Marketing is an essential function carried out by business organisation in order to market products and services. It focuses on fulfilling the needs and wants of customers by delivering high quality services to them. It involve number of interrelated activities that have to be performed which include conducting market research, carrying out communication process so that final objectives could be achieved. The organisation included in this report is Barclays, which is a investment bank located in London. The report highlights various roles and responsibilities of marketing function and its relationship with other department present in single organisation. A marketing plan is also formulated to describe steps to be followed to reach final purpose.
P1. Key roles and responsibilities of marketing function
Marketing is an effective procedure that results in creation of healthy relationship between customers and producer by making products and services in order to satisfy their needs. The basic aim of this function is to create demand among customers and results in sales of a company (Baines, Fill and Page, 2013). The marketing manager of Barclays have to conduct marketing activities in order to enhance their productivity and efficiency in market place. Business environment is dynamic in nature which keeps on changing with time thus, it is necessary to carry out work task of marketing function in prospective way. There are some roles and responsibilities of marketing department which is described below:
- Marketing function assist the organisation to built effective brand image in market place so that consumers can be attracted and retained for longer period of time.
- It involve carrying out work process considering demands and wants of people in market place so that they become happy and satisfied. It also include considering their feedbacks that may rise on various aspects.
- Marketing plans is also a important part in this function as it involve number of activities to be performed in carrying out marketing process.
Above discussed are the important functions that are carried out by marketing department of Barclays bank. There are some responsibility of marketing department that are illustrated below:
- Promotional function: it involve creating effective image in customer's mind about that organisation and persuading them to buy their product. Barclays conduct number of promotional activities so that customer's demand can be met out in prospective way. This is a role of marketing department in which arrangement are made to adopt numerous promotional ways that involve making use of electronic sources (Berkowitz, 2016).
- Planning function: Plans are formulated well in advance so that future plans can be conducted in effectual mode. It is a initial step in which marketing manager have to prepare plans considering all aspects so that all decision can be made accordingly. There are various type of plans that are created which involve short term and long term plans focusing on certain aspects. For instance, marketing manager of Barclays have to make plans about introducing some new digital tool and technology in system hence, proper plans are drafted well in advance that guide the future actions.
- Building Customer relationship: It is a prior function that involve creating healthy relationship among consumers of company so that they could be retained for longer period of time, consumers are the most important resource hence, care should be made to produce those goods and services that will satisfy their needs in efficient way. Barclays always focuses on customer care services in which they make efforts to solve all complaints of their consumers that may be faced by them due to several reasons.
- Financial function: Finance is a most crucial resource that is needed in carrying out all business activities in day to day life. There are various sources through which bank can arrange funds and used in business activities. Financial manager of Barclays make proper and optimum decisions regarding areas where finance must be located properly. It is necessary to utilise it in proper way so that proper outcome and result could be earned.
- Marketing Information System(MIS): This system enable Barclays to know the interest and preference of their customers so that effective decision could be made considering it. It is required by organisation to consider view points of their potential clients and thus it is requisite to collect important data and information so that proper decision can be formulated. Barclays follows this structure correctly so that ultimate aims and objectives could be achieved in set period of time.
From the above discussion, it has been concluded that marketing function play several roles and responsibilities that must be conducted by marketing manager of Barclays. They make sure that all functions are carried out in effective and expeditious manner so that final objective and purpose of organisation could be reached.
P2. Interrelationship of marketing department with other functional units
Barclays have different department that is present is working at same time. All are interrelated with each other as they have to achieve same objective and purpose of the company. Therefore, it is necessary to coordinate activities of all sections in order to enhance the overall productivity and image of organisation (Blythe, 2012). Marketing department is consider building block of Barclays bank and share significant relationship with other divisions that are present in organisation, which is described below:
- Marketing and Finance Department: the work of finance department is to utilise finance in optimum manner so that all resources are allocated at correct place. Finance manager of Barclays have to frame actions which involve creation of budgets, making investment decision that may be long term or short term. Similarly, marketing department also require sufficient amount of funds to carry out marketing activities like selling, promotion, advertising. All these require some amount of finance therefore, it is necessary to make proper coordination between each other.
