ION BRATIANU COMPONENT 2 (new )

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University of West London *

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Marketing

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Nov 24, 2024

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COMPONENT 2 ION BRATIANU BARCLAYS

INTRODUCTION Digital marketing has become increasingly important for businesses to reach a large audience in order to market their products and services to a wide audience in order to increase their sales in the modern age. Kotler and Keller (2016) explain that digital marketing campaigns aim to promote a product or company via electronic channels. Using a company website, social media platforms, or email campaigns are all ways to accomplish this. In addition to operating in more than 50 countries, the Barclays Bank is a large multinational bank. There are estimated to be more than 48 million customers and more than 140,000 employees at the bank (ibid.). A bank must utilize digital marketing strategies to maintain its customer base while remaining competitive in the market, so that it can attract new customers while maintaining its existing customer base. MAIN BODY For banks, social media is another important channel for digital marketing. A variety of social media platforms, including Facebook, Twitter, and Instagram, are available for banks to advertise their products and services to customers. Furthermore, social media can also be used as a means of providing support and customer service. There is a strong social media presence for Barclays Bank on all the major social media platforms. The bank's website regularly posts news and offers as well as updates about its products and services. Customers can also get support and assistance from the bank through social media. Social media interaction with the bank's customers still needs improvement, however. Social media contests or polls can be held, or exclusive deals can be offered to followers of a bank's social media channels.

The importance of marketing to achieving an organization's goals has increased significantly over the last few decades. Essentially, a marketer's role is to understand the needs of customers and to respond to them efficiently. Marketing is not only about delivering a company's message, but also helping it reach the audience it wants. In addition to its personal and business banking services, Barclays Bank also offers credit cards, loans, and investment services. Personal banking, business banking, credit cards, loans, and investment services are among the products and services provided by Barclays Bank. This company has a strong brand name and a large customer base, so it is well known in its field. Marketing professionals need to segment the market in order to gain a deeper understanding of Barclays Bank customers' needs and wants. Furthermore, marketing segmentation helps marketers identify their target audience so they can tailor their marketing strategies accordingly. Barclays Bank attracts customers who are looking for a provider of financial services with a range of products. Additionally, customers seek banks that are easy to use and offer competitive rates, as well as those that are easy to use and offer competitive rates. Barclays Bank's products and services are not just targeted at its customers. It also targets its employees. For its customers, Barclays provides a wide range of products and services (Barclays, 2019). Barclays Bank's core, generic, anticipated, augmented, and potential products can be described using Kotler's (1967) Product Levels Model. Providing financial

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services to customers is the core business of a bank. The bank's customer service is one of its generic products. In addition to offering competitive rates, the bank's customers expect it to be located in an accessible location. Here, the loyalty program of the bank is seen as the augmented product. Future products and services could be offered by the bank. According to Gronroos (1987), Barclays Bank's core product, supporting products, and physical environment could all be described using the Services Marketing Model. Customers' interaction and participation are defined by Gronroos' (1987) Customer Co-Production Model, as part of the bank's customer interaction. Customers of the bank can choose from a variety of financial products, which are what it is best known for. The bank acts as a facilitator by providing customer service. In addition to offering a competitive rate, the bank offers convenient location as a supporting product. A bank's branch network constitutes the physical environment from a physical standpoint. Customers are co-produced by banks through online services. As a result of their interactions with customers, banks provide customer service. A brand equity concept is used to describe how Barclays Bank developed its brand. Its unique brand name is well known among customers because of the bank's strong reputation within the industry. Ritson (2012) describes how the bank has established its brand by providing products and services that meet the specific needs of its customers. A distinctive brand has also been developed by the bank because it offers easy-to-use tools and competitive rates. Barclays Bank emphasizes the relationship between 'place' and its branch network as part of its marketing initiative. As far as accessibility and availability are concerned, this bank distinguishes itself from other banks by being conveniently located and offering online banking services. It is imperative that the bank be able to offer a wide range of products and services to customers from a variety of cultures in order to have an impact locally, nationally, and/or internationally. Part of a bank's supply chain is maintaining relationships with suppliers and distribution channels.

