A Comprehensive Report on Marketing and Communication at Metro Bank

This report provides a detailed analysis of Metro Bank's marketing and communication strategies. It begins by emphasizing the importance of understanding customer needs and wants in marketing, and then examines the specific needs of Metro Bank's customers, such as clarity in services and streamlined systems. The report then delves into situational analysis, highlighting the significance of evaluating internal and external factors. It discusses the impact of technological and economic factors on the organization, noting how Metro Bank can adapt to technological advancements and mitigate economic threats. A key component of the report is the competitor analysis, where three competitors are identified and compared using various criteria. The report also outlines the marketing mix of Metro Bank. Overall, the report offers valuable insights into Metro Bank's marketing approach and its ability to adapt to market changes and customer needs.

MARKETING AND
COMMUNICATION

Table of Contents
INTRODUCTION...........................................................................................................................1
Purpose of the report........................................................................................................................1
TASK 1 ...........................................................................................................................................1
(a). Importance of customer's needs and wants in marketing.....................................................1
(b). Needs and wants of the customers........................................................................................2
TASK 2 ...........................................................................................................................................2
(a). Importance of situational analysis .......................................................................................2
(b). Technological and economic factor which impact the organization ...................................3
(c)Importance of competitor analysis.........................................................................................4
(d)Creation of competitors analysis table...................................................................................4
(e)Findings of competitive analysis and areas considered by Metro bank.................................7
TASK 3 ...........................................................................................................................................7
(a). Marketing mix of Metro bank ..............................................................................................7
CONCLUSION ..............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Purpose of the report
Marketing and communication is important for any organization. It is important to know
the needs and wants of customers so that company can make plans and policies according to the
customers. Assignment describes about the the importance of customer's needs and wants, the
importance of situational analysis and identify and discuss to macro environmental factors such
as technological and economic factors which impacts the organization (Kumar, 2015). Report
describers the importance of competitors analysis and identification of 3 competitors and
compete the company with these competitor using some criteria. Project discusses about the
findings of the competitors analysis which highlights the key areas of the company.
Overview of the bank
Report discusses about the Metro bank which is a retail bank which provides various
services to different customers. It is operated in U.K. Its founder is Vernon Hill. This bank deals
with the consumer banking and corporate banking etc. In corporate banking it provides various
services such as loan,credit card, mortgages,checking accounts,certificate of deposit etc. In retail
banking bank provide loans to the business customers and big companies. The bank has
different opening stores in various countries. Generally the stores opens for longer hours so ut
provides good services to all the customers. Bank organize many charity events and programmes
for the people. They also give money to many children and counts their money through a
machine.
TASK 1
(a). Importance of customer's needs and wants in marketing
Analysing the customer's needs and wants is important to make changes in the methods
and plans to satisfy the customers as well as to earn more profits. Importance are
Easy banking – Through analysing the needs and wants of customers now bank can
provide different methods of depositing money and for other services. It has initiated the digital
payments through different applications in mobile (Petersen, Kushwaha and Kumar, 2015). Thus
it provides convenience to customers.
Do quick services – Through analysing the customers needs and wants company can
deliver the best services to the customers. Bank can provide different financial products and
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good deals with attractive discounts to the customers. This helps in satisfaction of the customer's
needs.
Maintains good relationship with customer – By analysing the customer's needs and
wants company can deliver good quality of services to users (Krishna, 2011). Thus it can attract
more customers and bank can maintain good relationship with all users.
(b). Needs and wants of the customers
There are various needs and wants of customers with the bank. Bank has to fulfil the
requirements of customers so that they can satisfy the customers and to increase the profits.
Needs of customers are -
Clarity in the services – Many customers want that clear data is available to them so that
customers can deal with the transactions and they do not have any confusion. Customer want that
updates related to every transaction and new offers can be taken through mobile applications.
This helps the customers in making payment and performing other activities very easily.
Streamlining system – Customers want that the facilities can be provided through the
tablet. As earlier they have to follow the complex procedures and methods to deal with various
transactions and to open the account. It saves time and cost of users.
Strong connected – Many customers want that they can socially engaged with the
services of the bank. Users want that their issues can be solved through various applications and
they can properly communicate with the customers. It helps them to solve their problems and
they also want to give suggestions related to the services to the bank. Thus bank can maintain
strong relationship with the users.
TASK 2
(a). Importance of situational analysis
Situational analysis is a technique through which company can apply different methods
and techniques to evaluate internal as well as external factors in business. It is important for
company so that firm can create plans and policies to deal with changes and can increase their
profits
Bank has to determine the internal and external factors to improve the performance of the
business. This is important so that company can develop the necessary plans and policies for
running the business. Importance of internal factors for Metro bank are-
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Through analysing the internal factors bank can determine the strengths and weakness. It can
create various plans and policies to remove the weakness. Bank can also evaluate various
opportunities and hence can create various policies to grasp more opportunities such as
technology to improve the operations of business. Bank can also determine the threats and can
make improvement in the operational activities. Thus bank can increase the profits and
productivity.
