Marketing Essentials Report: Roles and Marketing Mix of Barclays

This report delves into the marketing essentials, using Barclays Bank as a case study to illustrate key concepts. It begins by examining the fundamental roles and responsibilities of the marketing function, highlighting its interaction with the wider organizational context, including human resources, finance, research and development, customer service, production, and sales. The report then analyzes the marketing mix, focusing on product, price, place, and promotion strategies employed by Barclays. A comparison is made with HSBC to provide a broader perspective. Finally, the report produces and evaluates a basic marketing plan, offering a comprehensive overview of marketing principles and their practical application within a financial services context. The report covers topics such as marketing information systems, planning, financing, promotion, selling, research, distribution and development.

Marketing
Essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Key roles and responsibilities of marketing function........................................................1
P2 Roles and responsibilities of marketing relate to wider organisational context................3
TASK 2............................................................................................................................................5
P3 Marketing mix for marketing planning.............................................................................5
TASK 3............................................................................................................................................8
P4 Produce and evaluate basic marketing plan......................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Marketing means to deliver knowledge about product and services to society. There is
use of various approaches through which changes can be possible in business operations. As
business environment is changing frequently, so it is necessary to make strategies accordingly.
To market product in industry. There are various measures, but it is essential to work according
to optimal use of resources and this helps to make changes in roles and responsibilities of
workers (Asaduzzaman, Hossain and Rahman, 2014). There is requirement of cost as well as
time to advertise products, so manager has to keep in mind before selecting adversing approach.
This report is based on Barclays which is international investment bank and provide financial
services. Its headquarter is in London, UK. In this report there is discussion about roles of
marketing and its interrelation with various other functional units. Marketing mix technique
through which market analysis is possible and marketing plan.
TASK 1
P1 Key roles and responsibilities of marketing function
Marketing department is working to make product and services achievable in market.
There are policies which has to be followed by marketing manager which are related to current
trends. Marketing department remains in contact with consumer, so they share new services
launched by marketing department and benefits which can be achieved. Marketing is one of the
fastest growing department which makes plans and policies achievable and helps to know what
can be done through which image of Barclays bank improves. As bank is the sector, whose role
is increasing in current scenario, so it is essential to work as per terms and conditions. It is
essential to make changes in policies as per change in competitor's policies. Marketing process
must be followed which help to know about activities, this is effective for making changes in
actions of association and this helps to get positive results. There are following steps in
marketing process-
 Firstly market and environment analysis is done. There is need of change in business
policies to met business criteria, so it is effective for making decisions (Black, 2013).
 There are some goals behind marketing of product, so after analysing market target
workers has to be fitted. This is effective for knowing changes in business policies.
 When targeted customer are finalised so there is use of techniques which are competent
to current environment. Actions are farmed accordingly.
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 Then there is application of marketing mix,, through which manager can judge which are
can be used for knowing trend.
 At last controlling must be there. When negative results are find, then evaluation is done
through which corrective measures can be taken.
Roles and responsibilities of marketing functions of Barclays is as under-
Basically marketing department works for communicating with consumer (Chamorro-
Mera, Miranda and Rubio, 2014). There is contact between company and society. There is use of
various approaches which are competent to operations. But some activities are also performed by
marketing departments which are discussed as under-
Marketing Information System (MIS): There are some tools which is used to create
communication which help to work according to techniques which is effective for making
alteration in roles and responsibilities. In this case, marketing manager has to communicate with
people properly, so there will no misconception (Xiao-zhong, 2012).
Planning: This is the basic function of company which provides guidance to work
according to need of factor that is competent to business environment. For marketing there s
need of various resources which has to be planned from where to raise. This helps to make
decision appropriately.
Financing: Finance is the base for pursuing business operations for Barclays. But at the
same time marketing manager has to establish positive relations between cost and profits. In case
of negative results, profits gets reduced. So marketing manager has to plan for finance related
decisions also.
Promotion: Barclays has good image in market, so it s essential to work according to
business, in advertisement huge cost and time is required, so it is essential to make planning
according to targeted consumer.
