PLAGIARISM FREE WRITING SERVICE
We accept
MONEY BACK GUARANTEE
100%
QUALITY

Customer behaviour towards concern bank by Barclays

All the renowned bankers around the world offer their exclusive customers with a service which is something more to banking. It is specially created for customer's utmost convenience and satisfaction; it gives customer important over regular customers and incentives which others cannot enjoy. Standard Chartered message or calls it Priority Banking, Citi Bank telephone calls it Citigold and Barclays message or calls it Barclays Premier.

Barclays Top has observed a downward development in its leading customers during the last 2 yrs. Management of Barclays Premier needs to analyze the behavior of their customers, the external and inner factors that influence this behavior and most significantly what has factors have led to a change in the tendencies of the customers during the last two years.

This record will thoroughly review the factors influencing the habit of Barclay's customers and exactly how has those factors led a fall season in sales of Barclays Top. After a complete examination of the customer behavior, it will further devise strategies which might help to enhance the worsening sales of Barclay's Premier.

Contents

Executive Summary 1

Contents 2

Barclays Premier 3

Consumer Behaviour 3

External Factors Influencing Consumer Behavior: 4

Cultural influences: 4

Global Culture 4

National and Sub-culture in English Society 5

Reference communities 5

Family and home influences 6

Other external factors affecting Consumer Behaviour 7

Positioning Strategy 7

The Two Basic Principles of Placing 8

Benefits: 8

Unique providing proposition 9

Types of Placing 10

Umbrella positioning 10

Positioning contrary to the Competition 10

Positioning based on specific benefits 10

Finding an 'unowned' positions 10

Critical Representation on Learning Final results 11

APPENDIX 12

Exhibit 1 (Leon G Schiffman, 2008) 12

Exhibit 2 (Leon G Schiffman, 2008) 13

Reference List 14

Barclays Premier

As Barclays Leading says: "Discover a world where the ordinary does not exist, where every day is special, where every moment is exceptional" (Barclays )

Barclays Premier is created for something that focuses on clients individual offshore banking needs. The customers of Barclays Premier take reap the benefits of swift and successful responses, and gain access to exclusive banking products with superior rates.

Barclays provides its customers with dedicated Romance Managers, Top clients can take pleasure of any complete peace of mind as Relationship Managers use their clients to look for the alternatives that best suit their needs. They concentrate on client's long-term requirements and foresee their requirements in order to give their best to the exclusive clients. Moreover a passionate team of specialists is also there at all the braches and service centers to assist clients, take care of their requests and get a deals done within impressive time. (Barclays )

Barclay's top offers their clients with specially designed well-furnished Top Edges. Here they perform all their banking transactions quickly, quickly and in complete privateness. Premier Corners are made to provide clients with quality area and all the amenities to make your visit successful and enjoyable. Superior corners even give a kids place for kids while parents are at the part Barclays remarks about its Top Sides that "Bankers are designed for banking but Barclays Leading Centers are suitable for Life" (BARCLAYS)

Moreover customers who travel abroad for business can pre-book the meeting rooms and may use their lounges. Allowing the customers off with all the inconvenience when they travel abroad for commercial tours and allows these to focus on use all the bank facilities at their disposal.

Consumer Behaviour

Organizations need to comprehend consumer psyche to be able provide them with just what, how so when they want. This helps them to flourish, there is an era when customer needs and requirements were not given specific importance but the major emphasis was on the product, it was assumed that consumes will choose the product that offers them with the highest quality, the best performance & most features but then things changed. Firms discovered that it was a lot easier to produce the products which were proved through research that customer sought somewhat than persuading consumers to buy what organization has recently produced. This is one way firms' behavior progressed overtime and learning consumer action became a necessity for firms to be able to succeed. (Leon G Schiffman, 2008)

For this marketing theory to work, firms need to go through the trouble of consumer research, market segmentation, market targeting, placing to be able to provide customer value and achieve customer satisfaction. Its is also very important to understand what sort of consumer makes a decision. Consumer's go through some specified steps when they have a decision (make reference to display 1 for greater detail and graphical representation), which really helps marketers in understanding the psyche of the consumers they plan to provide. (Evans, 2007)

Barclays Top is made for the folks who need luxury, comfort and convenience while executing their banking transactions. Most of these people give maximum importance to time and so want their tasks to be performed quickly without any work and right when they want it to be done. They want all the banking services to be at their disposal on a regular basis.

