Roles of Marketing Other Functional Units : Barclays

TASK 1

P1 Key roles and responsibilities of the marketing function

The marketing department is working to make products and services achievable in the market. There are policies that have to be followed by the marketing manager which are related to current trends. Marketing department remains in contact with consumers, so they share new services launched by the marketing department and benefits which can be achieved. Marketing is one of the fastest growing departments which makes plans and policies achievable and helps to know what can be done through which image of Barclays bank improves. As the bank is the sector, whose role is increasing in current scenario, so it is essential to work as per terms and conditions. It is essential to make changes in policies as per change in competitors' policies. Marketing process must be followed which help to know about activities, this is effective for making changes in actions of association and this helps to get positive results. There are the following steps in marketing process-

• Firstly market and environment analysis is done. There is need of change in business policies to met business criteria, so it is effective for making decisions (Black, 2013).
• There are some goals behind marketing of product, so after analysing market target workers has to be fitted. This is effective for knowing changes in business policies.
• When targeted customer are finalised so there is use of techniques which are competent to current environment. Actions are farmed accordingly.
• Then there is application of marketing mix,, through which manager can judge which are can be used for knowing trend.
• At last controlling must be there. When negative results are find, then evaluation is done through which corrective measures can be taken.

Roles and responsibilities of marketing functions of Barclays is as under-

Basically marketing department works for communicating with consumers (Chamorro-Mera, Miranda and Rubio, 2014). There is contact between company and society. There is use of various approaches which are competent to operations. But some activities are also performed by marketing departments which are discussed as under-

Marketing Information System (MIS): There are some tools which is used to create communication which help to work according to techniques which is effective for making alteration in roles and responsibilities. In this case, the marketing manager has to communicate with people properly, so there will no misconception (Xiao-zhong, 2012).

Planning: This is the basic function of company that provides guidance to work according to need of factor that is competent to business environment. For marketing there s need of various resources which has to be planned from where to raise. This helps to make decision appropriately.

Financing: Finance is the base for pursuing business operations for Barclays. But at the same time marketing manager has to establish positive relations between cost and profits. In case of negative results, profits gets reduced. So the marketing manager has to plan for finance related decisions also.

Promotion: Barclays has good image in market, so it s essential to work according to business, in advertisement huge cost and time is required, so it is essential to make planning according to targeted consumer.

Selling: Selling s one f the important concept which must be done effectively. As marketing department works to deliver information related to current product and services. This affects business goals and objectives and sometimes marketing manager has to sell the services of Barclays also (Getnet, Kedir and Yousuf, 2014).

Research and development: Bank is the association which is in huge demand because policies can be performed to make changes in current product and services. With research it is possible to work and this is effective for making changes in working style. As the marketing manager remains in contact with consumer so there is use of techniques which are competent for performing business operations as per demand.

Distribution: Distribution involves transportation, warehousing, logistics, etc. Marketing manager has to plan sources through which changes are taking place in effective way. This helps to get use of techniques which are competent to satisfy the demand of customers. In Barclays, there are many services such as fixed deposit, e- baking, etc. so it is essential to take acre of actions through which changes are possible (Ionitã, 2012).

P2 Roles and responsibilities of marketing relate to the wider organizational context

Marketing is one department but it can perform its business activities ineffective way when they work according to need and satisfaction of workers. There are many activities in Barclays which are working for achieving business operations (Papasolomou and Melanthiou, 2012). There is the use of techniques which are competing to perform business gaols and objectives. Barclays has some goals which is effective for make alterations in business goals and objectives, there is use of policies through which activities can be performed effectively. This is possible with the joint efforts of various department. There is discussion about connection of marketing department with other departments.

Roles and responsibilities can be performed effectively when they have used to make strategies. Through strategies the are working to know what has to be done and this is effective for analysing market through use of the appropriate techniques.

Human-resource-management and Marketing - Human-resource-management refers to the functions that focuses on recruitment, management and provide direction for people who work in organisation. HRM deals with various issues in the company like compensation, hiring, organisation development, employee motivation, communication. This perform various function that helps in smooth running of the organization. It is connected with marketing department in various manner such as duty of HR department to recruit efficient marketing manager and other employees for better planning in the firm. Employees must be skilled and knowledgable that is selected by the department to fulfil the goals (Peck and Hall, 2013). In Barclays, the HR manager has the responsibility to provide good training to employees by the experts and also appoint a workforce who will perform for the activities effectively and efficiently.

Finance and Marketing- The planning, directing, monitoring, organizing and controlling of monetary resources of a company. The financial manager of the firm is responsibility to handle all the activities. This is considered as the major department of the firm because it keeps record of the details regarding finance used by the company at different places. It is also connected with the marketing department in many ways. For example when marketing department organise different programs and events and for this they need proper budget so that work is done effectively (Rossi, Allenby and McCulloch, 2012). Finance department help them for making a budget. They allocate money for every single budget so that there is no wastage of resources. In Barclays also, the finance department helps the marketing department for various promotional events in order to promote their new product and services.

Research & Development and Marketing – It refers to the work to obtain new knowledge which use to create new technology, product or system. This aims to create new information that can make the production of products more efficient. When a company wants to grow then they will come up with new inventions and it helps in creating place in the mind of customer. It is related with the marketing department because only this department tell the company about the need and desires of the customer in the market and how to satisfy them. In Barclays, research-and-development department tries to bring innovation in their product and launch new products time to time so that consumer does not get bored of their existing products (Wright, 2015).

