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Banking industry is one of the most important service industries in the world. One of the greatest banking companies is Barclays which conducts its operations across Africa, North America, South America and Asia and it has about 50 million customers. Some of the banking services offered by Barclays include corporate and business banking, investment banking, wealth management, personal and premier banking and international payments (BARCLAYS). This essay discusses the various aspects of Barclay’s marketing principles.
Barclays Company remains to maintain its strong customer base and management. This is being facilitated by various factors such as the intensive use of new innovations and technology, its flexibility in offering services, high degree of creativity, effective communications across the employees and customers and the establishment of contextual and core balances. The company is capable of adjusting itself in order to adapt to the varying times that a good foundation for the company to be admired by the market (Leslie, H. and Ackrill, M. 2001).
Overall strategy of the company
To facilitate international competition, Barclays has strived to offer the customer services at a very high excellence level. This has assisted in the worldwide promotion of the company as an ideal business that can be relied upon by the customers. In order to achieve this, the Barclays bank has identified their target groups of customers and their respective needs and it has developed the services that are of high value to these customer groups. The bank has been updated along with the varying information technology requirements through a massive investment into the new technology levels that facilitates the provision of high quality services to the customers. For instance, the technological advancement has enabled the company to reduce fraud risks, effectively perform the routine tasks and it allows the banks managers to have up to date information hence giving them an opportunity to make better decisions and identify the customers and groups that are of high value to the company/bank. Finally, the advancement in technology led to the elimination of weaknesses in the practices of the company and minimizing the failures that negatively affects the customers thus reducing the excess unnecessary operation costs (Growth Strategies of Barclays Bank).
Barclays’ relationship marketing
The company has developed long term relationships with its customers since it is comparatively cheap to sale the services to the existing customer than to new customers. The Barclays’ relationship marketing has made the customers to receive more from the company as compared to other competitors and it has made the customers to remain royal to the company. Also, it has made the company’s customers to have a sense of well being as they have relationships that are long term (Szmigin, I. 2003).
The 4Ps mix consists of product, price, place and promotion. Regarding the products, Barclays creates the products that are intended by the many customers in the market. Barclays has good pricing strategy which includes special offers and financing. Regarding the place, the company conducts its business in many countries in the world for example England, Kenya, USA and India. Finally, promotion has become the most important P that Barclays focuses on. It carries out sales promotions, public relations and advertising using various means in order to attract more customers in the market (Institute for manufacturing). Therefore, the company has the ability to work effectively in shaping the 4Ps market mix that meets the needs and nature of its target market (Lake, L).
Barclays Company has a powerful brand name with global reach that gives it a good intellectual property and enables it to have a good reputation towards its customers in the market (ABSA). The brand name has also made the bank to retain its strong competitive advantage which has enhanced trust in the company’s customers. Currently, the company’s brand name and intellectual property is in the forefront in the internet which makes it possible for the customers to take the advantage of this situation. The electronic business enables Barclays to protect its securities online (Baines, P., Egan, J. and Jefkins, F. 2004).
On the other hand, there are bank has some differences in implementing its marketing strategies. For instance, it has a very small presence in the Asian markets and it has limited plans to expand in Asia. The bank’s services to some individuals especially the ones that are associated with the activities of ZANU PF have generated some controversial issues about the ethics of the bank (REMORPH, 2006).
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The achievement in technology such as the effective use of customer relationship management and electronic business has promoted the Barclays Company marketing practices and perceptions. The Barclays’ marketing services are of great emphasis on the customers. The quality and quantity of the Barclays company services have increased due to powerful brand name and Absa activities