ASSIGNMENT COVER SHEET

Please complete all areas of this form, sign, and attach to each submitted assignment for hardcopy submission and sen
email to your tutor for softcopy submission. Submit each assignment according to the instructions provided in your Assig
Brief.

Programme Title Bsc(Hons) Business and Management

Module Title Marketing Management

Turnitin
Programme Level
2 Submission ID
Academic Year September 2022-2023 Term 2

Assessment Title Case Study

Student Name Alberto Razvan Bogan

LSME ID NO: AB042017116FBM UoC Reg. No

Tutor Name Harsha Subhashana

Due Date 09/03/2023 Word Count

Please Note: Students may expect to receive feedback on this assignment within 3 weeks of the due d
submission

Declaration
I declare that this assessment item is my own work, except where acknowledged, and has not been subm
academic credit elsewhere, and acknowledge that the assessor of this item may, for the purpose of asses
this item:
 Reproduce this assessment item and provide a copy to another member of the College and/or;
 Evaluate a learning program
 me taking account of the quality maintenance of own organisation
 Communicate a copy of this assessment item to a plagiarism checking service (which may then retain
of the assessment item on its database for the purpose of future plagiarism checking).
I certify that any electronic version of this assessment item that I have submitted or will submit is identical
paper version, if required.
I certify that I have read and understood the College Rules in respect of Student Academic Misconduct.

1
 LSME503

Marketing Management

2
Introduction
Barclays operates on a worldwide scale. It offers various banking products and services
in 56 different countries. Barclays caters to both individual and corporate clients with its
retail banking services. Current accounts, savings accounts, and insurance are just a
few of the many financial services it provides. In the United Kingdom, Barclays'
communications are geared toward encouraging clients to "Take One Little Step"
towards improved financial management. Markets for both consumer banking and
commercial banking are very competitive. Credit management, supplier payments,
loans, and overdrafts are all essential services for a thriving business. A mortgage, for
instance, may be used to finance the purchase of a new building for a growing
company.

By gaining a deeper understanding of the target demographic via combined product and
market segmentation, marketers may better cater their messages to the individuals who
would be most receptive to them. Before releasing a product or service, marketers
might do market research to ensure there is a need for it. As a means of gauging
customer satisfaction with the offering. As a result, the product may be tailored to the
individual's specifications. This report will be based on the Barclays case study including
the integrated product and market segmentation for the bank and how it is supported by
Barclays to improve its services. The study will also include an explanation of how
marketing research plays a role in shaping Barclays' promotional strategies.

3
Importance of integrated product and market segmentation to improve
services.
It is possible to break any market into smaller submarkets. When customers share
commonalities, they are said to form a market segment. Age, life stage, location, and
profession are all examples of these. Personal banking might be broken down into
submarkets catering to different demographics, such as young professionals, retirees,
baby boomers, and households (Kanchanapoom & Chongwatpol, 2022). Identifying
distinct consumer subsets allows businesses to tailor their offerings to the interests of
those who are most likely to buy their wares. In addition, targeted marketing strategies
tailored to each demographic subset may effectively spread the word. Because of client
integrated product and market segmentation, Barclays may target its banking offers
to people in certain demographics. Barclays' market share in customer checking
accounts has increased because of this strategy (Liu, 2021). Barclays sees customers
as a very valuable customer base. Barclays realises that college customers may be
making their first bank selection and wants to earn and keep their business. Barclays
hopes to expand its customer base among universities by meeting the specific needs of
its customer customers. With the help of thorough integrated product and market
segmentation, Barclays was able to locate the perfect product offer to meet their needs
(Barclays, 2023).

Barclays operates internationally, making it a global bank. It serves 56 nations with its
various financial offerings. Retail banking services are available from Barclays for both

