Metro Bank PLC: Analysis of Marketing Mix, Innovation and Creativity

This report provides a comprehensive analysis of Metro Bank PLC, a commercial and retail bank operating in the United Kingdom. The report begins with an introduction to the bank, including its history, services, and financial performance. The main body of the report focuses on the marketing mix, also known as the 4 Ps (Product, Place, Price, and Promotion), and how Metro Bank PLC utilizes each element to achieve its marketing objectives. The report also examines the company's approach to creativity and innovation, exploring strategies such as expanding open banking, committing to digital delivery, implementing AI-driven predictive banking, and offering cardless ATM services. Recommendations are provided for future improvements. The report concludes with a self-reflection section, highlighting the skills gained during the project and the importance of innovation and creativity in the banking industry. The report also includes references to relevant sources.

Business enterprises.

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
4 P’s of business........................................................................................................................3
Creativity and innovation..........................................................................................................4
RECOMENDATIONS....................................................................................................................6
CONCLUSION................................................................................................................................7
SELF REFLECTION.......................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Metro Bank PLC, is a commercial and retail bank which is working in United Kingdom. The
company was incorporated by Anthony Thomson and Vernon Hill. The company was
incorporated in the year 2010 and is listed in London Stock Exchange. The company was
launched as a high street bank and was providing banking services to personal as well as
business customers. The company is a public limited company and is operating in banking and
financial services industry. The company is headquartered in London and is providing services of
credit cards, corporate banking and consumer banking. The company is having around 2831
employees and is having an annual revenue of 404.1 million EUR. In this report, the marketing
mix as well as innovation and creativity of the company is given.
MAIN BODY
4 P’s of business
The 4 P’s of business is also known as marketing mix of the business. It is a strategy that is
needed to be made by the company in order to receive desired result of marketing strategies
within the market in which the company is serving. This will help the company in achieving
broad marketing strategy effectively and efficiently (Jrolf, M.J., 2019.). The company can make
a marketing mix when entering a new market or launching a new product. If a company wants to
change the marketing or promotion strategy of an existing product or service then also they can
do analysis of marketing mix which will help the company in achieving desired results. In
context to Metro Bank marketing mix is given below:
Product: In order to succeed in the market and to achieve competitors advantage the
company must make sure that they are working for the product which is unique and serves high
value to the customers which can help the company in attracting new customers. The product of
the bank must stand out in the market. The factors that the company is needed to be taken into
consideration while promoting their product in the market are quality, features, versatility, value
for customers and prices which are according to the suitability of customers and their willingness
to pay.
Place: In this step the company needs to make decisions regarding the distribution
channel and distribution process of the company which should be according to the product and
services tat the company is offering (Lu, H., 2020.). In case of Metro Bank PLC, the company is

needed to make some important decisions regarding the availability of the product. Whether the
company wants to offer the product to existing customers first or they want to offer their
offerings to the target segment of the company or if they require a distribution partner for their
product. The place factor will also take into consideration the locations at which the company
have presence. It will help the company in expansion and will provide effective and efficient
strategies that can help the company in finding correct locations for the company to serve.
Price: It refers to the pricing strategy that the company wants to adopt. It is essential for
the company to adopt their strategy carefully in order to make sure that they are profitable and
that they are achieving their goals and objectives (Mohamed, R., 2019.). The Metro Bank Plc
chooses price penetration strategy under which the company charges the prices lower than their
competitors and try to capture as much market as they can. It will help the company in attracting
large number of customers. As the company is in service sectors so in order to use pricing
strategy the company makes their banking charges lower than their competitors which are
beneficial for the customers as well.
Promotion: This is the step where the company have to decide their marketing and
promotion strategy. The Metro Bank PLC, uses print advertisement, radio, television marketing
that helps the company in attracting large amount of customers. It will help the company in
promoting and marketing their products and services of the company and will help the company
in having a wider reach. The company needs to make sure that they choose appropriate
promotion strategy so that they can get the expected results from the efforts they put in
marketing and promotion of their products.
Creativity and innovation
In order to make sure that the company is coping with the changing external environment of the
industry it is important for the company to involve innovation and creativity in its management
on regular basis. It will help the company in making their products unique and will also help the
company in attracting large amount of customers as well (Nam, V.H. and Bao Tram, H., 2021.).
It will also help the company in having competitive advantage in the market. The increment in
the innovation and creative activities in the management of the company will enable the
company to have best in class service providing systems and will also enhance the customer
experience. Customer satisfaction is one of the most important factor that the company must
achieve in order to retain their customers and to attract new customers as well. In case of Metro

