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INTRODUCTION: Business Function Analysis and Marketing Mix Evaluation: A Case Study of Metro Bank
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The business world is developing rapidly and the companies are focusing on working on different ideas for doing business effectively. Innovation had gained a lot of important for the enterprises in the present business world. With the increasing competition it is significant for the firms to focus on innovation and generating better ideas and managing the businesses in an effective manner (Lounsbury et. al. 2019). In this report the researcher would focus on explaining the concept related to business and for this the report will consider the case of Metro Bank. The report will focus on analyzing the business functions and the 4P’s for the chosen company. Further the researcher would be reflecting on their own personal and professional skills. This would help the researcher in improving their academic and professional career.
The chosen company Metro bank is an independent UK bank but this bank is not associated with any of the organization or another bank. This enterprise was established in 2010 and this had based on a unique idea that had helped them in establishing them in an effective manner. The Metro bank is the first street bank that had opened in UK over the 100 years. The chosen company is offering different banking service to their customers. In the last 10 years the company had expanded themselves in the different part of UK that includes London and South East as well (Metro Bank, 2021). The company focuses on customer satisfaction and due to this reason they are offering them the most convenient and unique banking service.
ACADEMIC ANALYSIS USING 2 CONCEPTS
Business Function Analysis of Metro Bank
When the enterprise is operating in any of the industry then it is important for the firm to focus on managing the different business operations and functions in an effective manner. It is important for the company to focus distributing the different roles and responsibilities to different functional departments. The different functions that are required to be performed by the chosen company are operational management functions, administration function, marketing functions, accounting and finance functions. For the chosen company it is important to focus on performing all the different businesses functions effectively so that they can deliver high quality and more convenient services to their customers (Roengpitya et. al. 2017).
Being a bank service provider it the primary function of the chosen company includes the managing cash, credits, overdraft, loans, accepting deposits and managing the advances as well. It can be said that the management of the company need to be effective so that they can manage these functions in an properly. While offering the financial services the company needs to focus on managing all the business functions in an effective manner as it is having a major impact on profitability and reputation of the firm (Sultana, 2020). Accounting and finance management functions are crucial for the finance service providing firms. The company is making strategic decisions that are helping then in managing the accounting functions in an efficient manner. Moreover it can be said that the managers and the leaders of the company are using effective skills that are helping then in managing the smooth flow of funds and managing accounting functions properly.
Marketing functions are also very significant for all the businesses as it is having an impact on the sales of the company. The chosen company is having highly skilled and professional employees working in their marketing teams. These employees are working on both traditional and online methods for doing effective marketing of the different products that are offered by the firm. The administrative functions are very important for the business and needs to be performed in an effective manner. Staff recruitment, expenditure, public relations are the important factors that are being performed by the company. The organizations need to have effective human resource in the firm that can offer better customer experience to their employees. This is an effective strategy for the firm that can help them in developing positive relationship with their employees and this helps them in being effective. The company is focusing on maintaining their quality of service and this is helping them in being effective in the market and gaining competitive advantage over others (Palepu et. al. 2020).
It can be said that the company is having effective strategies for managing the different departments and organizational functions in an efficient manner. Also the leader and the entire management team of the company are performing their roles and responsibilities in properly that is helping them in managing the functions in effective manner (Castillo-Vergara et. al. 2018). From the analysis it can be said that the company is focusing on managing better interconnectivity and collaboration all the functional groups and this is helping the in offering better services to the customers.
4P’s Analysis for Metro Bank
Marketing is one of the most important business practices that is having an major impact on the sales and profitability of the company. Enterprises focus on developing effective marketing strategies that can help them in being effective in the market. Marketing mix analysis is an effective method that is used for analyzing that how the company is working on different factors while doing marketing and promotions of their products (Thabit and Raewf, 2018). 4P’s marketing mix analysis of Metro Bank is mentioned below such as:
Product: the chosen company is offering different finance services options to their customers. The products of metro bank include the banking accounts, personal borrowing, business bank accounts and insurance. Other than this company also offers the full range of banking and the financial products and services that include different products of corporate banking, commercial banking and consumer banking. Moreover it also offers credit cards, leasing, investment banking, trust banking and remittances as well.
Price: pricing is one of the most important factors that is having an impact on the sales of any of the firm. Metro bank is using the competitive pricing strategy. The company charges high for some of its products as compared to its competitors. This is because they are offering more features and unique value to their customers. Along with this the company is also using the bundle pricing strategy on some of its products for increasing the sales of the company. Metro bank is also using other pricing strategies such as premium pricing strategy, psychological pricing strategy and geographical pricing strategy. It can be said that making use of combination of pricing strategies is helping the company in being more efficient and increasing the customer base (Henry, 2018).
