Marketing Essentials

This document discusses the role of marketing in modern organizations and its responsibilities. It also compares the ways different organizations apply marketing mix to achieve business objectives. The document focuses on ASOS PLC, a British cosmetic retailer, and L'Oréal Paris. It covers the 7Ps of marketing mix and the interrelation of marketing with other functional units.

MARKETING ESSENTIALS

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 The Role of Marketing in Modern Organizations..................................................................1
P2 Responsibilities of marketing and its relation with other functional units.............................2
LO 2.................................................................................................................................................4
P3 Comparison of ways in which different organisations apply marketing mix to achieve
business objectives.......................................................................................................................4
LO 3.................................................................................................................................................8
P4 Marketing Plan for ASOS PLC .............................................................................................8
CONCLUSION:.............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Marketing can be defined as a process by which relationship is created with the customers
(SHUKLA, 2016). Marketing department plays an important role in the organisation as it acts as
a face of a company. The marketing department holds the responsibility for making marketing
strategies related to price, product, place, promotion etc. the report will cover the marketing
essentials as well as the role and responsibilities of marketing function in the organisation has
also been explained. The interrelation of marketing department with other departments of
organisation has also been explained. In order to explain this, ASOS PLC will be taken as a
company. It is the British cosmetic retailer and also deal with fashion products. The report will
also highlight 7 P's of marketing mix. It will help the company to make strategies for the
organisation related to product, price, place, promotion, physical evidence, people and process. It
helps marketers to determine the product as well as brand offerings. In order to make the concept
clear, two organisations will be compared on the basis of the strategies which they use for
marketing the products of their company. Marketing plan of ASOS PLC has also been explained
in the report. Marketing plan is basically a document which outlines the advertising as well as
marketing efforts for future (Fine, 2017). It gives an outline about the of the activities which
company will take in order to meet the marketing objective of company.
LO 1
P1 The Role of Marketing in Modern Organizations
Marketing, as per Philip Kotler is defined as an exchange process through which needs
and wants get satisfied. Marketing is a wide concept which involves identification of the needs
and demands of the consumer and then developing those products and services which help in
satisfaction of such needs and wants. However, in the present era, the role of marketers is not
simply limited to identifying the needs and targeting the consumers but also extends to
identification and development of proper marketing mechanisms like digital marketing
techniques, developing end consumer's experience etc. the role of marketers has evolved with
time where they have to ensure that they are adopting those strategies which treat consumer as
king and aim to ensure that the experience of consumer is excellent (The role of the marketer has
changed, shouldn’t the marketing model, 2018).
There are various roles that marketing managers have to perform while giving marketing
services to the targeted consumers:-
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Conducting Market Research:- Marketers have to regularly research the market trends
and keep tabs on the regularly changing technologies so that they can form appropriate policies
and strategies which will help them in competing with their competitors in an effective manner
using social media tools as well like Instagram, Facebook etc. so that they can target a wider
customer base and attract more customers towards ASOS PLC.
Development of Marketing Strategy:- By gathering and analysing the relevant data, the
marketers determine how they can target different customers and therefore they develop the
relevant marketing strategies (Gillespie, 2015). These strategies are formulated after identifying
and ascertaining the trends in the market. They try to implement a personalized approach
targeting each customer in ASOS PLC but at the same time, they also need to ensure that the
strategies that they formulate are not rushed since, their failure and inappropriateness might
ultimately lead to failure of the product itself.
Identification of New opportunities:- Another important function of marketing is related
to regularly evaluating the marketing opportunities and threats and interpreting as well as
analysing the rends and the direction in which market is going. Correct estimation and
forecasting helps in identifying the emerging opportunities before the competitors so that the
company can utilize advantage of first mover creating competitive advantage for the company in
the market and build competency.
Customer Relationship Management:- Customer relationship management is that aspect
which has been included in the marketing function due to changing market trends and role of
marketers (Zimmerman and Blythe, 2017). Today delivering the required product is not the only
aspect of marketing but ensuring that the customer is satisfied and remains loyal to the brand is
the ulterior motive. Marketing also involves creating trust and integrity amongst their customers
so that they remain loyal and attached to the ASOS PLC.
Decision making:- Lastly, marketing function is not complete without taking appropriate
and timely decisions. Marketers have to take the most crucial decision of identifying and
selecting a particular segment of customers of ASOS PLC to be targeted rather than going after
every customer and hence a lot of decision making is involved in marketing function.
