Marketing Essentials: Comparing Marketing Strategies and Planning

This report delves into the realm of marketing, providing a comprehensive overview of its essentials. It begins by exploring the importance of marketing for business growth and profitability, using Metro Bank as a case study. The report then compares marketing strategies employed by different organizations, focusing on the marketing mix elements (product, price, place, promotion, process, physical evidence, and people). It further develops a basic marketing plan for a business firm, specifically for Metro Bank's launch of new mobile and digital banking services. The plan includes an executive summary, vision and mission statements, objectives, detailed marketing mix strategies, a SWOT analysis, marketing evaluation, budget allocation, and a STP (Segmentation, Targeting, Positioning) analysis. The report concludes by emphasizing the significance of marketing for business success and the role of marketing plans in introducing new products and services. It references various academic sources to support its findings.

Marketing Essential

Table of Contents
Marketing Essential ........................................................................................................................1
INTRODUCTION...........................................................................................................................3
LO2..................................................................................................................................................3
P3 Comparison of ways which is apply by organisation............................................................3
LO3..................................................................................................................................................5
P4 Basic marketing plan for business firm.................................................................................5
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Marketing is the long term activity that leads the growth as well as development of
business organisation. It is important for all organisation to focus on marketing activities in order
to promote their products and services in order to maintain higher profits. In order to perform all
business activities marketing is playing an essential role within organisation and increases
profitability (Armstrong and et. al., 2018). Good marketing strategies are used to perform all
functions as well as retain their customers on regularly basis. It involves identification of needs
and wants and satisfying the customers by offering best quality of products and services. To
understand about importance of marketing Metro Bank has been chosen that is retail bank
operating in UK. It was founded by Anthony Thomson and Vernon Hill in 2010. This report
discuses about selected topics such as comparison of ways in which different companies apply
marketing mix in order to accomplish business objectives and marketing plan for business firm
that helps to introduce from new products and services by using marketing activities.
LO2
P3 Comparison of ways which is apply by organisation
Marketing mix consider as collection of tools and business strategies which is used by
business concern in order to sale its products and services. It helps to compare with other
organisation and make plans accordingly. The main motive to use marketing mix is to attain the
business objectives by attracting customers (Singh, 2018). Marketing mix is the important for
organisation because it make products to the right place and right time. Metro Bank is the retailer
bank that provides different banking services which attracts customers and making profits
continuously. The marketing mix for Metro Bank and Shawbrook bank has been stated:
Basis Metro Bank Shawbrook Bank
Product Metro Bank sells variety of products
and services credit cards, investment
services, after sale services, helpline
services, customer banking, corporate
banking etc (Marketing Mix of Metro
Bank, 2019).
This is a commercial and retail bank
in UK that offers loans to small and
medium sized business who are not
able to get finance from main
commercial banks.

Price It follows a competitive based pricing
strategy that charges competitor prices
from customers. Moreover it also
charges great prices for online selling
products.
It provides loans and other services at
retail prices and charge interest rate,
consulting fees and commission to
provides products and services.
Place It sells its products by using two
market channel. First is sells directly
to its customers through its online
websites and second is sells to
wholesalers who sales its products
direct to retailer all over the country. It
has more than 500 retailers who
provides banking services.
It has number of retail stores who are
operating their financial and banking
services all over the country.
Moreover, it provides online retailing
services to customers (Mullin, 2018).
Promotion Metro Bank uses several multimedia
channel to promote its products such
as television, radio, you tube,
Facebook, Twitter etc. moreover, it
promotes sales by using trade
exhibitions and events in the year.
It uses different sources to promote
its products such as you tube,
television. Hoardings and Twitter
which attracts customers to avail
banking services.
Process It assures that its products are
available at retail stores which can get
by customers any time. It also has
online delivery process and computer
online system that helps to provide
relevant products and services.
It is adopting retailing process in
which it offers products and services
using retailing and online delivery
process.
Physical
evidence
It has online websites that is user
friendly and allows customers to view
its products in high quality pictures
(Hirayama, 2019).
Offline mode and online mode are
consider in physical evidence that
helps to maintain user friendly and
offers different products to small ans

