Marketing and Comms: Analyzing Metro Bank's Customer Needs & Mix

This report provides an analysis of Metro Bank's marketing and communications strategies, focusing on understanding customer needs, wants, and demands. It explores the importance of situation analysis, including technological and economic factors impacting Metro Bank's operations. A competitor analysis identifies key competitors like Barclays, HSBC, and Lloyd's, highlighting areas for Metro Bank to consider. Furthermore, the report examines Metro Bank's current marketing mix using the 7Ps of marketing, providing detailed examples for each element. The analysis aims to offer insights into Metro Bank's approach to customer satisfaction, competitive advantage, and strategic marketing initiatives. Desklib provides access to this report and other study resources for students.

Marketing and Communications
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Contents
Introduction...........................................................................................................................................3
Task 1....................................................................................................................................................4
a) Explain the importance of understanding customers’ needs, wants and demands within
marketing...........................................................................................................................................4
b) Using examples, discuss the needs, wants and demands that Metro Bank customers show.......4
Task 2....................................................................................................................................................5
a) Explain the relevance of a situation analysis to an organisation................................................5
b) Considering the macro environment of Metro Bank, identify and discuss one technological and
one economical factor that could impact Metro Bank’s business operations.....................................5
c. Outline the importance of competitor analysis in marketing..........................................................6
d. Identify three key competitors of Metro Bank and create a competitor analysis table, using one of
the competitor analysis templates......................................................................................................6
e. Discuss the findings of the competitor analysis in Section D above, highlighting key areas for
Metro Bank to consider.....................................................................................................................6
Task 3....................................................................................................................................................8
a. Using the 7ps of Marketing, identify and describe Metro Bank’s current marketing mix providing
detailed examples for each of the 7Ps discussed................................................................................8
Conclusion...........................................................................................................................................10
References...........................................................................................................................................11
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Introduction
Metro bank was founded in the United Kingdom in 2010 by Vernon Hill. It mainly focuses
on making the customers satisfied with its online services that are made for them. It has been
the biggest challenge for the other banks in the UK with its services and customer-centric
approach. It has been considered as the highest street bank in the UK for providing
customer-oriented services and generates millions of the customers within a year. It has more
than 55 branches in all over the world and leads to innovating new services for its expansion
and growth globally. It makes the customers attracted to the customer-centric approach and
opening an account within one day so that it can provide them commitment and high-quality
services. This has made the bank with more than one million deposits in the bank and
millions of customer in the year 2017. This has been made due to the strong customer base
and offering of account opening on the same day. This made the bank to organically building
the network of branches so that expansion can be made and improvement in services takes
place.
The main purpose of the report is to identify the needs wants and desires of the customers
that help in meeting the requirements of the customers by effective production and services.
The need for situation analysis and competitive analysis will also be explained in the report
that helps in identifying the situation of the market and strategies used by the competitive
organisations. This will help in meeting the completion in all the situations. The 7 P's of
marketing mix will also be described that help in making the organisation to produce relevant
services as per the market needs at defined price and place.
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Task 1
a) Explain the importance of understanding customers’ needs, wants and demands
within marketing
Marketing is a function that helps in evaluating the needs of the customers so that they can
make strong relations with the public that helps in providing gratification to the customers.
Metro bank analyses the needs of the customers so that it can provide those services to the
customers that fulfil their wants and demands. The identification of needs wants and demands
of the customers will make the Metro bank to offer those services, information, and
experiences in the market that matches the needs or wants of the customers. This helps the
Metro bank to have high customers with a great level of satisfaction in the market. It sets the
right level of the customers’ expectation with current wants so that production of services can
be made accordingly. This help in engendering revenue and lead to the offering of unique
services (Kotler and Armstrong, 2014).
b) Using examples, discuss the needs, wants and demands that Metro Bank customers
show
The needs and wants of the customers are taken as a priority by the Metro bank to maintain
the healthy relations with them with the achievement of desired objectives of the bank. The
expectations to the customers to provide the services 24 hours to them have been adopted by
the bank. The bank also adopted the leverage technology to fulfil the wants of the customers
and make them avail the services. This made the bank to improve its communication
channels as per the wants of the customers. The basic need of the customers is to have
clarification for the services that are rendered to them so that it can make the customers
satisfied with the services that are granted to them. The emergency requirements or needs of
the customers are solved by contacting to the employees to assist the needs of the customers.
the wants of the customers to make the information to be kept in secrecy has been maintained
by the Metro bank. The needs of customers made the Metro bank to open its branches so that
it can make them satisfied and provide them with unique offers (Kutz D, 2013).
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Task 2
a) Explain the relevance of a situation analysis to an organisation
Situation analysis needs to be taken into consideration so that it can make the production of
services by keeping all the macro and micro factors into mind. This help in demonstrating the
capabilities of the organisation for meeting the changing environment. The PESTLE analysis
help in analysing the elements of the environment externally that affects the working of the
Metro bank and its services provided to the customers. This makes the Metro bank make
effective adoption of the legal structure so that it can make the production of those products
that are required by the customers. This also helps in expansion of the banks and leads to
open the organically branches. The offerings of the bank are analysed so that it can make
them match with the culture of the customers and lead to earn high profits (Blythe, 2013).
b) Considering the macro environment of Metro Bank, identify and discuss one
technological and one economical factor that could impact Metro Bank’s business
operations
Macro factors and forces of the environment impact the ability of the organisations and the
relationships of the organisation and its operation. These forces are analysed by the Metro
bank so that it can make the expansion of its marketing and provide services to the customers.
