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Barclays Bank is a prominent player in the UK financial sector with a global presence in Europe, North America, the Middle East, Latin America, Australia, Asia, and Africa. In the midst of the ongoing economic crisis, Barclays has stood out by refusing state funding from the UK government, giving its directors more control over the company's future direction. The bank's history dates back to 1690 when John Feame and Thomas Gould started trading in Lombard Street London as Goldsmith bankers. The addition of James Barclay in 1736 led to the company being known as Barclays bank in 1896.
Over the years, Barclays has acquired smaller operations and expanded its reach in the UK and worldwide financial system.
Despite facing controversies such as aggressive investment trading, tax avoidance schemes, and close ties with large investors in the Middle East, Barclays Bank has managed to maintain its independence and financial stability. Many experts believe that Barclays will emerge from the economic crisis as one of the strongest banking institutions in Europe and globally.
The marketing plan outlined below aims to introduce an innovative approach to expand Barclays' market segment. By analyzing the market and setting strategic goals, the plan focuses on attracting and retaining trainees while enhancing the bank's reputation as a leader in innovation and effective product launches.
The initial marketing strategies target a 25% increase in overall student accounts, aiming to elevate Barclays from the third to the second position among the top four market leaders. The bank is committed to meeting customer needs by continuously evaluating its student offerings to ensure relevance to the target market.
The primary goal of this marketing strategy is to increase Barclays' student market share by 1.5% (equivalent to 960,000 student accounts) from the current 8.9% share. The introduction of a new Barclays prepaid card is expected to boost the profitability of student accounts by encouraging savings, thereby making more funds available for additional bank financing.
Furthermore, the new student account package aims to rebuild consumer confidence in Barclays by portraying the bank as a responsible and socially conscious financial institution. The package also aligns with Barclays' corporate image and branding theme of being a global bank with local expertise, introducing new products that cater to the current economic downturn.
Barclays will implement a market penetration and product development strategy to capture current account market share from other financial institutions affected by the economic crisis. The launch of the new prepaid card will serve as a product development initiative to compete with non-traditional financial institutions entering the current account market.
Additionally, the market development strategy will involve expanding the prepaid card product to other geographical markets like China and India in the future. This expansion aligns with Barclays' slogan of "Now there's a thought" and leverages the bank's global network spanning over 50 countries.
According to the Porter Generic model, Barclays should focus on a broad-based differentiation strategy to gain market share from struggling financial institutions.
In conclusion, Barclays Bank's marketing plan aims to drive growth, enhance customer satisfaction, and solidify the bank's position as a leader in the financial industry. By leveraging innovative products and strategic marketing initiatives, Barclays is poised to expand its market share and strengthen its global presence in the face of economic challenges.
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