Factors Influencing The Behavior Of Barclays Customers Marketing Essay

Barclays Premier has witnessed a downward tendency in its Prime Minister clients over the last two old ages. Management of Barclays Premier needs to analyse the behaviour of their clients, the external and internal factors that influence this behaviour and most significantly what has factors have led to a alteration in the behaviour of their clients over the last two old ages.

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This study will thoroughly analyze the factors act uponing the behaviour of Barclay ‘s clients and how has those factors led a autumn in gross revenues of Barclays Premier. After a complete analysis of the client behaviour, it will further invent schemes which may assist to better the declining gross revenues of Barclay ‘s Premier.

Barclays Premier

As Barclays Premier says: “ Discover a universe where the ordinary does non be, where every twenty-four hours is particular, where every minute is exceeding ” ( Barclays )

Barclays Premier is designed for a service that focuses on clients single offshore banking demands. The clients of Barclays Premier take benefit from Swift and efficient responses, and derive entree to sole banking merchandises with improved rates.

Barclays provides its clients with dedicated Relationship Managers, Premier clients can take pleasance of a complete peace of head as Relationship Managers work with their clients to find the solutions that best suit their demands. They focus on client ‘s long term demands and anticipate their demands in order to give their best to the esteemed clients. Furthermore a dedicated squad of professionals is besides there at all the braches and service centres to help clients, manage their petitions and acquire your minutess done within impressive clip. ( Barclays )

Barclay ‘s premier offers their clients with specially designed well-furnished Premier Corners. Here they carry out all their banking minutess rapidly, handily and in complete privateness. Premier Corners are designed to supply clients with quality milieus and all the comfortss to do your visit productive and gratifying. Premium corners even provide a childs topographic point for childs while parents are at the corner Barclays claims about its Premier Corners that “ Banks are designed for banking but Barclays Premier Centers are designed for Life ” ( BARCLAYS )

Furthermore clients who travel abroad for concern can pre-book the conference suites and can utilize their sofas. This lets the clients off with all the fuss when they travel abroad for corporate Tourss and allows them to concentrate on work with all the banking installations at their disposal.

Consumer Behaviour

Organizations need to understand consumer mind in order provide them with precisely what, how and when they want. This helps them to boom, there was an epoch when client demands and demands were non given specific importance but the major focal point was on the merchandise, it was assumed that consumes will purchase the merchandise that offers them with the highest quality, the best public presentation and most characteristics but so things changed. Firms found that it was a batch easier to bring forth the merchandises which were confirmed through research that client wanted instead than carrying consumers to purchase what house has already produced. This is how houses ‘ behaviour evolved overtime and analyzing consumer behaviour became a necessity for houses in order to win. ( Leon G Schiffman, 2008 )

For this selling construct to work, houses need to travel through the fuss of consumer research, market cleavage, market targeting, positioning in order to supply client value and accomplish client satisfaction. Its is besides really of import to understand how a consumer makes a determination. Consumer ‘s go through a series of specified stairss when they take a determination ( mention to exhibit 1 for more item and graphical representation ) , and this truly helps sellers in understanding the mind of the consumers they intend to provide. ( Evans, 2007 )

Barclays Premier is designed for the people who need luxury, comfort and convenience while executing their banking minutess. Most of these people give extreme importance to clip and so desire their undertakings to be performed fleetly without any attempt and right when they want it to be done. They want all the banking services to be at their disposal all the clip.

Histories that Barclay ‘s Premier grips can be classified into two major types.i.e. concern histories and personal histories. Majority of the clients of Barclays Premier are concern barons, belong to a pretty rich household background and are above 40 old ages of age. So the services that the Bank provides need to be designed maintaining the demands, demands and mind of such people in head. A thorough survey and analysis of their consumer behaviours ‘ of their clients and targeted clients will assist the Barclays Premier to orient its banking merchandises and services that precisely match their demands and place itself in such a manner that it inspires its mark clients. ( Stock agents )

External Factors Influencing Consumer Behaviour:

We merely went through how consumers take their determination ( exhibit 1 ) and we could see that determinations which clients take are non purely their ain personal determinations. The determinations of consumers do acquire affected by external forces either straight or indirectly. Some of these external influencing forces could be named as cultural influences which can farther be divided to cultural, planetary, national or sub-cultures, household and family influences, sentiment leader influences, mention group in eloquences and so on. All these influences will farther in discussed in item and with regard to the clients of Barclays Premier. ( CN Krishna Naik, 1999 )

