Essay on Analysing And Evaluating Marketing Fundamentals

Essay Analysing And
Evaluating Marketing
Fundamentals On a Project

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1A.........................................................................................................................................1
Processes & stages of marketing and role of the marketing mix.................................................1
Role of the marketing in creating customers value......................................................................4
Stakeholder engagement and their impact on marketing activities.............................................5
TASK 1B.........................................................................................................................................6
Reflection on the tactical communication tools for the generation of awareness and interest in
the project.....................................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Marketing mix refers to strategy that is used for promoting product and services in the
marketplace. It consist of different factors such as product, price, place and promotion. All these
four elements are flexible in nature and helps in effective communication in the market.
Present report will focused on Prada company. It is an Italian luxury fashion house
company that sells leather, handbags travel accessories, perfumes, shoes and other fashion
accessories. It was founded by Mario Prada in 1913.
Report emphasized on different processes and stages that are included in marketing mix
and role of marketing in creating value for customers. It includes stakeholder engagement and its
impact on marketing activities in an organization. Furthermore, it includes tools that are used in
tactical communication for generating awareness and interest in the project.
TASK 1 A
Processes & stages of marketing and role of the marketing mix
MARKETING
Marketing refers to the concept which is being used by companies for the promotion and
selling of their products and services to the end users. It can be understood as a area where
companies try to make and strengthen the customers' relationships. It is one of the major function
and department in the corporate world (Gunelius, 2017).
PROCESS OF MARKETING
Marketing process (process of marketing) refers to the series of some particular actions
through which companies are able to analysis their market opportunities, select their targeting
market, prepare the marketing mix and conduct various marketing activities in order to achieve
their marketing as well as organizational goals.
Following are some steps of marketing process which has been adopted by the Prada
Company. These steps are as follows -
Strategic Objectives – Strategic objectives refers to the long term objectives which helps
company to grow more. It involves mission statement, vision statement, core values and goals &
objectives. Prada company has its own mission, vision, objectives, goals and core values on
which company are trying to standing in order to run its business for long term and profitable.
Situation Analysis – It refers to the methods of identifying and investigating the internal and
external environmental factors and their impact on the business activities. It involves SWOT
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analysis and PESTLE analysis. In this step, Prada Organization will do situation analysis and try
to identify its opportunities and threats in order to make their fashion business more competitive
and successful.
Marketing Strategy – Marketing strategy is a kind of plan to determine the actions which are
required by the marketing department of the company to achieve their marketing as well as their
organizational objectives. Here, Prada company will adopt STP (Segmentation, Targeting and
Positioning) strategy and budget in order to identify the target market and accordingly
conduction of marketing activities (Reid and Plank, 2016).
Marketing Mix – Marketing mix refers to the combination of factors which helps company to
use various kinds of marketing tools for the achievement of departmental as well as
organizational goals. It is also known as 7P. It will help Prada Enterprise to positioning their
products and brand in systematic way.
Implementation and Control – Implementation and control refers to the process of putting the
plan and strategies into actions and after that do monitoring of the actions in order to know about
the gap between desired and actual results, if any. Prada Company use various tools for the
monitoring of their actions and implemented plans. It helps company to improve its efficiencies
and quality (Chaffey and Ellis-Chadwick, 2019).
STAGES OF MARKETING
Stages of marketing means evolution of marketing from its inception to till now. There
are 6 stages of marketing which are as follows -
Stage 1 – Birth of Marketing – Marketing was born in the early 20th century in which mass
production and bulk selling was the priority of the company. Also, company produced those
products which was efficiently and took low costs. Here the focus is on production of the
products and services.
Stage 2 – Sales Era – By the time of early 1930's, the next era was born which became the sales
concept. In this stage of marketing, Company was started focusing on the selling of the products
due to increased in competition level. They tried to convince customers to purchase their
products and services through the help of advertising and personal selling.
Stage 3 – Marketing Era – By the time of early 1950's, company started doing focused on the
marketing in order to create customers values rather than sales values of the company. Because
by now customers have more options to buy the products which lead them to purchase only those
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products which fulfilled their needs and wants. Overall in this era, Customers were become the
center for doing marketing (Harris, 2017).
Stage 4 – Relationship Marketing Era – This marketing era started from 1990's which is
continued till now. This era is the extension of marketing era. In this marketing stage, Company
started focusing on the after sales services in order to make customers loyal towards the
company and making the customers' relationship strengthen.
Stage 5 – Societal Marketing Era - This stages stated that the company’s focus was to
determine the needs, wants, and interests of the customers of target markets which was decided
by the company itself and to delivered the desired customers' satisfactions more than compared
to the company's competitors. Its mainly focused on the customers' satisfaction and customers
attraction towards the company's brand, products and services.
