilling target in to investment banking. There is bonus target for the sales people and
the bonus points earned go to the group or team bonus and there is also healthy competition
among the different teams (Aula & Heinonen, 2015).
Of course, the sales people are also supposed to sell the structured products and as a part
of the ethical measures they are supposed to discourage the elderly customers to buy papers for
the riskier stock market products, the stress laid on investment banking makes it one of the
compulsions for most sales people of Barclays to persuade consumers to buy the comparatively
riskier products.
A critical analysis reveals that Barclay’s goal is also to sell the product that is needed by
a client the most and he is advised accordingly by the sales staff. There is no pressure to sell a
product. However, there should always be some attempt to sell some product which will benefit
the client in the long run (Dell’Atti & Trotta, 2016). It can be a matter of debate however that
whether the company is really paying heed to the need of all types of consumers or only a
selected segment of high net worth individuals or corporate bodies.
Barclay’s is also selling the bad bank assets fast in places where it felt that it is not
having the required competitive advantage. The shares incidentally had also dropped for the
company in 2015and the dividends declared were flat. The company’s objectives are also to cut
down on the costs and allow for the prices to be competitive on different schemes and products.
The company also aspires for the maximisation of the share holders’ gain.
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Another tactic of Barclay’s was to hire the best talents in all relevant fields and also in
marketing at high pays. The number of staff was also increased by 30% (fortune , 2015). This
was conducive to marketing and sales by having talented people but this was certainly against
the policy of cutting costs as much as possible to promote favourable prices of products and
increasing profitability for the sake of the company and the shareholders.
LO3 Using contemporary examples and demonstrating both the positive
and negative influence or impact which the macro environment has
on business operations 1400
P4 Production and evaluation of a basic marketing plan for the chosen organisation
Since the financial market of United Kingdom has become competitive, implementation
of effective marketing strategy has gained paramount importance. In this context, Barclays also
thrives to develop their business more effectively and create a unique brand positioning in
consumers’ mind. This makes the organisation to invest in promotional and marketing strategies.
So, the marketing plan of Barclays has been evaluated as below.
Evaluation of marketing Plan of Barclays:
The company conducts market segmentation and devise plan for product positioning
before developing its business in any country (Appiah-Adu, 2015). It segments the market based
on purchasing power, earning capability and the age of people. Barclays implements strategies to
capture the market share of its competitors. These strategies can be mentioned as the penetration
pricing strategy and product development strategies. The company offers its various new
products at low prices. These products can be included as prepaid cards, new schemes etc.
(Dalziel, 2014). It helps the company to undercut its competitors and capture the market share of
those competitors. The organisation also develops new products based on the need of segmented
market. This strategy helps the organisation to secure its product lines and make a presence in
market where competing companies are operating. However, this causes the company to control
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a product portfolio of large number of products (Radda, et al., 2015). Controlling and managing
these large products creates challenges for the company to operate effectively. This also results
high risk of cannibalization i.e. different products loss its market value for introduction of new
product of the company.
Barclays has been successful to promote itself as an international brand. Sponsoring
various international events and sports such as premiere league, disability sport and para-
triathlon makes the brand internationally reckonable. Promoting its services through various
social media and online platform also plays as key factors for its successful marketing planning.
Company used to be more focused on promoting the brand, but, it is now considering marketing
the operations and services to up to the customer expectation (Ojo, et al., 2015). So, that, the
brand promises can be reflected in its physical presence and service delivery.
Basic marketing plan for Barclays:
The company should require to analysis the demand of the consumers effectively before
devising any marketing plan. Based on the researched data, it should identify the latent demand
of consumers and promote the products and services with the help of word of mouth and
integrated marketing to create enhanced demand in the market (Thomas, 2015). This will help
the company to make its marketing strategies more customers centric. It will also help to deliver
effective service by resulting efficient service marketing.
Proper timeline is required for the marketing plan:
TASKS/WEEKS 1 2 3 4 5 6
Setting Aims and objectives(Marketing objective)
Developing a plan(Marketing Strategies)
Allocation of resources(7 P's of marketing)
Monitoring and controlling
Follow up
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M4 to produce a detailed evidence-based marketing plan for the chosen organisation
An effective marketing planning will help the company to conduct its marketing
activities effectively by ensuring better outcome from its marketing investment. Identifying
various facts, a coherent marketing planning for the organisation has been presented as below.
Barclays offers its large-scale services to various customers, but most of the customers
represent the market segment of industrial and corporate houses. These sectors help the company
to generate large amount of cash inflow. But, compare to the household sectors, the industrial
and corporate sectors of UK is negligible (Appiah-Adu, 2015). Therefore, it remains beyond the
rich of large customer segments, making its marketing process restricted to create unique
position in consumers’ mind. Therefore, it is required that, the company targets this large market
segment successfully. The organisation should also make this market segment linked to its
marketing campaign and other promotional medium. This will enhance its marketing aspects.