Cultural influences:

Cultural influences affect persons to a great extent and in such a manner that they do n’t even recognize that their ideas and beliefs are being affected. Cultural has an unseeable manus and acquire into a adult male ‘s really basic beliefs of rights and wrongs. Culture is something that is learned by the patterns by and large predominating in the society. Exhibit 2 diagrammatically shows how civilization influences on behavior of an person. ( Ernest Henri Philippe Baudet, 1982 )

Global Culture

The planetary tendency of any merchandise or a service does impact the use of any merchandise or a service. The civilization is dynamic, things change, engineering progresss, methods of executing undertakings alteration. The Global tendency of utilizing banking services is widely and so is the tendency of premium and precedence banking in peculiar. Peoples are acquiring inclined towards better and efficient services, advanced engineering, fringe benefits, comfort, convenience and more dedication when it comes to concern and this is all what Barclays Premier offers. All the merchandises and services are absolutely in line with the Global Culture and germinating with it. The Managers and Marketers should maintain their merchandises and services updated with regard to the recent tendencies for farther betterment. So this is the country Barclays Premier does non necessitate to worry approximately, for now at least. ( Mazarr, 2007 )

National and Sub-culture in British Society

British were one time a society based excessively much on categories. Peoples belonging to high categories were proud and chesty and idea of themselves as superior to other. But today, multiculturalism and a altering economic system are bit by bit gnawing the British category system, but some characteristics of the system still remain. ( UK, 1987 )

This service of premium banking does besides somehow reflect this category thing to an extent. Peoples who avail these services consider themselves to be esteemed and superior than the regular clients of Barclays itself. They are given more importance and preferred over other clients. This is the ground some people consider availing the premium banking services as a category and a position symbol instead than a demand. Peoples who are clients of Barclays Premier non merely experience themselves to be superior as a client but consider themselves as a different category. Some people become clients of Barclays Premier merely because they want to demo off for their money.

Sociologists define societal category as the grouping of people by businesss. Peoples in businesss like Doctors and attorneies and university instructors are given more position than unskilled laborers. The assorted places symbolize different degrees of power, influence and money. In old yearss your category would impact your odds of acquiring a good instruction, a respectable occupation, etc. and it besides used to act upon the people who you could interact with and marry. Today this category system has reduced to a great extent and seen seldom in few instances with the high-profile exclusion of the Royal household. ( Moii, 2004 )

What Barclays Premier does is fulfilling a demand in the society which might hold led to a bad thing like favoritism and category to really infinitesimal extent ; or may be taking it the other manner Barclays Premier got an border or exploited something that was already predominating in the British society. ( intelligence room )

A autumn in gross revenues in last two old ages may be because of this demoing off and category thing mostly discouraged by everybody late. Society is heading towards advancing equality. What Barclays Premier needs to advance in order to retain its gross revenues is that Barclays Premier is non about being prejudiced or minimizing the clients who avail regular banking services. Barclays Premium is about easing those who are excessively busy in their errands and happen ways to salvage clip for their household and other work duties. It is for the people, who being excessively busy in their work, are looking for a comfy and friendly environment and see luxury at work an amusement and a manner of loosen uping their heads. Furthermore Barclays Premier is taking banking services to a new degree and puting new criterions.

Mention groups

In order to understand the dynamic consumer behavior, one needs to understand the act uponing power of mention groups. A mention group may be defined as a individual or a group that serves as a point of comparing for an person in organizing either general or specific values attitudes or a usher for their ain behavior. Theorists divide these mention groups into normative and comparative, normative may be your household as they do model one ‘s ingestion forms but household influences will be discussed in item subsequently in the study. Comparative may be your neighbours who you can compare yourself to and their manner of life seems pretty impressive and deserving copying to you. Another categorization in mention groups could be indirect mention groups with whom you do non hold any contact in individual such as Television stars, athleticss heroes and politicians. The Southern Cross of the affair for a seller is that these mention groups do impact ingestion determinations of persons. ( C.L. Tyagi, 2004 )

The relevant mention groups for a client of Barclays Premier could be like household ( discussed subsequently ) and may be some household friends who lifestyle they inspire and or may be can associate to it. Their colleague, co-workers or even rivals at market topographic point may move as mention groups. He could most probably besides have indirect mention groups such as athleticss famous persons, politicians, film stars or may be some random impressive cat at workplace. As mentioned above, a mention group that is perceived as believable, attractive or powerful can easy act upon a consumer ‘s attitude or behavior towards a merchandise or a service. For illustration is a individual interested in availing the services of Barclays Premier would decidedly mention to one or more of this comparative or normative mention groups before make up one’s minding to be a client of Barclays Premier.

