Assignment 1
Marketing Concept
Introduction
Each industry is subject to marketing elements which influences the company’s function and performance as a whole. Accordingly, such elements are the one’s attributed in determining whether the company has met their organisation objective and if they are able to satisfy their clients (Jobber & Fahy, 2006) In this regard, there are several approaches which can be considered so as to sustain competitive advantage within the marketing environment. One of which is through the use of strategic marketing approach. Primarily, the main goal of this paper is to analyse the context of marketing and to know the impact of environment and stakeholders in marketing decision making.
Marketing Concept
The concept of marketing has been a recurring concept in the organisational world and also in the sectors. Different authors have been able to provide their own definition for the context of marketing. Accordingly, marketing is referred to as the management function that shapes an organization’s relationship with its different publics. Marketing provides the link or bridge between the organisation and its environment, moving the institution away from bureaucratic inertia toward responsiveness to customer needs and anticipation of continuing changes in the environment. In short, marketing helps an institution fulfill its mission, keeping it relevant in a dynamic world (Wensley & Weitz, 2002).
Critical to selling a service or product is making known its availability which can be considered as an essential aspect of the marketing concept. As well as its desirability, this is the function of marketing in an organisation. No matter how well the product is designed, consumers will not emerge unless there is increasing information in the marketplace of its existence, and how it could positively affect the consumer’s day-to-day life. In the marketing concept, the management must accept responsibility for the consequences of their activities and make every effort to ensure that their decisions, recommendations and actions function to identify, serve and satisfy all relevant publics: customers, organisations and society (Brassington & Pettit, 2002).
It can be said that marketing is very important to a certain organisation since it attempts to predict its possible future. Basically, marketing helps to provide direction to the business of an organisation. Thus, the success different organization depends not only to its capability to innovate products but also to its capability to provide quality marketing plans.
Impact of Environment and Stakeholders
In the marketing concept, there are various factors that affect the strategic marketing approach and decision making process. These factors include the market environment and the stakeholders. Market environment includes the microenvironment and the macro environment. It can be said that the marketing decision making approach of specific industry can be influenced by internal and external forces (Baker, 2003). In this regard, the marketing decision may be imposed at different sectors in the structure of industries (Swenson 1997). Internal environment that drive marketing decision making include growing business needs, organisation reform, restructuring and modification of the marketing strategy or business objectives. On one hand, the external environment may include the enhancement of technology, the need for electronic and technical services as well as the economic trend and development which influence the profitability of the organisation.
Aside from these internal and external environment, marketing decisions may also influenced by different stakeholders such as the marketer, manager, employees and also the customers or the target market.
In literature, it can be said that the marketing people is not in any position to make socially responsible decisions because it does not know enough about it. In Samli’s book, he refutes that this could not be true as who other than a particular business knows more about its particular products or services (Samli, 1992). This is true especially in the case of various companies who should recognize the probable impact of their products upon a reasonable person within the class of persons to whom the marketing advertisement or promotion is directed and other persons to whom such may be communicated, as they are the people who know more about their products than anyone else. On the flip side, there is also the consumers’ responsibility to regulate the consumption of specific products. The efforts of marketers to inform the general public about the possible effects to the human system will ultimately come as no avail for some products, even though not inherently harmful, (Choudhury & Cui, 2003). Marketers must study the perception of the public when formulating marketing strategies in order to avoid potential misunderstandings when it comes to the use or consumption of the products (Smith, 1995).
In a world where competition is very stiff especially those on the marketing arena, there is a need to consider the marketer tasks in different situations or even the role of marketing within the organisation. Basically, the life cycle of a product starts with some kind of stimulus, this stimulus is usually found by the marketing activity, and represents the reason for any product to exist: its need. A series of marketing activities during the pre-design stage are critical in the success of a product. Marketing activities such as Marketing research, market analysis, situation analysis, competitor analysis, forecasting, marketing management, product planning, etc., ensure that the product contains the essence of what the customer wants, all this with the ultimate objective of providing a customer with satisfaction (Hernandes, 2004).
