Essay
Unit 3 - P4
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use marketing research for marketing planning
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Barclays Barclays mission statement as of 2019 is “We are a company of opportu-Mission nity makers, working together to help people rise - customers, clients,
Statement: colleagues and society.”
Marketing Barclays has multiple marketing objectives that they strive to achieve
objectives: when dealing with their business;
To build on our strength as a more translative consumer and wholesale
bank, anchored in our two home markets of the UK and the US, with
global reach.
Maintain an appropriate balance between total cash returns to sharehold-
ers, investments in the business and maintaining a strong capital posi-
tion.
Barclays also focuses on ensuring they are working towards obtaining a
larger share of the market thus they focus on a continuous mission to en-
sure they deliver the purpose of creating opportunities.
Marketing A marketing audit is an analysis and evaluation of the business’s internal
audit: and external environment. Currently, Barclays uses different social media
such as Twitter, which they have around 250k, and Facebook, which
they have around 600k. They use both these platforms to promote differ-
ent services they have however, they do not advertise their social media,
to have more people following them. Barclays also uses youtube where
they post their TV adverts, where most of their advertising is.
Marketing Marketing analysis is the study of the dynamics of the market. By taking
analysis: into account the market size, growth rate of market and market trends.
Barclays has a large market size, being a bank, Barclays have many
competitors, gaining a competitive edge over companies is an important
task for all banks such that advertising through TV has shown them the
most growth. Due to this Barclay's market growth is on a continuous
growth track, since the downfall of Barclays of 2000, when they shut
down over 160 branches, as well as the 2008 recession. While they do
use social media, they don’t have many followers compared to other
banks, such as their market reach is not as effective.
SWOT Strengths - Barclays, being a large global bank, it's brand name is most
analysis: commonly recognised. Being sponsors in popular sports competitions
such as the Premier League adds to the promotion that the company
gets improving its brand recognition as many more are more aware of
the brand, internationally as well. Barclays also ensures that their brand
image is a clear positive view on how they run their business.
Barclays is also very innovative in aspects of research and developing
products and services for their market to ensure every individual will be
able to bank with them. An innovation that gave Barclays a competitive
edge was contactless pay, this allowed buyers to pay for something with
the tap of their card, making it quicker and more effective.
Weaknesses - Barclays has been known to pay their directors very high,
while this isn't a bad thing, they also give the directors exorbitant
bonuses.
Barclays also has a high attrition workforce compared to other organisa-
tions, due to this Barclays has to spend more time training their employ-
ees and focus on their welfare, suggesting that certain employees are
, unhappy with working for Barclays.
Opportunities - Barclays has multiple opportunities to emerging markets
where they are high demand for the need for banking services. Barclays
has started to focus more on students as a market, and conduct multiple
amounts of research in order to gain more clients, as they are aware of
how these clients can turn into long term customers.
Barclays also, to improve its revenue can become aware of areas where
they can cut costs such as transportation and finding cheaper shipping
options to reduce product price, thus becoming more desirable to cus-
tomers and an opportunity to gain market share.
Threats - In 2000, Barclays has closed down multiple branches in the
UK, due to this, Barclays gained a reputation for not being customer
friendly, which had allowed competitors to take advantage of this and
promote themselves as being customer friendly.
As well Barclays is having trouble in market penetration, as Barclay is not
as strong in Asia as it is in Europe, the transition is proving difficult not
being able to gain market share in Asia.
PESTLE: Political - Political factors involved the stability of governments, banks
are greatly affected by government decisions. As Barclays is an interna-
tional bank, they need to work closely with governments to ensure they
follow policies and protocols set by the governing body. Barclays does
not state their political beliefs as they can reduce their clientele. Barclays
has faced many difficulties due to political changes in the UK, such as
the implementing of an eight per cent surcharge on bank profits as well
as Brexit.
Economic - As banking is a very competitive business, Barclays has
many competitors and gaining market share can be challenging. Espe-
cially with the political state of the UK with Brexit, Barclays can face
many economic disadvantages such as the decline of the value of the
pound which is expected to get progressively get worse if Britain leaves
the EU by 2020. Another factor that affects Barclays is changing in the
economic cycle and there is a recession. In the 2008 recession, Barclays
saw a profit loss of 14%.
Social - These factors are the changes in demographics and changes in
trends and lifestyles. This can largely impact Barclays as they can see
these changes as challenges or threats. A social factor affecting Barclays
is the increase of the ageing population, having a median age previous
being 33 in 1974 to 40 in 2014, there are new possible opportunities, as
the ageing population have more income and earn higher disposable in-
comes. Barclays can focus more on saving and investments to provide
aid for pension age customers.
Barclays also need to focus more on receiving positive feedback and
good publicity, in 2000, Barclays shut down over 160 branches which
lead to a series of bad publicity.
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