Customer service & Marketing – It is the crucial department of company because it handles the problems of the customers and also take feedback so that they will come again for purchasing and also provide the after-sales services. This department is not directly connected with the functioning of the firm. It is only department which takes care of the customer after the product sold to them. Marketing department helps them in knowing the problems by conducting various surveys. After knowing the issue customer service department solves the issue and make customer happy.

Production and Marketing – The function of production department is to convert inputs into the finished outputs by a series of production processes. It is also connected with the marketing department which provides information about the needs and demands of the customers (Shukla, 2015). After getting the information, production department can produce product according to their needs and satisfy them.

Sales and Marketing – Sales department is very essential department as they only sale the goods and services to the customers in market. Marketing team helps in providing goods and services as per the demand in the market. In Barclays, by applying various strategies the sales team perform the work of selling their products to customers (Solutions, 2011).

TASK 2

P3 Marketing mix for marketing planning

Marketing mix refers to the combination of various factors that need to be managed by companies to influence consumer to purchase its products and services. It is a set of marketing tools that a company uses to achieve its objective and to promote its product and services. Marketing mix generally include four P's that add value to companies offering they are product, price, place, promotion.

Barclays bank and HSBC are leading international financial institutions that uses marketing mix strategies to deliver banking services (Jacobs, MacRae and Sladyk, 2017). The comparison of Barclays bank and HSBC are as follows-

TASK 3

P4 Produce and evaluate basic marketing plan

Marketing plan is the base which is used by Barclays bank to work to achieve targets. There are policies through which changes are mandatory in activities of association. There are factors which as to be considered. Market plan works as road map for attaining goals and objective (Khan and Adil, 2013). It provides guidance to workers how to perform business activities in effective and efficient way.

Introduction to company – Barclays is the public limited company which is serving society in financial sector. It has head quarter in London. This bank was established in 1690. This operates in 40 countries with employees over 120000. they work in mainly four sectors- Corporate banking, Wealth management, investment management, personal banking.

Mission and vision of CADBURY – Barclays vision is to achieve good growth through satisfying need of customer. This helps them to create loyalty and trust in mind of customers.

Its mission is :- They want to enhance at global level by proving financial assistance to small and medium level customer (Kwon and et. al., 2017). They want to come up with innovative services to meet needs of customers.

SWOT analysis –

SWOT analysis is the technique through which internal positive, as well as negative points, are considered. There is the use of strategies through which banks can work as per current trends. SWOT analysis of Barclays is discussed under-

Marketing Budget-

Marketing budget is one of the essential tool through which association working to know what can be done through which changes are significant and helpful in making strategies achievable. There are various expense occurred to make services delivered to worker (Lin, Li and Wang, 2015). This helps to work under set targets and hence there will no negative impact on operations.

Target Market – There is use various approaches through which bank came to know about demand. These approach are performed by marketing manager to know what can be done through which changes are necessary. While making changes in roles and responsibilities, manger has to work according to demand of targeted consumer (Natarajan and et. al., 2013) (Ogunmokun and Tang, 2012). This helps to provide more satisfaction and this helps to increase goodwill as well as profits of Barclays bank.

Monitoring and Controlling – This is the last step in which monitoring and controlling is taking place. While making changes in roles and responsibilities. There are factors which has to be considered in performing activities which are significant for approaching correct person in appropriate manner. There is requirement of polices which assist workers to work in correct direction. This helps to achieve goals and targets on time.

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CONCLUSION

When an enterprise is coming with some use technique then it is essential to deliver information to society, so there will be demand in market. There is requirement of proper planning to develop marketing strategies through which changes are possible and this is effective to make changes in the roles and responsibilities of the company. Sometimes a manager has to change techniques frequently due to which actions may get mismanaged, so to apply business actions in an effective way. There are possibilities that due to use of techniques which are competent to current trend. Sometimes there is need of change in business roles and responsibilities, which is effective for achieving targets. 7 P's of the marketing mix is effective for knowing competitors' policies with which enterprise can change their roles and responsibilities. While planning a promotional event there is a need of policies the targeted market must be kept in mind.

REFERENCES

• Asaduzzaman, M., Hossain, M. and Rahman, M., 2014. Service quality and student satisfaction: a case study on private universities in Bangladesh. International Journal of Economics, Finance and Management Sciences. 1(3). p.128.
• Black, S., 2013. The practice of public relations. Routledge.
• Chamorro-Mera, A., Miranda, F. J. and Rubio, S., 2014. Facebook as a marketing tool: An analysis of the 100 top-ranked global brands. International Journal of Virtual Communities and Social Networking (IJVCSN). 6(4). pp.14-28.
• Getnet, E., Kedir, A. and Yousuf, J., 2014. Challenges and Prospects of ICT Use in Agricultural Marketing: The Case of East Hararghe Zone, Oromia National Regional State, Ethiopia. International Journal of ICT Research and Development in Africa (IJICTRDA). 4(1). pp.41-60.
• Ionitã, D., 2012. Entrepreneurial marketing: a new approach for challenging times. Management & Marketing. 7(1). p.131.

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