Virgin Money Marketing Strategies: A Comprehensive Analysis

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MARKETING ESSENTIALS
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Table of Contents
TABLE OF FIGURES....................................................................................................................3
INTRODUCTION........................................................................................................................4
LO1........................................................................................................................................... 5
P1` IN CONTEXT OF THE VIRGIN MONEY EXPLANATION OF THE MARKETING FUNCTION
RESPONSIBILITIES ALONG with WITH THEIR ROLES..............................................................6
P2 EXPLAINING HOW MARKETING RESPONSIBILITIES ARE RELATED TO WIDER CONTEXT
OF VIRGIN MONEY............................................................................................................... 7
M1 ANALYSIS OF THE MARKETING RESPONSIBILITIES IN CONTE4CXT WITH THE
MARKETING ENVIRONMENT OF THE COMPANY VIRGIN MONEY........................................8
M2 EXPLANATION OF THE IMPORTANCE OF MARKETING FUNCTION SHARING
RELATIONSHIP WITH THE OTHER FUNCTIONAL DEPARTMENTS OF VIRGIN MONEY.........10
LO2......................................................................................................................................... 12
P3 COMPARISON OF THE DIFFERENT METHODS THROUGH WHICH ORGANIZATION VIRGIN
MOBILE COULD MAKE USE OF THE STRATEGIES OF MARKETING MIX IN PLANNING OF
THEIR MARKETING DEPARTMENT......................................................................................12
M3 EVALUATING THE VARIOUS TACTICS USED BY THE ORGANIZATION VIRGIN MONEY TO
ACHIEVE ALL THE OBJECTIVES OF THE BUSINESS...............................................................16
LO4......................................................................................................................................... 17
P4 & M4MARKETING PLAN................................................................................................ 17
CONCLUSION.......................................................................................................................... 22
REFERENCES........................................................................................................................... 23
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TABLE OF FIGURES
FIGURE 1: LOGO OF COMPANY VIRGIN MONEY.......................................................................5
FIGURE 2: VALUE CHAIN ANALYSIS.........................................................................................10
FIGURE 3: MARKETING MIX....................................................................................................12
FIGURE 4: STRATEGIES OF VIRGIN MONEY.............................................................................16
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INTRODUCTION
The concept of marketing has become very important criteria in the functioning of business
operations of almost all the companies. The assignment has chosen the organization Virgin
Money which focuses on providing various financial services to people in the world. The
company is mainly used by the 3 brand licensees. As the marketing manager of the company
Virgin money, the role of the manager is to explain the responsibilities along with the roles
of the function of marketing. The manager will also be focusing on various functions and
how their interrelation is important for the organization. The other section of the report will
include, the involvement of the assistant manager for conducting research on the various
areas of business using the marketing mix strategies. The organization Virgin money
marketing mix strategies will also be compared with the other competitive brand Barclays.
The comparison of the marketing strategies using 7ps in both the companies will help in
better understanding of the topic. The last section of the report will carry attention to the
preparation of the marketing plan, so that company could take help in their promotion and
marketing and also could take the competitive advantage at the market place.
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LO1
DEFINITION OF MARKETING
The term marketing is used in the modern world in a very wider sense, marketing can be
defined as the set of many activities which are used by business organizations for the
identification, anticipations, and to gain the satisfaction of the requirements of customers in
a profitable manner.
VARIOUS TYPES OF MARKETING THAT VIRGIN MONEY COULD MAKE USE OF IN THEIR
OPERATIONS
MARKETING IN B2B FORM
B2B marketing is the type of term that is used to conduct business operations. The B2B term
is explained as the marketing of products and services business to business (Cortez and
Johnston, 2017). These marketing types could be used by the company Virgin Money in
providing their financial services to other companies in the form of outsourcing. This will
help the company VM in increasing their profitability and help to maintain a better brand
image of the company in the competitive market (Cortez and Johnston, 2017).
MARKETING IN B2C FORM
The other form of marketing type is B2C marketing in which the business organizations
performs their activities to serve their goods as well as services to customers. The company
Virgin money makes use of this marketing type to achieve organizational targets and to
satisfy its customers by providing the best financial services (Iankova et al., 2018). In this
type of marketing the virgin money make use of various tactics such as promotion,
advertising, hoardings, media etc. these tactics will help the company in an increase of their
productivity and thus lead to success (Iankova et al., 2018).
FIGURE 1: LOGO OF COMPANY VIRGIN MONEY
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P1` IN CONTEXT OF THE VIRGIN MONEY EXPLANATION OF THE MARKETING
FUNCTION RESPONSIBILITIES ALONG WITH THEIR ROLES
The various marketing responsibilities along with roles of the function of marketing are
explained in context with Virgin Money
 The manager of the virgin money is responsible for the utilization of the
organization's available resources optimally in order to increase the overall revenues
in VM (Peltier, 2016)
 Another role of the VM manager is to analyse the requirements of the customers by
getting feedback from them
 The members of the marketing team at VM must be motivated enough to involve
themselves in public activities for building strong customer relationship with
customers (Peltier, 2016)
 The promotion of the various financial services of the company must be promoted in
an effective manner by the marketing head of VM
 The responsibility of the marketing head at VM also includes keeping a check on the
activities of competitors to plan further marketing tactics of VM
 Another responsibility of the marketing head is to conduct a timely survey so as to
make changes in the marketing strategies for the company's progress (Peltier, 2016)
Thus these roles along with marketing manager responsibilities will be helpful for the
company Virgin Money in analysing their needs of the customers and this will result in
achieving targets and objectives of the company.