- Marketing and Human resource department: human resource department of business organisation play a vital role as they make policies to recruit potential candidates for the company hence, they perform recruitment and selection process. Apart from it, they impart training to their employees in order to enhance their skills and efficient at significant level. Hence, HR department recruit marketing team for Barclays and thus, it is necessary to make proper coordination with each other and this hoe they are interlinked.
- Marketing and R&D department: R&D department focuses on carrying out continuous research about examining the prevailing condition present in market place so that work can be conducted considering it. R&D department supply necessary information to marketing division which help them to formulate strategies and policies.
- Marketing and Production Department: The production manager is in-charge of producing such goods and services that will yield organisation huge profits and results in increase of sales. They create proper relationship with the supplier of company and also consider feed backs from customers so that proper changes can be introduced in existing product of organisation. This type of information is supplied by marketing section so that they could deliver proper services to their customers (Dibb and Simkin, 2013).
- Marketing and Customer Service department: The customer service section of the organisation is focused on solving complaints and issues of consumers in market place. Their main objective is to built conducive relationship with the customer of company. Barclays provide attention to solve all queries of their customer which rise in various key aspects. This deliver proper information to marketing department so that proper improvements can be made in existing product or service.
- Marketing and technical support department: Technical support sections always ensure that organisation so not faces some technical issue or problem as it can hamper the organisation's work in various ways. They make efforts to adopt innovative tools and techniques into the system so that marketing function can be conducted in decorous style.
From the above discussion, it has been concluded that marketing function shares a conducive relationship with different departments which are present in single organisation as it assist in coordinating activities of all these sections so that ultimate objective of Barclays could be attained.
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P3. Application of marketing mix in planning process to achieve objectives
Marketing mix is a important concept which involve seven components product, price, promotion, place, physical evidence, people and process (Durmaz, 2011). The main competitor of Barclays bank is HSBC and the comparison between both these banks are described below:
|Element of marketing mix||Barclays bank||HSBC|
|Product||Barclays have different types of products that are available and offer distinctive type of product portfolios that are investment banking, commercial banking, digital banking products and various others.||They offer different type of product features to their customers at market place as well as portfolios which include planning of financial services, business and corporate banking products. Part from it, services which is related to factoring trade.|
|place||They deliver their services to approx 55 countries and have around 5000 branches and 1500 are present in united kingdom. They have ATM facility which is available for 24 hours.||HSBC is consider biggest world bank as they have sufficient amount of assets. They are present in around 80 countries worldwide and have 7000 outlets. Their branches exist in distinct type of name but they work under the name of HSBC. They always prefer to open up their branch in such places which can be easily accessed by customers.|
|Price||They earn significant and huge amount of profits and draft effective decisions to manage its expenditure. They continuously make improvements in their overall capital. They charge competitive policy of price. They provide mortgage loan to their customer at affordable price hence enable them to create proper image in consumer's mind.||They have competitive pricing policy and set their price in accordance to current market condition that is prevailing in market area. They also consider the strategies of their competitors and than, set price of their product and services. In order to face cut throat competition in pricing policy they have formulated aggressive pricing strategy. On the other hand, creation of prospective customer basis value added pricing plan is adopted.|
|Promotion||It has been in the list of banks that has been established in earlier time and therefore realised the importance of advanced and modern promotional function. They promote their image with the help of advertisement which is being broadcast on television as well as make use of print media sources. They also provide sponsorship to number of famous program that include Football League.||In order to promote their products and services that HSBC offers they carry out number of promotional activity in which they advertise through use of electronic, print media like newspapers, magazines. They also telecast advertisement on television at regular period of time. The messages which are delivered by them is full of information and relevant data which allow customers to make decision considering it.|
|People||They always treat their employees and customers in effective way. They are well known about retaining their workers fro longer period of time due to applying several innovative retention process. They also treat their customer properly by giving them facilities like incentives, pension facility etc. on the other hand, medical facility is also granted to people. Personnel are free to make their decision regarding their timing and work process.||They make proper plans and norms to create proper relation with the customers of bank. Employees are also trtaed with proper attention and contribute their efforts for achieving sustainable growth and distinctive image in customer's mind. Hence, they strongly believe that creation of high value of consumers and employees which contribute in regular growth of HSBC bank.|
|Process||The banking process of Barclay is simple and can be easily used by their customers. They deliver easiness of conducting several transactions online. Hence, customer do not face any problem in carrying out their banking work. On the other hand, relationship manager also play vital role in maintaining conducive relation and proper care is given to them. Introduction of online services that include payments, grating loans, transfer process.||They carry out their banking services in accordance to set policies and norms. They have to carry out banking process taking into consideration all norms that is applied to every bank that is present in market place. They have strategies to make full attention on considering consumer's needs and requirement (Papasolomou and Melanthiou, 2012).|
|Physical Evidence||Barclays have also introduced their services through mobile apps so that customer sitting in any location can avail banking services properly. This result in enhancing the ratio of their regular customer at significant level.||They have attractive offices which are located at various place over world. The bank;'s own website is also consider in this component of marketing mix. There are other sources which involve brochures, furnishings, business cards and paperwork. Employees are given different type of resources which include giving them diary, pens.|
P4. Develop a basic marketing plan
Marketing plan is a initial process which is framed by marketing manager in which all activities are involved and provide guidance to carry out it in adequate way (Jones and Rowley, 2011). It is a framework that help in developing strategies to market goods and services in market place. It involve goals and objectives, preparation of budgets, SWOT and PEST analysis that help Barclays to conduct marketing process conducive. Target market is also been decided in marketing plan so that all decisions are conducted in this way.