In the competitive market environment, connecting with the target market is getting more complicated for different industries and for decision makers (McCombs, 2003). Accordingly, it takes an effective management and approaches to win over the skeptical target market which suggest that it is the moment to forget everything that has been learned regarding marketing and branding (Yalstrow, 2003). It is mentioned that it is the target market that is in control of improving the power of marketing. In this regard, it is not the company who brand their target market, but the clients are the one which brands the company and their products and services offered. All in all in can be said that marketing decisions are always influenced by different factors, in which the management should consider in order to make efficient and effective strategic marketing approach.
Reference
Baker. M (2003) ‘The Marketing Book’ 5th Edition. Butterworth Heinemann London Blois, K. (ed.) (2000) ‘The Oxford Textbook of Marketing’, Oxford University Press, Oxford, pp. 61-62.
Brassington, F & Pettitt, S. (2002) Principles of Marketing 3rd Edition. Prentice Hall London, pp. 89
Choudhury, P. & Cui, G. (2003). Consumer Interests and the Ethical Implications of Marketing: A Contingency Framework. Journal of Consumer Affairs, 37(2), 364+.
Hernandes, N. V. (2004). Survey of Activities in the Pre-design Stage of a Product Life Cycle.
Jobber, D. and Fahy, J. (2006). Foundations of Marketing. (2nd ed), pp. 28-30
McCombs, M. (2003) Everything you know about branding is wrong, expert advises: Guess who’s really in charge? Available at [brandharmony.com]. Retrieve October 22, 2008
Smith, C. (1995). Marketing Strategies for the Ethics Era. Sloan Management Review, 36(4), 85-97.
Wensley. R & Weitz. B (2002) Handbook of Marketing. Sage Publications. London, pp 81.
Yastrow, S. (2003) Brand Harmony: Achieving Dynamic Results by Orchestrating Your Customer’s Total Experience. Indiana: Tom Peters Company.
Assignment 2
Marketing Plan
1.0 Introduction
In spite of the problems faced in terms of financial crisis in the entire US, there are still companies that remain competitive in the US market and one of these is the Barclays PLC. This bank industry is noted to be one of the fastest growing credit card issuers in the nation and has more than 60 existing card partnerships with some of the most successful automotive, travel, educational, entertainment, and financial institutions in the entire US. It is also known as the world’s largest global financial services provide which provides investment banking, management services and other banking services. Although the company is known in the global credit card market, with their million credit card customers, the company is still need to expand their services to reach more customers both in the offline and internet market.
The objective of this report is to provide a marketing plan for the global marketing decision making of Barclays US. Herein, specific factors to consider for having effective decision making approach will be considered. For this marketing plan, the main goal is to analyse the business environment where the company will be marketed. The credit card and banking service of the company is chosen to be marketed in China. It is noted that the main issue for this expansion is in line with the decision making approach of the company on whether the company should be expanded in China.
To be able to solve such issue, the solution is to execute or implement strategic marketing approach in line with the advertisement and promotion to make their target customers become of aware that the company is entering the Chinese market. Furthermore, the strategic marketing planning for expanding in the global market can also be attributed as a better solution to make sure that the products and services (Zou & Cavusgil, 1996) of the company will be introduced effectively, specifically in the Chinese market. The only problem that remains unsolved is to find an industry (bank) which will commit for the distribution of the product. Hence, it is recommended that the industry must be able to use a more rigorous and comprehensive decision making and planning approach to enhance their market value in the Chinese market.
2.0 Marketing Strategy
In the marketing entry to the Chinese market, it is essential that the Barclays marketing directors and managers must be able to conduct a market research that will investigate the potentiality of the market acceptance of the products and services offered by Barclays. Investigation should include the market evaluation and identify the most applicable market entry approach to be used to make sure that they will meet the organisational objective of Barclay in providing and reaching more customers in the global market.
