HSBC has not used the word “cut” but actually used a word that sounds more positive, “restrucures” is the word that has been used for the marketing division within the organisation. There are many people who work in the marketing division that will be unemployed soon because the organisation is going to integrate many of the departments in the marketing division to cut costs.
There are many such as myself who have studied in the field of marketing and find it very hard in the UK to actually find a company that is ready to employ. Marketing is a very important element in any organisation, people who have studied marketing create, plan and implement strategies that help gain exposure for the business. Marketing is not only considered to be an area that involves advertising. In numerous ways marketing is the tool that causes companies to gain a high volume of customers, sales, revenue and etc. People who have the knowledge and skills in this field help businesses to even change who they are, for example CRM (Cause Related Marketing) decades ago helped American Express gain exposure and business by relating themselves to a cause like the refurnishing of the Statue of Liberty.
At the time that was a modern CRM and it helped build a great cooperate image for American Express as it made customers aware that they could help the cause. People were able to help the cause if they made a application for a American Express card during the campaign period, $1 from each application would go towards restoring the Statue of Liberty.
The point I am trying to make is that marketing is a very important aspect to businesses and cutting jobs or funds to a important element of the business strategy can cause more problems. The economic downturn is causing businesses to point the blame to the marketing departments for failures and financial troubles. It only takes one effective marketing campaign to make a business successful and it has to be consistent, Apple is one example to consider.