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P2 EXPLAINING HOW MARKETING RESPONSIBILITIES ARE RELATED TO WIDER
CONTEXT OF VIRGIN MONEY
The manager of Virgin money in the marketing department is going to explain the various
functions that are handled in the business and along with that how all other functions of
company share a correlation with marketing function (Huotari and Hamari, 2017)
. The various departments or functions in company VM are HR, finance, R&D etc.
Relationship of marketing along with R&D
The R&D department is a very essential part of the company VM and helps the department
of marketing in fulfilling their needs by providing useful information that is collected by
them. The marketing head makes use of the information, knowledge and data provided by
the R&D department of the latest market scenario and thus on the basis of that company try
to improve their functioning to satisfy customers (Krush et al., 2015).
Relationship of marketing along with finance
The department of finance also plays an essential role, finance department helps in assisting
the marketing head, that how to make use of the finances on their tactics for the better and
effective results (Krush et al., 2015). In the organization Virgin Money when the mar4keting
manager is concerned about taking some urgent decision for their marketing of services
they need to take suggestions and need to confirm with finance area for the availability of
finances in the company (Krush et al., 2015).
Relationship of marketing along with HR
The HR function is equally important as the role of other functions in the company Virgin
Money when the marketing manager needs a creative and knowledgeable person for
framing effective strategies of marketing (Krush et al., 2015),. The manager of marketing at
Virgin Money will approach the HR department for recruitment the person according to
their requirements.
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M1 ANALYSIS OF THE MARKETING RESPONSIBILITIES IN CONTE4CXT WITH THE
MARKETING ENVIRONMENT OF THE COMPANY VIRGIN MONEY
The analysis of the virgin money marketing environment will be analysed with the help of
the PESTLE analysis tool.
POLITICAL ECONOMICAL
 The VM has to focu8s on the factor of
protecting their intellectual property
 The company has the advantage of
the partners who are in the
company’s favour
 The benefits for the employees are
compulsory and this could impact
their political stability
 The increase in the tax rates and the
incentive could be a problem for
Virgin Money (Schuetz et al., 2018)
 There are many regulations of Trade
in relation to the services of finance
and fluctuation in that can impact the
political areas of the company
 The variations in the level of
education in the economy will affect
the company VM (Schuetz et al.,
2018)
 The rate of economic growth is
increasing and that will be4 useful for
the company
 The deviations in the unemployment
rate will affect Virgin money
company’s functioning
 The level of skilled labours in the
sector of banking in the UK will also
create an impact (Schuetz et al.,
2018)
SOCIAL TECHNOLOGICAL
 The structure of the society and their
cultures is changing with the
modernization and thus this will help
in bringing improvement in the
company
 Change in the attitudes, behaviour,
consciousness about the
environment will also affect various
factors of Virgin Money (Schuetz et
 the financial sector of the economy is
affected by the changes and impact
in the structure of value chain
(Schuetz et al., 2018)
 the advancement and the
improvement in the technology by
the competitor's company will affect
the functioning of Virgin Money
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al., 2018)
ENVIRONMENTAL
 the changes in the climatic conditions
will affect various factors of Virgin
Money(Schuetz et al., 2018)
 the changes in the various
environmental laws and policies will
affect many areas of Virgin Money
 the situation of waste management
in the sector of financial services will
be helpful
LEGAL
 The laws for protecting the rights of
intellectual property will be helpful
for the functioning of VM
 The laws related to the safety of
Health will support organizational
activities and help in the
management of the company
(Schuetz et al., 2018)
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M2 EXPLANATION OF THE IMPORTANCE OF MARKETING FUNCTION SHARING
RELATIONSHIP WITH THE OTHER FUNCTIONAL DEPARTMENTS OF VIRGIN MONEY
The importance of the various functions and how they are related to the activities of the
marketing department will be shown with the help of analysing value chain.
FIGURE 2: VALUE CHAIN ANALYSIS
The value chain analysis is used by organizations to add value to their final products and
thus the company Virgin money is also making use of this model because this helps in
ensuring that all the functional areas are operated in the organization effectively. The
interrelation of the functions of organizations with the marketing area of virgin money is
important will be shown by explaining the value chain (Mitchell et al., 2015).
The use of value chain in the company Virgin Money helps in maintain the operations of all
the activities that are important for delivering the timely services to their customers. With
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the use & support of the value chain, the company is able to add more value to their
services that help in gaining competitive advantage in the market from other competitors.
The value considers various activities in the organization and these are such as the
department of HR, operations, research & development, sales, marketing etc. All the
activities of the organizations are included in the process of the value chain. The main role
of the marketing function is performed effectively with the help of the value chain. Thus the
marketing function helps in satisfying the customers by providing better services. Thus
operations in various functions of organizations cannot be performed without the help of
each other (Mitchell et al., 2015). All the activities in the company Virgin money are
dependent on each other, thus the value chain analysis explains the importance of the
various functions relations with an area of marketing and this helps the virgin money in
increasing their productivity and profitability.
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LO2
P3 COMPARISON OF THE DIFFERENT METHODS THROUGH WHICH ORGANIZATION
VIRGIN MOBILE COULD MAKE USE OF THE STRATEGIES OF MARKETING MIX IN
PLANNING OF THEIR MARKETING DEPARTMENT
The comparison of the virgin money marketing mix strategies with that of the competitor
company Barclays:
FIGURE 3: MARKETING MIX
PRODUCT
The various products of the company Virgin money are used by many consumers and they
are helping them in making their life easier by satisfying the needs they have. The Virgin
money is very famous company and is providing various financial services to their customers
such as different kinds of banking services, financial services and also the services of
mortgage is provided by the company virgin mobile (Lovelock and Patterson, 2015).
On the other side, the competitor company Barclay play a leading role in providing financial
services to its customers in the market (Lovelock and Patterson, 2015). Many banking
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