P2 Responsibilities of marketing and its relation with other functional units
As a marketing manager they also play a crucial role in different other department as
well. It is the functional department which has to suffer and understand different opportunities to
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perform in the different functional level. Also, marketing is responsible for many activities like
as mentioned above and also then responsible for discussing marketing as function and how it
does work with the other department as well. There are a lot of roles that marketers but apart
from these, the roles of marketing further extend towards impacting activities of other
departments operating in the organization as well and they are interrelated to other departments
in following manner:-
Relationship with HR Department:- Marketing functions are linked very closely with
HR department as HR is the one who hires the personnel required and therefore marketing team
of ASOS PLC needs to convey clearly to the HR department regarding the qualifications and
capability of the personnel that they require (Folinas and Fotiadis, 2017). When the HR hires as
per their requirement of marketing manager, this helps in increasing the efficiency of their them
and hence generate innovative and effective ideas. Marketing interrelate with the HR department
to convey the requirement of required candidates who are efficient in following market activities.
Relationship with Production Department:- Marketing is entirely dependent on the
outcome of production department because the products will be actually produced by them and if
they are not as per the specifications of the marketing department, the product might go horribly
wrong. Therefore, the marketing team should clearly and concisely convey to the production
team what kind i.e. quality and quantity of the product or service is expected by them and only
then the production team will be able to produce the desired product. Therefore, good
communication channels between production and marketing department in ASOS PLC ensures
that the quality is not compromised with and product can be placed appropriately.
Relationship with Finance Department:- Finance department helps in preparing and
determining the budget that is available for the marketing and the one that is required in order to
position the product successfully in the market. This can be done only when the marketing
department has conveyed clearly what action and activities they need to perform and within
which available resources, they can position the product successfully. This gives an estimate to
the production department and they accordingly prepare the relevant budget covering all the costs
which will be required to place the product successfully (Pappas, 2017).
Therefore, it is extremely essential the marketing department and its activities with all the
departments in the ASOS PLC so that the product or service that the company in intending to
position in the market, can be launched as per the estimate of the marketing department so that
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they can correctly position their product or service and capture the targeted customer base.
In the modern era, along with change in the role of marketing and its functions, the
matke9tng model has also undergone a tremendous change. The traditional model of planning,
organizing etc. is no longer applicable and there is a new modified model which has been
presented by Ashley Friedlein and is known as The Modern Marketing Model abbreviated as
M3. This model proposed 10 different elements which were grouped together in 4 stages which
are strategy, analysis, planning and execution. This new model is a perfect blend of the older and
the newer trends in the changing market (Ashley Friedlein: The time has come for a new model
for marketing, 2018). This models proposed modified practices that they need to adopt and
implement and also defined modified competencies that marketers must possess like customer
experience, content etc.
LO 2
P3 Comparison of ways in which different organisations apply marketing mix to achieve
business objectives
Marketing mix is a combination of different factors through which a company is
controlled by influencing consumers to purchase its products. ASOS PLC and L'Oréal Paris are
both cosmetic companies with a good brand name. These companies basically use marketing mix
elements for marketing planning process to achieve its goals and objectives. Both the companies
use 7Ps of marketing mix which help them to achieve its targets.
7Ps ASOS PLC L'Oréal Paris
Product ASOS PLC is a company
which deals in selling of
cosmetics. Usually they sell
men and women cosmetic
products and services.
Company deals in products of
different brands which
includes men and women
toiletries. New product which
is being launched by the
Company deals in products
related to beauty and cosmetics
under several divisions which
includes products like mascara,
eye shadow, shampoos,
conditioners and many more.
This range of products attracts
the most of the customers with
its huge range of products. The
products which are being
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company is an anti ageing
product which targets the age
group of more than 30
(Morgan, 2016).
produced by the company are
based on needs and
preferences of customers.
Place Company operates its stores in
all over the world with 50
branches so far which makes
easy for the customers to
approach for the products.
More number of stores helps
the company to easily offer its
products in different markets
to different customers and
create a new customer base.
Company basically offer its
products offline but it also has
an online site which allows the
customers to purchase the
products which are being
offered by the company (Baker
and Saren, 2016).
Company offer its products to
the customers by dividing their
products in different range.
The company has acquired
several companies worldwide
for increasing the presence of
their brand by dealing in
around 130 countries in 5
continents. They make their
products available through
departmental stores, saloons,
retail outlets, pharmacies and
on their own website. This
distribution network has made
the company to offer its
product to all the targeted
customers.
