To assess the value of marketing for Barclays I need to define the term "Business Philosophy"
This is where Barclays feel that we should put marketing at the heart of our organisation. This would enable us to be more customer focussed and customer driven. This would result in many of our company's processes being restructured to identify what our consumer's needs and wants are. With this information a product can be developed to satisfy then exceed our customers expectations.
Marketing can assist our goal to be more customer focussed in many areas of our company. At Barclays we sell a service and not a good, there are four characteristics that separate our services from a good. By applying marketing techniques at each of these characteristics adds value to our services by showing our customers that we are customer focused and differentiated from our competitors. If we can reach this goal then retaining and gaining customers will lead us to increased and sustained profits.
"A good is an object, a device a thing whereas a service is a deed, a performance, an effort" Berry 1980
How can marketing add value to a service that is impaluable?
Marketing can provide customer focused evidence through offering tangible elements to our services. We can design and provide an environment within a Branch that exceeds the expectations of our customers. Simply offering drinks to our customers making them feel welcomed can create a relaxed, enjoyable experience. As our products may be difficult to understand as they are intangible we can provide informative, easy reading brochures for our customers to read giving them confidence to stay loyal with us.
Our services are sold, then produced and consumed simultaneously. Production and Marketing at this stage are interactive processes. To be customer focussed marketing allows us...