Internal factors: Metro bank can also evaluate culture,resources and other unique
qualities so that it can change plans and policies.
External factors - Bank can have knowledge of the external factors such as
political,economic, social, technological, environmental etc. Through this bank can know the
impact of all these factors and can create plans to improve the performance of the business.
They can also evaluate the micro factors such as customers,suppliers etc.
(b). Technological and economic factor which impact the organization
There are various changes in technological and economic factors which can impact the
organization. Company has to consider these factors so that it can create different plans and
policies to improve the performance of company and to increase the profits.
Technological factor – Through various technological changes in the market bank has
maker various changes in the techniques in the bank. Bank has increased the number of ATM so
that more customers can deposit money and can avail other services. Bank has also started the
use of digital technologies such as various applications in mobiles to deliver fast services to the
customers. It also saves the time and cost of the customers. Thus by providing effective services,
increases the satisfaction of all customers. It is an opportunity for Metro company as it can
adapts latest technology and they can deliver rapid services to users. Hence they can increase the
profits
Economic factor – There are various economic factors which can impact the banks. If
there is inflation in the market then customer do not have money to take services of the bank.
Hence they also cannot do the savings (Hastings and Domegan, 2013). Through inflation there is
increase in the price of all products and services. So thus customers do not avail the services
from the bank. It reduces the sales of the bank and leads to low performance of the bank. It is an
threat for bank as customer's do not have money to take services of all users. Hence it reduces
the sales and revenues of bank.
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(c)Importance of competitor analysis
Competitive analysis is the analysis is evaluation of competitive plans,strategics and
operational activities so that firm can create methods to deals with rivals. Bank has to evaluate
the competitors activities so that it can change the plans and policies to increase the profits and
to expand the operations. Importance of competitors for Metro bank are -
Change the plans – By analysing the competitors activities bank can make changes in the
plans and procedures of providing services to the competitors. They has to create such plans and
methods through which bank can deliver fast services to the customers. Thus bank has to
perform the activities in efficient and effective manner so that it can improve the performance of
the bank.
Evaluate the performance – Bank after checking the competitors activities bank can
evaluate the performance and compare it with the competitors (Graham and Frankenberger,
2011). Thus bank chan change in the operational activities and can adopt the latest technologies
to give strong competition to other firms . This is also important to increase the profits and
productivity.
(d)Creation of competitors analysis table
Basis Borro HMN Trustco bank
Differentiation They offers products
such as financial
services such as
secured,collateral and
luxury asset loans.
It is a bank which
offers retail banking in
which it provides
loans to big business
man and big
companies. It also
deals with foreclosed
properties
It is a bank which
helps in saving of
many people and
offers products such as
lending loans. It uses
innovative
technologies which
means Fintech in
which it is digital tools
for providing the
services.
Association It creates unique It creates good It can create different
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association with many
users as they get loans
against any security.
association among all
business users as they
get loans and can
create big projects.
experience and feeling
among all users as
they use innovative
tools and different
technologies for
investment and other
services.
Audience Targeted to young
children to adults.
Targeted to big
companies and
business man.
Targeted to children to
aged people
No of stores It has 50 stores
approximately
It has 40 stores It has 60 stores
Self service machines It uses ATM and uses
30 machines
It uses 50 machines.
Situational analysis is
a technique through
which company can
apply different
methods and
techniques to evaluate
internal as well as
external factors in
business. It is
important for company
so that firm can create
plans and policies to
deal with changes and
can increase their
profits. Internal
factors: Metro bank
can also evaluate
It uses 80 machines
including digital tools.
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culture,resources and
other unique qualities
so that it can change
plans and policies.
They can also evaluate
the micro factors such
as customers,suppliers
etc. It is an
opportunity for Metro
company as it can
adapts latest
technology and they
can deliver rapid
services to users.
Hence they can
increase the profits. It
is an threat for bank as
customer's do not have
money to take services
of all users. Hence it
reduces the sales and
revenues of bank.
Competitive analysis
is the analysis is
evaluation of
competitive
plans,strategics and
operational activities
so that firm can create
methods to deals with
rivals
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(e)Findings of competitive analysis and areas considered by Metro bank
There are various findings from above mentioned competitive analysis table. It is found
that Borro bank can offer different financial products such as collateral loans,secured loans. It is
targetted to children and adults. So hence they can easily get loans when they are in emergency
situation. Thus it creates good association with users. HMN bank can offers loans only to big
business man and big companies. So hence it is mainly targeted to big business man. These
people have good association with bank as they fulfil all their requirements. Hence they can do
investment in big projects. Third is Trustco bank which give lending to children to senior people.