Price ASOS PLC offers premium
products to its customers
which comparatively have
more price from the
competitors in the market, but
the variety of products which
is being with the company
make it worth for the buyers to
buy the products from the
Company is having a huge
brand name and have a
distribution channel which
allows the company to offer its
products in the mass market.
Pricing strategy which is being
used by the company is value
based pricing strategy.
Products of the company have
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same place as all the products
are available under a same
roof. Price skimming method
is being used by the company
as company is being operating
as a mediator because they
don't produce their own
products and sell products
from different companies
which make the company to
increase the price as mediators
are being increased.
a premium price which attracts
the customers for the products
which are offered. Company
also brings about innovation in
its products on a regular basis
that requires to penetrating the
market with different price
levels. This shows that pricing
strategy of the company is
being based on premium
pricing, geography served,
competition and demand of the
products.
Promotion There are several promotional
strategies which are being used
by the company that includes
discount coupons, local
magazines and newspapers.
These strategies help the
company in attracting the
customers by several ways of
promotional methods. Social
media is also being used as a
promotional method by ASOS
PLC which helps the company
to attract millennials to the
products as they are the one
who are being involved in use
of social media applications
which is a better way of
L'Oréal Paris being an
international brand promotes
its products at different level in
different countries. Company
undertake its advertising with
different brand ambassadors
who are an attractive model.
Company also have several
CSR commitments which
includes project care that
cultivates citizenships by
performing various social
welfare activities in areas such
as child education, health,
safety and environment.
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promotion.
People People regards to the
individuals involved in the
company to determine the
quality and service of the
products. ASOS PLC has a
team of people who are
involved in determining the
quality of products. These are
the person who checks in
detail about the products and
are the products useful for
customers or not. This part
plays a major role in offering
of products as only quality and
genuine products are to be
provided by the company
which is being already
considered by ASOS PLC.
L'Oréal Paris has its own
quality check team which
checks and analyse the quality
of the product that these
products are genuine to use by
the consumers as an and
experience of consumer can
affect the brand image of the
company. According to the
company happy, skilled and
motivated staff make customer
happy which help the company
to market its products in a
more significant manner.
Process The company adopts the
marketing process to deliver
the product to the end
consumers. This company
adopts the process through
online portal or through
different physical stores.
L'Oréal Paris uses a process of
production and deliver and
offer its products to its
customers through several
mediators and by different
retailers in the market.
Physical evidence Physical evidence which is
being provided by the
company is in the form of its
special packaging in a unique
L'Oréal Paris have a special
element as a physical element
which includes special shelves
which are placed in the retail
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cover that make its products
looks different from others and
allows the company to market
its products by a unique
method of packaging and
customers can easily identify
the products of ASOS PLC.
shops and departmental stores
for placing specifically
products of the company, this
helps the customer to identify
the products of L'Oréal Paris.
LO 3
P4 Marketing Plan for ASOS PLC
Executive Summary
Now, the company decided to launch a product 'Forever Young' that is an anti-ageing
cream and the company will be targeting the people of 30 years of age group. The company has
made plan to develop the product, launch and promote the product bin the market.
Smart Objective
Specific: The objectives formed for this present marketing plan should be specific and
precise so that it is clear to everyone what is expected out of them. ASOS PLC has made their
goals specific to their everyone. The objective of 'Forever Young' is to serve the customers that
belong to age group of 30 years and above. The main marketing of this product is to enhance the
company sales volume and company brand value in the global market.
Measurable: Goals should be measurable, the company have a technique to measure the
performance of the current marketing plan which is planning to launch new product in the
market. So there should be a benchmark set for the organization. ASOS PLC has set the
standards that they want to cover at least the cost that they have invested in launching the
product.
Acceptable: The goals made by the company should be acceptable for everyone in the
organization. As it generates support among the employees as then there is a chance that goal can
be achieved successfully. ASOS PLC has made their goals with the support of their employees.
The employees has participated in the decision making of the product I.e 'Forever young'.
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Realistic: The goals formed should be real and should work according to the practical
world. They should be achievable. The company has made goals that are achievable and made
with regard to the opinion of the employees (Henríquez, 2018).
Time Bound: Company should make short term goals and first try to achieve them on
time so that they can help the company in attaining the bigger goals.
Mission
To enhance their knowledge in natural skin care, develop extraordinary product and give it back
to the society.
Vision
To become one of the most impactful natural skin care organization in the world.
