The Implementation of Marketing Plan of Lloyds Bank Plc (Research Paper Sample)

The Implementation of Marketing Plan of Lloyds Bank Plc
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Introduction
Lloyds Bank plc. primary goal is to assist the United Kingdom in prospering. For over 250 years, the firm's products and services have benefited Britain's communities and millions of families (Lloyds Banking Group, n.d.). Lloyds Bank is among the market leaders in the United Kingdom, with a customer base of 4.4 percent, and has a vital role in re-establishing consumer confidence and value through effective marketing techniques. The research focuses on Lloyds Bank Plc. Situation evaluation concentrates on macro and micro settings to assess potential external variables and outline the firm's present position. Following that, the marketing mix will be reviewed to examine these goals' execution.
Macro Environment
Political issues are vital in affecting the factors that can effect Lloyds Banking Group plc's long-term profitability. In several states, Lloyds Banking Group plc operates in Foreign Money Center Banks, subjecting it to a variety of political dangers and systems. To flourish in a dynamic Foreign Money Center Banks industry spanning multiple nations, it is vital to diversify the likely ramifications of the political landscape (Kaithal 2017). Lloyds Banking Group plc can carefully analyze the following components before entering or functioning in an industry.
Political Variables
Strong political environment ensures a stable and attractive state economy with predictable market growth patterns. Unfortunately, whenever political unrest occurs, investors lose confidence in economics, and the firm's performance suffers. The Lloyds Banking Group plc operates in a number of countries, each of which has its own set of political issues (Aithal 2017). Rising worldwide political tensions and volatility may have an impact on the sector's development and limit Lloyds Banking Group plc's growth potential.
Economic Variables
Emerging economies can help Lloyds Banking Group plc in a variety of ways. Accessing mature sectors can be more difficult than accessing enterprises in the growth stage due to market saturation. The amount of money invested in critical infrastructure by the host country has an impact on the success of Lloyds Banking Group plc. In the relevant country, a well-established infrastructure facilitates business and improves the sector's growth chances. The rate of GDP growth will influence Lloyds Banking Group plc's capacity to implement its long-term growth strategy. A high GDP also shows that customers have the financial means to spend more on primary supplies. According to Grünig and Morschett (2017), rising unemployment suggests a surplus of labor available at lower pay. By competing in such a market, Lloyds Banking Group plc can lower its production costs.
Social Variables
Variations in population demographics, such as aging, migration tendencies, and socio-economic considerations, are critical for global commercial enterprises, like Lloyds Banking Group plc. The company and marketing techniques are affected by migration. The public's perception of migration is important for Lloyds Banking Group plc to understand, as it may affect organizations' capacity to deploy global leaders to the host country. The power gap within any community reflects the acceptability of hierarchy and financial imbalance. When approaching markets with a high or low power gap, Lloyds Banking Group plc should change its business operations (Grünig and Morschett 2017). In most countries, rising inequality is shifting the power balance, which has substantial implications for corporations like Lloyds Banking Group plc.
Technological Variables
Novel marketing approaches to promote consumer involvement have resulted from the development of technologies. It is become customary to use social media (LEYVA et al. 2018). The possibilities of social media marketing could assist Lloyds Banking Group plc in increasing its profits. Scientific breakthroughs can be used to kickstart creative social media initiatives for forming virtual communities. To understand how technology improvements effect the company's value chain and existing cost structure, Lloyds Banking Group plc should study competitor expenditures on a local and macro level. In a world where creativity is being stifled, research and development initiatives are important.
Environmental Variables
Sustainable solutions are becoming increasingly popular. It is a chance for Lloyds Banking Group plc to implement green strategies and earn stakeholders' credibility. Regulatory agencies' central emphasis on preserving environmental compliance is shifting product innovation aims (LEYVA et al. 2018). It necessitates Lloyds Banking Group plc prioritizing and promoting their businesses' eco-friendliness over traditional value propositions.
Legal Variables
Data security is becoming a major concern because consumers worry about privacy and security. Lloyds Banking Group plc should examine data protection legislation to protect client data. There are also laws to set a maximum value, enforce a specific level of quality, and protect the public from deceptive marketing promises (LEYVA et al. 2018). Lloyds Banking Group plc should comply with customer protection legislation to avoid legal actions. 
Adopted Entry Mode
At Lloyds, the main method used is the model validation, employed to accomplish marketing goals related to providing service to Small and medium enterprises. In the approach, specific methods utilized to enhance client relationships by supporting SMEs enhance lending by $3bn before 2017, including sales and financial analysis and market-based scorecard evaluation based on customer and shareholder performance scorecards (LEYVA et al. 2018).
International Marketing Mix
Product
The marketing strategy of Lloyds is to concentrate on its products and services that are in the growing phase of the life cycle and expand them to obtain a competitive edge. Internet banking and electronic bill payments are at their fastest-growing stages, but card-based operations and checks have achieved saturation and are declining.
Price
Lloyds uses three marketing campaigns to enforce relationship-based pricing: increased client commitment by raising the variety of products a customer owns, using a unified discounting strategy to improve cross-sell and product recogni