Barclays Premier can utilize this valuable construct of mention groups to set into consequence the desired alterations in consumer behavior of their clients or targeted clients. Barclay ‘s Relationship Managers should make animating concern persons around, present them to Barclays Premier ‘s impressive services and offer particular favors in footings of work relationships to change over possible clients into existent clients and to advance a positive image among the taking concern community of the state. This would truly profit the Bank in footings of gross revenues every bit good in footings of image. Those people may move as mention groups to several other possible and mark clients, urge them the Prime Minister services and so the rhythm goes on. This mention groups can move as the best beginning of viva-voce advertizement which is ranked the highest and the most effectual among all the advertisement techniques used by sellers. Furthermore, Directors should use their well away concern every bit good as personal contacts to present and advance their Prime Minister services. ( Cathy Neal, 2007 )

Family and family influences

Family is the first contact that a human gets when he comes into this universe and doubtless the things that you learn through this normative mention group at has a touch throughout your life no affair where and in which civilization you spend rest of your life in. Merchandises and services a household is loyal to go on last for coevalss. ( Schiffman, 2005 )

This mention group can non be straight influenced or contacted by Barclays Premier to wish other mention groups mentioned earlier but they decidedly do impact the consumer ‘s determination so they should be taken into history. Barclays while aiming the corporate universe should besides concentrate on Pvt. Limited companies and Sole proprietaries in peculiar. They may non be really large shootings for the Bank but they can profit for a longer tally ; trueness of such clients has a inclination to last for really long clip periods as it continue for coevalss if the services remain up to the grade and Barclays Premier offers the best. ( Wright, 2006 )

Other external factors impacting Consumer Behaviour

Other External factors that may impact consumer behavior include the Economic conditions around the Earth, economic conditions of UK in peculiar, disbursement and salvaging leanings of concerns and families in the state, tendencies of the banking industry. ( Prosser )

The universe has gone through a major recession and high inflationary force per unit areas recently. This straight affected the liquid sedimentations of all the Banks including Barclays Premier. All the nest eggs of concerns and families drained off. Due to high inflationary force per unit areas, liquid money was losing value and people preferred non to maintain their money in liquid signifier at all except for what was needed for twenty-four hours to twenty-four hours disbursals of concerns and families due to which the liquid assets of Barclays Premier got worsened. ( The times )

Furthermore, researches show that the mean leaning disbursement for an mean Briton has decreased which leads to a autumn in Bank sedimentations. Even if they are, they do non salvage in liquid signifiers instead buy fiscal instruments or fixed assets to salvage. ( Prosser )

Barclays Premier can non act upon these external factors but can model itself consequently ; it can come up with better scope of salvaging merchandises and at competitory monetary values. It can deviate its attending off from advancing liquid sedimentations temporarily until the economic state of affairs gets better. It can supply concerns and families with better ways and a greater scope of salvaging instruments. Directors can advice their clients about the ways through which they can forestall their idle money lose value.

Positioning Scheme

There are legion trade names under each and every industry of the universe. Two trade names may even be bring forthing similar goods and services at similar monetary values but one may hold a far greater market portion ; because as mentioned earlier, nowadays its is non about merchandise, its about selling yourself. Once that the company has segmented its market and selected its mark section that can profit it the most, comes the clip for positioning itself in the heads of its mark market.

