Metro Bank: Marketing Environment, Mix and Competitor Analysis

This report provides a comprehensive analysis of Metro Bank's marketing and communication strategies. It begins by exploring the importance of understanding consumer needs, wants, and demands, using Metro Bank customer examples. The report then delves into the marketing environ...Read More

MARKETING AND
COMMUNICATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1 NEEDS, WANTS AND DEMANDS...............................................................................3
A. Importance of understanding consumer's needs, wants and demand within marketing....3
B. With examples discuss needs, wants and demands that Metro Bank customers show.....4
TASK 2 MARKETING ENVIRONMENT.....................................................................................4
A. Relevance of situation analysis to an organisation............................................................4
B. Discussion on technological and one economical factor that could impact Metro Bank's
business operations.................................................................................................................5
C. Importance of competitor analysis in marketing...............................................................5
D. Three key competitors of Metro bank and create a competitor analysis table..................6
E. Findings of competitor analysis, highlight key areas for Metro Bank to consider............7
TASK 3 MARKETING MIX..........................................................................................................7
A 7 P's of marketing mix in current Metro Bank's.................................................................7
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Marketing and communication acts as important to preform activities related to trade and
consumers. First high street that are launched in hear of London name as Metro Banks are
considered in this report to detail the activities that are dealt every day in terms of marketing and
effective communication. These retailers in UK are called as “The challengers”. Constantly they
are focused on increasing outlets of banks nearly 50-100 till the year of 2020. They also
established to widen banking services among the consumers which is digital methodology
(Martins, Oliveira and Popovič, 2014). This implementation of digital acted as key process to
meet the consumer’s expectations. In outline of this report, importance and understanding of
consumer’s needs, wants and demands have been highlighted with example. By this internal
factors influences the bank are explored with the help of swot analysis, and external factors, are
provided on technological and economic factors. Also, focusing on competitors' analysis,
competitors to Metro banks have also been discussed. Apart from this all, marketing mix that are
undergoing currently by metro banks have been highlighted.
TASK 1 NEEDS, WANTS AND DEMANDS
A. Importance of understanding consumer's needs, wants and demand within marketing.
It sounds easy to understand the concept of needs, wants and demands within marketing.
They are the primary and basic part of principles of marketing (Needs, wants and demand, 2018).
It acts as an important role in terms of marketing management as it becomes easier to deal with
monotonous problem, those are related to marketing. The following are the importance of
consumer's needs, wants and demand within market and communications are highly needed to
understand.
 Needs: The required basic things human survival can be termed as needs. It includes
shelter, food, cloth, water etc., by getting fulfilled with these needs they move further to
education, healthcare, insurance, pensions etc., by which knowledge can be grabbed and
survival of human being become easier.
 Wants: They are different from needs, and gets changed frequently. It gets changes
regularly as they are not meant for permanent basis. Wants are not important for human
being to survive but it is interconnected with needs (Metro Bank CIO: digital is key to
meeting consumer’s expectations, 2018). Wants should be transferred to needs in order to
get satisfied.