Selling: Selling s one f the important concept which must be done effectively. As
marketing department works to deliver information related to current product and services. This
affects business goals and objectives and sometimes marketing manager has to sell services of
Barclays also (Getnet, Kedir and Yousuf, 2014).
Research and development: Bank is the association which is in huge demand because
policies can be performed to make changes in current product and services. With research it is
possible to work and this is effective for making changes in working style. As marketing
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manager remains in contact with consumer so there is use of techniques which are competent for
performing business operations as per demand.
Distribution: Distribution involves transportation, warehousing, logistics, etc. Marketing
manager has to plan sources through which changes are taking place in effective way. This helps
to get use of techniques which are competent to satisfy demand of customer. In Barclays there
are many services such as fixed deposit, e- baking, etc. so it is essential to take acre of actions
through which changes are possible (Ionitã, 2012).
P2 Roles and responsibilities of marketing relate to wider organisational context
Marketing is one department but it can perform its business activities in effective way
when they work according to need and satisfaction of workers. There are many activities in
Barclays which are working for achieving business operations (Papasolomou and Melanthiou,
2012). There is use of techniques which are compete to perform business gaols and objectives.
Barclays has some goals which is effective for make alterations in business goals and objectives,
there is use of policies through which activities can be performed effectively. This is possible
with the joint efforts of various department. There is discussion about connection of marketing
department with other departments.
Roles and responsibilities can be performed effective when they have use to make
strategies. Through strategies the are working to know what has to be done and this is effective
for analysing market through use of appropriate technique.
Human-resource-management and Marketing - Human-resource-management refers
to the functions that focuses on recruitment, management and provide direction for people who
work in organisation. HRM deals with various issues in the company like compensation, hiring,
organisation development, employee motivation, communication. This perform various function
that helps in smooth running of the organisation. It is connected with marketing department in
various manner such as duty of HR department to recruit efficient marketing manager and other
employees for better planning in the firm. Employees must be skilled and knowledgable that is
selected by the department to fulfil the goals (Peck and Hall, 2013). In Barclays, the HR manager
has the responsibility to provide good training to employees by the experts and also appoint a
workforce who will perform for the activities effectively and efficiently.
Finance and Marketing- The planning, directing, monitoring, organizing and
controlling of monetary resources of a company. The financial manager of the firm is
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responsibility to handle all the activities. This is considered as the major department of the firm
because it keeps record of the details regarding finance used by the company at different places.
It is also connected with the marketing department in many ways. For example when marketing
department organise different programs and events and for this they need proper budget so that
work is done effectively (Rossi, Allenby and McCulloch, 2012). Finance department help them
for making a budget. They allocate money for every single budget so that there is no wastage of
resources. In Barclays also, the finance department helps the marketing department for various
promotional events in order to promote their new product and services.
Research & development and Marketing – It refers to the work to obtain new
knowledge which use to create new technology, product or system. This aims to create new
information that can make the production of products more efficient. When a company wants to
grow then they will come up with new inventions and it helps in creating place in the mind of
customer. It is related with the marketing department because only this department tell the
company about the need and desires of the customer in the market and how to satisfy them. In
Barclays, research-and-development department tries to bring innovation in their product and
launch new products time to time so that consumer does not get bored of their existing products
(Wright, 2015).
Customer service & Marketing – It is the crucial department of company because it
handles the problems of the customers and also take feedback so that they will come again for
purchasing and also provide the after sales services. This department is not directly connected
with the functioning of the firm. It is only department which takes care of the customer after the
product sold to them. Marketing department helps them in knowing the problems by conducting
various surveys. After knowing the issue customer service department solves the issue and make
customer happy.
Production and Marketing – The function of production department is to convert inputs
into the finished outputs by a series of production processes. It is also connected with the
marketing department which provide the information about the needs and demands of the
customers (Shukla, 2015). After getting the information, production department can produce
product according to their needs and satisfy them.
Sales and Marketing – Sales department is very essential department as they only sale
the goods and services to the customers in market. Marketing team helps in providing goods and
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services as per the demand in the market. In Barclays, by applying various strategies the sales
team perform the work of selling their products to customers (Solutions, 2011).
