Marketing Management of Barclays Case Study

Marketing Management of Barclays

Part 1: LO1 Explain the role of marketing and how it interrelates with other functional units of an organization

1. Introduction

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One of the main notions behind conducting this study is to shed light on the topic of marketing in addition to discussing various roles as well as its importance related to the selected company named Barclays which is a UK-based international worldwide financial institution. The concept of marketing can be defined as the craftsmanship in addition to the technique of creating, implementing, as well as keeping trade associations. The notion of marketing usually starts withdrawing in the clients, constructing a connection with them, in addition to maintaining it by fulfilling their necessities (Kotler, 1969). Although tactical advertising exercises have developed a considerable amount from that point forward, there are a few patterns that are as yet predominant in the present community. The advertising that exists in the current community is a mix of past patterns that have been developed, like television advertisements in addition to print, with new procedures centered on inbound exercises. Probably the most widely recognized advertising strategies used in the current days are:

1. Virtual Entertainment Advertising
2. Retargeting Efforts
3. Instant message Promotions
4. Designated Messages
5. Web Video Advertisements (Williams, Alexa, 2016)

2. Overview of the different marketing processes

The method of marketing in general comprises five components:

1. Investigating
2. Planning
3. Programming
4. Connecting
5. Catching (Seturi, 2017)

Figure 1: Process of Marketing

3. The role and responsibilities of a marketing manager in the context of the organization

The marketing department of Barclays plays a pivotal role in the organizational development of the company as most of the deals come from this segment only. In that case, every manager of the marketing segment has been assigned yearly along with day-to-day roles and responsibilities to fulfill the overall marketing of the company for future betterment. Being a Barclays Showcasing Director, it will be important to work inside a group to design, create, convey as well and improve correspondences to possibilities in addition to clients that are profoundly fragmented and significant as well as organize numerous touch points across a blend of short term goals as well as set off interchanges. Usually, the major roles as well as responsibilities of marketing managers within Barclays include the:

1. Supervise all advertising campaigns for Barclays or segments
2. Executing tactics within the entire department of Barclays marketing department to ensure fast services to its clients
3. Advertising any sort of business, item, or administration within Barclays
4. Guarantee the organization is imparting the right information to draw in imminent clients and hold existing ones
5. Address the showcasing group to cross-practical gatherings including items the board, deals, or client service
6. Refreshing senior initiative on the advancement of promoting exercises and providing details regarding the consequences of missions

Some of the daily roles and responsibilities of the Barclays marketing executive usually comprise of:

1. Oversee and arrange to showcase inventive employees
2. Lead statistical surveying endeavors to uncover the suitability of current and existing items/administrations
3. Work together with media associations along with promotional organizations
4. Work together with media associations along with promotional organizations
5. Conceptualize thoughts for new missions
6. Coordinate with the outreach group and different offices to deliver compelling techniques
7. Screen current missions, guaranteeing their staff fulfills time constraints and completes essential errands
8. Break down information to assess the progress of their advertising endeavors and concoct novel plans to further develop brand promotion and openness (Radda, 2021)

4. An analysis of how marketing influences and interrelates with other functional departments of the organization

The analysis of marketing influence and interrelates with the other departments are as follows:

Marketing and Human Resource:  Recruiting the right candidate for the right job within the budget is the prime responsibility of HR. Recruiting the right candidates is a priority for Barclays' marketing department, which is linked with HR to fill vacancies on time. Marketing also coordinates with HR to make sure that the candidates have access to ample training opportunities that can enable them to deal with the current market challenges (Cortez, and Johnston, 2018). As well as helping the marketing department make sure that the employees are working in satisfactory conditions and that their individual goals match the organizational objectives, HR also facilitates effective communication between the marketing department and the HR department.

Marketing and Finance: Plans and strategies for marketing should be budgeted specifically. For the marketing department to run its marketing campaign within the defined budget, Barclays Finance provides the marketing department with the defined budget.

Figure 2: Marketing and its relationship with another functional department

Marketing and Customers: An organization needs to provide excellent customer service and marketing. Neither function works alone in determining if the products and services are satisfactorily received by customers. Barclays' customer service department provides the marketing department with customer feedback to help develop new products (Acosta, Crespo, and Agudo, 2018).

Marketing and IT: The marketing and IT departments work together to achieve the marketing and organization's objectives as effectively as possible. As part of its work with the marketing department, it ensures that all marketing functions are equipped with the latest technological advances and that they are working according to market demands.

5. Analyze the value and importance of the marketing role in the context of the organization.

There is huge value as well as the importance of the marketing role in terms of Barclays as the business highly depends on the process of marketing for enhancing sales.

Appropriate customer engagement: Marketing plays a significant role in a company's ability to engage the customers of Barclays. It is possible to engage customers by providing them with information they aren't aware of and by creating excellent content surrounding your products and services (Drobyazko, and et.al., 2019).