Accounts that Barclay's Premier holders can be categorized into two major types. i. e. business accounts and personal accounts. Majority of the clients of Barclays Premier are business tycoons, participate in a pretty rich family qualifications and are above 40 years of age. Therefore the services that the Bank provides have to be designed keeping the needs, requirements and psyche of such people in mind. A thorough research and analysis of the consumer manners' of their clients and targeted clients will help the Barclays Leading to tailor its banking products and services that exactly match their requirements and position itself so that it inspires its goal clients. (Stock brokerages)

External Factors Influencing Consumer Behavior:

We just went through how consumers take their decision (exhibit 1) and we're able to notice that decisions which customers take are not strictly their own personal decisions. The decisions of consumers do get afflicted by external forces either immediately or indirectly. Some of these external influencing pushes could be called as cultural influences which can further be divided to cultural, global, national or sub-cultures, family and home influences, opinion leader influences, research group in fluencies and so on. All these influences will further in mentioned at length and with regards to the clients of Barclays Leading. (CN Krishna Naik, 1999)

Cultural influences:

Cultural influences influence individuals to a great amount and so that they don't really even realize that their thoughts and beliefs are being influenced. Cultural has an invisible hand and get into a man's very basic beliefs of rights and wrongs. Culture is something that is discovered by the practices generally prevailing in the society. Show 2 graphically shows how culture influences on behaviour of a person. (Ernest Henri Philippe Baudet, 1982)

Global Culture

The global development of any product or a service does impact the utilization of any product or something. The culture is vibrant, things change, technology advances, methods of carrying out responsibilities change. The Global tendency of using banking services is broadly therefore is the style of high quality and priority banking in particular. People are getting inclined towards better and productive services, advanced technology, perks, comfort, convenience and even more dedication when it comes to business and this is all what Barclays Top offers. All of the products and services are correctly based on the Global Culture and evolving with it. The Managers and Marketers should keep their products and services modified with respect to the recent trends for even more improvement. Which means this is the area Barclays Premier does not need to stress about, for now at least. (Mazarr, 2007)

National and Sub-culture in English Society

British were once a culture based mostly too much on classes. People belonging to high classes were happy and arrogant and considered themselves as more advanced than other. But today, multiculturalism and a changing market are steadily eroding the British isles class system, however, many features of the system still continue to be. (UK, 1987)

This service of premium banking will also somehow represent this class thing to an extent. People who avail these services consider themselves to be exclusive and superior than the standard customers of Barclays itself. They receive more importance and preferred over other customers. This is why some people consider availing the high grade bank services as a class and a position symbol rather than a need. Individuals who are clients of Barclays Top not only feel themselves to be superior as a customer but consider themselves as an alternative class. Some people become clients of Barclays Top only because they want to show off for his or her money.

Sociologists define communal class as the grouping of people by occupations. People in occupations like Doctors and legal professionals and university professors receive more position than unskilled labourers. The various positions symbolize different levels of ability, impact and money. In past days your school would impact your odds of obtaining a good education, a respectable job, etc. looked after used to impact the people who you might interact with and marry. Today this school system has reduced to a great extent and seen rarely in few cases with the high-profile exception of the Royal family. (Moii, 2004)

What Barclays Leading does is satisfying a need in the population which might have led to a terrible thing like discrimination and category to very minute degree; or may be taking it the other way Barclays Leading got an advantage or exploited something that was already prevailing in the English society. (media room)

A fall season in sales in previous two years may be for that reason revealing and class thing largely discouraged by every person recently. Society is going towards promoting equality. What Barclays Premier needs to promote to be able to keep its sales is that Barclays Premier is not about being discriminatory or belittling the customers who avail regular banking services. Barclays Top quality is approximately facilitating those who find themselves too active in their chores and discover ways to save lots of time for his or her family and other work tasks. It really is for the individuals, who being too busy in their work, are looking for a comfortable and friendly environment and consider luxury at the job an entertainment and a way of soothing their minds. Furthermore Barclays Premier is taking banking services to a fresh level and establishing new criteria.

