Barclays study
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
2. Objectives 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.(See appendix 2)
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
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
2. Objectives 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.(See appendix 2)
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