Place: The Company needs to focus on offering the products in such a way that they can assess it easily. Metro bank is having company oriented stores that is helping them in offering better services to their customers and managing the operations as well. The company is also having licensed stores that are helping them in offering the services with les physical investments. Moreover in the present business world e-commerce had gained a lot of importance. Metro bank is also offering their services through their website and doing online retailing as well. They have also placed their products available in the supermarkets and hypermarkets across the nation that is helping them in being more competitive and increasing their physical presence as well.
Promotion: Promoting the goods and services offered by the firm is an significant business practice. The company is using different promotional tactics and strategies for attracting to the customers and promoting their products. Digital marketing is an effective promotion strategy that is being used by the chosen company. Metro bank is having their social media website and portals for reflecting their corporate profile. The company had also developed an reward program for their customers that is helping them in attracting the customers and increasing the brand loyalty as well (Vizard, 2020). Consumer marketing is also an effective marketing strategy that is been used by Metro band for promoting their products. Along with this they are also using community influences for marketing of their products and services.
RECOMMENDATIONS AND CONCLUSION
The above mentioned report had discussed two important concept related to business management. The report had considered the case of Metro Bank. Business function analysis had been done in which the report had found that the case company is having effective management and focusing on managing all the functional groups of the firm effectively. Along with this the report had also mentioned the 4P's of marketing for the chosen company. On the basis of the analysis it can be said that the company is having effective marketing strategy that is helping them in being more effective in the market place.
Based on the analysis it can be recommended that the company should focus on expanding their business in an effective manner. The unique style of offering the financial services is attractive and the effective marketing strategy of the company can help in entering into the new markets and doing business in an effective manner. Also it can be said that the company should focus on using different technologies that can help them in managing the business operations in an efficient manner. Thus it can be said that the company is doing well in the present market and with the help of this they should focus on entering into new markets.
SELF REFLECTION
Reflection is very important as it helps the individuals in understanding their own self and helps the in becoming a better person in their life. It is important to reflect so that we can understand that what we have learned from a particular practice. I would be reflecting on my own experience of doing this module. According to me when we learn any of the new concept then it is essential to reflect on it. While doing this module I have received better knowledge related to the business world and the way in which the businesses operate and manage the different functions as well. I think that this module had helped me in understanding some of the important concepts related to my professional career.
From this module i have understood that there are different important skills that are required for employees when they are working in any of the firm. Confidence is one of the most important skills as I have understood that while working in the firm one need to face different situations and at that time it is essential to be more confident. If I reflect on my own skills then I am not much confident and generally get confused when it comes to decision making. In this module I have understand that while working in the firm one needs to focus on taking several decisions and should have to work accordingly. I think that I have to develop by decision making skills and also the analytical skills that can help me in increasing my employability skills.
Communication skills are also very significant skills for the employees as it affects the way in which they cooperate and collaborate with others. If I reflect on myself then I am not having effective communication skills. I think I have to focus on developing my communication skills that would help me in being effective at communicating with others. Along with this I have understood that team work is also an effective skill that is essential for employability. I think that I have to focus on working on these skills in an effective manner as they are having a significant impact on my employability and career as well.
I have to focus on developing the skills and knowledge that are important for employability. I have to focus on working on my communication skills by attending the seminars and webinars of development of communication skills. Also I have to focus on self-evaluation and self-monitoring that would help me in working on myself and developing the skills in an effective manner. From this reflection it can be said that there are some of the important skills that are required for employability. I have analyzed that I am having some of the weaknesses so I will be working on it in an effective manner so that I can improve my employability skills and can become a better employee in future. Thus it can be concluded that this reflection had helped me in analysing my own skills and aligning them with the employability skills that are important for my professional career.
References
Castillo-Vergara, M., Alvarez-Marin, A. and Placencio-Hidalgo, D., 2018. A bibliometric analysis of creativity in the field of business economics. Journal of Business Research, 85, pp.1-9.
Henry, Z. 2018. Marketing Mix Of Metro Bank Plc [Online]. Available through: <https://www.case48.com/term-paper/Metro-Bank-Plc-Marketing-Mix-9584>. [Accessed on 17th July 2021].
Lounsbury, M., Cornelissen, J., Granqvist, N. and Grodal, S., 2019. Culture, innovation and entrepreneurship. Innovation, 21(1), pp.1-12.
Metro Bank, 2021. Open our Current Account in just 10 minutes [Online]. Available through: https://www.metrobankonline.co.uk>. [Accessed on 17th July 2021].
Palepu, K.G., Healy, P.M., Wright, S., Bradbury, M. and Coulton, J., 2020. Business analysis and valuation: Using financial statements. Cengage AU.
Roengpitya, R., Tarashev, N.A., Tsatsaronis, K. and Villegas, A., 2017. Bank business models: popularity and performance.
Sultana, S., 2020. A study on the HR functions of City Bank Ltd.
Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4).
Vizard, S. 2020. Metro Bank on its first brand campaign and why marketing needs to work with finance [Online]. Available through: <https://www.marketingweek.com/metro-bank-marketing-strategy>. [Accessed on 17th July 2021].