SWOT Analysis
Strength: ASOS PLC is one of the famous brands of cosmetics established in UK for
over 10 years. The company is selling its product in over 50 branches and have the largest chain
in the UK market. The company sell a large variety of products of other big brands. It offers vast
range of products and has a powerful market share all over UK.
Weaknesses: Customers who are allergic and have sensitive skin do not use cosmetics.
There is intense competition prevailing in the market and ASOS PLC has to fight it.
Opportunities: The company has planned to launch its new product so they should
participate in the Fashion contests to showcase their product to the public of UK. The company
can expand their business outside UK and can capture other markets as well.
Threats: People of UK were already using some other brands so it will be difficult to
market their product and capture a big market.
PESTLE Analysis
Political Factors: Political factors consist of rules and regulations of the government
under which companies has to work. ASOS PLC can face political issues while launching its new
product 'Forever Young', like changing policies of government.
Economic Factors: It includes exchange rates between the states in which the
organization is working. The company has to face challenges with regard to launch the product
as the prevailing exchange rate possibly not in the favour of the company (Malhotra, 2015).
Social Factors: The technological changes are developing these days. The people of the
modern society are interested in latest and innovative products and are willing to adopt them. So
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the company has to follow all the ethical norms to develop the product that is considered by the
society.
Technological Factors: The companies now a days adopt new technologies as the
fashion is also trending. With changing technology, fashion changes so ASOS PLC has to face
this challenge as the existing brands are already using them.
Legal Factors: Customers are very specific about the companies following legal
procedures to develop the product. ASOS PLC has to comply with all the legal formalities else
has to face problems.
Environmental Factors: It is best for ASOS PLC to analyse the internal and external
environment before developing the new product as they effect the decision making (Pike, 2015).
Marketing Mix
Product: ASOS PLC is bringing a new product 'Forever Young' that is an anti-ageing
cream. The company should properly develop the product as there are already brands that are
popular, so the company has to compete with them.
Price: The company has to charge nominal prices for the new product as there are already
competitive firms in the same product line. So to capture a share of market ASOS PLC should
undergo penetration pricing.
Place: The product should be placed in very shop that has different variety of cosmetic
product and every mall.
Promotion: ASOS PLC should use Social media and TV Ads to promote the new
product. As these media's are famous these days and through this medium the product can be
addressed to a large size of population.
Process: The ASOS PLC should work on the process to develop the product and check
that the product does not involve much cost.
Physical Evidence: The product should be physically attractive to the customers; they
should find it more desirable than the other existing products.
People: The people of ASOS PLC should be involved in the decision making of the
product.
STP
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Segmentation: The are basically 4 segments in which the product is divided such as
Demographic, Geographic, Behaviour and Sociological. The company is focusing on
demographic and behaviour segments and particularly on women's.
Targeting: The company choose to target the people above 30 years as they are bit
conscious about their skins. Women's are more conscious about their skins.
Positioning: The company will manufacture the product and will focus on to premium
class customer's . They will be positioned by the company (Perreault, 2018).
Investment technique:
The investment technique which ASOS PLC will use is Crowdfunding. Crowdfunding is
one of the fastest method which can be used to collect the fund for the business. It is affordable
as it makes funds easily accessible. It will also provide support to the company by investors as
the company can ask for feedback, ideas and comments on the project. ASOS PLC will use
Kicstarter which is a reward based crowdfunding platform in order to raise fund. A funding need
of about $50,000 will be posted on the platform as well as the rewards will be offered such as
new products of ASOS PLC which is forever Young will be provided to the investors which will
help company to attract investors.
Budgeting:
Budgeting is the important part of the marketing plan. It helps company to plan its
spending accordingly in the whole marketing plan. It will help company to make things happen
as per the budget set.
Particulars Amount
Market research £ 20,000
Product packaging and labelling £ 15,000
Human resource £ 30,000
Landing page generation and analytic £ 25,000
Social media posting £ 10,000
Advertising £ 20,000
Total £ 1,20,000
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Monitoring and evaluation marketing plan:
Monitoring and evaluating is the important part of marketing plan as it helps to eliminate
ineffective strategies and develop plan which will help business to achieve success. By regular
evaluating and
The ASOS PLC will measure the performance of marketing plan by following ways:
Return on investment: The main purpose to measure ROI is to check the effectiveness of the
marketing plan. ASOS PLC will measure the amount or investment made in each marketing
campaign and then will identify that how each campaign has helped to increase the sales of the
product. It will help company to measure success of marketing plan (Sandell, 2016).
