Barclay Card US. Board of Directors Interoffice Memorandum
For the Agenda of:
Date:
To: Board of Directors
From: Customer Care Department
Subject: Marketing Plan for the Expansion of the Company
Description:
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.
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.
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).
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.
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.
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.
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.
Reference
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 May 12, 2004, from the EBSCOhost database.
Kyle, B. (2004). Guide to a profitable marketing Mix. Marketing Plan.
McCarthy (2004). Marketing Mix 4 P’s Model. Value Based Management
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.
Credit:ivythesis.typepad.com
0 comments:
Post a Comment