Stage 6 – Digital Marketing Era – This stage of the marketing is new and currently marketers,
companies and customers are living in this era. Here company are doing marketing of their
products through various digital technologies. This marketing can be adopted by any kinds of
companies whether they are small or medium or large (Kleinaltenkamp and et.al., 2015).
MARKETING MIX
Marketing mix is considered to be the base of marketing as well as the business (Davis,
2017). Without marketing mix, no company can do marketing of their brand, products and
services which they produce for the fulfillment of the customers' needs and wants. Marketing
mix refers to the combination of marketing tools which is being used by organizations to achieve
the marketing as well as organizational goals. It is known as 4P which is now extended to 7P.
The acronym of 7P are Product, Price, Place, Promotion, Process, People and Physical Evidence
(Rowles, 2017). Some marketers call 7P as an extended marketing mix.
ROLE OF MARKETING MIX
There are various roles of elements of marketing mix in the context of Prada Company
which are as follows -
Product Element – Product element is considered to be the core element of the company.
Without products, Prada can't operate its business. Due to products of Prada Company,
Customers are known to the brand of the organization. It also helps in satisfying the customers
which is most important tasks for the company in today's corporative world.
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Price Element – Because of this element, Company is able to earn profits. Pricing plays an
important roles in attracting the customers' attention towards the company. Also, it helps
company to easily target their market.
Promotion Element – This element is the most important element of marketing mix. Promotion
plays an important role in the success of the organization. Due to promotion, customers are
known to varieties of products offered by the company which make organization popular.
Place Element – This element serves an important role in the organization. Due to some specific
place, customers are easily access to the products offered by the Prada organization (Chaffey and
Smith, 2017). It also helps customers to attract towards the products, if the place is in ideal
location.
Process Element – Due to process, Company is able to create its network and distribution
channel which helps them to access to their target market. It also helps company to create its
customers' relationship which is one of the major factor for the success of the organization.
People Element – It is one of the most important element as well as asset for the success
operation of the business. Due to people of the organization, Prada company is able to produce
products and sell it to the end users.
Physical Evidence Element – It helps company to create a different brand from its customers
which lead company to stand out of its all the competitors in the market. Also, it helps customers
to make loyal towards its brand (Kietzmann and Pitt, 2016).
Role of the marketing in creating customers value
Marketing is an important function as well as an important department of the Prada
Organization. It plays an important role in the organizational success and enhance the brand
image (FRANK, 2017). There are various roles of marketing which helps in creation of
customers value for the organization. These roles are as follows -
Marketing plays an important role in targeting customers for the company. It helps
company to identifying various types of customers group and also identifying the resources
available to the company. This lead company to determine their target group which lead
organization to do their marketing activities accordingly. It also helps customers to engage with
their organization by providing stylish and new products.
Because of marketing, company are able to maintain relationship with the customers
(Hollensen and Opresnik, 2015). Also, marketing department do research on the customers'
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perception towards the products of the company which help them to know about the feedback
from the customers which lead to modification or changes in the products of the company. Like
this, Marketing is able to create customers value for the company.
Due to marketing, Marketers are able to identify the needs of the consumers and choose
the marketing strategies and tactics accordingly. They try to influence the needs and wants of the
customers by adding values in their existing products which lead to creation of new needs and
wants of the customers. Through the promotion strategies of the marketers of Prada, customers
needs and wants are satisfied which creates customers values for the firm (Hollensen, Kotler and
Opresnik, 2017).
Stakeholder engagement and their impact on marketing activities
Stakeholder Engagement
Stakeholder engagement is a part of the corporate social responsibility of the
organization. It refers to the process of interacting and involving those people who can affected
by the decisions and implementation of the decisions which is taken by the organization
(Andrews and Shimp, 2017).
Impact of Stakeholder Engagement on the marketing activities of the company
There are various points through which company can understand the impact of the
stakeholder engagement on the marketing activities of Prada Organization. These points are as
follows -
Investors are the one who affects the marketing activities. They are the one who invest their
money in the Prada business. Marketers with the help of this money, do promotion of their
products to the customers and do research on the market. This lead company to get to know
about the current trends in the industry which results in change in their marketing strategies and
activities.
Board of Directors are the one who affects the marketing strategies and activities. They
determine the mission, vision, goals and objectives of the organization which lead marketing
department to change their departmental objectives. Change in departmental objectives & goals
of Prada Company lead to change in marketing strategies and activities automatically (Pike,
2015).