Reference groups

In order to understand the active consumer behavior, one must understand the influencing electricity of reference teams. A reference point group may be thought as a person or an organization that functions as a spot of comparison for an individual in developing either general or specific values attitudes or a guide because of their own behaviour. Theorists split these reference categories into normative and comparative, normative may be your loved ones as they actually mould one's use habits but family affects will be reviewed at length later in the survey. Comparative may be your neighborhood friends who you can compare you to ultimately and their way of living seems quite impressive and worthy of imitating for you. Another classification in research communities could be indirect guide groups with whom you do not have any contact in person such as Tv set stars, sports heroes and politicians. The crux of the matter for a internet entrepreneur is that these reference organizations do affect utilization decisions of people. (C. L. Tyagi, 2004)

The relevant guide groups for a client of Barclays Leading could be like family (discussed later) and could be some family friends who lifestyle they inspire and or may be can relate with it. Their co-worker, colleagues or even opponents at market place may become reference organizations. He could probably likewise have indirect reference teams such as athletics celebrities, politicians, celebrities or may be some arbitrary impressive guy at workplace. As mentioned above, a reference group that is regarded as credible, attractive or powerful can easily effect a consumer's attitude or behaviour towards a product or something. For instance is a person thinking about availing the services of Barclays Premier would definitely label one or more of this comparative or normative guide groups before deciding to be always a consumer of Barclays Premier.

Barclays Premier may use this valuable idea of reference groups to put into effect the desired changes in consumer behavior with their clients or targeted clients. Barclay's Marriage Professionals should reach uplifting business individuals around, create those to Barclays Premier's impressive services and provide special favours in terms of work connections to convert potential clients into genuine clients and to promote an optimistic image one of the leading business community of the country. This would really benefit the lender in conditions of sales as well in terms of image. Those people may act as reference groups to several other potential and aim for customers, recommend them the top services and so the cycle continues on. This reference groups can act as the best way to obtain word-of-mouth ad which is rated the best and the most effective among all the advertising techniques utilized by marketers. Moreover, Managers should utilize their well off business as well as personal contacts to present and promote their leading services. (Cathy Neal, 2007)

Family and household influences

Family is the first contact a real human gets when he comes into this world and undoubtedly the things that you learn through this normative research group at has a tinge during your life irrespective of where and in which culture you may spend rest of your life in. Products a family group is loyal to continue last for years. (Schiffman, 2005)

This reference group can't be directly affected or approached by Barclays Top to like other research groups mentioned previously nonetheless they definitely do influence the consumer's decision so they should be taken into account. Barclays while targeting the organization world also needs to focus on Pvt. Limited companies and Singular proprietorships specifically. They might not be very big injections for the lender but they can benefit for a longer run; commitment of such clients has a tendency to last very long schedules as it continue for generations if the services remain up to the mark and Barclays Premier offers the best. (Wright, 2006)

Other exterior factors impacting Consumer Behaviour

Other External factors that could affect consumer behavior include the Economical conditions around the world, monetary conditions of UK in particular, spending and conserving propensities of businesses and homes in the country, fads of the banking industry. (Prosser)

The world has gone through a major tough economy and high inflationary pressures lately. This straight affected the liquid debris of all Banks including Barclays Premier. All the cost savings of businesses and homeowners drained away. Due to high inflationary pressures, liquid money was dropping value and people preferred never to keep their money in liquid form at all except for the thing that was needed for daily expenditures of businesses and homeowners due to which the liquid resources of Barclays Top received worsened. (The changing times)

Moreover, researches show that the average propensity spending for an average Briton has decreased which contributes to a fall season in Bank deposits. Even if they are, they do not save in liquid varieties somewhat buy financial musical instruments or fixed assets to save lots of. (Prosser)

Barclays Top cannot influence these external factors but can mould itself appropriately; it will come up with better selection of keeping products and at competitive prices. It can divert its attention from promoting liquid debris temporarily before financial situation gets better. It can offer businesses and homes with better ways and a greater range of keeping instruments. Managers can advice their clients about the ways through which they can prevent their idle money lose value.

Positioning Strategy

There are numerous brands under each and every industry of the world. Two brands could even be producing similar goods and services at similar prices but you can have a lot better market share; because as stated before, nowadays its is not about product, its about marketing yourself. Once that the business has segmented its market and determined its target portion that can benefit it the most, comes enough time for positioning itself in the minds of its marketplace.

