It is the instance that the service selling mix employed by Bankss is indispensable for their realization of high public presentation in the market sector where they operate. The ground for this is because banking is well geared towards retailing and as such, Bankss need to be able to orient their activities to run into the demands, specifications and outlooks of their client base if they are to stay competitory in the market. By comparing the service selling mix of two Bankss, it will be possible to place how both Bankss generate competitory advantage comparative to each other.
Purposes and aims
– To compare and contrast the service selling mix used by both Barclays and Lloyd TSB.
-To analyse the selling mix of both Barclays and Lloyds TSB
– To lucubrate on the strengths and failings of the selling mix used by both companies
– To offer up some penetration in to how the selling mix used by both Bankss provides them with competitory advantage in the market topographic point where they operate
-To analyze the effects of the selling mix on both Bankss internal and external environments and how it impacts their consumer relations/market portion ownership
– To do recommendations as to how both companies can rectify any failings in their service selling mix
– How does the service selling mix of Barclays differ from the service selling mix of Lloyds TSB?
– How can the service selling mix employed by a bank used to bring forth competitory advantage within its market sector?
-How can both Barclays and Lloyds TSB better their service selling mix?
The services selling mix can be described as the 7 Ps of selling or an drawn-out selling mix since it includes people, procedure and physical grounds to the original 4 marketing Ps of monetary value, topographic point, publicity and merchandise. The services selling mix is rather different from the merchandise selling mix ( the 4 Ps ) since it focuses on the selling resources and schemes which are required for presenting service to clients instead than merchandises ( Lovelock 2001 ) . A cardinal point which needs to be highlighted here includes the fact that pull offing services and presenting them to clients is much more of complicated undertakings than presenting goods to consumers. It is clear that companies which can simplify the bringing of services by utilizing effectual services selling mixes will be able to bask better market public presentations than their challengers within their market sector ( Heller 2001 ) . The people aspect of the selling mix involves the usage of the right forces to present services to clients in an efficient mode. The physical grounds facet of the mix refers to all the touchable resources used for the bringing of the service every bit good as the physical environment where the service is delivered. Procedures on the other manus, refer to the flow of activities and systems which are behind the acquisition of a service ( Jobber 2001 ) .
Research methodological analysis and research methods
The research methodological analysis which will be used for this undertaking can be described as a instance survey attack. Furthermore, the research will be doing ample usage of qualitative research methods throughout its class. The ground why this will be done is because qualitative research techniques are best suited for research surveies which are based on instance surveies. In add-on to this, the kind of information which will be obtained from the two instances to be surveies which are Barclays and Lloyds TSB will non be suited for the transporting out of quantitative research methods. It should be highlighted that this research undertaking will besides be utilizing a rationalist research attack since there will be a demand to endorse up the decisions and averments made with the usage of scientific techniques and empirical grounds. As mentioned earlier, qualitative research methods will be used chiefly throughout the undertaking and this means that informations aggregation will be carried out on qualitative footings ( May 2001, p 88 ) .
The kind of information aggregation will be used during the class of the research will be based on collating informations from secondary beginnings such as text editions, company studies, academic diaries, web sites, newspaper articles and the similar. In footings of informations aggregation, it may be necessary to transport out observations as portion of the informations aggregation attack used for the research. To this terminal, it may be necessary to see the retail mercantile establishments of the Bankss concerned with the research in order to acquire firsthand penetration in to the kind of service selling mix which both companies employ. In add-on to this, the informations analysis techniques which will be used for the undertaking will be qualitative in nature and this means that such techniques like sum uping, decisions pulling and the usage informations shows like graphs, tabular arraies and diagrams will be in widespread usage throughout the research procedure ( Miles 1994, p 10 ) . It is besides deserving adverting that trying will non be an activity that would be required for this research. It is felt that on the whole, this research methodological analysis that has been selected for this research will be most suited for achieving the ends set for the research ( Dunsmiur 1991, p 41 ) .
Problems and chances
One of the chief job which is likely to be encountered during the class of the research stems from the fact that there may be limited documental information on the service selling mix employed by the company. Hence, this would name for deeper probe the devising of some enquiries in order to obtain this information. The research will non be able to utilize quantitative informations since the kind of information that will be collected will non allow this. This can be said to be one of the chief failings or restrictions of the research since the usage qualitative informations aggregation and analysis provides more scientific virtue to any research and would increase the cogency of the averments and decisions drawn by the research.
There is the chance for this research to harvest the full benefits that can be obtained from the extremely effectual qualitative oriented informations aggregation technique of observation. The ground for this is because it is comparatively easy to derive entree to the service mercantile establishments of both Bankss where they service their mundane clients. As such, it will be easy to come in the aa‚¬E?thick of the actionaa‚¬a„? in footings of the research subject being investigated ( May 2001 ) . It should be highlighted that the usage of observation for any qualitative research is indispensable because of the deep penetration which observatory informations can supply in to the phenomenon being studied. Furthermore, it should be highlighted that this research undertaking can function as a good foundation for the transporting out of wider research which will do full usage of other research attacks. In peculiar, this current research can function as a foundation for transporting out an industry-wide survey on the capable affair.
Main undertakings and clip scale chart
Collection of informations from documental beginnings
The vetting of collected informations and other informations choice procedures
Observational research and rating of informations collected from observations
Transporting out the analysis procedure for all informations collected
The devising of notes, sum-ups, memo and beginning of the firs bill of exchange of the research
Writing concluding bill of exchange
Reappraisal of the concluding bill of exchange of the research including cogent evidence reading and corrections
Bibliography & A ; Mention:
Dunsmuir, A ( 1991 ) How to make Social Research, Sociology in action, Collins educational, p 44-7
Heller R ( 2001 ) Pull offing for Excellence, Dorling Kindersley Limited
Jobber, D ( 2001 ) Principles & A ; Practices of Marketing, McGraw Hill
Lovelock, C ( 2002 ) Principles of Service Marketing and Management, Prentice Hall, 2002
May, T ( 2001 ) ( 3rd ed. ) Social Research: Issues, methods and procedure, Open University imperativeness, p 88-147
Miles, M ( 2nd ed. ) ( 1994 ) : Qualitative informations analysis, Sage publications, p 10-11