Marketing & its application Assignment (Solved)

MARKETING AND ITS
APPLICATIONS

INTRODUCTION
The marketing function is the promotion and development of a specific product or services
in the market. The functions of marketing involves the market research for any product. Market
research of a product emphasis on the customer satisfaction regarding any product.
The report will study the marketing functions and the responsibilities of the marketing
functions in the company. It will study the connection between the marketing department and the
various other departments in the organization
Furthermore, report will study the compare of the manner in which various organization
utilize the marketing mix to the process of marketing planning in order to achieve objectives of
business. Also, the report will study the marketing plan of the company Beauty Giant for
launching of a new cream which is an anti-aging cream. The name of the new product launched
by company is Forever young.
TASK 1
P1 The key roles and responsibilities of the market functions
Market research is concerned with the combination of market research, customer service,
development process of the product and advertisement of the related product. Market functions is
to promote and develop any product in then the market in order to achieve companies’ goals and
objective to sale more and more goods and earn more profit. There are many roles of the market
function which can be making policies, creating strategy bringing new innovations and ideas to
promote the product. Marketing functions promotes the company’s products to the customers
and stand in the global market. It involves the company perpetuality over the years and long-term
plans for sale of their goods to the market with larger customer base (Bagozzi and et.al., 2018).
Roles of market function
There are various roles of market functions which are explained below-
Promoting the brand image- It is the prime role of the department of marketing to promote the
brand image of the company as promoting of the brand image increases the trust of the customers
n the company which results in the gain in the sales of those products by the organisation. Also,
the increase in the sale of company increase the profit of the company which helps the company
to achieve organization goals. Manage the brand image- after creating the brand image it is
essential for the marketing division to keep the brand image thus crated to maintain the flow of
goods and services in the company and continued customer satisfaction. Create promotional
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apparatus- it is another main function of the marketing department. It states that there have to
be a promotional apparatus or the procedures for how the promotion plans will be executed in the
company (Baker and Saren eds., 2016). It defines the process to be opted by the organization in
order to evaluate the available resources and prepare for the required resources for executing the
marketing plans. Maintain the promotional tools- this function of the management states that
there is maintained of the promotion tools which are related to the promotion of the products in
the company. It is all-essential for the future perspective as well as organizational growth.
Responsibilities of marketing department
Setting of marketing strategy- the main responsibly of marketing department is to plan the
market strategy which includes the promotion and development of the goods and services sold by
the companies. The marketing strategy is important to the organization to plan n advice about the
various requirement in order to increase its sales or profit. Market research- there are many
products and services available in the market with the flooding of sellers. This is important for
the companies to introduce improved goods their competitors. Also, the customers now a days
are demands according to their needs, therefore the marketing department have to focus on the
customers demand in market research (Baker, 2016). Communication and promotional
materials – it is also the responsibilities of marketing department to communicate with the other
departments in the organization regarding the development of product. Also, the communication
is to be done with customers to promote new and existing products of the company. Through the
organization of Exhibitions seminars and events the marketing department can advertise and
explain the use of the new product to the consumers and the staff of company. And also, it is
obligation of the department marketing to provide specified training to its merchandising
department staff to accomplish the desired objectives.
TASK 2
P2 How roles and responsibilities of marketing relates to wider organizational context.
The key roles and functions explained above are crucial for any organization in the
long run and in the making plans and policies of the company. The marketing functions are
closely related to the other functions of the organization (Chernev, 2018). With the help of taking
finance department in connection with the marketing functions it can be explained. For the
implementation of any marketing strategy the marketing department needs economic resources.
These are resources are necessary for planning, research, and evaluation of the marketing
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strategy. Marketing function cannot work without communicating with the finance department
and its support financially.
Similarly, marketing department have to concern with the production department in order
to produce any new product and deciding the product which is best suited for the company.
Thereafter the marketing department require human resources in order to prepare the design
product or provide any service, for that the marketing department need to consult with the human
resource division in order to ensure that there is sufficient human resource in the organization.
Also, the marketing functions are related to the other departments too which are to be
concerned before implementing of any policies. The marketing department have to be aware of
the available resources in the organization and their optimum utilization in the company’s
achievement of its goals (Chonko and Hunt, 2018). For example- the policies of human resources
are to be justified with the functions of the marketing department and well communicated
beforehand, at the same time the production team should communicate the important data
regarding the goods and services to build the exact products so desired by the marketing
department. In case of increasing of the sale in the organization the marketing department have
to be aware about the existing inventory in the inventory department so that there is no shortage
of the goods in the sales. If the marketing functional are unknown of the operation and the
production function than there can be shortage of the products and the desired goals would not be
achieved by the company (Di Benedetto and et.al., 2018).