medium enterprises.
People It has skilled people in sales team,
customer service department, suppliers
to obtain raw material and retail stores
who sale products to customers on
sites, by giving answers of customers
questions.
Shawbrook Bank has customers
service department who understand
customers query and provide
solution. Marketing department that
provide information, IT department,
suppliers and retailers to who it
provides financial services.
LO3
P4 Basic marketing plan for business firm
Marketing plans is a written structure which is prepared by marketing manager in order to
develop the products and services effectively. The main aim of marketing plan is to promote its
products and services by using different marketing strategies (Hunt, 2018). In other words,
marketing plan is a strategy to meet with marketing goals and objectives effectively (Miah,
2018). Marketing plan of any organisation covers marketing mix, monitoring and evaluating
progress, STP approach, budget etc. which are helpful to accomplish the business goals. Metro
Bank is providing financial services that is planning to launch new services in their organisation
by making marketing plans that is defined below:
Executive summary:
Metro Bank is a retailer banking company that provides variety of services to its
customers. It helps customers to get loans and other facilities at reasonable cost which attracts
customers (Liu and et. al., 2019). The executive marketing manager of respective company has
prepared solid marketing plan to introduce new services that is mobile and digital banking that
will helps customers to get instant services by using digital banking.
Vision and Mission:
“To enhance the shareholder value by providing suitable rate of return”
Objectives:
 To increase the number of shareholder all over country with the help of digital
baking services.

 To make digital country which helps to secure customers from cybercrime.
 To capture high market share by providing better quality of services to customers.
 To attracts more people and provide them banking services effectively
(Djurakulovich, 2019).
Marketing mix for mobile and digital banking:
The marketing mix is important for organisation that helps to compare with other
organisation and maintain the profitability with the help of comparison (Inan and Kop, 2018).
The marketing mix of metro bank towards its new services are defined as:
Product: Metro Bank provides banking and financial services that helps customers to
perform their activities effectively. The marketing executive manager of such organisation is
launching new product that is mobile and digital banking that will help to make transaction by
using mobile apps and digital banking.
Price: Manager of Metro Bank has decided to charge £ 200 every month which is fixed
amount for each customers. Price is the essential element which helps to make buying decision
by analysing all things.
Place: Marketing executive has decided to launch new services in UK firstly that will
helps to collect the feedback of customers towards such services (Voropai, 2018).
Promotion: To promote its new mobile and digital services organisation will use you
tube, social media, newspapers and television. It will help to inform the people which new
services Metro bank is launching and what are the benefits.
People: It consider people who are playing major role in organisation. Such as customer
service department, marketing department, other cooperative and retailer bank are helping such
organisation to provide services (Gyanwali and Bunchapattanasakda, 2019).
Process: Metro Bank is applying Online website, digital and mobile app process that
helps to perform functions effectively.
Physical evidence: Online websites and mobile application are helpful to provide the
banking and financial services.
SWOT Analysis:
Strengths Weaknesses Opportunities Threats
Metro Bank is
operating business
Not highly different
products and services
Launching new
services by
It has many
competitors such as

more than 500 stores
that attracts more
clients.
than competitors that
are switching its
customers.
understanding demand
of customers.
Central bank,
Shawbrook etc. who
are providing same
services.
Providing better
quality of investment
and financial services
online as well as
offline.
High maintenance and
controlling services
(Pulka Ramli and
Bakar, 2018).
Uses of new
technology such as
mobile apps and
digital banking that
provide safety
customer's money.
Fluctuation in
economy that impacts
negatively on business
organisation.
Marketing Evaluation:
This is evaluated that people are facing problems to deposit money and transferring
amount from one account to another. So, there is need to have new services that will helps
customers to provide digital services. Therefore, marketing executive manager of Metro Bank
has decided to introduce mobile application and digital banking that helps to solve customer's
problems. This plan will be more effective and relevant.
Marketing budget:
Budget is the important in every business activities that helps to perform all business
activities effectively. The marketing executive of Metro Bank has defined the budget to
introduce the mobile app and digital services that are classified below:
Particulars Amount(£)
Promotions 2000
R&D 1000
Online marketing 5000
Total 8000
Marketing tactics:
STP ANALYSIS:

