Table of Contents INTRODUCTION...........................................................................................................................3 TASK1.............................................................................................................................................3 P1. Key roles and responsibilities of marketing function within a hospitality organisation..3 P2 Marketing Mix strategy to achieve business objectives of Costa Coffee.........................6 CONCLUSION................................................................................................................................9 REFRENCES.................................................................................................................................10
INTRODUCTION Hospitality industry is one the fastest growing industry in today's business environment. It is a broad sector in providing services to customer which will give them huge satisfaction. Furthermore,thisindustryhasledtoimmensegrowthanddevelopmentofcountry (JulyErevelles, Fukawa and Swayne, 2016). Organisation undertaken in this report is Costa Coffee which has initiated its operation in London. It is a UK based company of hospitality industry that considers as second largest coffee-chain house in entire world. This report will consist of explaining the role of marketing and manner in which it relates with other functional units of respective company. Furthermore, it will compare ways in which Costa Coffee use elements of marketing mix to achieve its business goals and objectives with one of its competitors. TASK1 P1. Key roles and responsibilities of marketing function within a hospitality organisation Marketing can be referred to as the integration of all activities that are associated with generation of awareness among people belonging to a country regarding the products and services offered by the respective entity (Du Plessis, 2015). It comprises of activities such as promotion, advertisement, public relations, after sale services etc. In context with Costa Coffee, this multinational company of UK is known for its rich brand coffee with a range of savoury food items. Currently, it operates more than 3882 number of stores in more than 31 countries. Forbuildingthisbrandedimage,marketingfunctionhasplayedasignificantrole (Constantinides, 2014). It helps in getting industry dominance via competitive strategy and competing with rivalries. In respective company, its marketing strategy is mainly customised as per needs of business, including what needs to be offered to attract right customers. In order to gain loyalty of targeted audience i.e. teenagers and business class people, Costa Coffee has adopted the customer-centric marketing strategy that directly cater needs of them. This would help in offering right products to right customers by identifying their actual needs, for meeting their satisfaction. Importance of Marketing for Costa Coffee- Marketing is ascertained to be one of the most essential and significant functions that ensures success of an entity within market place (Chang, Yu and Lu, 2015). This is so because it
ensures that the corporation is able to maintain healthy relations with customers so as to retain them for a long duration of time in future prospect. With the help of effective conduction of marketing activities, Costa Coffee has gained opportunity to reach its target audience and communicate its mission, vision, goals and objectives to them relevantly and suitably. This function also holds massive importance for Costa Coffee as with the aid of marketing function, the enterprise can inflate its existing sales volume and profitability across global market (Biggemann, 2012). The main mission of Costa Coffee is to ensure that every sip of coffee must leave a lasting impression on targeted audience. Therefore, to achieve this success, roles and responsibilities of marketing function with respect to Costa Coffee are given below:- Development of Marketing Campaigns:This is ascertained to be one of the most primaryrolesofmarketingfunctioninanyentitywherebythedepartmentholdsthe responsibility to develop effective marketing plans and campaigns (Henriksen, 2012). With respect to Costa Coffee, it can be said that marketing helps this entity to develop such campaigns of short period of time which can reach to the target audience and result in increment of sales as well as profits of organisation (Bigat, 2012). Further, post the development of plans and campaigns, the role of implementing and monitoring it to find deviations, is also done by marketing. The new products and offers of Costa Coffee are promoted through this only. Acknowledgementofneedsandpreferencesofcustomers:Humanresourcesare regarded as the most important and valuable resource of an organisation as they are the ones who are collectively engaged in execution of business activities. The personnel working as a part of marketing team undertake measures through which the ascertainment of needs and demands of people prevailing within the market can be done (Beck and Reichert, 2012). Through this, Costa Coffee is able to identify the latest trends which are persisting among customers and their likelihood in the tastes of coffee in order to come up with products that can meet their satisfaction level. This implies inflated revenues and profits of Costa Coffee within market. Effective Customer Relationship Management:This is identified to be yet another crucial role and responsibility of marketing function within a company. This is the department which is handed over with the role to develop effective relations with customer so as to instil a sense of loyalty and belongingness within them towards the entity (Baker, 2016).With the help of social media marketing and other effectual strategies, a large base of audience can be reached