Positioning can be explained as the introduction of a definite image for something or a service in the imagination of the consumers, a graphic that will distinguish the offering from fighting ones and squarely connect to the prospective audience that the a specific service or product will satisfy their needs better than competing brands (Kumar, 2010)

In order to create an effective setting strategy one needs to keep in mind the concepts of perception, self applied and attitude of the targeted consumers. Belief can be defined a process with which an individual selects, organizes and interprets stimuli into a meaningful and coherent picture of the world. The way the consumer perceives different things is determined by how his sensory receptors react to stimuli (Leon G Schiffman, 2008)

Another concept of just notable difference is the nominal difference that can be diagnosed between two similar stimuli which will make a difference and relevant for Barclays Premier for two reasons: One that the negative changes aren't commonly discernible to the public and so that the merchandise improvements are very apparent without having to be wastefully luxurious. (Leon G Schiffman, 2008)

An attitude can be explained as learned behavior or predisposition and Barclays Leading must understand the frame of mind of their goal clients before setting itself. Theorists have designed the latest models of to understand the attitude of the consumers which include the Tri component Attribute Model and Multi Feature Attitude models. The major reason behind creating these models is to review their consumers. Therefore Barclays need to analyze the patterns, the frame of mind, the needs and wants of their clients to accommodate their needs.

The Two Basic Principles of Positioning

The placement revolves around two basic principles, the foremost is benefits and the other is exclusive advertising proposition.

Benefits:

The great things about Barclays Leading would be that is specifically designed to enable the most effective banking service you can ever experience. A range of benefits a customer of Barclays Premier can enjoy are the following:

Premium Team

It offers you a team of highly licensed experts to carry out the client's banking businesses and providing the client with advice of managing their liquid belongings called high grade team. These specialists provides the financial skills, solutions and priority service you need to keep your money working for you round the clock. The team includes:

Premier Romantic relationship Manager

Financial Planning Managers

Woolwich Home loan Advisor

Your local branch staff

Life Rewards

Life's Rewards is our membership program exclusive to Barclays Top Life which is our way of saying thank you for the business enterprise you do with us. Look at the range of unique events, encounters and discounts

Premier Life Account

Our Leading Life Accounts offers everything you'd want from our exclusive Leading banking service. And you'll obtain the support of an expert team to assistance with your money management needs.

Premier Loans

Our lending alternatives can help give you the freedom and flexibility you need to accomplish your goals.

Finer Home Insurance

If you want to protect your premises and possessions with more than a standard insurance coverage, our quality value home insurance can give you reassurance.

Premier Credit Card

Available only to Leading Life clients, the Barclays Top Credit Card is designed to fit how you live.

Moreover, it also provides Top Mortgages, , opportunities and insurance. Managers can deal with the client's money even online or on mobile phone. It does not facilitate your client in the home country but in another country as well. It offers the clients with meeting rooms and lounges overseas so that can handle their business peacefully and can focus on work during corporate and business tours rather doing the trouble of looking for appropriate places to work. (BARCLAYS)

Unique offering proposition

This is the distinct benefit that the business has for the merchandise or a service. Theory says that the majority of the products are unsuccessful because they are not recognized by the consumers as unique or any not the same as other products. In consumer behavior language they are considered to be "me too" products who don't have any unique image or profit. The unique features that Barclays High grade can declare to have would be:

Premium Corners

You can carry out all your bank transactions quickly, handily and in complete privacy at some of our Premier Edges. Our Premier Sides are made to provide you with quality surroundings and all the amenities to make your visit profitable and enjoyable

Global Usage of Flagship Leading centres

Premier customers vacationing abroad and needing venues for a gathering can pre-book a meeting room at flagship Barclays branches or use their lounge. Your Barclays Leading VISA Debit credit card is all that you'll require to gain access to the lounge - a sanctum where you can relax and perform business in a stress-free environment.

24 hour call center

You can call us at 111-Riches (111-932-584) for immediate assistance. Our skilled professionals are always on hand to take care of your enquiries and demands with the utmost priority 24-hours a day, seven days a week

Valet Parking

In order to make your stop by at the bank more convenient, all our Leading Corners will give you reserved and valet parking

Moreover, every element at Barclays Top quality is specified to the highest quality, from technology to floor coverings, furniture, light and decor. Things are designed to accomplish the most resourceful bank service a client cal ever experience.

