Marketing Essentials

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Marketing essentials
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Marketing essentials
Contents
Task 1:.........................................................................................................................................................3
LO1: The role of marketing and how it interrelates with other functional units of an organisation...........3
The concept of marketing: Current and future trends.............................................................................3
Trends in marketing.................................................................................................................................5
Overview of the different marketing processes.......................................................................................6
How responsibilities of marketing influence and interrelate with other functional departments of EE
Limited...................................................................................................................................................10
Values and importance of the marketing role in the context of EE Limited..........................................11
The significance of having effective interrelationships between different functional departments of EE
Limited...................................................................................................................................................12
Task 2:.......................................................................................................................................................13
LO2: Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall
business objectives....................................................................................................................................13
(a)..............................................................................................................................................................13
How EE Limited and another competitor apply the various elements of the extended marketing mix to
the marketing planning process to achieve business objectives...........................................................13
(b)..............................................................................................................................................................14
Producing a marketing plan to meet EE’s marketing goals and objectives. The extended elements of
the commercialization mix being addressed in the marketing plan......................................................14
The executive........................................................................................................................................14
Company Overview...............................................................................................................................14
Current marketing situation analysis.....................................................................................................17
Internal analysis.....................................................................................................................................17
SWOT analysis.......................................................................................................................................20
Objectives..............................................................................................................................................22
Strategy.................................................................................................................................................22
Segmentation, targeting, and positioning (STP)....................................................................................23
Tactics and action..................................................................................................................................24
Budget...................................................................................................................................................24
Control...................................................................................................................................................25
Conclusion.................................................................................................................................................27
Reference..................................................................................................................................................28
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Marketing essentials
Task 1:
LO1: The role of marketing and how it interrelates with
other functional units of an organisation
The concept of marketing: Current and future trends
Marketing concepts are considered to believe that are analysed for any firms and the
also the customer needs are examined. In order to satisfy the needs of the customer
and develop customer loyalty, the companies need to analyse the demands and
problems of the customer to beat their competitors.
The production concept: Amongst all the concepts, the product is said to be the most
fundamental concept of marketing. Efficient quality and cheaply priced products are the
most preferred amongst the customer base. Managers of the company concentrate on
developing the products for their efficiency at low costs and distribute them in mass.
Customers gradually get attracted to the low-cost products if they find quality in them.
Availability of the products does matter too. Efficient manufacturing and cutting
production costs tends to increase the output and supply of the products.
The product concept: High-quality products are always preferred by customers that
also provide innovative features. High-quality products are the main aim of the
managers that help them improve the product quality over time. Customers do prefer
and admire efficiently and favourable well-made products. Managers are expected to
focus on the improvement of the product quality rather than bragging on the newly
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Marketing essentials
made innovation for a long time. For example, the Samsung Galaxy S6 was replaced
with Samsung Galaxy S7 series.
The selling concept: Consumers and other organisations show reluctance in
purchasing all the goods available in the firm. Promotions and sale techniques are the
essential tools that approach band attract the customers for buying the products.
Business must focus on the products demanded rather than selling off what they have
manufactured. Thus, the business needs to adapt good selling and promotional tools
and techniques.
The marketing concept: The most satisfying part of this area is that it ultimately stands
for the competition with other relevant competitors in the market. Beating their
competitors in respect to quality products, communication strategies with customers,
product availability and pricing system. The customer is supposed to be the primary
dictator in this situation. There are four pillars of this concept: the need of the clients,
target market, integrated market and profitability.
The societal marketing concept: The demands of the target market is determined by
the company. The interests, needs and desires are analysed to satisfy the customers
and serve them better than their competitors. Production is done keeping in mind the
well-being of the customers’.
Trends in marketing
Relationship marketing: The direct marketing response has developed the output that
emphasises on satisfying the customers more than the selling attribute. The
communication is built up strongly and more than promotional messages. The parties
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Marketing essentials
involved in the transaction settle their agreement for a shorter period and includes the
polite mode of exchange. After the transaction is over, a better relationship and contact
is developed with the customers to keep in touch with them for taking the review and
focus on improving if any fault is considered by the customer. The good bonding seeks
the organisation to develop good reputation so that the customers prefer them in future.
This trend is widely accepted now with the technological advancement. Customers are
contacted directly to get any complaints and reviews.
Industrial Marketing: This trend is found in the core business regions where the
exchange of products is between companies, i.e. B2B strategy. One company sells their
goods to other company to resell them and utilise them for manufacturing other complex
commodities for reselling. These marketing trend has hiked due to the technological
revolution. Entrepreneurial Revolution is another cause of this trend. The existing
companies in the market keep on revisiting the board rooms for developing new plans
for reinventing their potential. Adaptability, innovations, aggression, flexibility and speed
are the factors helping the companies to sustain in the race. New demands are explored
for ensuring the other competitors stay away and out of their execution field. The
marketing itself holds the third revolution that are mergers and alliances which are very
much evident in the current contemporary setup of the industry. Transactions,
innovating and inventing new skills and ideas are majorly stressed on to develop the
betterment of the business.
Societal marketing: The primary duty of the firm is to identify the needs, interests and
demands of the target market to deliver efficient satisfaction to the customers. The well-
being of the customers is kept in mind that is related to the Corporate and Social
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Marketing essentials
responsibility for the customers. Public welfare is essential, and that is the reason for
adopting this culture. Quality products are the most important factor that brings both
long and short term benefits for the company.
Overview of the different marketing processes
The company is expected to analyse the needs of the customers and provide them
efficient satisfaction by serving them the best and better quality service than their
competitors. The processes involved are prosecuted step by step. First is the research
that is done via different situational analysis to formulate strategies and take decisions
to implement.
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Situational analysis process
Marketing strategy
Marketing mix decisions
Implementation and control
Marketing essentials
Figure 1: The marketing process
(Source: Created by the learner)
Situational analysis
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Marketing essentials
Situational analysis is identifying the case or the problem that the company was going
through while interacting with their customers. Poor communication is seen with the
customers in the concerned company EE, and thus, they identify customer preferences.
The foremost duty of the business is to understand the environment of the market and
therefore, analyse its capability to serve the customers and satisfy them in unique ways.
The company analysed both internal and external environment. The external
environment consists of the macroeconomic activities. The reasons leading to this
situation are judged to make future notes that will prevent the company from taking
unwilling and wrong decisions. PESTLE analysis, 5C analysis and SWOT analysis are
the tools for analysing situations.
Marketing strategy
Post to the identification of the best opportunities, strategic plans is developed.
Segmentation of the market is done and depending on that, the research of the market
is carried forward. The factors involved in these process are:
 Segmentation
 Targeting
 Organising the right service within the target market
 Valuing the proposition for the target market
Marketing mix decisions
Tactical decisions are taken to define then well process:
 Product development
 Pricing decisions
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