 Demand: To get fulfil of maximum satisfaction which can be availed by specific goods
and services can be termed as demand. Demand can be influenced by different price and
quality. There are two types of demand primary and secondary.
B. With examples discuss needs, wants and demands that Metro Bank customers show.
By meeting the expectations of consumers Metro banks concentrate on the following
services those are provided are considered and detailed in the reports as example.
 Digital is key to meeting consumer’s expectations: By framing the digital strategy to
meet the expectations of consumer, nuances are made in technological aspects (Kim and
et.al., 2014). In order to reduce the time of the consumers that are spent in the bank
stores, applications of Metro Banks are implemented and made aware to the consumers.
Also, the proceedings of opening an account, merely 15 minutes are consumed and most
of the times it is tried to consume less than that so that services are made easier
(Mukherjee and Shivani, 2016). Apart from this to attract more number of consumers to
get their accounts opened in metro Banks, the management of bank concentrated on
rendering benefits by interconnecting with shopping malls and restaurants where huge
number of public visit. By visiting to these places they get more benefits by choosing
digital banking system by which successful establishment of technology can also be
achieved. Rapid services are given by terms of meeting online services through mobile
apps during 24*7. By these service’s needs, wants and demands are fulfilled with the help
of Metro banks by rendering effective services in terms of monetary.
TASK 2 MARKETING ENVIRONMENT
A. Relevance of situation analysis to an organisation.
Strength: Increment in the account holders is the biggest strength on metro bank as it
indicates about the highest growth. Also, comparing to the competitors of bank there is very less
risk of liquidity. Including this, $200 million of deposits which are four times the total at the
average mature at the flagship Holborn store (Fernández-Cavia and et.al., 2017). They included
non-traditional services, and many awards have been won in last three years, which creates
credibility in the market. Beside this it is authorised by Prudential Regulation Authority.
 Weakness: Metro banks are facing difficulties in increasing funds from investors. As it is
opened recently, consumer may be disbelieving about it. Losses are recorded at PBT
from the time of launch which exceeded from the past three years 100 million pounds.

 Opportunities: By being as first high street banks, it carries unique position which can
be leveraged. Exploration can be made on non-traditional products. As the online
penetration is increasing rapidly, platform of online can help to boost growth (Irimiás and
Volo, 2018).
 Threats: share of the market can be reduced as the competitors are rapidly increasing.
Changes in the economic conditions may create unfavourable banking surroundings.
B. Discussion on technological and one economical factor that could impact Metro Bank's
business operations.
Though all external factors affect the operations and functioning of metro banks, by
focusing on technological and economic factors have been discussed as follows.
 Economic factors: Any kind of made changes in interest rate, rate of savings or inflation
rate, or foreign exchanges and cycle of economies determines the aggregate investment in
economy. Also these factors impact efficiency in financial factors. Most of the time
intervention of government, in the free market related to financial terms impacts most on
Metro banks (Smith and Font, 2015). Also, level of education, unemployment rate, skill
level of bank force in bank industry. Apart from this discretionary income of sole traders
or other proprietors carries economic impact on Metro banks.
 Technological factors: Across the border technological factors are rapidly disrupting.
There is absence of time to get cope up with changes from the past five years. While
offering the products and services the negative impacts are faced by Metro banks. Also
the structure of the cost also faced by banks as they implement and make modification to
enhance the nuances which are to be rendered to consumers. In the financial sector
technological factors impact on the values chain structure. Existing rate of technologies
gets diffused. Both slow and rapid technology creates disruption and time is consumed by
Banks for proceedings of transactions.
C. Importance of competitor analysis in marketing.
To determine the strength and weakness by framed strategies and policies of Metro banks
allow analysing competitors analysis related to products and services (Hatfield, 2016).
 Supplier power: How easy the prices are driven up by the number of suppliers and
unique identity formed their products and services relating to cost, size and strength can
be determined in competitor analysis.

 Buyer power: The services that are used by the consumers are considered primarily by
focusing how they can get down the prices.
 Competitive rivalry: There are huge number of capability of competitors in market that
are faced by metro banks in their day to day activities.
 Threats of substitution: Banks also faces threats of substitutes as they focused on
promoting quality based services for example digital transactions and many more can be
copied and attraction can be grabbed by influencing consumers of Metro banks (Belch
and et.al., 2014).
 Threats of new entry: Barriers and hindrances can be created due to new entrants, which
is huge threat undergoing by Metro banks.
D. Three key competitors of Metro bank and create a competitor analysis table.
BASIS OF
COMPARISON
METRO BANK LLOYD'S BANK RBS CHURCH
HOUSE TRUST
Number of stores 11 branches at
present and 50-
100 stores are
planned to open.
49 branches
across UK
62 stores with
197 branches.
Independently
operates.
Self-service
machines
At every branch No No No
Digital services Rendered Planning No Absence
Consumer
orientation
services
Highly performed Trying Absence Less
concentrated.
Time consumed
to open account
Approximately 15
minutes.
A day after
account is opened
Only after
completing the
verification and
formalities
(Karjaluoto and
Ulkuniemi,
Time consuming
around half day.

