Assessment of the Role of Marketing Department in the Banking Institution: A Case Study of Barclays Bank, Obuasi Branch
In today’s competitive business world where banks desire to have a fair share of the total market, marketing
appeals to be the overriding platform on which business can stage their competitive advantage. To this end, every firm must
run its marketing department in a way that can give it that urge. Service marketing, which is what applies in the banking
sector, has a level of difficulty, which all the products do necessarily face. This is because services are intangible in nature.
Marketing of banking services come with many technicalities so as to present a need-satisfying product that can attract and
retain customers. Firms of all sizes face the dilemma of how to increase sales, many organizations are good at developing
goods and services but know very little about marketing their products. To be successful in today’s competitive market,
people in business have realized that they must first determine people’s needs and wants and then produce goods and
services to satisfy them. Also, whether big or small, a business must strive to create want-satisfying goods and services for
its customers. In today’s dynamic business environment, the success of goods or services is determined by the consumers
who buy them. Goods and services that do not satisfy consumers are compelled to be withdrawn from the market since
consumers no longer patronize them. If you ask the general public what the term marketing means, many would say that it
means selling. Selling in turn simply and usually implies advertising to the public. However, the act of selling is only one
part of the firm’s marketing activities. The study discovered that marketing policies were formulated at the strategic level.
Furthermore, marketing department has a positive influence in setting corporate objectives of the strategic level; marketing
department enhances the implementation of those objectives. Corporate objectives were therefore set taking into
consideration the role of the marketing department in the achievement of the overall objectives of the bank.