The company also charges low prices for its new products to attract more and more
customers. However, Barclays fails to make high profit from this customer segment, despite of
consistent sales revenue. Since the processes involved accounting management, effective
business operations and collection of debt from consumers make the cost of investment very
high (Ikpefan, 2013). Therefore, it absorbs a large amount of profit and makes the penetration
pricing strategy ineffective. Therefore, Barclays requires setting its prices high enough so that
the point of difference convinces its customers. Because, products are not judged or valued only
on low price, but, the products value lie in the benefits and services offer to the customers. The
company has been successful to promote itself as a global brand (Appiah-Adu, 2015). Therefore,
it is required to charge sufficiently high price, so that, company does not risk its business and
become successful to generate high revenue. This will make the business more profitable.
The company should also develop more products such as educational loan, home loans
and travel insurance to explore high demand of this customer segments and diversify the overall
business of the organisation (Ojo, et al., 2015). This will help Barclays to make more diversified
products by meet demand of various customers.
If Barclays becomes successful to follow the above-mentioned marketing plan of its products
and services, company will be able to gain more return on investment from marketing.
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D2 Designing of a strategic marketing plan that tactically applies the use of the 7Ps to achieve
overall marketing objectives for the chosen organisation
By identifying the marketing objectives of Barclays and 7Ps of its marketing mixes, a
strategic marketing plan for the company has been identified as below. The 7Ps of marketing are
product, price, place, promotion, people, process and periphery (Appiah-Adu, 2015).
Marketing objective: The marketing objective of Barclays is to promote its business and
services to financial needs of various customers, converting them into paying customers and
keeping them for life (Home.barclays, 2016).
Target market: The target market of the company for its marketing strategies will be
students and households at of age group 18 and above.
Market Positioning: The organisation will position its brand as of high value and customer
centric which offers products and services based on customer needs. The company will also
promote its brand as superiors than other competitors.
Marketing Strategies: To meet the above-mentioned objective and to achieve targeted
market positioning company will implement below mentioned strategies.
Product: Barclays offers products for industrial and corporate segments. Therefore, to
meet the demand of the customer segment of households, the company will include education
loans, home loans, and travel insurance in its product portfolio. However, company will conduct
effective market research to understand the demand of this customer segment.
Price: Barclays will offer these services at competitive prices. Since, there are high
chances of not recovering high debt amount (Appiah-Adu, 2015). Therefore, company will focus
to those consumers who have good educational background and also has high valued assets such
as home, high bank balance or good earning power to ensure the return of total debt.
Place: The Company will set up its offices in busy urban area where high number of
footfalls are present (Ojo, et al., 2015). This will help the organisation to promote its brand value
also and make the business more acknowledgeable.
Promotion: Barclays will promote its services through online and offline media. Thus,
they will implement integrated marketing strategies to promote its brand more effectively.
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Barclays will thus promote its brand in social media, blogs, newspapers, television ads and
leaflets (Thomas, 2015). Thus, it will make the organisation to lavage the benefits of all the
promotional sources to ensure better success of the marketing strategy.
People: Barclays will employ efficient and experienced people. These people will help to
make effective decisions based on their market knowledge. Recruiting local and experienced
people will help to reduce the training cost of the company and facilitate to deliver efficient
services (Ojo, et al., 2015).
Process: Barclays will improvise fixed layout system for its operations in various
regional and branch offices. It will have various desk with number mentioned. Customers will
find respective debarments based on the number provided by customer service department
(Thomas, 2015). This will help to make the process more effective.
Physical evidence: The organisation will make its ambience clean and organised. The
offices will have modern infrastructure and enough space for easy movement and convenience.
The branch offices will be set up at residential areas to provide better convenience to the
customers (Appiah-Adu, 2015).
Marketing budgets:
Considering various costs to implement its marketing plan within one year, following budget
plan has been provided for the company.
Cost of labor 20,000.00£
Cost of advertising 2,000.00£
Cost of product development 5,000.00£
Cost of training 1,000.00£
Rent 2,000.00£
Cost of administration 3,000.00£
Total 33,000.00£
Particulars
The budget required for materializing this marketing plan is £33,000
Monitoring and controlling:
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Monitoring and controlling strategies are necessary to ensure success of any business.
The organisation will continuously track the response from various promotional media to assess
effectiveness of marketing strategies. The consumer feedback will also be taken to evaluate the
brand positioning of the company and the degree to which it has been successful to meet
consumer demand (Ojo, et al., 2015). Based on the data gathered, Barclays will take necessary
amendments to make its business successful and meet its marketing objectives efficiently. The
organisation will also train its marketing and sales people to materialise the marketing strategies
(Appiah-Adu, 2015). They will be provided attractive remuneration to become motivated to
meet sales targets. This way company will implement its marketing strategies
Conclusion
The Barclays did a turnaround after the Rigor Rigging Scam and after that the company
is trying out marketing plans and tactics for overpowering the competitors. It was noted that then
thrust of the company was to cut down undue costs and maximise the profit for the sake of the
company’s funds and the net worth of the shareholders. The pricing was competitive. There was
some debate regarding the oft-repeated pressure on the sales staff to sell mainly the risky stock
market related products and the investment bank services. The study evaluates the marketing
plan of Barclays and puts forth a basic and evidence based marketing plans. By identifying 7Ps
of Barclays a detailed marketing plan for the company has been discussed. The marketing plan
was developed based on overall marketing objectives of the organisation and it identifies that,
company will require having a budget of £33,000 to meet those marketing objective.
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