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...
The company will target its current clients and also look for new clients.
2.5 Budget, Marketing Mix
The budget of 80,000 a month will be used for advertising in the radio, newspapers and television. This is a small budget because the company is banking on their satisfied clients' word of mouth advertising to help increase the sales(Irwin, 2000) of Barclays Platinum credit card.
3. Business Mission. Barclays' business mission1 is geared towards delivering top quarterly total shareholder returns as compared to its competitors consistently over time and it seeks to manage marketing its products for value. Recently Barclays integrated its Barclaycard credit card business with its personal lending businesses to create a single entity focused on meeting customer needs for credit according to UK Consumer finance. Barclaycard's strategy is to leverage the assets and capabilities of the new combined business to increase "share of wallet" through cross-selling to the larger customer base. The card issuer is also pushing into new markets internationally and forming partnerships and alliances to extend the brand appeal. Barclaycard is already the largest single credit card brand in the UK, with 10.8 million customers.
4. External Marketing Audit
4.11 Economic. The business performance of Barclaycard is very outstanding, economically. It is currently one of the leading credit card businesses in Europe. Also, In addition to its operations in the UK, Barclaycard is has profitably entered the active booming credit card market in Germany, Spain, Greece, France, Italy and across Africa. Barclaycard has been offering the same full range of credit card services to individual and corporate customers it has been well