Functions of Marketing Essentials
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Added on 2020-07-22
Functions of Marketing Essentials
Added on 2020-07-22
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Marketing Essentials
ContentsMarketing Essentials.................................................................................................................................1INTRODUCTION...........................................................................................................................................2TASK 1..........................................................................................................................................................3P1 Important roles and responsibilities of marketing function...............................................................3TASK 2..........................................................................................................................................................4P2 Interrelationship of marketing roles and responsibilities to organisational context..........................4TASK 3..........................................................................................................................................................6P3 Marketing mix of two firms................................................................................................................6TASK 4..........................................................................................................................................................9P4 Marketing plan for ALDI......................................................................................................................9CONCLUSION.............................................................................................................................................11REFERENCES..............................................................................................................................................12
INTRODUCTIONIn today’s competitive business environment, marketing is a very essential tool. Itincludes various activities like analyze marketplace, understand customer needs, create strongrelationship with customers, development of strategy, provide high quality products tocustomers. Basic functions include in marketing are product planning, sales, customer service,marketing research, finance, promotion and others (Al-Ekam and et. al., 2012). Functions ofmarketing highly contributes in growth and success of an organization. In the presentassignment, chosen firm is ALDI which is a British multinational grocery company establishedby Mondelez International in year 2010. There are various products offered by company to itscustomers all over the world. The assignment cover significant role and responsibility ofmarketing function and how they relate to organization. It also include the ways in which a firmapply its marketing mix to planning process in order to attain business objectives. At last, a basicmarketing plan is developed and evaluated for the firm. TASK 1 P1 Important roles and responsibilities of marketing functionMarketing is a vital function of every business organization that administers anopportunity to company to communicate with target audience and build strong relationship withthem. Various roles and responsibilities are involved in this function that assist in growth andsustainability of firm. Several functions are performed in a firm includes human resourcemanagement, product development, distribution system, strategy management, sales supportsystem and marketing research. All these functions are interrelated with Marketing function. Allthese promote growth and sustainability of company. Various roles and responsibilities ofmarketing function includes pricing, selling, product, promotion, distribution, financing &Marketing Information System. Roles and responsibilities of ALDI Marketing System aredefined below:Marketing Information System: It is the process in which data and information iscollected and analyzed. This assist firm in understanding needs and demands ofcustomers in more better manner. This method helps in knowing likes and dislikes ofcustomers and assists in offering them the products they want ( Functions of marketing,2018). For instance: ALDI collect data about consumer preferences. By this, theyanalyzed that consumers most preferred to buy goods and services. Apart from this, italso provide information about what kind of marketing should be like by customers,which kind of product they want and at what place. All the information regardingcustomer has gathered and analyzed properly. Based on this analysis, firm made effort tofind out that which particular product has best opportunities in marketplace. Marketing planning: Marketing plan is generally formulated by marketing managers inorder to attain business objectives along with marketing objectives. It clearly depictsabout what firm exactly want and in what percentage. For instance, ALDI wants toenhance their market share by 40%. For attaining this objective, it is required by manager
to formulate appropriate market Plan accordingly. It also defines about the roles of workforce in attending these objectives.Financing: It is an essential function of every organization as it’s growth and success relyon this function. It is the factor which is very necessary for running operations of firm insuccessful manner. Marketing manager has the responsibility to determine all the sourcesby which firm can acquire appropriate funding (Dibb and Simkin, 2013). The function ofmarketing deals with finding out the source of money for business by Investments, loansor utilizing personal capital to market their products and services among customers.Loans, shares and investments are the ways through which ALDI managing its funding.Pricing: It is a big challenge in front of organization to set right price of a product. Ifprices are high, there are a lot of chances for firm to lose its customers. But, if prices arelow, there are chances for form to robbing themselves with high profitability. So, it isessential for every organization to set right price of a product that creates some value forcustomers. ALDI have its unique pricing strategy that provides them competitive edge inmarket overtake competitors. They sell their product lower prices as compared to otherretail stores.Promotional channel: It is the way through which a firm communicate about its productsand services to customers. By using various promotional tools, firm convey value andbenefits of their goods to customers and encourage them to purchase their product.Personal selling, advertisement, publicity and sales promotion are included in it. Eachdecision of marketing manager regarding promotion of product influence over all sells ofthe company. For instance, Coupons are used by ALDI for doing promotion. Selling: Both, marketing and selling are the complementary functions as marketing createawareness among customers and developed a preference for product. It assist salesrepresentative in selling more products (Campbell and Martin, 2015). Sales team aregetting support by marketing function in generating higher sales. ALDI purchase goodsin large quantity or in bulk from manufacturers and sold directly to end customers. Distribution: Under this function, firm plans to distribute or supply their products tocustomers. It is required by owners to have an idea about distribution channels so thattheir product can be distributed all across the world. The refereed firm distributes theirproducts via their outlets or stores. Apart from this, their products are also sold by onlineapplication. Product/ service management: The function of marketing provides valuable output toproduct development. Information regarding needs and preferences of customers assistfirm to determine the additional features required to be introduced in existing product or anew one. It also helps in determining opportunities related with extending product rangean introduction of existing product into a new marketplace.TASK 2P2 Interrelationship of marketing roles and responsibilities to organizational contextMarketing is an essential tool that helps organizations in satisfying needs and demands ofcustomers in an effective and efficient manner. It generally deals in marketing, advertisement,
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