MARKETING Assignment Example | Topics and Well Written Essays - 2500 words

MARKETING - Assignment Example In sum the fortunes of the firm are dependent on how well its management deals with business opportunities and threats, while using the strengths of the firm to take advantage of the opportunities and minimize the effect of the threats through clever planning and strategic implementation of its vision for the company. This is what is called strategic management- or the planning and implementation to achieve its desired plans in the marketplace in the face of these internal and external forces. The legal, political, sociological, economic and other environments may pose a number of challenges that must be overcome by the business if it is to survive and prosper in the marketplace. Barclays Bank PLC is one of the key players in the worldwide banking industry as well as in the UK and this paper will discuss how successfully it has managed to meet the challenges faced by the banking sector in the UK. The Banking Sector in the UK The banking sector in the UK is one that is full of intense competition. Lately the banking sector which had been hit by the 2007-2008 economic recession has been in recovery mode and efforts are still being made to put the sector back on track and increase regulation which would prevent greed and excessive remunerations from wreaking havoc on our lives once again. Efforts are being made so that banking executives’ salaries, perks and other remunerations like bonuses and stock options will be reviewed by the Governor of the Bank of England and the Finance Secretary prior to payout. The Bank of England had committed a sum of around ?7 billion to bail out the banking sector in the UK but thankfully Barclays Bank PLC did not ask for assistance, rather it managed to raise the required capital through a number of share offerings in the equity market. Banking today can be characterized by the different products that are being dealt with, such as investment banking, asset management or debt management, or by the type of customer dealing, su ch as Wealth Management for high net worth clients and Retail Banking for all types of customers (Harrison, 1994). There are also a number of channels for service delivery, like online banking and ATM transactions, cash deposits and withdrawals, wire transfers etc. But never mind what classification you choose, it all deals with saving, lending, spending, deposits and investments and withdrawals. These are the primary functions of banking which we cannot deny (Lee, 2002). A Brief History of Barclays Bank The origins of Barclays Bank date back to the days of the goldsmiths who were acting as the earliest English bankers on London’s Lombard Street. A partnership was established between John Freame and Thomas Gould in 1690. In 1736, James Barclay, the son in law of John Freame became a partner in the business. In 1738, the business moved to 54 Lombard Street and at this time also began using the black spread eagle as an identifiable logo that is still associated with the bank to day. In 1896 two more banking businesses united with this operation under the name of Barclays & Co, by then converted into a joint stock banking company. During 1905-1916, Barclays further extended its network by acquiring other small banking operations in the UK. Amalgamations with other banks in 1916 and 1919 saw the Barclays name expand ever further. After World War II, Barclays UK established a US affiliate by