Furthermore, it is also important that the marketing manager should consider the investigation of the possible risks; problems and issues that will affect decision making approach as it enter the Chinese market and other part s of the world (Hofstede, Steenkamp & Wedel, 1999). It is also noted that the marketing manager should also develop advertising and promotion campaign to ensure that the Chinese market will be aware of the products and services offered by Barclays.
2.1 Philosophy
The company that will be given emphasis in this marketing plan is Barclays PLC. This finance industry is committed to excellences and that can be found on their efficient services. The company believed that their clients are their greatest asset and the company is dedicated to serve their needs.
2.2 Mission Statement
The company is to become the leader in delivering or providing excellent service to our target audiences. Our company wants to make our services affordable to our target audience and to provide credit card services to meet audience expectations.
We are deliver superior and high quality services for our audiences through the quality and credit card services and good relationship. The company exists to attract and maintain audiences. When the audience adheres to its maxim, everything else will fall into places. Our company’s services will exceed expectation of our target audiences.
2.3 Business Aim / Objective
Barclays Card is known to be the fastest growing credit cards issues in the US and other parts of the world. In order to sustain their position in the market, the company has been able to establish good partnerships with some of the most successful industries in automotive, educational, entertainment and financial industries in the US and other nations. Even if the company is doing good in some parts of the world, they are still on the verge of finding ways to know which global strategy will be suitable for gaining competitive advantage and position in the global market.
3.0 Marketing Mix Strategies
In order to decide effectively in marketing the company to the Chinese market, the principle of the marketing mix is considered. Since marketing mix consists of controllable variable that is frequently adjusted to meet the changing needs of the customers and clients in the banking industry and other dynamics of the marketing environment (McCarthy, 2004).
With regards to the marketing plan, the marketing mix composes of both the short and the long term approaches makes for a more profitable marketing mix and strategy. These strategies aims on building brand awareness and give sales revenue a gradual and permanent boos and it also create immediate revenue boost by giving customers an incentive to purchase (Kyle, 2004).
3.1 Product
The main product of Barclays includes credit cards, banking and investment management services. As part of the decision making process, the company should decide on which products or services should be considered in the Chinese market.
3.2 Pricing
Another aspect to be considered in this decision making marketing plan is the pricing strategy. To be able to be known into the Chinese and global market, the marketing manager will provide the Chinese market with an affordable cost while giving them high quality products and services.
3.3 Placement/Distribution
To make the customers in China aware of the existence of the products and services of Barclays, their products will be distributed directly with their clients and customers. The customer care department will be responsible for calling prospective clients in China. Barclays’ products in China will also be distributed in the country through joint venture of existing banks and financial industries in the nation.
3.4 Promotion/Communication
In terms of promotion, Barclay management with the collaboration of the marketing manager and customer care department will use audio and video advertisements print advertisements as well as the context of e-marketing. Direct selling through call center and customer care department will also be considered for promoting the products of the company. Such promotion and communication aims on meeting the consumer from different places everywhere, specifically those target markets.
On one hand, since the trend in the market environment today is the use of internet marketing approach, Barclay will also develop a website exclusively for Chinese clients so that they can easily understand the products and its descriptions and other services offered by the company (Donthu and Garcia, 1999). Accordingly, internet marketing approach can help the company to reach other customers around the globe.
With the use of this marketing plan and evaluation, Barclays will be able to establish competitive position in the Chinese market, considering that the hype of credit card markets is considered to be the powerful market in the world today. Through the information provided in this report, the management will be able to have effective decision on how they can enter Chinese market.
