Marketing Mix Barclays Bank Marketing Essay
Barclay's plc is a British financial services firm which operates worldwide. It is a company that is listed on the London and New York stock exchange. The company grew into one of the largest financial services groups in the UK and is involved in large range of operations including banking, investment banking, and investment management. It operates 2,000 domestic branches and is nearly 850 internationally branches in more than sixty countries all over the world. Barclay's has seven sub-units, namely Barclay's Africa, Barclay's Capital, Barclay's Global Investors, Barclay's Private Clients and UK Banking etc. The company has over 4.5 million registered online bankers and over 10.6 million Barclay's customers in the United Kingdom. In 2003 Barclay was the world's ninth-largest bank based on market capitalization.
Barclays’ main objectives is to help their customers by considering them as individuals, offering services and products that expects and satisfy their requirements. The company explains, “We must continue to understand, in detail, what customers require. The financial services market is ever more competitive and it is becoming easier for others to provide financial services, especially during this time of rapid technological change with the seamless integration of the Internet, digital TV and teletext. It is important to distinguish our market research and keep a finger on the customer's pulse." (Barclays, 2010)
The stakeholders are the persons or group of persons that have a key interest within the business. Their interest as a stakeholder will differ according to the type of business in which they have an interest. The internal stakeholders in Barclays plc are the following:
1. Customer Relationship Management (CRM) Targeting Analysts
The CRM Targeting Analysts measure the performance of response-based marketing campaigns by examining replies and results. (Barclays, 2010)
2. Campaign Executives
The Campaign Executives help come up with cutting-edge campaigns to promote Barclays products to target customers. (Barclays, 2010)
3. Campaign Managers
The Campaign Managers lead a team to develop, implement and manage cost
The company also engages with colleagues across the business in several ways, from focus groups to networks and through union representation. Annual Employee Opinion Surveys are also a valuable means of gaining feedback. Senior leaders hold regular colleague presentations during which issues of interest are discussed with groups of employees. (Barclays, 2010)
There are also a large number of external stakeholders in the company:
1. Customers and clients
Customers and clients are the most important stakeholders. Regular surveys and focus groups are used to hear views on how the company can improve its products and services to better meet needs.
2. Private shareholders
Its shareholders receive communications in electronic or printed form, such as the Yearly Review, and notices of shareholder meetings.
3. Consumer groups
Barclays, works with consumer groups to get to know their views on practical improvements which can be applied to products and services, or propositions that have to be launched. In 2006, the company's Consumer Champion team set up a group to discuss work with consumer organizations. Feedback is continually used to make changes to the company's products and services in the UK.
4. Non-governmental organizations (NGOs)
The company recognizes that NGOs have a major role to perform, working with governments and businesses to highlight issues of concern in a range of areas. Dialogue is maintained with a range of NGOs and their feedback is welcomed. (Barclays, 2010)
SOURCES OF FINANCE:
Personal savings: this is most the choice for small businesses where the owner has some savings available to use
Retained profit: that is, profits which, rather than being distributed to shareholders or taken as drawings by the owner/s, are ploughed back into the business to generate more profits in future.
Working capital: This is short-term money that is held in keep for day-to-day expenses such as salaries, rent, bills and invoice payments.
Sales of assets: There may be more fixed assets, such as buildings and machinery etc. Choices to sell items that are still used should be made carefully as it could affect capacity to deliver accessible products and services. (Barclays, 2010)
Shares: Limited companies could look to sell additional shares, to new or existing shareholders, in trade for a return on their investment.
Loans: These may be in the form of debentures (with fixed/variable interest) which are usually protected against the asset invested in, so the loan company will have a legal shared interest in the investment. This means that the company won't be able to sell the asset without the lender’s agreement and the lender will take priority over the owners and shareholders if the business should fail making sure the cost is repaid even if a loss is made that's the new Loans: replace that. (Barclays, 2010)
Venture capital: It is usually used to develop new business or ventures. This finance is available to Barclay’s whose projects may be too risky to secure a bank loan, but are judged viable by the specialist organisations offering this help. (Barclays, 2010)
Factoring: Factoring is where it contains the organizational outsourcing and charging arrangements to an external organization. This involves the firm selling its debts to a ‘factor’ for less than their face value. The factor collects the full amount from the debtor and his profit is the difference between the two. This can enable small firms to avoid cash flow problems. (Barclays, 2010)
Barclays is known worldwide and its influence also spreads across the globe. This allows it to be able to spread its risk across a wide range of markets and enjoy the necessary economies of scale
The Barclays brand is established and has a very strong reputation in the market. (Barclays, 2010)