Develop and maintain reputation: Depending on how Barclays grows and how long it lasts, it will have a positive or negative reputation. Essentially, marketing serves the purpose of building the brand impartiality of businesses. As a result, customers are satisfied when their expectations are met.

Create a relationship between customer and business: A long-term relationship between a business and its customers is essential to its growth. Consumer behavior and demographics influence marketing, so marketing gives us a better consideration of what customers want.

Increasing sales: As marketing uses various techniques to promote products and services, it has the potential to increase sales. An organization like Barclay's brand ambassadors are automatically made up of happy customers (Westlund, Krumsvik, and Lewis, 2021).

Stay Relevant: The marketing by the management of Barclays helps to remain relevant to the customers and their domain which helps to manage a good relationship.

Develop informed decisions: Almost every business has questions regarding the way products are made or services are delivered. Essentially, marketing is the link between a business and society, which underscores its importance for businesses (El Talla, and et.al., 2018).

6. Summarize the significance of having effective interrelationships between different functional departments.

Several functional units of Barclays work closely with marketing. As an example, the marketing department and finance department work closely together. Marketing involves planning, research, implementation, and marketing strategies for designing a successful marketing plan that requires economic resources (Al-Zyoud, 2018). To meet the business's goals, Barclays must cooperate and coordinate with its finance and other departments. To develop a marketing strategy for the target market, the marketing department needs an appropriate and current product description. Managing an effective and efficient marketing plan requires teamwork between the marketing department and the human resource department (Diez, Leigh, and Tambunlertchai, 2018). Also, it contributes towards determining if the marketing purposes are by Barclays' business goals. It is through the interrelationship and collaboration of the departments that Barclays can achieve its overall goals effectively. With annual business operations, it can assist with market planning.

Conclusion

From the above study, it can be concluded that marketing highly influences the customers as well as the business activities for the betterment of the business. For Barclays, it can be stated that all of the marketing functions are related to the different functions of the business whether it can be finance, human resources, or information technology.  There is a very important role of marketing in each department so it is significant to develop criteria for the enhancement of the services of marketing.

Part 2: LO2 Compare ways in which organizations use elements of the marketing mix (7Ps) to achieve overall business objectives

Compare how different organizations apply the marketing mix to the marketing planning process to achieve business objectives.

This section will perform a comparative analysis of the marketing mixes of Barclays along with its two most eminent competitors Metro Bank and Banco Santander.

Evaluate different tactics applied by organizations to demonstrate how business objectives can be achieved

LO3 Develop and evaluate a basic marketing plan

Basic marketing plan

This section will produce a marketing plan for Barclays; the marketing mix of Barclays has already in produced in the previous section.

• Business Summary: Barclays was founded in the year 1690, and the financial institution is currently completing its 331^st year of business. Barclay is a multinational universal bank that is headquartered in London and has more than 100 branches spread across the UK.  Along with conventional banking services, this financial institution also supports its customers, as well as small businesses, businesses, current, and savings accounts along with ISA, which is one of its most famous services. This institution also provides services of financial management to some of its clients. As per the reports of 2021, this firm has generated a revenue of $1.940 billion. Barclay's mission is to move forward with innovation and sustainability and leave things in a manner that is better than in the condition that they were found(Westwood 20220. 
• Business initiatives: Barclays believes in sustainable growth in CIB and generates a low carbon footprint form of management in the world. Furthermore, this firm also wants to perfect its system of digitization for the next generation of customers so that the new wave of technology benefits them the most.
• Customer analysis: Barclays deals both with individual consumers and small-scale businesses. This firm is famous for generating loans and sanctions for SMEs and also investing in a range of startups. Apart from that, the firm has a long list of general and business clientele. Hence the customer segregation of the firm is quite diversified as a whole. The customers belong to the age groups of 16-70 and are present in all the parts of the world where the bank has its branches.
• Competitor Analysis: From a national point of view (UK), Barclays already holds a leading position and has 11.93 percent of the market share, this is followed by HSBC (6.70 percent) and JP Morgan (5.97 percent)
• Budget: According to an estimation, the budget for marketing per month has been produced in the given Excel below.

• Marketing Channels: Barclays performs its promotions through digital marketing, advertisements, public relations, and sales, it also promotes itself through third-party channels such as independent agents. However, the firm needs to develop a range of other channels such as an active social media presence as well as sponsoring events that will allow them better and bigger publicity across the globe. The firm can also aim towards publicizing itself to rewards that will generate a more efficient mouth-to-mouth form of publicity in the market.
• Target Audience: the target audience of the firm is a wide variety of people, right from individual customers to small and now even large businesses(Fotiadis 2018). The firm should now focus on funding large businesses so that they get better exposure and more media coverage. Being a finance partner of a big firm will allow them a lot of public attention. 

References

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