4.0 Target Marketing
For the Barclays PLC become successful the company must be able to determine first its target market. The company must used demographics to group or to determine the target markets of the company. Demographics include profiles of the consumers and these profiles would determine the behavior of the consumers. The Barclays PLC will make its focus on its target market in a different level of recognition. The total markets (consumers or clients) will be divided into smaller, comparatively homogenous groups. Basically, its goal is to group its customers with similar or analogous characteristics, behavior and needs. The main target is to offer its financial services, specifically credit card products to its target market demanding the said products and to offer quality banking and financial system and tools to the customers and to give proper marketing strategies for each consumer. Demographics is used in order to statistically analyze the total market, subdividing the clients according to their ages, gender, income distribution most especially, driving them into students to professionals
4.1 Customer Base
The customer base will mostly cater those individuals within government and non-government employees and other parts of China who wishes to have a good credit card services. It can be said that the target audiences also includes those employees who wishes to have their own credit cards to help them in their financial problems. It can be said that the marketing strategy of the company to penetrate these industries will be the same for all companies
5.0 Sources of Marketing Competitive Advantage
Based on the given case, it ca be said that the source of competitive advantage of core competencies of BARCLAYS PLC includes the management and their employees and staffs. Their main competencies are the ability of the management to determine the possible demands of their target audiences in terms needs and credit card services needs. Ensuring the quality of their products shown for their target audiences is another core competency of the company over their rival companies.
The strongest point of Barclays PLC is the ability of the company to provide modern and contemporary credit card services for their clients through their highly trained and professional staff and professors. In addition, the BARCLAYS PLC will also include programs that would help the loaners to know what credit card services suits them
3.1 Competitive Business Strategy
The main goal of the company is to provide superior quality financial and banking industry that will cater to the needs of people who wants to feel ease with their financial status. The company exists to attract and retain their target market. The objectives of the company are to maintain steady, positive, and growth each month in the China market In addition, the company also aims to generate more sales for their performances and experience an increase in new clients who are turned into long-term clients. In addition, the company’s financial objective is to be able to be known as a credit card provider in the entire Chinese market.
In a company like Barclays, the firm has to try to attain this level of marketing position as a way of staying and maintaining sustainable competitive advantage. In this regard, the school must be able to determine an efficient and effective marketing approach to be successful in the China market.
In addition, one of the objectives of the intended strategies of Barclays PLC is to improve their means of promoting their business to people who mostly need their help. This strategy will help overcome competition as well as increase profit margins. For this purpose, this intended strategy attempt to focus on their existing promotional aspects. Barclays PLC will change its focus to differentiate itself from the existing credit card services and other products and improve the business by filling the real need of adults and office workers or business professionals in terms of having a diversion for their credit card services.
The approach that will be implemented as part of this marketing plan is the use of integrated communication. This can be used to create and sustain close relationship with the enrolled adults and office workers.
6.0 Strategic Direction
6.1 Future Opportunities
Since BARCLAYS PLCis not that familiar with the local Chinese audiences, conceptualizations of the value propositions of the business performances and entertainment are highly in synch with the traditional culture and financial servicesin the Chinese audiences. In this regard, marketing approach come relatively easier to BARCLAYS PLC management to enter Chinese audiences to reach their target market easily. Such market situation should be taken advantage by the management to gain competitive edge against other entertainment industries, which are performing in front of Chinese audiences to gain attention and informing them the benefits of credit cards to solve financial problems.
6.2 Future Threats
In terms of the threats, one of the threats facing Barclays PLC is with regards to the expenses and the inability to provide enough financial resources for each performance to be made within the specific market place. Aside from these, the threat of the existing credit card and banking and financial company may also affect the market entrants of Barclays PLC at Chinese audiences.