4
consumers and companies. The financial services provided include checking and
savings accounts as well as some kind of insurance (Kanchanapoom & Chongwatpol,
2022). Barclays Bank offers a wide variety of banking services, including mortgages
and loans. Barclay’s integrated product and market segmentation considers college
customers to be a promising market for expansion. Barclays understands that
customers are making their first banking decisions and strives to gain and maintain their
patronage. Barclays is working hard to attract new customers and keep current ones. In
order to deliver the sort of service these customers want, Barclays must first learn more
about its market. This, however, may be laborious and lengthy. Barclays thinks it has
uncovered a significant new customer base among universities. Barclays recognises
that customers may be selecting a bank this is their first time, and the company wants to
make a good impression if it wants to keep those customers. Barclays' goal is to gain
and retain customer clients in the hopes that they would use the bank for larger financial
transactions services (such as loans and mortgages) in the future (Liu, 2021). Barclays
Bank was able to find the best product offer to fulfil their demands thanks to extensive
market research. Collecting data and analysing it is what market researchers do.
Barclays gathers information about its clients and prospective clients for strategic
planning purposes. Barclays has to have a thorough understanding of the demands of
the customer market if it wants to develop a product proposal that will attract new clients
(Barclays, 2023). Studies conducted by Barclays concluded that customers placed
substantial reliance on various sources of credit. One of them was an overdraft at a
local bank that was readily controllable enough to help them pay for school. In order to
complete their assignments, customers desired and need access to cutting-edge
technology including laptop computers. In order to better organise their finances,
integrated product and market segmentation for customers want to create their own
checking and spending accounts services. Barclays considered all of the comments
and made adjustments as a result. The features and advantages of the customer
accounts were refined based on the comments they received. • There is no membership
charge, which helps keep the price low. Up to a £2,000 interest-free overdraft. The first
year's payment is £500, and subsequent payments increase by £50 each year. • Mobile

5
banking applications were a major hit since they gave customers 24/7 access to their
bank accounts as well as made financial management easier (Barclays, 2023).

6
Importance of market research to meet the needs of customers and create
long-term loyalty
The goal of every market study is to collect data on existing and future consumers. The
collected information helps businesses make better choices. Because of this, you'll be
less likely to suffer adverse consequences as a result of your choices. Barclays sought
thorough insight into the needs of its target market of new customer accounts in order to
develop a product that would resonate with them (Melnic, 2016). Barclays started by
asking itself a set of fundamental questions before doing any external market research.
This was done so that the company wouldn't be caught off guard and would have all the
information it needed to make educated decisions. Data collection requires the
application of market research methodologies by Barclays. Both primary and
secondary market research is used by Barclays. Barclays employs a kind of study
known as primary research, which entails doing original market research in order to
inform its business decisions. Any study in which data is gathered directly from
participants is considered primary research. Anybody may benefit from this since it
discovers solutions by emulating specific queries for a certain goal. Barclays employs a
variety of primary market research methods, including in-person interviews, surveys,
and focus groups as well as more traditional methods like telephone interviews. In
addition to being beneficial, because it provides one-of-a-kind responses to the
questions posed and assists in meeting people's wants, this kind of consultation with the
public is also helpful since it allows for a better understanding of the issues (Bin Zain
Asman, 2020). Primary research is time-consuming and may be costly, but the relevant
data it yields can offer businesses a leg up on the competition. As their competitors
won't have seen it, it will help them make strategic decisions moving forward.
Additionally, Barclays does secondary research, which aids in concentrating on pre-
existing data. It makes use of information that has previously been uncovered via
publishing and other means of public dissemination. Several sources fall within its remit,
including governmental records, for instance, nationwide statistics, as well as sales
information, marketing materials from competitors, and more. The secondary search
may be more efficient to carry out, but it may provide fewer reliable results given the
nature of the enquiry. Quantitative market research is another methodology used by

7
Barclays (Bell and Shelman, 2023). Data from quantitative studies are often shown
visually in the form of charts, tables, and graphs for easy examination. Consumer and
business information is the target of market research. The data collected is useful for
making business decisions. Because of this, we can make better selections with less
danger. Barclays sought to understand needs of customers in depth to develop a
product offer that would attract new customer accounts. For starters, Barclays asked
itself a series of vital questions. This was done so that the company had a complete
picture of the situation and was no longer operating on false assumptions. Barclays had
the advantage of being able to establish its foundation for recruiting pupils by asking
itself these crucial questions up front and evaluating internal customer data. First, they
provide a window of opportunity for establishing a lasting connection (Ballard, 2021).
Barclays has a yearly chance at attracting new customer who are interested in an
account and also who probably haven't yet chosen a bank. If successful, this could also
mean that Barclays has created loyal customers, as people rarely switch banks once
they've signed up for one.

Not that all customers would fill out surveys or provide other feedback, so my first piece
of advice to Barclays is to find another method to get their attention. As customers are
the ones who often obtain financial assistance and then stick with the same bank for
future loans and mortgages, customer accounts are Barclays' major and most lucrative
business. Barclays' primary demographic of interest is comprised of current and former
customers, making their feedback perhaps the most insightful. The author suggests that
economic incentives, such as awarding X dollars to the customer who gets the most
votes, are necessary to ensure widespread participation which can help to enrich long
term customer loyalty. Many learners will find this fascinating. They'll be out some
cash, but the questions they're asking will be answered correctly, which will aid Barclays
in the long run; moreover, if their answers are used, it's possible that Barclays' customer
accounts will be enhanced, which in turn might lead to an increase in enrollment.
Barclays' marketing strategy may benefit from customers' participation since the bank
will get insight into customer needs and the potential membership of those who hear the
company's recommendations. The second piece of advice has to do with concentrating
on certain demographics. Barclays has to know its customers inside and out. If its

