Essay Paper on Barclaycard
Barclaycard – the first credit card in UK — was “born” in 1966 when Barclays Bank having negotiated a franchise from the bank of America started in UK a serious campaign to launch their new brand – credit card. Substantial advertising campaign immediately won 1 million customers for Barclaycard. During 30 years the latter was considered to be at the head of innovations. Barclays Bank still regains the leadership on the UK market of credit services. Yet, since 2003 there have been some changes that might jeopardize the position of Barclaycard and might force the latter to change its strategy.
The strategic position of Barclaycard in 2003 was still strong. The company regained its leadership on the market enhancing the innovations and preventing any attacks of its competitors. By the year 2003 the Barclaycard had 9 million holders, which is 27% of the market. The main customers are retailers. Yet, Barclay Group tries to constantly develop their segments making alliances with organized businesses. The main competitors of Barclays are Lloyds TSB, National Westminster Bank, HFC Bank. However, the alarming sign came from outside, when the official authorities decided to investigate the justification of setting high credit fees. The regulation became stricter. Moreover, the economy of 2002 slowed down and the amount of credit transactions shrank. Yet, even this didn’t substantially undermine the position of Barclaycard, though having giving it some troubles.
The major political factor that somehow influences Barclay performance is political stability on foreign markets that Barclays intends to conquer. As for those countries it gas already entered (France, Germany, Greece, Italy), here Governments may attempt to restrict somehow the operations of a new competitor. This restriction might take place in the form of certain activity refusal.
The most important economical factor is income change. It might happen because of economy overall downfall, as it already happened in 2002 when the credit card transactions fell by 8%. Moreover, considering such situation, customers may rethink their spending policy and limited money expected to be spend on different financial services including interest rates on credit…
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