6.3 Future Direction
Based on the analysis, the company is in need of a comprehensive marketing strategy and strategic planning to ensure market success in the Chinese audiences. For this strategic development plan, it is recommended that the management of BARCLAYS PLC should focus on managing all their employees and talents of the company. In addition, to be able to maximize their advantage in entering the Chinese audiences, the management should be able to manage this strategically. In line with the marketing development, the company should maximize the use of their financial resources in the latest trends in the market environment. They also need financial resources, to sustain their strategic development in considering employee trainings to ensure that the changes in line with their interactive media planning sill be successful
There are various factors that affect the success of the company market entry strategy. One of these is the context of organisational culture. Accordingly, with an enhanced organisational culture, and change, both the management and the employees are extremely involved in a constant joint effort to enhance the quality of the firm’s products or services at every level through strategic renewal. This then involves an impact similar to that of a chain reaction in which, the united goal of the organization to improve its services will eventually enhance their customers’ satisfaction and minimize the firm’s total costs. Another factor includes the leadership ability of the management (Appelbaum, St. Pierre & Galvas, 1998). The role of the leaders for example, is significant in developing organizational efficiency to successfully implement strategic changes. According to Bohn (2002), efficient leaders have the ability to view the future. They are equipped with compelling abilities to visualize where things will naturally end or lead to. Unlike other people, individuals with leadership abilities see things that are not noticeable or obvious to others. In addition, leaders have the ability to build and establish confidence to others (Bohn, 2002).
It can also be said that the resources, capabilities, and business environment of an organisation or industry can all contribute to the efficacy or success of implementing this strategic changes for Barclays PLC. The company should then design a project plan for this strategy. Important resources that will serve as the strategy’s framework should be prepared. It is also suggested that the company develop a monitoring system, which will regularly evaluate the strategy’s progress. This will be helpful for detecting problems ahead of time as well as in implementing strategy changes or improvements.
In this strategic development, it can be said that the commonness of the two is the initiation of the strategic planning. Accordingly, strategic Planning is part of the strategic development wherein the management team identifies ways and techniques to initiate the development or execute their objectives. Strategic planning can be utilised when an organisation intends to instigate or initiate a certain project, in this case the BARCLAYS PLC information technology development and interactive media development and the marketing strategy development that will enhance the competitiveness of the organisation (Elkin, 1998).
The strategic plan for each development, specifically in terms of their resource planning, assures that the company only utilised a strategic planning approach that will benefit the company to achieve its goal. In this manner, the management of BARCLAYS PLC should be able to incorporate strategic planning and implementation in line with its resources for both strategic developments.
7.0 Recommendation
As given, the Barclays PLC is trying to be recognized in the Chinese marketing, In this regard, the following is the Five-Year Plan Action Plan for the Barclays PLC in China.
1. Strategy Description
To be able to make sure that the Barclays PLC in China are able enter the market as well as to take advantage of their opportunities and strengths and lessen the effect of their weaknesses and threats, Barclays PLC is recommended to consider the following marketing approach for the next 5 years Herein, this marketing plan will start for the consideration of the vision of the Barclays PLC to be considered in the next five years.
Ø To be known as banking and financial company event that provides excellent credit card services
Ø To be identified as a banking and financial industry that provides the needs and demands of their target market/
In this regard, the strategy that will be implemented by the Barclays PLC will be based on marketing through information system and communication. Communication strategy focuses on the entire relationship aspects of the Barclays PLC events towards the target market. This can be done by different communication strategies that will mainly focus on communicating and relating with the credit card services. It will be done by series of different communication method such as press, advertisement, website, seminars, and other events that are related to the said aspects. In terms of this approach, the use of Marketing through information system and communication strategy will be considered (Moore and Thorson, 1996).
1. Action Plan
This part of the marketing plan aims on determining if the Barclays PLC is capable of initiating the said strategic actions (Avison & Fitzgerald, 2003).
- Marketing Plan
The consideration of the context of market planning as part of this action plan is important since it enables the company to determine the responsibilities for implementing the new strategy for the Barclays PLC and making the people more aware of the importance of this sporting events like any other sports such as basketball, football, boxing and others/ Herein, market planning requires their human resources to posses innumerable competencies from marketing proficiencies, personal skills, as well as other essential aspects to adjust with the changes by the external market factors (Meredith & Mantel 1995).
