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Assess The Value Of Marketing In This Major Financial Services Group As A Business Philosophy. Based On Barclays. Module Was Marketing In Financial Services. Enjoy!!!

2338 words - 10 pages

To assess the value of marketing for Barclays I need to define the term "Business Philosophy"This is where Barclays feel that we should put marketing at the heart of our organisation. This would enable us to be more customer focussed and customer driven. This would result in many of our company's processes being restructured to identify what our consumer's needs and wants are. With this information a product can be developed to satisfy then exceed our customers expectations.Marketing can assist our goal to be more customer focussed in many areas of our company. At Barclays we sell a service and not a good, there are four characteristics that separate our services from a good. By applying ...view middle of the document...

Front line service employees can tailor a product to match a range of needs to suit each individual.HeterogeneityBarclays is a people based company. We have at branch levels many staff that advise and recommend products to our customers. To maintain high levels of quality marketing can assist us with how to deal with non-standardisation. By providing set procedures to our staff on how to deal with different needs quality can be assured and most importantly consistent.Perish abilityAs Barclay's products are produced and consumed simultaneously we cannot build and maintain stocks of our products. This can result in high demand period's customers being sent away disappointed or low demand periods where the product is being wasted.To maintain our goal of being customer focused marketing can allow us to identify trends and predict future trends. When demand is expected to be low we can revise our marketing campaign to increase awareness of our services. During periods when we expect demand to be high we can maximize the number of staff to deal with customers and also offer other mediums e.g. telephone banking.Fiduciary responsibility"The implicit responsibility of financial service organisations for customers funds...." (Mckechnie and Harrison, 1995). Trust and confidence is required of the consumer from purchasing our products. To gain trust and confidence marketing can show how we are customer focused by relying on previous statistics in current campaigns. Factors including our size, our profits and most importantly how customers are happy with us and stay with us are key factors in gaining new customers in order to increase our profits.Can the value of marketing, as a business philosophy be negative?Barclays deciding to be customer focused is suited to meeting any needs that their customers have. However, this can have drawbacks.*The costs involved of trying to meet a need and the time involved may not suffice the level of profit that could be gained from eventually matching a product to the identified need.*This approach continues to give consumers more power. By highlighting that we want to meet all needs of our customers may give an attitude to consumers of expecting products and service that is impossible for us to meet. As a result this could harm our relationship that we have with them and lower the amount of confidence that they have within us.2. Analyse the contribution of 'a centre of excellence' in achieving a market orientationBefore I analyse I will define market orientation"A Marketing orientation requires the organisation to view its business from the point of its customers" (see Harrison, 2000 pp.41)This task is related to the previous question because again customer focus and being customer driven is their target.To analyse the contribution of a centre of excellence to achieve a marketing orientation I need to consider the four new objectives of the centre of excellence:RestructureBarclays plan to bring Woolwich and Barclaycard...

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