TASK 2
P3 Marketing mix for marketing planning
Marketing mix refers to the combination of various factors that need to be managed by
companies to influence consumer to purchase its products and services. It is a set of marketing
tools that a company uses to achieve its objective and to promote its product and services.
Marketing mix generally include four P's that add value to companies offering they are product,
price, place, promotion.
Barclays bank and HSBC are leading international financial institutions that uses marketing mix
strategies to deliver banking services (Jacobs, MacRae and Sladyk, 2017). The comparison of
Barclays bank and HSBC are as follows-
Product: Barclays provide an extensive range of banking services as a part of its
marketing mix strategy. Its product portfolio includes investment management, digital banking
services, Investment banking, commercial banking, retail banking, International banking , credit
card and other reward cards.
Price: Barclays pricing strategy is more depend upon competition offering, regulatory
body influence and customer demand for those services. It has decided to manage its expenses to
improve its revenue and hence reduces 25% of its operating costs. Barclays offers its customer
various payment flexibility options with 25% discount on its mobile broadband scheme, interest
fee overdraft, discount rate for loans etc.
Place: Barclays has been expanding its foreign business worldwide and present in over
50 countries. It has a wide network of distribution channel that comprises of 4750 branches out of
which 1600 are in United Kingdom and its branches have ATMs. It has over 4.5 million
registered online bankers in UK and also offers mobile banking.
Promotion: The promotional strategies used by Barclays are word-of-mouth, press
release, brochures, advertisement, call/visit to prospective customer. It also sponsors various
programs for its brand promotion like Barclays Football Premiership League, English Premier
League 2001-2006, Dubai Tennis Championship in 2008.
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People: In Barclays there are various techniques which are effective for making changes
in working style. There are many parties associated with them such as branch manager, lower
level employees, customer, etc.
Process: In Barclays there is specific structure which is followed s activities can be
performed effectively. There is use of proper hierarchy to perform business operations.
Transaction time for customer is reducing this assist to make changes in working styles.
Physical evidence: Physical evidence means environment within association. In Barclays
there is very tools through which customer gets satisfied with the brand name of bank. This also
helps to create good image in industry.
TASK 3
P4 Produce and evaluate basic marketing plan
Marketing plan is the base which is used by Barclays bank to work to achieve targets.
There are policies through which changes are mandatory in activities of association. There are
factors which as to be considered. Market plan works as road map for attaining goals and
objective (Khan and Adil, 2013). It provides guidance to workers how to perform business
activities in effective and efficient way.
Introduction to company – Barclays is the public limited company which is serving society in
financial sector. It has head quarter in London. This bank was established in 1690. This operates
in 40 countries with employees over 120000. they work in mainly four sectors- Corporate
banking, Wealth management, investment management, personal banking.
Mission and vision of BARCLAYS – Barclays vision is to achieve good growth through
satisfying need of customer. This helps them to create loyalty and trust in mind of customers.
Its mission is :- They want to enhance at global level by proving financial assistance to small and
medium level customer (Kwon and et. al., 2017). They want to come with innovative services to
meet need of customers.
Managers of Barclays is thinking to launch new services related to savings account in
which overdraft facility is available for elder people above age of 60 in their hardship. For this
services there is very nominal interest rate. Managers of Barclays are taking actions to create
awareness about product and services through use of various promotional events and
advertisements.
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STP: STP means segmentation, targeting, positioning. Through this technique there is
division of customers and this helps to work according to need of customers.
Segmentation: In this customers are divided on the basis of their demand. As this service
is launched for elder people. So this can be delivered with more proper deligency.
Targeting:Actions are planned after analysing market. It is essential to know what is
demand of elder people and then take actions. This helps to provide satisfaction. After division
of customer, there will actions which are taken as per customer perception.
Positioning: This is the last stage of STP technique. So it is essential to work according
to targeted customer. This helps to know what can be done through which brand image of
Barclays gets improved.
Porter's five forces model: As per this model there are five factors which may affect
growth of this service. Barclays analyse and then thought to launch services which are effective
and significant for growth of business. This technique helps to know about scope of growth in
specific services.