Therefore, the various marketing functions are related to the organization other functions.
In order to accomplish the marketing function the marketing department have to be in contact
with the various other departments in the company. If the marketing functions are not concerned
with other departments there can be heavy losses and blunder in the organization and the
company will not be able to sale the products which are desired by the marketing department.
LO 2
P3 Ways in which different organization apply the marketing mix to the marketing planning
process to achieve business objective.
Marketing mix is used by different organization in various different ways. These are
aopted in the marketing procedures of the company to execute their organization aims and
objective. The market mix is relating to the market demographics, goods and services of the
organization (Gummesson, 2017). The marketing mix is in use by the marketing department in
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order to study the product and its production for the sale in the market. The market mix involves
mainly 4Ps which includes product, price, place and promotion. Later it this approach was
extended to 7Ps of marketing mix with product, price, place, promotion, people, process and
physical existence. These are important for the marketing department in order to plan policies
and strategies in to bring a new product in the market or increase the sale of the existing product
in the market. Thereby promoting the company in achieving its business objective and goals.
Various business organization whether big or small spends larger amount of their
earning on the marketing process, advertisement and research about the product and also the
promotion and development of that product (Homburg and et.al., 2017). The company’s
marketing department studies the customers in the market through market research and there by
the policies are formed in order to gain the desired goals of maximum customer satisfaction. The
main reason of applying of marketing mix by different types of business is to focus on the
product dimensions, place of selling the product, pricing structure and promotional activities of
the company. The extended 7Ps of marketing mix utilize importance of delivery processes, and
also physical processes of the product and it mostly focuses over people. There are many small
and big business which promotes their business by using marketing mix functions of the
organization.
Different tactics applied by the organizations to achieve business objectives.
The business organization with their different organizational culture uses various tactics
in order to achieve their respective business objectives (Hutchinson and et.al., 2015). The tactics
used by the small and large companies are as follows-
Initially they define the market for the product to be sold by the organization. The
markets are being targeted by the companies on the basis of the customer’s satisfaction and
demands of customers. Secondly the market is divided in several segments according to specific
criteria. Thereafter, the target markets are selected in which the product is to be sold. Thereafter
feedback is collected by the companies and existing customers in the market. The segments are
evaluated on the basis of feedback received by the marketing department.
The company utilize extended marketing mix in order to achieve its marketing mix
objective. The process of extended marketing mix is as follows-
Product- The product planning of the marketing mix involves the selection of those
products which are demanded by the customers and the customers are satisfied by the product
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(Moutinho and Vargas-Sanchez eds., 2018). Along with the customer satisfaction the product
chosen have to provide the company its desired earnings and also offer optimum utilization of
their resources to achieve the organizational goals.
Place- after the selection of the product to be sold to the market, there comes the stage
where the company have to choose the place in which the product is to be sold. The place of
sales is decided by the fact which assist the easy availability of the product to the customers.
Also, the sales of that product in that specific area is cost-effective to the company.
Price- the price of product is determined on the basis of customer satisfaction to the
product. The product and services must provide a value for money experience to the customer.
The price of the product has to be best suited according to the industry and the lowest price in
comparison to their competitors.
Promotion- the promotion and advertisement for the new product is essential to the
company in order to convey new product to the customers (Shaw, 2016). There are various
promotion channels used by the company which can be advertising, sales promotion, social
media promotions etc. the promotion of the goods and services aware the customers about the
benefits of purchasing that good. As a result, there is increase in the sales of the company and
also the earning.
Process- it includes the procedures and process in which the product is to be
manufactured in the organization. The process of making the product is to be cost effective and
company have to earn from producing it. It also includes the after sales service to the customers
which creates the value of organization in the customers and increasing customer satisfaction.
People- it relates to the involvement of the various persons included in the production
process of that specific product. The various people involved in the production process are
management, employees, organizational culture and customer service in the company. These are
the essential part in the company which helps the organization in the achievement of their
organization goals (Usui, 2017).
LO 3
P4 Development and evaluation of a basic marketing plan
Basic marketing plan for the company Beauty Giant
Marketing plan can be developed by Beauty giant with the following specific task
which are as follows-
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Being a small company, it needs to develop a clear understanding of its
customer. For understanding of its customer company needs to do the market research which will
evaluate the customers need for that product and the company’s goals regarding the product.