Positioning can be defined as the development of a distinguishable image for a merchandise or a service in the heads of the consumers, an image that will distinguish the offering from viing 1s and forthrightly pass on to the mark audience that the a peculiar merchandise or service will carry through their demands better than viing trade names ( Kumar, 2010 )

In order to plan an effectual placement scheme one needs to maintain in head the constructs of perceptual experience, ego and attitude of the targeted consumers. Percept can be defined a procedure by which an person selects, organizes and interprets stimuli into a meaningful and consistent image of the universe. How the consumer perceives different things depends on how his centripetal receptors respond to stimuli ( Leon G Schiffman, 2008 )

Another construct of merely noticeable difference is the minimum difference that can be detected between two similar stimulations and this will be of import and relevant for Barclays Premier for two grounds: One that the negative alterations are non readily discernable to the populace and so that the merchandise betterments are really evident without being prodigally excessive. ( Leon G Schiffman, 2008 )

An attitude can be defined as erudite behavior or sensitivity and Barclays Premier needs to understand the attitude of their mark clients before positioning itself. Theorists have designed different theoretical accounts to understand the attitude of the consumers which include the Tri constituent Attribute Model and Multi Attribute Attitude theoretical accounts. The major ground for planing these theoretical accounts is to analyze their consumers. Therefore Barclays need to analyse the behaviour, the attitude, the likes and disfavors of their clients to provide their demands.

The Two Basic Principles of Positioning

The positioning revolves around two basic rules, the first is benefits and the other is alone selling proposition.

Benefits:

The benefits of Barclays Premier would be that is specifically designed to enable the most efficient banking service one can of all time see. A scope of benefits a client of Barclays Premier can bask are listed below:

Premium Team

It provides you with a squad of extremely qualified experts for transporting out the client ‘s banking operations and supplying the client with advice of pull offing their liquid assets called premium squad. These specializers will supply the fiscal expertness, solutions and precedence service you need to maintain your money working for you round the clock. The squad includes:

Premier Relationship Manager

Fiscal Planning Directors

Woolwich Mortgage Advisor

Your local subdivision staff

Life Wagess

Life ‘s Rewards is our rank plan sole to Barclays Premier Life and is our manner of stating thank you for the concern you do with us. Look at the scope of alone events, experiences and price reductions

Premier Life Account

Our Premier Life Account offers everything you ‘d desire from our sole Premier banking service. And you ‘ll acquire the support of a specializer squad to assist with all your money direction demands.

Premier Loans

Our loaning solutions can assist give you the freedom and flexibleness you need to accomplish your ends.

Finer Home Insurance

If you want to protect your belongings and ownerships with more than a standard insurance policy, our high value place insurance can give you reassurance.

Premier Credit Card

Available entirely to Premier Life clients, the Barclays Premier Credit Card is designed to suit the manner you live.

Furthermore, it besides provides Premier Mortgages, , investings and insurance. Directors can pull off the client ‘s money even online or on phone. It does non ease the client in the place state but abroad every bit good. It provides the clients with meeting suites and sofas abroad so that can manage their concern peacefully and can concentrate on work during corporate Tourss instead making the fuss of looking for appropriate topographic points to work. ( BARCLAYS )

Unique selling proposition

This is the distinguishable benefit that the organisation has for the merchandise or a service. Theory says that most of the merchandises fail because they are non perceived by the consumers as distinguishable or any different from other merchandises. In consumer behavior linguistic communication they are considered to be “ me excessively ” merchandises who do non hold any alone image or benefit. The alone characteristics that Barclays Premium can claim to hold would be:

Premium Corners

You can carry on all your banking minutess rapidly, handily and in complete privateness at any of our Premier Corners. Our Premier Corners are designed to supply you with quality milieus and all the comfortss to do your visit productive and gratifying

Global Access to Flagship Premier Centres

Premier clients going abroad and necessitating locales for a meeting can pre-book a conference room at flagship Barclays subdivisions or utilize their sofa. Your Barclays Premier VISA Debit card is all that you need to entree the sofa – a sanctum where you can loosen up and carry on concern in a stress-free environment.

24 hr call centre

You can name us at 111-WEALTH ( 111-932-584 ) for immediate aid. Our skilled professionals are ever on manus to take attention of your questions and petitions with the extreme precedence 24-hours a twenty-four hours, 7 yearss a hebdomad

Valet Parking

In order to do your visit to the bank more convenient, all our Premier Corners will offer you reserved and valet parking

Furthermore, every component at Barclays Premium is specified to the highest quality, from engineering to flooring, furniture, illuming and decor. Thingss are designed to ease the most resourceful banking service a client cal of all time experience.