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
at one point of time which assists Costa Coffee in persuading them to make a purchase of the offerings of company. Interrelation of different functions of Costa Coffee with marketing: In order to meet objectives of business, every function like human resource management, financial management, R&D, IT division etc. plays an important role. Here, HR division helps in introducing talented workers and managing workplace effectively, to carry out entire operations of business in desired way (BarralesâMolina, MartĂnezâLĂłpez and GĂĄzquezâAbad, 2014). While, financedepartmenthelpsinallocatingfundswithindifferentdepartmentsefficientlyto accomplish their roles and responsibilities. Therefore, it has seen that every department has specific roles to conduct business but they mainly work for increasing profitability of business. In context with marketing function, managers of Costa Coffee take responsibilities to identify latest trends of marketplace, demand and needs of customers, competitors' strategy, conduct promotional activities and more. Therefore, to carry out these activities, marketing department highlydependentonotherdivisionsaswell(FrenchandRussell-Bennett,2015). Interrelationship of this department with other divisions with Costa Coffee can be evaluated in following way - Marketing and HRM:Marketing functions of Costa Coffee is all about branding and communication with its targeted audience, which is correlated directly with human resource management. Here, HR managers help marketing division in meeting their needs by providing talented employees as per eligibility criteria (Henriksen, 2012). They provide effective training to employees so that they can complete each role and responsibility of marketing functions appropriately. Similarly, marketing division helps HR managers in determining the strategies that other competitors use for retaining employees. This would help in developing better HR policies to attract right employees and retain them for longer period. Thus, role of marketing and HRM are considered as highly correlated with each other. Marketing and Finance:Due to increase in competition within hospitality industry, Costa Coffee concerns more on developing collaboration between both of these departments (Finch, Nadeau and OâReilly, 2013). By working in together manner, marketing and finance managers can develop more effective strategies in increasing market share as well as improving the bottom line as well. Dependence of marketing on financial department can be evaluated by
its financial needs to conduct the major operations. It includes promotional campaigns for marketing products or services, identification of customer needs and more, which requires a proper amount of funds that can only be gained by finance department. Similarly, role of marketing division in finance management can be analysed via finding sources from where Costa Coffee can purchase raw materials on cheap rates, raise funds and more. Marketing and R&D:Both research and development and marketing activities are interdependent but a healthy relationship between these two will lead to achievement of organisational objectives(Fan, Lau and Zhao, 2015). When these two understands consumer needs than both of their work will become easy. R&D will focus on innovation of new product whilemarketingunderstandwhataretheneedsandwantsofcustomers.Bothofthese departments need to work together in order to achieve organisational objectives. The basic purposeofmarketingdepartmentshouldbecustomerssatisfactionandproduceproduct accordingly. The relation of marketing in relation to R&D is ascertained from the point that it help in their existence as whatever they identify and develop is further present in market by this department in front of the consumers. P2 Marketing Mix strategy to achieve business objectives of Costa Coffee Marketing mix is considered as the best procedure that helps a company in evaluating its performance at particular marketplace, by comparing with one of its rivalries (Bigat, 2012). This technique also helps in analysing the areas where organisation need to make improvement so that higher competitive advantage can be gained. It includes the concept of 7 Ps as Product, Place, Promotion, People, Physical evidence and Price. This would help in analysing current position of business as well as analyse where changes are essential to meet goals of business. With respect to Costa Coffee whose parental company is Coca-Cola can use marketing mix strategies to develop more effective plans for attainment of good position and business objectives, in desired way at marketplace (Beck and Reichert, 2012). The current strategy of Costa Coffee hereby, is analysed by comparing its each marketing mix strategy with its one of the major competitor Starbucks, that also deals in Coffee House chain sector and operate business in many countries.