- Executive Summary: Marketing plan helps in achieving set targets in particular time period. It consider importance of analysis that helps in taking into consideration factors that are present inside and outside of business and must be taken into consideration while framing marketing policies and procedures.
- Goals and Objectives: The Barclays' aim to construct healthy relationship with their customers in market place and to reach set growth in set period of time. They want to earn high growth and image in market place as compared to their competitors in one year. It a well established and known bank and must make continuous efforts to enhance their overall functioning. For accomplishment of all purpose and objectives it is required to review its marketing plan so that more effectiveness can be provided (Mihart, 2012).
- Company's Review: Barclay is a British based multinational bank that deals in providing financial services to their customers. They execute basic four services which include corporate banking, wealth management, investment management and personal banking. It has branches in approx 50 countries and have 150000 employees.
- SWOT analysis: It is performed to know the strengths, weakness, opportunities and threats of Barclays so that effective decisions can be taken place (Lamb, Hair and McDaniel, 2011).
- Segmentation, Targeting and positioning: It is a important component that is used in modern time in which strategy is defined in relation to target market, so that preoperative positioning plans can be drawn so that strategies are made accordingly considering these factors (Malhotra, Birks and Wills, 2013).
- Create a marketing mix: In this, important seven components of marketing mix have to be taken into consideration while making marketing plan. It include product, place, promotion, price, people, physical evidence and process (Lancaster and Massingham, 2010).
- Formulating market budget: It helps in allocating funds that are available with the organisation so that proper plans can be developed.
|Particulars||1st year||2nd year||3rd year||4th year||5th year|
- Evaluation and controlling the plan: The overall marketing plan have to be evaluated properly so that attention could be made that all work is performed according to set standards. Deviations are also find out in order to take corrective actions effectively. Controlling function is also carried out in which marketing process is controlled in proper way so that it do not pose negative impact on overall performance (Lipsman and et. al, 2012).
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From the above prepared report, it has been concluded that marketing is an essential function carried out by business organisation in order to market their product and service in market place. The report highlights the marketing function of Barclays bank which delivers baking services to many of its customers present in market area. Marketing manager play a effective role and contain several responsibilities to be performed by them. The report throws light on relationship of marketing department with other sections that are present in single organisation. Apart from it, importance of marketing plans is also focused upon that include all types of actions to be included in carrying out marketing process.
- Baines, P., Fill, C. and Page, K., 2013. Essentials of marketing. Oxford University Press.
- Berkowitz, E. N., 2016. Essentials of health care marketing. Jones & Bartlett Publishers.
- Blythe, J., 2012. CIM Coursebook Marketing Essentials. Routledge.
- Dibb, S. and Simkin, L., 2013. Marketing essentials. Cengage Learning.
- Durmaz, Y., 2011. A theoretical approach to the concept of advertising in marketing. International Journal Economic Research.[23 January 2015].
- Jones, R. and Rowley, J., 2011. Entrepreneurial marketing in small businesses: A conceptual exploration. International Small Business Journal.29(1). pp.25-36.