As they are mainly targeted to children to aged people. It uses innovative technologies which is
known as Fintech so thus it can attract many users. As it targeted to all sections and use different
technology so hence it is a unique and different bank as compared to previous banks.
Considerations: Metro bank can sell collateral and secured loans to different people as it only
gives normal loan. Through this they can increase their earnings. It has opened new stores but it
can put more emphasis on digital technologies rather than opening of new stores as now a days
people are using online sites for lending and receiving loans. It can also target to all sections of
population so that it can attract more people. By targetting all sections it can capture users from
all countries. Through these ways it can easily expand and diversify their business.
TASK 3
(a). Marketing mix of Metro bank
Marketing mix consists of product,price,place,promotion,people physical evidence and
promotion. So hence bank has to consider all these factors. The marketing mix of metro bank is
-
Products – Banks can provide the loans, debit card to various customers. Bank provide
loans to customers on some mortgage. They open various accounts such as saving,currents etc.
of the customers. Bank not only provide loans to consumers but also give loans to business
consumers and big companies. It also provides online services through various applications in
mobiles. Thus it can maintain good image in minds of all the customers.
Price – Bank provides less interest rate to all the customers. It gives various discounts on
the interest rate to different customers. Thus it can attract more customers in shorter period of
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time. Thus many costumers are happy and satisfied by receiving these services. By adopting this
pricing strategy bank can increase their sales and can maintain positive image in minds of al the
customers. It charges nominal fees from all customers. It also donates products at nominal price.
Place – Banks do not emphasis on the acquisition of the existing branches but it starts
opening the new branches in various parts of the country. It believe that through physical
branches bank can provide good services and can maintain good relationship with the customers.
Hence through various branches it can easily distribute various products.
Promotion – Bank do not use the advertising for the promotion purpose. It uses the word
of mouth marketing for promotion purpose (De Vries, Gensler and Leeflang, 2012). It delivers
best services to customers so hence satisfied customer can give recommendations and
suggestions to the other customer. So hence it helps in creating a chain among the people. It can
use advertising strategies,public relations to promote various products. People also give
recommendations to all people so hence products are promoted.
People – It includes the workers and employees who provide. All employers have good
knowledge thus they add value to the product or services. Thus they deliver good quality of
services to the customers (Brennan, 2014). Bank can motivate all employees so that they can
deliver good services and bank can retain them. They give training to all employees so that there
can be changes in firm. Thus they can provide good quality of products.
Process – Bank applies the customization process in which it deliver the services
according to the customers. It is opened for 7 days in a week and for extra hours and provide
internet ATM facilities to the customers. Thus many customers are engaged with the bank. It
uses process in which their is quick registration of services and other formalities in bank. It uses
fast online system so that it can deliver quick services to all users. Hence payment is quickly
received from all users.
Physical evidence – It includes the environment of the bank. This includes the furnitures,
tables, ATM facilities if the bank. There can be proper place of the receptionist and proper
arrangement of people where they can sit. This makes the people more comfortable and
convenient. It helps in performing promotion through advertising so hence there is huge
promotion of products.
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CONCLUSION
It can be concluded from the above report that proper marketing is important for metro
bank. Then only it can promote and market itself to earn more profits and market share. It is
important to determine the customers needs and wants so then only it can deliver the quick
services, easy banking and good relationship with the customer. There are various needs and
wants of the customers such as clarity,streamlining and they customers want that they can remain
connected with the people through social sites etc. Bank has to perform the SWOT analysis so
that it can improve the weakness and increase the strengths to beat the competitor. It has to
evaluate the political,social,economic and social factors so that it can evaluate the impact on the
operations and can create the plans and policies to earn more profits and to beat the competitor
Bank can evaluate the technological factor so that it can follow the digital technologies for the
customer and economic factor which affects the bank. Bank has study the competitor activities
so that it can create the plans and to evaluate the performance. The company is consider the
marketing mix to earn more profits. It has evaluate the activities of competitors activities and
find the key areas stores, profits and the number of employees of the competitors bank so that it
can beat the competitor.
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REFERENCES
Books & Journals
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An investigation of the effects of social media marketing. Journal of interactive
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Graham, R.C. and Frankenberger, K.D., 2011. The earnings effects of marketing communication
expenditures during recessions. Journal of Advertising. 40(2), pp.5-24.
Hastings, G. and Domegan, C., 2013. Social marketing: From tunes to symphonies. Routledge.
Krishna, A. ed., 2011. Sensory marketing: Research on the sensuality of products. Routledge.
Kumar, V., 2015. Evolution of marketing as a discipline: What has happened and what to look
out for. Journal of Marketing. 79(1). pp.1-9.
Petersen, J. A., Kushwaha, T. and Kumar, V., 2015. Marketing communication strategies and
consumer financial decision making: The role of national culture. Journal of Marketing.
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