Comparison of Costa Coffee with Starbucks marketing strategies BasisCosta CoffeeStar-bucks ProductMain products offer by Costa coffeetoitscustomersare includesdifferenttypeof coffee and snacks. Company is popularforqualityofits products. Starbucksoffervarietyof coffee,juices,chocolates shakes and many more to its customers. PriceCompanychargehighprices from its customers as compare to its various competitors exist in market. Prices of products offer by Star bucks is also high due to high quality of its products. PlaceCostacoffeeserveits customersfromitsvarious outletswhichareinvarious locationsaroundthe worldwide. So many outlets are there of starbucksindifferent locations. PromotionDifferent digital platforms are used by company to carry out promotionsofitsproducts which help company in attract large number of customers. Like the same different social mediachannelsareuseby company to attract its potential customers. PeopleCompanyencourageits employees in decision making process and also take feedback from them in order to identify the areas of improvement. Morethan2lakhemployees work in various locations of star bucks located in various locations. ProcessCostaCoffeefollowsan effective process to serve its Starbucks offer training to its employees so they can provide
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
customers in order to satisfy them and to influence them to visit again. excellentservicestotheir customers. Physical EvidenceCompany is operating in more than 31 countries with more than3000outlets.Locations and layout of its outlets are effective which help in provide agoodexperiencetoits customers. Star Bucks is considered the design, layout and location of its outlets in order to attract large number of customers. CONCLUSION From this assignment, it has been concluded that marketing refers to main function of a company that helps in increasing the accessibility of business in the eyes of targeted audience. This function conducts various activities like identifying what customer actually seeks for, by establishing a perfect relationship with them. It would help in catering their demands more efficiently so that higher retention of them can be gained. Along with this, marketing department also help other divisions in completing each function in effective way.
REFRENCES Books and journals Baker, M. J., 2016. What is marketing?. InThe Marketing Book(pp. 25-42). Routledge. BarralesâMolina, V., MartĂnezâLĂłpez, F. J. and GĂĄzquezâAbad, J. C., 2014. Dynamic marketing capabilities: Toward an integrative framework.International Journal of Management Reviews. 16(4). pp.397-416. Beck, A. and Reichert, J. M., 2012, July. Marketing approval of mogamulizumab: a triumph for glyco-engineering. InMAbs(Vol. 4, No. 4, pp. 419-425). Taylor & Francis. Bigat, E. C., 2012. Guerrilla advertisement and marketing.Procedia-Social and Behavioral Sciences. 51. pp.1022-1029. Biggemann, S., 2012. The essential role of information sharing in relationship development. Journal of Business & Industrial Marketing. 27(7). pp.521-526. Chang, Y. T., Yu, H. and Lu, H. P., 2015. Persuasive messages, popularity cohesion, and message diffusion in social media marketing.Journal of Business Research. 68(4). pp.777-782. Constantinides,E.,2014.Foundationsofsocialmediamarketing.Procedia-Socialand behavioral sciences. 148.pp.40-57. Du Plessis, C., 2015, July. An exploratory analysis of essential elements of content marketing. In Proceedings of the Second European Conference on Social Media(pp. 122-129). Erevelles, S., Fukawa, N. and Swayne, L., 2016. Big Data consumer analyticsand the transformation of marketing.Journal of Business Research. 69(2). pp.897-904. Fan, S., Lau, R. Y. and Zhao, J. L., 2015. Demystifying big data analytics for business intelligence through the lens of marketing mix.Big Data Research. 2(1). pp.28-32. Finch,D.,Nadeau,J.andOâReilly,N.,2013.Thefutureofmarketingeducation:A practitionerâs perspective.Journal of Marketing Education. 35(1). pp.54-67. French, J. and Russell-Bennett, R., 2015. A hierarchical model of social marketing.Journal of Social Marketing. 5(2). pp.139-159. Henriksen, L., 2012. Comprehensive tobacco marketing restrictions: promotion, packaging, price and place.Tobacco control. 21(2). pp.147-153. Online ComparativeAnalysisofStarbucksVsCostaCoffee.2019.[Online].Available through:<https://www.slideshare.net/shreyanshkejriwal/starbucks-40380786>.