8
customers tend to be retirees, for example, such customers are less likely to bank
online and more likely to prefer the familiarity of brick-and-mortar locations. Those who
don't bank online may look elsewhere, and others who don't speak or comprehend
English will need to be taken into account if branches are closed. Barclays has to
consider its younger customers and the factors that are important to them (Barclays,
2023). If a service is available for persons under the age of 18, it is probable that the
account will be opened on their behalf by their parents. Benefits like accruing interest
will be attractive to one's target market if that market is teens or college customers since
such demographics tend not to have a firm grasp on budgeting and are more likely to
overdraw their accounts and there is a big impact on the loyalty of the customers.
They will flock to see it. As customers are the most profitable clientele, Barclays will
need to compensate them in other ways. Since it is easier to attract prospective clients
if one tailor one's offerings to the specific demands of one's target demographic, this
would be useful for Barclays' market strategy. In particular, the final suggestion is the
most significant risk that banks face today. Competition exists in the banking business
because of its size. Companies like Tesco and payday lending services have joined the
loan industry alongside traditional banks due to the high profits to be achieved. Barclays
must always be on the lookout for new rivals since clients are easily wooed away by
those who may offer a better deal. Consumers may switch to a different provider if one
offers a lower interest rate. Barclays has to keep an eye on what its rivals are up to.
Barclays may need to do market research and consult its consumers if they discover
that a competing bank is performing better. Another reason why Barclays needs a better
awareness of its competition is that customers are easily swayed to transfer banks
when offer terms and conditions are altered or when new banks provide superior
service. Keeping an eye on the marketing strategies of their rivals can help them
maintain a leading position in the industry and achieve the long-term loyalty of the
customers (Barclays, 2023).

9
Conclusion
This report is based on the Barclays case study which is a global bank offering different
services. In the first part of the report, the integrated product and market segmentation
for the bank is discussed and how it is supported by Barclays to improve its services is
analysed. Barclays serves a number of various markets, each of which is comprised of
a unique set of consumers. In the realm of personal banking, competition is fierce.
Customers looking for help with their personal finances may visit any number of brick-
and-mortar or online banks. Having a bank account allows people to do many useful
things, such as receiving income directly into an account, paying bills online, and
earning interest on savings. The study also includes an explanation of how marketing
research plays a role in shaping Barclays' promotional strategies. Furthermore, it will
provide light on the caveats of the marketing research that was incorporated into
Barclay's marketing strategies. Lastly, it will need three recommendations to enhance
the reliability of the marketing research that was utilised to simulate the growth of
Barclays' future ambitions.

10
References
Barclays (2023) About Barclays - who we are, Barclays. Available at:
https://home.barclays/who-we-are/ (Accessed: March 6, 2023).

Dr. M. Vanishree, Dr.M.V. and Dr. L. Shanthi, Dr.L.S. (2012). A Study on Customer
Awareness and Satisfaction Towards Kentucky Fried Chicken (Kfc) in Coimbatore.
Global Journal For Research Analysis, 2(1), pp.141–144.
doi:10.15373/22778160/january2013/16.

Hayward, B., Turtle, J. and Great Britain. Department Of The Environment (2020).
Business expansion scheme : survey of tenants. London: H.M.S.O.

Kanchanapoom, K. and Chongwatpol, J. (2022) “Integrated customer lifetime value

Liu, Y. (2021) “Multiobjective evolutionary computation for market segmentation,”

McFarlane, john, (born 14 June 1947), chairman, Barclays Plc, since 2015” (2015)
Who's Who [Preprint]. Available at:
https://doi.org/10.1093/ww/9780199540884.013.267763.

Melnic, E.L. (2016) “New approaches in the retail banking system for creating long term
loyalty relationships with customers: Case study on the Romanian market,” Eurasian
Journal of Business and Management, 4(3), pp. 49–64. Available at:
https://doi.org/10.15604/ejbm.2016.04.03.005.

Michaux, S., Cadiat, A.-C. and Probert, C. (2016). Porter’s Five Forces. Namur
50Minutes.com.

Official Website (no date) Barclays. Available at: https://home.barclays/ (Accessed:

11
Siebert, M. (2015). Franchise Your Business. Entrepreneur Press.

Vanishree, Dr.M. (2012). A Study on Customer Awareness and Satisfaction Towards

12