Customers are the one who get influence by the promotions of the products and services and buy
it. It is done by the marketing department of the company. When there was no smartphones for
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the customers, marketers used traditional marketing strategies. But due to increase in the
smartphones of the customers, Prada start using digital and mobile marketing strategies and
activities.
Suppliers are the one who supply Prada's products to the stores where customers come and buy
the products. Change in suppliers' strategies will affect the marketing activities and strategies of
the company due to its access to the customers (Jackson and Ahuja, 2016).
TASK 1 B
Reflection on the communication tools for the generation of awareness and interest in the project
Here the word communication tools refers to the promotional tools for the company's
products (Camilleri, 2018) which can create the awareness between customers regarding the
project of Prada Firm.
I as a marketer of Prada Company cam use various communication tools for the creation
of awareness and interests of the customers in the company's project. These communication tools
(promotional tools) are as follows -
Blog Posts Tool – It is one way communication tool in which company try to target their
customers by using blogs. There are various blogging platforms where company can post a blog
related to their products and project.
Advertising Tool – It is one way communication tool in which company do promotion of their
products and services through advertising which is done by doing contracts with advertising
companies. Advertising can be done through the help of TV, Radio, Newspaper and Holdings
etc.
Personal Selling Tool – It is two way communication tool in which company hire the salesman
and these salesmen go the customers personally, tell them about the company & its related
products. Like this, personal selling create awareness.
Sales Promotional Tool – It is also two communication tool in which company provide various
kinds of offers and discounts to their customers which create awareness about the company and
its project to their customers.
Social Media Marketing – It can be one way or two way communication depending upon the
social media platforms, company are using. Today it is one of the most usage promotional tool
used by company to easily access to the customers and creates awareness and interest in the
products and project of the company
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Email Marketing – It is one way communication tool which is being used by the company for
the creation of awareness and interests of the customers on their project and products. It is done
through the mailing via various kinds of mail applications.
CONCLUSION
From the above study, it has been summarized that Marketing plays an important role in
the organization. Without marketing, no businessman can image about the success of the
company. Like a human life, Marketing has its own history which is unique. For the marketing
of the products and services, Company has to follow marketing process which is an essential part
of the organization. Marketing process helps organization to follow systematic direction which
helps company to easily handle the marketing activities. Marketing mix is a significant part of
the organization which helps company to do marketing activities and strategies implementation
easily. Marketing helps organization to create the value for their customers which is beneficial
for the attraction of the customers towards the products and services. Marketing is not related to
the marketers or marketing department. It is related to all the organization and its related
stakeholders. Thus, company should involve the stakeholders of the organization into marketing
planning. There are various communication tools through which company are easily able to
create awareness about their products and services to the customers.
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REFERENCES
Books and Journals
Andrews, J.C. and Shimp, T.A., 2017. Advertising, promotion, and other aspects of integrated
marketing communications. Nelson Education.
Camilleri, M.A., 2018. Integrated marketing communications. In Travel marketing, tourism
economics and the airline product. (pp. 85-103). Springer, Cham.
Chaffey, D. and Ellis-Chadwick, F., 2019. Digital marketing. Pearson UK.
Chaffey, D. and Smith, P.R., 2017. Digital marketing excellence: planning, optimizing and
integrating online marketing. Taylor & Francis.
Davis, M., 2017. The fundamentals of branding. Bloomsbury Publishing.
FRANK. WITHEY, 2017. Cim Coursebook Marketing Fundamentals 07/08. ROUTLEDGE.
Gunelius, S., 2017. 10 laws of social media marketing.
Harris, C., 2017. The fundamentals of digital fashion marketing. Bloomsbury Publishing.
Hollensen, S. and Opresnik, M.O., 2015. Marketing: A relationship perspective. Vahlen.
Hollensen, S., Kotler, P. and Opresnik, M.O., 2017. Social Media Marketing: A Practitioner
Guide. Opresnik Management Consulting.
Jackson, G. and Ahuja, V., 2016. Dawn of the digital age and the evolution of the marketing
mix. Journal of Direct, Data and Digital Marketing Practice. 17(3). pp.170-186.
Kietzmann, J. and Pitt, L., 2016. Using simulations in the marketing classroom.
Kleinaltenkamp, M., and et.al., 2015. Fundamentals of Business-to-business Marketing.
Springer.
Pike, S., 2015. Destination marketing: essentials. Routledge.
Reid, D.A. and Plank, R.E., 2016. Fundamentals of Business Marketing Research (The
Foundation Series in Business Marketing).
Rowles, D., 2017. Mobile marketing: how mobile technology is revolutionizing marketing,
communications and advertising. Kogan Page Publishers.
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