If a client needs to work, he can happen a scope of installations to enable him to make whatever it is he needs to make. It can be a desk infinite, internet installation or a conference room. There is a particular topographic point for childs to play at every premium corner so that kids can play while the parent is busy with work. ( BARCLAYS )

Types of Positioning

Theory suggests different ways of positioning a merchandise or a service. Barclays Premier can utilize the Ne that suits or profit it the most. These positioning tactics or ways are listed below:

Umbrella placement

This scheme can be defined as making an overall image of the company about which a batch of merchandises can be featured separately. It we apply this in the instance of Barclays Premier so it would be positioning Barclays as a whole through its benefits and alone merchandising propositions and so Barclays Premier and its merchandises and services could automatically profit from the placement of Barclays in the heads of consumers. ( Consumer Behavior: purchasing, 2009 )

Positioning against the Competition

This is when you compare yourself to your rivals in order to place yourself as different or better.e.g. Barclays Premier comparing its services to any other banking offering premium banking modules such as CitiBank.

Positioning based on specific benefits

This is when the organisation places itself as different and better in heads of the consumers by naming down its alone features and benefits that other happen difficult to supply. This sort of placement would be most suited for Barclays Premier as it has a list of benefits and alone characteristics ( listed in the study before ) . The Bank can utilize these unique and high category services to place itself otherwise in the heads of its mark consumers.

Finding an ‘unowned ‘ places

An organisation can happen a niche that is non already targeted by other organisations or something that is really ambitious and difficult but non something that can non be done. ( Assael, 1995 )

Critical Contemplation on Learning Outcomes

I had gone through the reading class stuff exhaustively before get downing to work on the faculty and throughout the class but I was truly looking frontward to a practical experience or something which could assist me clear my constructs in a matter-of-fact manner. I truly wanted to see the constructs and theories that I have studied in pattern. I was intrigued to see how the houses make usage of these theories in practical life and benefit from these theories at the market topographic point.

I started my faculty by traveling through different merchandises or services I find interesting so that I do n’t lose involvement while working on the faculty and I found the services offered by Barclays Premier animating so I selected as my topic for the faculty.

I was truly enthusiastic and truly looking frontward to a great experience. I carried out a complete research while I was working on the faculty. I interviewed different people working at Barclays Premier and clients of Barclays Premier. I filled out questionnaires and visited different Premier Centers and observed things in pattern. As I was working on my faculty seting myself into a place of a Marketing Manager at Barclays Premier, I truly got confused that how the job of worsening gross revenues could be solved.

Initially I could non delve out utile material out from me but so when I concentrated on the class stuff and tried seting each and every relevant construct in pattern to work out the job I came up with a batch of utile things and I felt like making some thing existent and productive.

But there was one thing which made me experience uncomplete and that was that I could non use all the utile theories and constructs that I have studied during the class. There was merely a portion of it which I could use for the given state of affairs and the job that the Barclays Premier was assumed to travel through.

Working on this was a great experience and it truly enhanced my acquisition of consumer behavior. I could practically use some of constructs on some of the clients of Barclays Premier I interviewed. I could see how different factors could impact their behavior and how prone their behavior was to external factors. I learned how organisations can do utilize their consumer analysis to come up with trim schemes that could assist them thrive and work out different jobs that they come across during their operations.

Appendix

Exhibit 1 ( Leon G Schiffman, 2008 )

External Influences

Psychological Field

Motivation

Percept

Learning

Personality

Attitude

Need Recognition

Prepurchase

Search

Evaluation of Options

Film ‘s Selling Attempts

Merchandise

Promotion

Monetary value

Channelss and distribution

Sociocultural Environment

Family

Informal beginnings

Other non commercial beginnings

Social category

Culture an sub civilization

“ Input signal ”

Consumer Decision Making

“ Procedure “

Experience

Post determination

Behavior

Purchase

Test

Repeat purchase

“ End product ”

Post purchase Evaluation

Exhibit 2 ( Leon G Schiffman, 2008 )

Cognitive Beliefs

Personality Traits

Attitude

Practices

Valuess

Virginia

Subjective Culture:

Regional

Cultural

Religious

Linguistic

National

Professional

Organizational

Group

behavior

Behavioral Intension

Social Norms