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Barclays Investigating a Business

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Introduction

Investigating Business In this unit I am aiming to study the objectives and aims that not-for-profit and profit businesses try to achieve. In this unit it will be split into 4 main sections which consist of: * Describing the main objectives and aims of the business and how external environment factors have affected the ability of the business to achieve their aims and objectives, using Barclays Bank for examples. * Explaining how enterprise skills, marketing activities and teams have contributed to the success of the business. * Analysing how enterprise skills, marketing activities and teams have contributed to the success of the business. * Judge how the business has achieved its main objectives and aims and evaluate the key factors that have contributed to this. Barclays Bank is a Public Limited company (plc) which specialises in financial services. Through being a PLC this means Barclays sells shares (�6.80) which means part of the company is owned by shareholders. Although Barclays is UK based it has many organisations worldwide such as USA, Africa and Asia. The first Barclays Bank can be traced back to as early as 1896 and today is the third largest bank in the United Kingdom. However, by total assets Barclays is in fact the largest bank in the world1. Barclays Bank specialises in five main sections consisting of UK banking, International Retail and Commercial Banking, Barclays Capital, Wealth Management and Barclaycard. Each section consists of separate segments explaining how best to manage and invest your money. UK Banking Barclays provides an easy way for banking through; cash machines, the branch network, online banking, telephone banking and relationship managers. These sections are then split into two separate sections; UK retail banking and UK Business banking2. UK Retail Banking At present Barclay's UK retail banking provide 14 million retail customers with services including savings, current account, mortgages (Woolwich) and general insurance. UK Business Banking Barclays provides banking to medium sized and large businesses. ...read more.

Middle

This may mean spending a lot of their profit on adverts which could benefit them in the long run if they were to best advertise their bank. Also, if they are perceived to have a well run bank with a highly known brand name this may mean higher consumer confidence when using their services. As there are also other banks such as HSBC, Lloyds TSB, Natwest and Abbey National who are Oligopoly's as well as Barclays, they need to ensure that they make customers aware of special offers and their brilliant products. From many adverts we can see how all these main banks compare themselves with the others in order to show they are the best when it comes to certain products. Not only are these advertised widely on TV but also just walking down a local high street you would be able to see the ever rising competition between banks. With the ever rising use of internet banking there is yet more competition for Barclays to contend with. Not only are the usual high street banks now providing internet services but also other financial providers such as Egg and smile.co.uk. Internet banking provides people with the option to look at their accounts online and apply for certain services. This is ideal for busy people who do not have the time to visit a bank. Although Barclays has the advantage of already being a well known brand, some people will be willing to take the chance and venture to other online banking services. Online Banking service 'Egg' is competition for Barclays as they provide competitive rates and services. Barclays need to make sure that their product is the best compares to all the other banks if they are to become 'the best.' Legal, Ethnic and Social Issues Legal Issues Legislation is a set of rules set mainly by the Government but can also be influenced by International bodies. ...read more.

Conclusion

Enhance Operational Excellence From entering a Barclays Bank you would automatically see how they work within teams to ensure the best for their customers. As researched we know how Barclay's employees and managers both go on training weekends which allows them to interact within groups they wouldn't usually work with but also to learn new skills in a fun environment. This has built a strong team structure for Barclays which has shown in both their work and to their customers. However, as present they do not seem to be offering the best value for money and being undercut by other branches such as Abbey National23 and HSBC24. A representative from Barclays has stated that their branch in Wimbledon were inefficient and struggling to meet objectives. This could cause a big down fall for Barclays as if they are not seen as a well run business they may no longer attract potential customers and lose existing customers to competition. A way to avoid this may be to reduce the number of products that are available as with the vast amount they offer at present they may begin to lose focus and start neglecting their customer needs. Although Barclays do appear to have strong team work within their businesses they need to ensure they are strong enough to reach this target. At the moment I believe Barclays should be concentrating on how to make their products better as this will enhance operational excellence. Overall we can see how Barclays are well on the way to high success of they keep working hard to achieve their targets and build the 'best' bank for customers worldwide. However from this we can also see how Barclays need to make sure that they are offering the best rates in order to beat competition. 1 http://en.wikipedia.org/wiki/Barclays_Bank 2 Http://www.barclays.co.uk/ 3 http://www.newsroom.barclays.co.uk/content/detail.asp?NewsAreaID=111 4 http://www.ethrev.com/news/Nov2006/11022006News_dispute_over_visa_card.html 5 Http://www.oxfam.org.uk/ 6 http://www.oxfam.org.uk/ 7 http://www.statistics.gov.uk/cci/nugget.asp?id=12 8 http://www.aboutproperty.co.uk/news/uk-property/england-greater-london/halifax-house-prices-in-london-$471859.htm 9 http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/mr.stm 10 www.consumerline.org/search/?cat=Money+Matter&item=Using+a+Credt+Card 11 www.recordsmanagement.ed.ac.uk/InfoStaff/DPstaff/DPPrinciples.htm 12 en.wikipedia.org/ 13 www.barclays.com 14 www.barclays.com 15 www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=articleFWsocial&value=10640&target=_self&site=pfs 16 www.barclaysgeneralinsurance.co.uk/Barclays/site/travel/home 17 http://en.wikipedia.org/wiki/Team_building 18 www.activetraining.org.uk 19 http://changingminds. ...read more.

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