The rates of interest used by Barclays Bank are used to calculate its prices. Using both competitive rates and promotions, the bank maintains its competitive pricing strategy. Through a wide range of products and services, Barclays Bank UK PLC creates value for its customers (Annual Report, 2021). The value of the bank is also significantly influenced by its brand. Marketing, advertising, and public relations are actively undertaken by Barclays Bank as part of its promotional activities. Customer service, social media channels, and the bank's website are all ways the bank promotes itself. (Making a Difference Barclays PLC Environmental Social Governance Report 2020, n.d.) The bank offers a wide range of services and products to meet the needs of its clients. For Barclays Bank, marketing is all about 'people.' The bank's target market consists of both its employees and its customers. The bank may run promotions to attract potential customers, such as customer service, online banking, and promotions related to customer service. Banks can better market the services of their banks through their network of branches than by any other means. With a wide range of products and services to meet its customers' needs, Barclays Bank is one of the world's leading financial service providers. With a large customer base in the UK market, the bank enjoys strong brand recognition in the country. Also, Barclays Bank offers its clients a wide range of products and services, including the development of marketing campaigns that support the bank's business goals (www.barclays.co.uk, n.d.). The marketing function at Barclays Bank is responsible for developing these campaigns. Research on the needs of target markets helps Barclays Bank's marketing team better understand those markets. This information can help develop a marketing plan and strategy tailored to the market's needs. Several promotional campaigns are

developed and implemented by the bank's marketing department to raise awareness of its products and services. In order to reach its target market, Barclays Bank uses a variety of marketing channels. In addition to television advertising, radio ads, print ads, and online ads, there are other types of advertising as well. PR and event marketing are also being used by the bank to reach its target markets directly. Direct marketing is not the only way to reach them. In order to align its products and services with those of its target markets, Barclays Bank's marketing department collaborates closely with other departments within the bank. As well as working with internal partners, a marketing expert team also works with external partners to deliver marketing campaigns efficiently and effectively. Each day, Barclays Bank's marketing team strives to provide exceptional customer service. Providing high-quality campaigns tailored to the bank's clients' needs and expectations is our team's goal. The marketing department of Barclays Bank has developed new and innovative ways to reach its target markets over the years. As well as being open to new ideas, the bank's marketing department strives to implement new ideas and approaches to improve the effectiveness of its marketing campaigns. A global financial institution such as Barclays Bank has a complex marketing mix. Marketing campaigns are developed and implemented by Barclays Bank's marketing team. The team develops marketing plans and strategies that address the target markets' needs. A promotional campaign is also developed and implemented by the team to increase awareness of the bank's products and services. Various

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marketing channels are used by Barclays Bank to reach its target markets. Along with television and radio commercials, this category includes print and online ads. The bank also utilizes direct marketing, public relations, and events to reach out to its target markets in addition to direct marketing and public relations. Conclusion The marketing department at Barclays Bank plays an important role in making sure that the bank's products and services satisfy the needs of its target markets so that the bank's products and services are aligned with those needs as well. In addition, the team collaborates with external partners in order to ensure that marketing campaigns are delivered successfully and efficiently in order to achieve the desired results. It is essential for the team to be able to stay ahead of the competition by constantly seeking out new and innovative ways of reaching out to its target markets in order to remain competitive and stay on top of the game. REFERENCES Barclays (2019). Barclays Corporate strategy | Barclays. [online] Home.barclays. Available at: https://home.barclays/who-we-are/our-strategy/ . Barclays Bank UK PLC Annual Report. (2021). [online] Available at: https://home.barclays/content/dam/home-barclays/documents/investor- relations/reports-and-events/annual-reports/2021/Barclays-Bank-UK-PLC- 2021-Annual-Report.pdf. Drew, S. A. (1995). Accelerating innovation in financial services. Long range planning, 28(4), 1-21. Kotler, P. and Keller, K. L. (2016) Marketing Management. Harlow: Pearson Education. Making a difference Barclays PLC Environmental Social Governance Report 2020. (n.d.). [online] Available at: https://home.barclays/content/dam/home- barclays/documents/investor-relations/reports-and-events/annual-reports/ 2020/Barclays-PLC-2020-ESG-Report-2020.pdf.

Mutua, A. M. (2012). Strategy and structure alignment at Barclays Bank of Kenya (Doctoral dissertation). Peppard, J. (2000). Customer relationship management (CRM) in financial services. European Management Journal , 18 (3), 312-327. Ritson, M. (2012). It’s an equitable brand life, Barclays. [online] Marketing Week. Available at: https://www.marketingweek.com/its-an-equitable-brand- life-barclays/ [Accessed 11 Sep. 2022]. www.barclays.co.uk. (n.d.). Abbreviations on Bank Statement Meaning | Barclays. [online] Available at: https://www.barclays.co.uk/help/accounts/statements-balances/abbreviations/ [Accessed 11 Sep. 2022]. www.barclays.co.uk. (n.d.). Important information | Barclays. [online] Available at: https://www.barclays.co.uk/important-information/.

ION BRATIANU COMPONENT 2 (new )

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