Barclays: Matt Barrett’s Journey †Winning Hearts and Minds Essay

The fact that Barclays is one of the four around dominant retail and commercial imprecates in the U.K. says a lot somewhat its reputation. This federation has faced many challenges between the time periods of 1980-2000. Matt Barrett has several(prenominal) great ideas to turn this company around, and the factors that should be considered are essential to the conquest of his dodge.Social/DemographicThe Company initiates good customer relationship skills. They confirm built personal relationships with one out of five personal customers, and establish direct relationships with 25% of the businesses in the U.K. On the downside, the companys represent base is much higher than its competitors. The plan is to change the core cornerstone of the company in order to build a stronger customer base. bonnie more competitive and offering value to its core products will touch Barclays the competitive edge it needs to athletic supporter increase profit and gain new clients.Technological Barrett and his Executive Committee (ExCo) team have plans to structure the company by shifting its culture. In order to shift the culture, the mentality of the employees has to change. Barrett promoted younger talent to join his ExCo team to give the company saucily innovative ideas. These new ideas will give solutions to replace the incompetence of traditionalistic strategies that are no longer useful. The company also did an analysis on the industry and company data to figure out which segments were making money, and which ones werent. A value-based management approach gives the ExCo team an opportunity to take on challenges and risks, and befool strategic decision about what segments to add, and what to take away.EconomicConsidering that Barclays is a respectable company, and the fact that an estimated 20% of its profits are generated outside of the U.K it would be saint for the company to expand to gain exposure. The company is the ninth largest bank in Europe, and alre ady has a customer base in the country. Developing a second home market in continental Europe would rent the company to create a larger customer base, therefore change magnitude profit.Environmental/GeographicBarclays is located in a stable sparing with a strong domestic franchise. The only crutch is that they need a strategy to compete with new entrants. The U.K. accounts for 80% of the companys profit, so plans to restructure core products will require a dynamic strategic plan. victimization diverse tactics to differentiate product/customer markets will help aid in maximizing the economic value of the company and change these products by offering value to clients will aid in creating a stronger customer base.Political/Legal/Governmental Barclays is the first foreign bank to file with the Securities and Exchange Commission in Washington D.C. This is an advantage to the company on a global scale because banking laws are enforced harmonise to SEC regulations. On the downside, the company may be overlooked by firms who are looking to establish offshore accounts in order to spread these regulations.