2015).
E. Findings of competitor analysis, highlight key areas for Metro Bank to consider.
Comparing to the competitors of Metro banks it is analysed by evaluation as church
house trust are performing from the time of first world war but comparatively operations and
functioning lagging in terms of metro banks. Time consuming performances are executed by the
competitors as within 15 minutes of demand account is opened for consumers which is a greatest
advantage (Vukotić and et. al., 2015). By comparing to the defective competitors, long run is
established only by Church house trust since the time of first world war. There is also absence of
technology to meet the terms of self-service methods from the side of consumer which are
promoted by Metro banks apparently. Consumer oriented performances are encouraged and
executed by Metro banks as they constantly and consistently focus on increasing the outlets
nearly 50-100.
TASK 3 MARKETING MIX
A 7 P's of marketing mix in current Metro Bank's.
To satisfy the consumer positive relationship is maintained by Metro banks by following
the marketing mix efficiently (Ateke and Kalu, 2016). As the relationship between the consumer
and banks are linked to loyalty and to fulfil in terms expectations have to meet by values.
 Product: Offering from Metro banks can be termed as products or services. Management
of metro banks strives harder to encourage the consumers to avail the services that are
rendered by them in order to meet their level of satisfaction. By rendering different
services like, giving information about savings accounts, current accounts, fixed deposits,
loan information’s etc., by which including services advantages are provided o
consumers and same opted by banks.
 Price: Important tool is considered as price as it communicates with the marketers. In this
report, to define price under marketing mix of Metro banks, it can be defines as sacrificed
amount in terms of achieving something in return by meeting the satisfaction level of
consumers. For example, transactional messages are sent for free of cost, interest are
provided at high rates etc.,

 Promotion: Sending of persuasive message or information regarding particular services
or benefits that can be rendered by Banks to consumer can be termed as promotion. For
example, enabling the consumer to gain the benefits if discounts or travelling benefits re
rendered by launching specific schemes are called as promotions (Koekemoer, 2014).
 Place: Location, where distribution of services is made by Metro banks are considered as
place. Here, the distribution of service involves internet banking, ATMs, outlet locations
including main location of branch.
 People: Individuals who are involved in delivery of services are considered as people this
is again to boost the satisfaction of consumers. Employees of Metro banks are trained to
provide consumer orientation services as they boost the level of consumer satisfaction by
meeting their desires.
 Process: By using the framed policies and procedures rendering service to the consumer
in order to gain the level of satisfaction can be termed as process (Yoo, Donthu and Lee,
2000). As per the requirements of consumer services are provided to them which helps in
boosting the profit and productivity of Metro banks. By processing solutions are provided
to consumers.
 Physical evidence: It can be elaborated as dealing with the environment where
operations and functioning of business takes place. With more elaboration, parking areas,
located place of bank, where services are exposed in order to meet the satisfaction of
consumers at large. Also, there are direct and indirect influences of services which are
rendered to consumers.
CONCLUSION
First high street banks termed as Metro bank which are performing effectively by
meeting the satisfaction level of consumers. As it is focusing on increasing outlets nearly 50 to
100 branches by 2020, the performances are boosted to meet the desired objectives that are pre
planned. Focus in primarily made on needs, wants and demands of consumer in terms of
marketing and by interconnected those with Metro banks are detailed in above report. With the
help of SWOT analysis, situation to an organisation of Metro bank have been detailed in this
report. Considering marketing environment, internal and external factors that impacts Metro
banks directly or indirectly is mentioned. To analyse competition porters five forces are detailed.

Apart from this strong highlight is executed on marketing mix of Metro banks which are
effectively performed to meet and increase the level of satisfaction of consumers.

REFERENCES
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