Threat of new entrants- Scope of banking sector is increasing. As there is need of some
policies which are significant for satisfaction of customers. As cost of raising funds from this
service is low, so this provides competitive advantage.
Bargaining power of suppliers- Barclays is the company which provides banking
services. So there are not much suppliers. There is requirement of some software through which
banking solution can be possible.
Bargaining power of Buyer- In this service, target customers are elder people, so there
must be proper analyse off their query and then policies must be framed. There must be use of
promotional tools such as pamphlet, hoarding, etc. so knowledge can be gained to customers.
Threat from Substitute products- In banking sector, there are various substitute which can
be used by elder people as compared this service. Hence managers of Barclays must provide
services through which customer's demand gets satisfied.
Rivalry among existing players- As there are many competitors of Barclays such as
HSBC. They keep eyes on operations of competitor and then take actions. This is effective for
providing best services to customers.
SWOT analysis –
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SWOT analysis is the technique through which internal positive as well as negative
points are considered. There is use of strategies through which bank can work as per current
trends. SWOT analysis of Barclays is discussed under-
STRENGTH WEAKNESSES
 They have USP of wealth management
and retail banking.
 There are huge employee strength.
 They are the first who started online
banking.
 They take part in various sports events
to sponsors them. This helps to create
awareness among people.
 They have reach in various countries so
they have good clients.
 Director of Barclays are highly
remunerated, this affects motivation of
employees.
 In economic crises this bank gets
financially affected.
 Money laundering is the main cause of
and image of Barclays in South Africa.
OPPORTUNITIES THREATS
 They can open their branch at various
places such as developing nations.
 They must come with innovating
investment options through which
young generation gets attracted.
 Due to increase in competition, there
are various branches which affected
growth of business.
 In Asia image of Barclay's is not strong.
 In banks there is lack of economic
stability, so it is affected profit margin
of bank.
Marketing Budget-
Marketing budget is one of the essential tool through which association working to know
what can be done through which changes are significant and helpful in making strategies
achievable. There are various expense occurred to make services delivered to worker (Lin, Li
and Wang, 2015). This helps to work under set targets and hence there will no negative impact
on operations.
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Marketing budget
Particulars 1st year 2nd year 3rd year 4th year 5th year
Initial money 50000 35310 73210 66910 69910
Investment 54000 12000 24000 35000
Total 50000 89310 85210 90910 104910
Marketing
expenditures
Advertisement 2540 10000 6300 8900 12000
Sales promotion 3650 3600 8000 5600 3600
Direct marketing 8500 2500 4000 6500 5000
Total 14690 16100 18300 21000 20600
Available balance 35310 73210 66910 69910 84310
Target Market – There is use various approaches through which bank came to know about
demand. These approach are performed by marketing manager to know what can be done
through which changes are necessary. While making changes in roles and responsibilities,
manger has to work according to demand of targeted consumer (Natarajan and et. al., 2013)
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(Ogunmokun and Tang, 2012). This helps to provide more satisfaction and this helps to increase
goodwill as well as profits of Barclays bank.
Monitoring and Controlling – This is the last step in which monitoring and controlling is
taking place. While making changes in roles and responsibilities. There are factors which has to
be considered in performing activities which are significant for approaching correct person in
appropriate manner. There is requirement of polices which assist workers to work in correct
direction. This helps to achieve goals and targets on time.
CONCLUSION
When enterprise is coming with some use technique then it is essential to deliver
information to society, so there will demand in market. There is requirement of proper planning
to develop marketing strategies through which changes are possible and this is effective to make
changes in roles and responsibilities of company. Sometimes manager has to change techniques
frequently due to which actions may get mismanaged, so to apply business actions in effective
way. There are possibilities that due to use of techniques which are competent to current trend.
Sometimes there is need of change in business roles and responsibilities, which is effective for
achieving targets. 7 P's of marketing mix is effective for knowing competitor' policies with
which enterprise can change their roles and responsibilities. While planning promotional event
there is need of policies then targeted market must be keep in mind.
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