Marketing Essentials: Understanding the Key Elements of Marketing

MARKETING
ESSENTIALS

Table of Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
TASK2........................................................................................................................................................3
P3: Marketing mix to the marketing planning process to achieve business objectives............................3
P4: Marketing plan for an organization...................................................................................................7
CONCLUSION..........................................................................................................................................9
REFERENCES........................................................................................................................................11
Books and Journals:...............................................................................................................................11

INTRODUCTION
Marketing refers to process intended to attract consumers towards the company’s product and
services. This happens through various market research, analyzing different price factors,
advertising and promoting activities and more. Marketing is a wide term not only used for
advertising, sales and publicity techniques but has to be use for more (Affran, S. and Asare, R.
K., 2019). There is a misconception that marketing begins after designing and manufacturing of
product and services but there is a lot more in marketing. Understanding the essentials of
marketing is the key to success for any business to make profits and customer satisfaction as
well. The report is going to discuss on the Company “Tesco” which is British Multinational
groceries and retailing store established in Welwyn Garden City, England. The company was
founded by Jack Cohen in 1919. Tesco was categorized their business into different retailing
areas such as books, clothing, furniture, toys, petrol, financial services, internet and telecom
services and many more. The Tesco Company is comparing their marketing strategies with
Sainsbury which is the second largest groceries store in the UK, Tesco Company overtook the
Sainsbury with a intention to become the market leader. Although Marketing is a crucial function
for the companies but it can be beneficial when it is communicated in a right way, at right place
and right time to the audiences.
MAIN BODY
TASK2
P3: Marketing mix to the marketing planning process to achieve business objectives.
Marketing Mix is a marketing tool which a company uses to satisfy or to meet its
organizational goals and target customers in the market. There are 4 components of marketing
mix strategy and those are collectively called 4 P’s of marketing which includes:
1. Product
2. Place
3. Promotion
4. Price
Product: It refers to the goods/products or services offered by the organization to the customers.
A product can also be referred as bundle of benefits which a firm or business offers to consumer
for a price and consumer purchases it to satisfy their needs (Andrews, J. L. and Taylor, J. E.,
2017). The product also matters in what and how do the products satisfy the needs of the
customers, how they differ from the competitors in the market. The range of product offered by
the organization is known as Product Mix. With passage of time, the product passes through
different stages or series of stages. The product life cycle is basically the combination of the
above mentioned stages from the time they are introduced until the time they are withdrawn.

The cycle starts from Introduction of product in the market and then covers the growth stage in
the market. Then gradually the product becomes mature and that stage is called Maturity and at
last the product covers the Decline stage where the product is withdrawn. The product cycle goes
along with profit and time. When you analyze the product cycle, the planning of product mix is
possible (Dimitrova, P. and Sin, I., 2018) . It helps in planning and development of new
products, planning of introduction of new products as well. On the other hand, Product Life
Cycle also helps in planning of withdrawal of product from the market or obsolete the
unprofitable product from the market.
 Place: It refers to a place where the product is available to the customer at a particular
place. Place mix importantly involves a chain of individuals and institutions like
distributions, wholesalers and retailers who constitute firm’s distribution network. The
route or the channel through which the products and services are distributed to the
consumer is known as channel of distribution. There are multiple channel distribution:
1. Direct Marketing Channel: This channel involves movement of products
directly from manufacturer to customer.
2. Middleman Involved Channel: This channel involves movement of product at
different stages starting from Manufacturer then to Wholesaler and to Retailer to
Customer.
3. Short Indirect Channel: The particular channel includes manufacturer,
wholesaler and Consumer where the Retailers are excluded.
4. Shorter Indirect Channel: The channel is same as short indirect channel where
the wholesalers are replaced by retailers.
Promotion: It refers to a plan or strategy to make consumer aware about the product which is
available for them in the market (Evanita, S. and Trinanda, O., 2018, July). Promotion relies to
availability of the product with addition to variety and price also of the product of which is
available in the market. Promotion has 4 component in it which are as follows:
1. Advertising: It can be defined as an activity or a process of conveying message
with a intention to sale commercial product.
2. Branding: An identifying words, symbol or mark that differentiates a product or
brand from its competitors.
3. Endorsement: A written or a public statement by a business, celebrity or
professional group extolling the virtues of a product and recommending the use of
the product to the public.
4. Competitive Advantage: With an effective promotion technique or strategy can
be differentiate the product from the competitors.