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Marketing Plan - Assignment Example
1.1 The objectives of the marketing( Etzel, 2001) planning exercise to energetically boost the forecasted high demand for Barclays Platinum credit card through advertising and the word of mouth advertising of its current clients. The company aims to protect and also increase its current twenty percent United Kingdom credit card market share against the continuous day to day onslaught of the competing credit card companies like Lloyds TSb card, HSBC CARD, MBNA CARD and others which was started by the 1972 credit card invasion of Access credit cards.
Barclays' business mission is geared towards delivering top quarterly total shareholder returns as compared to its competitors(Kinnear, 1996) consistently over time and it seeks to manage marketing its products for value.
The Macroenvironment has been very favourable to the implementation of the Barclays bank Platinum credit card launch in 2007. Its 20% share in the market has kept the encroaching competitors(Drucker, 1980) at bay. The Marketing mix of product, price, place and promotion have aided each other in the accomplishment of the company's ultimate goal of getting a big chunk of the new credit card clients starting in 2007.
The strengths of the company like the well established Barclays bank as well as the opportunities to service new clients have helped in the forecast of getting a large share of Platinum credit card market. The weaknesses and the threats to the Barclays credit card has only a very minor miniscule effect on the forecasted sales of Platinum credit cards in 2007.
The marketing objectives(Thompson, 1999) are to get a big chunk of the credit card market wi ...