Mainly the company needs to focus on the main objective of selling those goods. In determine
the customers review about his product. The company need to find that why the customers would
purchase its goods and services (Villeneuve and Pasquier, 2017). Also, the unique feature in the
product which makes it different from the other company’s product. The company must ensure
that the customer is satisfied by the products and services of the company.
Now, the company needs to evaluate the market in which the product is to be sold.
This involves the marketing research on needs of customer of that specific product in the market.
The research focus on the satisfaction of the final customers and also the achievement of the
company’s goals and objective. After considering all the factors company needs to make plans
and procedures in order to achieve the desired targets by the marketing department.
Also, the company must identify its competitors in the market and make the product
effective so as to compete with the competitors. The competitor’s analysis also helps to know the
current market trends and the customers demand regarding the specific product (Wagner and
Eggert, 2016). By conducting market research company can evaluate its pros and cons and plans
accordingly.
After the evaluation of the product, the target customers and the market in which the
product to be sold the company must calculate the production cost of making that product and
the profit earn by the company. Evaluate the research and make strategies according to the needs
and requirements of market. Propose a budget for marketing activities and create well defined
goals and objectives using a specified timeline.
The marketing of product is also a essential part of the product marketing
plans. Various strategies and plans are developed in order to advertise and promote the sale of a
product in the market. The companies use social media channels, through personal
communication with the existing channels (Watrobski and et.al., 2016). For the product forever
young the company can communicate through media as most of the customers are connected
with the social media and company can easily grab their attention towards its product. As the
product relates to beauty of young people company Beauty Giant can promote its product in
urban areas where the beauty products are widely purchased by the customers.
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Application of 7Ps to achieve marketing objectives
The marketing mix is a grouping of interconnected changeable that includes 7Ps in
order to fulfill the target customers. The coherent marketing mix of the company Beauty Giant is
as follows-
Product- company's product must be efficient and have quality, competitive, available
and having branding properties. The company Beauty Giant needs to fulfill the demands as well
as needs of their customers regarding the product Forever young. If the product satisfies its
customer it can be sold at desired target by the company (Responsibilities of Marketing
Department, 2019).
Promotion- the promotion of a product is to tell the customers about the new product by
the company. The effective communication is to be done by the marketing department in order to
advertise for its product. The new product forever young needs to be promoted among the
youngsters in the market by the company Beauty Giant.
Price- the price of product must be reliable and at affordable price to the customers. The price of
the product can promote the growth and success of the company. The price of product forever
young is accurate and low as compared to the other creams available in the market.
Place- the accessibility of the goods is essential at the regions where it is most needed.
The company Beauty Giant is situated in urban areas where the product is most used by the
young peoples. Also, there can be improved services of online delivery to the customer’s home
itself (Bagozzi and et.al., 2018).
Process- Processes of operation by the company should have consumer focused
operations for the business. Beauty Giant must ensure that the processes of manufacturing the
product forever young is ecofriendly and provide the relevant result to its customers.
Physical Environment- It implies the overall experience of the customers in using the
company’s product. The customer’s experience in using goods and services must be good for the
satisfaction of customers. There must be efficient after sales service and customers must be
attend by well-behaved professionals. As the company Beauty Giant is a big company it must
store its brand image in the eyes of its customers (Gummesson, 2017).
Therefore, company Beauty Giant uses marketing plan in order to achieve
companies target of launching new product forever young. The company needs to focus on
customers satisfaction so that there can be more and more sale of product in the market. The
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satisfaction of customer will lead the company in achievement of its desired success, objectives
and goals of company (Usui, 2017).
CONCLUSION
The report concludes that marketing a important role in the development of the product. The
marketing plans defines the product structure, its uses and determines the customer to whom the
product is to be sold. The customer satisfaction is measured by the marketing departments
through the market research and their implications.
The report studies the role of marketing and how it interrelates with other functional units of
an organization. The report also includes the role of marketing department and their connection
with the other departments like production department, sales department and human resource
management department which is responsible for the allocation of human resources.
Thereafter the report includes the ways in which different organizations apply the marketing
mix to the marketing planning process to achieve business objectives. Which comprise the 4Ps of
marketing planning and also 7Ps of marketing planning in the company.
Also, the report studies the basic marketing plan for the company Beauty Giants in the
development of new product forever young.
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REFRENCES
Books and journals
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Online
Responsibilities of Marketing Department. 2019. [online]. Available through
<https://smallbusiness.chron.com/responsibilities-marketing-department-69931.html>
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