Bank PLC, some of the creativity and innovation that they can involve in their business functions
are:
Expanding open banking: The company must encourage open banking system because of the
increase in the number of regulatory bodies it is important for the companies to have such
systems. It will help the company in innovation and collaboration which will lead to growing
banking ecosystem in order to provide more than just financial services and to improve the
experience of the customers (Selyutina, L.G., 2018.). The regulatory bodies unable the customers
to share their data with third party securely so that they can have access to more beneficial
financial services and it can also increase awareness in the customers.
Commitment to digital delivery: In the current situation of the pandemic the customers are not
able to reach to the banks or other services. In times like these the banks must come up with
innovative solutions that can help them in providing services to the customers digitally. It will
help the customer in reaching to their financial services without any hassle. The digital services
provided by the company will help them in reaching to a wide variety of customers and make it
easy to reach to the potential customers. It will also help the company in saving a lot of cost
which was incurring because of the traditional banking services.
AI driven predictive banking: With the help of predictive banking the banking industry can
collect all the internal and external data and can make predictive profiles of the customers in real
time. The robot technology used by the banking companies helps the financial institutions in
providing best in class personalized services to their customers and will be able to provide
financial assistance to the customers regarding the expectations from the future (Zhang and et.
al., 2021.). It will help the company in providing effective universal cash management solutions
to their customers and can act proactively according to the changing behaviour pattern of their
customers.
Card less ATM services: The company must promote and innovate their systems towards card
less banking ATM services to their customers. The customers will be able to have effortless
services and can access to their banking ATM services with the help of their mobile numbers.
The customers can register their bank account numbers and can get access to their accounts with
the help of mobile apps which will unable them to access their ATM without ATM card. It will
also save number of thefts regarding ATM cards. The customers will not have to carry the ATM
cards everywhere in order to get access to their money.

RECOMENDATIONS
It is recommended that the company must try to involve as much technology as possible in the
workings of the company which will not only increase the efficiency of the company but will
also increase the accuracy of the workings of the company. The incorporation of technology also
helps the company in becoming cost efficient as compared to traditional ways. It is important for
the company to have advancement in technology in order to provide best services to their
customers and will also help the company in achieving competitors advantage in the market.
Secondly, the company must have a digital presence which can help the customers of the
company to reach to their banks anytime and anywhere with the help of internet. It will increase
the awareness about the brand as well. It will help the company in marketing and promotion as
well without involving much cost as compared to traditional marketing activities. The digital
presence of the company will make sure that the company is having wider reach and are able to
reach to the potential customers.

CONCLUSION
From the above report it is concluded that the company must ensure that they have correct
marketing as well as promotion strategies in order to make sure that the product of the company
is reaching to the potential customers of the company. The marketing strategy will help the
company in promoting their products effectively and efficiently. The marketing mix of the
company and the strategies that the company has adopted is given. It is also discussed that it is
important for the company to incorporate innovation and creativity in the management as well as
services of the company in order to ensure that the customers are getting best in class services
and will also help the company in reducing cost and in achieving competitors advantage in the
market. Some recommendations for the the growth and development of the company is also
given. In the given report, the self reflection about the study is also given.

SELF REFLECTION
While doing this report the set of skill that I have enhanced are firstly Project management skills
as this skill was used in order to make a report which is covering all the learning outcomes that
are needed to be achieved by the writer. It has helped me in gaining knowledge about the topics
that are related to banks and their workings. It has also helped in gaining knowledge about the
marketing and promotional strategies of the banking companies. During this report one of the
most important skill that I have gained is of operating Microsoft office. As the report was made
in this program and I have gained knowledge about the program and also learn about how to use
this. Also time management skills are obtained by me while doing this report. The time
management skills have helped me in completing the tasks of the report within time limit and has
also helped me in managing my time effectively and efficiently. My interpersonal skills have
also enhanced while doing this research as I have to communicate with different people in order
to to gain knowledge about the topic. This report has helped me in achieving effective
communication as well. My analysis and research skills have also enhanced while doing this
research as I have to research about the topic as well as about the company. The skills that I have
achieved and enhanced will help me in my future research and project and will also improve my
productivity. The practice that I have done in this process will help me in achieving in depth
knowledge about the management an operations of banking sector. The knowledge that I have
gained about the banking sector will help me in enhancing my abilities and skills. I have also
learned about the importance of innovation and creativity in the banking industry and ways in
which the company can provide best in class services to their customers and can achieving
competitors advantage in the market. The knowledge about the study and the banking sector will
help me in my future prospects.

REFERENCES
Books and journals
Jrolf, M.J., 2019. The Politics of Restructuring Business Enterprises in the Former GDR: The
Case of EKO Stahl. In Dimensions of German Unification (pp. 27-42). Routledge.
Lu, H., 2020. Analysis of economic benefit of e-commerce business in oceangoing
enterprises. Journal of Coastal Research, 106(SI), pp.217-220.
Mohamed, R., 2019. Public enterprises (pp. 63-80). Routledge.
Nam, V.H. and Bao Tram, H., 2021. Business environment and innovation persistence: The case
of small-and medium-sized enterprises in Vietnam. Economics of Innovation and New
Technology, 30(3), pp.239-261.
Selyutina, L.G., 2018. Innovative approach to managerial decision-making in construction
business. In Materials Science Forum (Vol. 931, pp. 1113-1117). Trans Tech
Publications Ltd.
Zhang and et. al., 2021. Making the business case for sustainable manufacturing in small and
medium-sized manufacturing enterprises: A systems decision making approach. Journal
of Cleaner Production, 287, p.125038.