The marketing plan of Barclays Bank Essay
The marketing plan of Barclays Bank
1. Executive Summary
The following marketing plan forms the basis for the introduction of an innovative new strategy toextend Barclays market segment.
The analysis allows us to outline the best strategies to follow for the achievement of the bank‟s strategic goals. Attracting student and retaining will be marketed as a unique functional account while striving to reinforce the bank‟s status as the leader in innovation and successful bank product launches.
The marketing strategies initial targeted all overall student account increase of 25%.As a result, Barclays bank will increase its market share of the market, moving fromthird to second among the top four market leaders. The process of meeting customerneeds is going on with continuous plan to re-evaluating its student proposition toensure it relevance to the target market
This marketing plan aims to define the means of notching up Barclays current studentmarket share by 1.5% (960,000 student‟s accounts) from Barclays current marketshare of 8.9%.
The new Barclay‟s prepaid card that would be introduced will increase theprofitability of student accounts by encouraging customers to save, hence makingmore funds available for further lending by the bank.
The new current account package also aims at rebuilding consumer confidencetowards Barclays by portraying the bank as a responsible and socially consciousfinancial institution.
The new student account package also aims and building up Barclay‟s corporateimage and branding theme of being global bank with local knowledge by introducingnew products that are in line with the current economic downturn.
3. Marketing Strategy
Barclays should implement the market penetration and product development strategy bycapturing current account market share from other financial institutions that have beenweaken from the economic crisis. Besides that, the launch of the new prepaid card would be a step towards product development that would be useful to counter non-traditional financialinstitutions that are poise to enter the current account market.The market development strategy can also be carried out at a later date by bringing the newand tested prepaid card product into other geographical markets like China and India. Thiswould be in line with Barclays slogan of “ Now there’s a thought”
The advantage is good for Barclays global network in more than 50 countries.  In relationt o the Porter Generic model, Barclay‟s should aim at using a broad based differentiationstrategy to capture market share from ailing financial institutions.
Barclays Bank is one of the leading operations in the UK financial sector with exposure to Europe, North America, the Middle East, Latin America, Australia, Asia and Africa. Duringthe ongoing economic crisis Barclays Bank is one of the few UK operations to turn downstate funding from the UK government which has ultimately given directors more controlover the future direction of the company.The history of Barclays Bank can be traced back to 1690 when John Feame and ThomasGould began trading in Lombard Street London under the name of Goldsmith bankers. WhenJames Barclay joined the operation in 1736 the name Barclays became associated with thecompany although it was not until 1896 that the company became known as Barclays bank.Like so many of the UK clearing banks trading today, Barclays Bank acquired many smalleroperations over the years and extended its business tentacles into all areas of the UK andworldwide financial system.The company has become embroiled in a number of controversial subjects such as aggressiveinvestment trading, tax avoidance schemes and close relationships with large investors in theMiddle East. However, despite worries regarding the UK financial sector Barclays Bank wasone of the few self funding operations which was not forced to go cap in hand to the UKgovernment. Many believe that Barclays Bank will emerge from the ongoing economic crisisas one of the stronger European and worldwide banking organizations trading today.