This is effective analysis which can be used to evaluate the marketing plan in effective
manner. Such analysis states that who are target customers and how they can be satisfied. The
STP approach in context to Metro Bank has been defined as:
Segmentation: In this step, Metro Bank focus on larger market which is distributed in to
different segments. Such as the new services of Metro Bank focus on all ages and income level
of people who wants to keep safe their money.
Targeting: It target all class of people whether low/, medium and high class who needs
financial and banking services.
Positioning: It will helps to maintain high position in UK market as new services mobile
app and digital marketing is provided by organisation (Cvitanović, 2018).
Measure for monitoring and evaluating progress:
This marketing plan is measured by marketing executive manager that states that all
business activities will going to perform well and will helps to attain marketing as well as
organisational objectives. This plan is evaluated by information system, monitoring requirement
and customers feedback that helps to collect the positive review. So, Metro Bank will achieve its
business goals effectively.
CONCLUSION
From the report it can be concluded that marketing is important for business firm that are
used to provide information to people and attracts them towards their products and services.
Marketing mix is the way to attain business objective by comparing with other organisation and
it defines high profitability. All organisation are having different marketing strategies that helps
to perform all operations effectively and increases productivity. Moreover, marketing plan is
helpful for organisation that helps to aware people from new products and services by modifying
which helps to maintain higher profits.

REFERENCES
Books and Journals
Armstrong, G. M., and et. al., 2018. Marketing: an introduction. Pearson UK.
Mullin, R., 2018. Promotional marketing. Routledge.
Singh, S. K., 2018. Relationship Marketing In Competitive World an Essential Strategy. GST
Simplified Tax System: Challenges and Remedies. 1(1). pp.390-349.
Miah, M., 2018. Analysis of Marketing Activities A study on Essential Drugs Company Ltd
(Doctoral dissertation, Daffodil International University).
Hirayama, M., 2019. Human Centric Marketing for Customer-Centric Innovation of Corporate
Marketing Activities. FUJITSU SCIENTIFIC & TECHNICAL JOURNAL. 55(4). pp.9-
16.
Hunt, S. D., 2018. The prospects for marketing strategy and the marketing discipline in Era V: is
the prognosis promising or problematic?. Journal of Marketing Management. 34(1-2).
pp.86-95.
Liu, Y., and et. al., 2019. A statistical approach to participant selection in location-based social
networks for offline event marketing. Information Sciences, 480, pp.90-108.
Djurakulovich, S. B., 2019. Using innovative marketing strategies in retailers. Asian Journal of
Multidimensional Research (AJMR). 8(7). pp.139-146.
Voropai, O., 2018. Customer Centric Marketing Strategy for Universities.
Inan, G. G. and Kop, A. E., 2018. Marketing Capability Development in Micro Manufacturing
Enterprises. American Journal of Industrial and Business Management. 8(01). p.1.
Gyanwali, S. and Bunchapattanasakda, C., 2019. Application of Entrepreneurial Marketing in
Micro, Small and Medium Enterprise in Dhaulagiri, Nepal. Open Journal of Business
and Management. 7(02). p.693.
Pulka, B. M., Ramli, A. B. and Bakar, M. S., 2018. Marketing capabilities, resources acquisition
capabilities, risk management capabilities, opportunity recognition capabilities and
SMEs performance: A proposed framework. Asian Journal of Multidisciplinary Studies.
6(1). pp.12-22.
Cvitanović, P. L., 2018, September. New Technologies in Marketing as Competitive Advantage.
In 2018 ENTRENOVA Conference Proceedings.

(Armstrong and et. al., 2018)(Singh, 2018)(Mullin, 2018)(Miah, 2018)(Hirayama, 2019)(Hunt,
2018)(Liu and et. al., 2019)(Djurakulovich, 2019)(Inan and Kop, 2018)(Voropai, 2018)
(Gyanwali and Bunchapattanasakda, 2019)(Pulka Ramli and Bakar, 2018)(Cvitanović,
2018)
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