If a customer must work, he will get a range of facilities to enable him to do whatever it is he needs to do. It can be a desk space, internet center or a meeting room. There's a special place for kids to play at every premium corner so that children can play as the parent is busy with work. (BARCLAYS)

Types of Positioning

Theory suggests different ways of positioning something or something. Barclays Premier may use the ne that suits or advantage it the most. These positioning practices or ways are the following:

Umbrella positioning

This strategy can be defined as creating a standard image of the business around which a lot of products can be included singularly. It we apply this in the case of Barclays Leading then it would be positioning Barclays as a whole through its benefits and unique advertising propositions and then Barclays Leading and its products and services could automatically take advantage of the positioning of Barclays in the intellects of consumers. (Consumer Behaviour: buying, 2009)

Positioning up against the Competition

This is when you compare yourself to your competitors in order to put yourself as different or better. e. g. Barclays Top assessing its services to any other banking offering premium bank faculties such as CitiBank.

Positioning based on specific benefits

This is when the business positions itself as different and better in thoughts of the consumers by listing down its unique characteristics and benefits that other find hard to provide. This kind of positioning would be most ideal for Barclays Top as it has a list of benefits and unique features (outlined in the survey before). The Bank can use these unique and top quality services to position itself differently in the minds of its aim for consumers.

Finding an 'unowned' positions

An organization can find a niche that is not already targeted by other organizations or something that is very challenging and hard however, not something that can't be done. (Assael, 1995)

Critical Reflection on Learning Outcomes

I had opted through the reading course material thoroughly prior to starting to focus on the module and throughout the course but I was really getting excited about a practical experience or something which may help me clear my principles in a pragmatic way. I must say i wanted to start to see the concepts and theories that I've studied used. I had been intrigued to observe how the firms make use of these ideas in practical life and reap the benefits of these theories at the marketplace place.

I started my component by going through different products I find interesting so that we don't lose interest while working on the component and I found the services offered by Barclays Top inspiring so I selected as my subject matter for the component.

I really was enthusiastic and really looking forward to a great experience. I carried out a whole research while I was focusing on the module. I interviewed differing people working at Barclays Leading and clients of Barclays Premier. I filled out questionnaires and frequented different Top Centers and discovered things in practice. WHEN I was focusing on my component puting myself into a position of your Marketing Supervisor at Barclays Top, I really acquired lost that how the problem of declining sales could be fixed.

Initially I possibly could not dig out useful products out from me but then when I focused on the course material and tried adding every single relevant concept in practice to solve the condition I came up with a great deal of useful things and I experienced like doing some thing real and beneficial.

But there is one thing which made me feel incomplete and this was that I possibly could not apply all the useful theories and principles that I have studied through the course. There was only an integral part of it that i could apply for the given situation and the problem that the Barclays Premier was assumed to go through.

Working on this was a great experience and it certainly increased my learning of consumer behavior. I could almost apply a few of concepts on a few of the customers of Barclays Leading I interviewed. I could see how different facets could affect their behaviour and exactly how prone their behavior was to exterior factors. I learned how organizations can apply their consumer evaluation to create tailored strategies that could help them prosper and solve different issues that they come across during their procedures.

APPENDIX

Exhibit 1 (Leon G Schiffman, 2008)

External Influences

Psychological Field

Motivation

Perception

Learning

Personality

Attitude

Need Recognition

Prepurchase

Search

Evaluation of Alternatives

Film's Marketing Efforts

Product

Promotion

Price

Channels and distribution

Sociocultural Environment

Family

Informal sources

Other non commercial sources

Social class

Culture an sub culture

"Type"

Consumer Decision Making

"Process "

Experience

Post decision

Behavior

Purchase

Trial

Repeat purchase

"Productivity"

Post purchase Evaluation

Exhibit 2 (Leon G Schiffman, 2008)

Cognitive Beliefs

Personality Traits

Attitude

Practices

Values

Va

SUBJECTIVE CULTURE:

Regional

Ethnic

Religious

Linguistic

National

Professional

Organizational

Group

behaviour

Behavioral Intension

Social Norms

More than 7 000 students trust us to do their work
90% of customers place more than 5 orders with us
Special price $5 /page
PLACE AN ORDER
Check the price
for your assignment
FREE