The technological and economic factors play a pivotal role in the formulation of policy so
that metro bank can organically open its branches. The change in the interest rates, taxation,
the income level of the customers, economic trends and competition level in the market
affects the Metro bank and its services that are made for the customers. This makes the bank
to fix its interest rates and open its branches at those places that carry a low rate of taxation.
The employment level of the people and their income level affect the services of the bank for
the opening of the account within a day. The innovation in technology also makes the Metro
banks to make its service online as per the needs of the customers and their mode of
preferences. This also improves the communication level by using new sources and maintains
the global communication. This will help in achieving the goals of opening the branches and
expand the network (Blythe, 2012).
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c. Outline the importance of competitor analysis in marketing
Competitive analysis is required to assess the role plays by the competitor or other banks in
the market so that it can make the adoption of those techniques and methods that help in
meeting the competition. Metro bank conducts the competitor analysis so that it can
understand the roles played by the other banks and knowledge of the entire market in the UK
can be analysed. This helps the banks to produce those services that help in attaining more
success and satisfying the customers so that competitive advantage can also be met. This also
helps in discovering those parts of the market which are not ascertained easily and make the
identification of strategies adopted by competitive banks so that it can adopt strategies
accordingly. This also helps in estimating the interest rates or time of opening the account
made by other banks for attracting the customers (Marketing week online, 2016).
d. Identify three key competitors of Metro Bank and create a competitor analysis table,
using one of the competitor analysis templates
Metro Bank Barclays HSBC Lloyd banking
group
Funding Facility
Same day
account facility
Customer base
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e. Discuss the findings of the competitor analysis in Section D above, highlighting key
areas for Metro Bank to consider
The competitor analysis is made to identify the competition present in the market so that
Metro Bank can adopt the strategies that help in meeting the competition and maintaining its
stake in the market. This also ensures the policies and tactics used by other banks that help in
making the competitive strategy so that it can earn more customers by offering them quality
services. Numbers of banks are established in the UK that provides a great number of
services and benefits to the customers so that it can attract them and make them to avail
services. The funding facility has been provided by all the other banks at a low rate that
makes them meet their market strength. The Metro bank does not allow lending of more
funds and leads to offer the customers’ to open the accounts in one day. This attracts the
customers as other banks take more than 3 days to open an account after the clarification
derived from the customers. this increases the number of customers to the metro banks and
leads to meet the competition. Metro bank is customer based on the other hand other banks
are profits based; this makes the Metro bank to survive in the market and meet the
competition.
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Task 3
a. Using the 7ps of Marketing, identify and describe Metro Bank’s current marketing
mix providing detailed examples for each of the 7Ps discussed
Marketing plays an effective role in developing relations with the customer by providing
gratification to them and earns money. The marketing help in identifying and assessing the
opportunities those are present in the market and help in the expansion of the bank by
openings its branches after grabbing the opportunity. The Metro Banks follows the
marketing mix strategy so that identification of the requirements of individuals can be
ascertained and policies and services of the customers would be made accordingly. The 7 ps
of marketing help in targeting the right customers and achieving the target goals of the
organisation. These elements of marketing help in taking the effective efforts by the
management for the achievement of that target goals of the organisation by evaluating the
needs of the market and customers. The 7 P's of the marketing is as follows-
Product- The products and services are made as per the needs of the customers to make the
attracted towards the services. Metro bank made the customers’ influenced towards it by
opening the account within one day and provides services to the customers.
Price- The price of the products is determined by the price fixed by the other banks such as
the interest rates for lending money and opening the account within one day. This also
ensures the interest rates that are fixed by other countries so that opening of branches can be
made in an effective an optimal manner.
Place- The place needs be fixed by assessing the number of customers in a particular area.
This help in making the customers get attracted and lead to make its stake in the market. This
also helps in leading gratification to the customers.
Process- The process for the delivery of the services is made after analysing the needs of the
customers in the different area and adopting the cost-effective techniques. This help in
organically opening of branches in various areas.
Physical Evidence- The physical evidence needs to be kept by the Metro bank so that it can
provide evidence or proof to the customers in case of any uncertainty takes place. This also
helps in making the bank to keep the systematic record of the customers.
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People- The employees in the bank need to be provided with effective training for the
improvement in the communication level among theme and improvement in services.
Promotion-The promotion of the services can be made with the effective use social media
and online forums to make the expansion of business (Armstron & Kotler, 2012).
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Conclusion
The above report concluded about the importance of marketing that helps in attracting the
customers and making the effective public relations with them. The needs, want and desires
of the customers have been analysed in the above report that is taken into consideration by
the organisation to take efforts for its fulfilment and achievement. This has been the basic
motive of the organisation to provide satisfaction to the customers and make them repeat their
purchase. The importance of competitor analysis has also been taken into consideration in
the above report that helps in identifying the number of competitors and strategies used by
them to meet the competition and attract the customers.
The relevancy of the organisation with the situation analysis has also been described in the
above report that helps in making the employees to utilise their skills for meeting the
uncertain situation that would take place in future. The 7 P's of marketing are also taken into
consideration that helps in meeting the current deficit situation and lead to attracting the
customers. The need for competitor and situation analysis has been made in the above report
that helps in meeting the situations to the market and meeting the competition.
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References
• Armstrong, G. & Kotler, P. (2012) Marketing: An Introduction, 11/E, Pearson Higher
Education (Chapter 5)
• Blythe J. (2012) Essentials of Marketing, 5th ed. Pearson Education (Chapter 2)
• Blythe J., (2013) Principles & Practice of Marketing, 3rd edition, Sage
• Kotler P. and Armstrong G. (2014), Principles of Marketing 5th Edition Pearson
Education
• Kutz D, Boone L (2013) Principles of Contemporary Marketing. International Edition
14th edition
• Marketing week online: “2016 trends: What will impact your business next year”
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