2. Specific Processes to Successfully Implement the Action Plan
A. Team Organisation
The Barclays PLC should be able to choose employees that will handle the market planning to promote the leaguer in the local and international level.
B. Controls Establishments
To be able to implement the market plan efficiently, the management that will handle Barclays PLC should consider the control of establishment which encompasses scheduling and monitoring. Scheduling is important to have some guidelines and guidance in implementing the change and monitoring is required to determine which part of the marketing strategic actions needs to be enhanced.
8.0 Conclusion
Strategic Planning is part of the international marketing approach wherein the management team determines ways and techniques to initiate a project or execute their objectives. Strategic planning can be used in when an organisation intends to instigate or initiate a certain marketing decisions that will enhance the competitiveness of the organisation (Kyle, 2004).
The plan that has been stated above provide insightful details regarding the important aspects that should be considered to achieve a strategic marketing of the products (credit card) offered by Barclays PLC. The strategic marketing plan stated above assures that the company only utilised a marketing approach will benefit the company to achieve its goal of being the leading provider of videoconferencing products in international market. With proper implementation of such plan and with the strong commitment of the management as well as the employees with this plan, growth, stability and competitive advantage will be achieved by Barclays.
9.0 Reference
Appelbaum, SH, St. Pierre, N & Glavas, W (1998), “Strategic organizational change: the role of leadership, learning, motivation and productivity”. Management Decision, vol. 36, no. 5, pp. 289–301.
Bejou, D & Palmer, A (1998), ‘Service failure and loyalty: an exploratory empirical study of airline customers’, Journal of Services Marketing, vol. 12, no. 1, pp. 7-22.
Bohn, J (2002), ‘The design and development of an instrument to assess organizational efficacy’, Proceedings of the Academy of Human Resource Development, March.
Bowers, MR, Martin, CL & Luker, A 1990, “Trading places: Employees as customers, customers as employees”, Journal of Services Marketing, vol. 4 (Spring), pp. 55-69.
Clowe & Baack (2007). Integrated advertising, promotion and marketing communications 3rd edition. Pearson Prentice Hall, 2007, 56
Czinkota, MR & Ronkainen, IA (2004). International Marketing. Thomson: South Western.
David, HR (2003), Strategic Management: Concepts and Cases (Eighth Edition). Prentice-Hall, Inc. New Jersey: pp. 137-138.
Donthu, N. & Garcia, A. (1999). The Internet shopper. Journal of Advertising Research. 39 (3), 52-58
Hofstede, F. T., Steenkamp, J. B., & Wedel, M. (1999, February). International market segmentation based on consumer-product relations. Journal of Marketing Research, 36(1), 1-17. Retrieved December 26, 2008, from the EBSCOhost database.
Jacksack, S 2008, Setting a Marketing Budget, Score, viewed December 26, 2008, http://www.score.org/m_pr_11.html
Kyle, B. (2004). Guide to a profitable marketing Mix. Marketing Plan.
Kotler et al (2004). Principle of marketing, the European edition.
McCarthy (2004). Marketing Mix 4 P’s Model. Value Based Management
Meredith, J and Mantel, SJ 1995, Project management: A managerial Approach. John Wiley & Sons: New York.
Moore, J & Thorson, E 1996, Integrated Communication: Synergy of Persuasive, Lawrence Erlbaum Associates, Mahwah, NJ
Zou, S., & Cavusgil, S. T. (1996). Global strategy: A review and an integrated conceptual framework. European Journal of Marketing, 30(1), 52-69. Journal of Marketing Research, 36(1), 1-17.
Avison, DE & Fitzgerald, G 2003, Information Systems Development: Methodologies and Tools. (3rd Edition) McGraw Hill: New York
Credit:ivythesis.typepad.com
0 comments:
Post a Comment