Marketing reach expansion: ASOS PLC will also look at the reach of its marketing plan. If the
marketing reach of plan is expanding it means that marketing plan is working well.
Customer response and reactions: Customer response also helps companies to identify about
the success or failure of the marketing plan. The company will make use of online surveys and
general customer service feedback in order to find out that what their customers think about the
marketing campaign (Sources of fund, 2019).
Outside salespeople feedback: the company will take the feedback from outside salespeople in
order to monitor the progress of marketing plan. It will help company to analyse that whether the
message the company want to spread is effective or not. This process will provide advice which
will help company to make changes in marketing plan accordingly.
Strength
 ASOS PLC follows the low cost pricing
structure to attract the potential
customers.
 It has a strong financial position with
consecutive profits in the past 5 years
along with accumulated profit reserves.
 It has diversified workforce
environment which create productive
outcomes.
Weaknesses
 Large of the company portion of the
company is rented rather than purchase
so this might be the one weakness of
the company.
 High turnover ratio of employees can
be the biggest issue for the company.
Opportunity
 Internet has been an increase in the
Threat
 Technology development can be the
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number of internet users all over the
world.
 New trend in digital marketing can be
the biggest opportunity for the
company.
threat of the company.
 Increasing competition also might be
the biggest threat for the company.
CONCLUSION:
Many changes can be seen when comparing the traditional organisation and modern
organisation. The working of modern organisation is quite different from that of traditional
organisation. Now a days a flat, flexible and networked organizational structure can be seen in
the organisation. The modern organisation demands for highly skilled employees. As well as who
are ready to work for the flexible hours and at different locations. The study is helpful in
understanding that how marketing plays an important role in the organisation. Marketing helps
the organisation to achieve success in its every department. As marketing acts as a face of
company therefore if the marketing department of organisation are effective and efficient than it
will help company to make profit. In order to be marketing department efficient it is required that
marketing department of organisation works with all other department such as finance
department, HR department, IT department etc. Working with all the department helps marketing
department to make strategies for the product and services accordingly. Working with other
department helps company to make the proper marketing plan. As by working with other
departments company gets the proper idea about the budget to be selected, platform to be used
for marketing the product, strategies to be taken in order to raise funds, price to be set, analysing
the market to evaluate threat and opportunities. As marketing plan is the overview or blueprint
for the upcoming or future events therefore making of proper marketing plan by organisation will
help company to take calculated steps. Marketing plan guides the company to take the steps as
per the activities included in marketing plan.
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REFERENCES
Books and Journals
Baker, M.J. and Saren, M. eds., 2016. Marketing theory: a student text. Sage.
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Folinas, D. and Fotiadis, T., 2017. Marketing and Supply Chain Management: A Systemic
Approach. Routledge.
Gillespie, K., 2015. Global marketing. Routledge.
Henríquez, F.A.G., 2018. Destination marketing essentials.
Lane, P., 2016. Human resources marketing and recruiting: essentials of employer branding.
Handbook of Human Resources Management. pp.23-52.
Malhotra, N.K., 2015. Essentials of marketing research: A hands-on orientation. Essex: Pearson.
Morgan, D.L., 2016. Essentials of dyadic interviewing. Routledge.
Pappas, N., 2017. Effect of marketing activities, benefits, risks, confusion due to over-choice,
price, quality and consumer trust on online tourism purchasing. Journal of Marketing
Communications. 23(2). pp.195-218.
Perreault, W.D., 2018. Essentials of marketing. New York: Mc Graw Hill.
Pike, S., 2015. Destination marketing: essentials. Routledge.
Sandell, N., 2016. Marketing automation supporting sales.
SHUKLA, P., 2016. Essentials of marketing research.
Zimmerman, A. and Blythe, J., 2017. Business to business marketing management: A global
perspective. Routledge.
Online
‘The role of the marketer has changed, shouldn’t the marketing model?’. 2018. [ONLINE]
Available through :<https://www.marketingweek.com/the-role-of-the-marketer-has-
changed-shouldnt-the-marketing-model/>
Ashley Friedlein: The time has come for a new model for marketing. 2018. [ONLINE] Available
through :<https://www.marketingweek.com/ashley-friedlein-m3/>
Sources of fund. 2019. [Online] Available through <https://www.toppr.com/guides/business-
studies/sources-of-business-finance/classification-of-sources-of-funds/>
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