Marketing Mix & Budget Analysis of Forever Young

This assignment delves into the marketing strategies employed by Beauty Giant for their new product, 'Forever Young'. It examines the application of the marketing mix (product, price, place, promotion) and how budget allocation influences its success. The analysis also considers SWOT factors, market research, and the impact of government policies on production. Overall, the assignment evaluates the effectiveness of Beauty Giant's marketing plan for 'Forever Young' in achieving business objectives.

Marketing and its
essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. The roles and responsibilities of marketing function.......................................................1
P2. The roles and responsibilities of marketing relate to the wider organisational context...2
TASK 2............................................................................................................................................4
P3 Different organisation using marketing mix for planning process to achieve objectives. 4
TASK 4 ...........................................................................................................................................9
P4 Evaluation of marketing plans for an organisation...........................................................9
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................12

INTRODUCTION
Marketing is defined as the exchange of relationships. It is a business process
that creates relation with a motive of satisfying customers. This refers to as buying and
selling of product in a manner which is associated with company activities(McCarthy,
Perreault and Wilkinson, 1994). The essentials related are building customer relation,
communising with social media, making joint ventures and partnerships, networking etc.
This report is based on Beauty Giant is dealing with cosmetics product with working
over UK in over 50 branches. They are selling men and women toiletries. The purpose
of this assignment is to lead with the roles and responsibilities of marketing functions
which are relating with an organisational context. Assignment refers to examine mix to
the planning process for achievement of business objectives. Marketing plan made a
basic evaluation for an organisation.
TASK 1
P1. The roles and responsibilities of marketing function.
Marketing function is a important part for any organisation its helps them to
identify products according to needs and wants of customers and deliver them into
market. The marketing manager of Beauty Giant perform the different key roles and
responsibilities which them to run and operate business successfully. Some marketing
function of the company are explained below:
Marketing Planning:
Marketing planning is the important function as the roles of marketing managers
to make effective plans to enhance production, sales and promotion which helps to
achieve the company objectives. The marketing manager of Beauty Giant make
effectual plan so that they increase production and promotion level(Berkowitz, 2010.).
For this they have to gather the actual market information and analysis the situation of
market.
Packaging and Labelling:
Packaging is the design of the product package and Labelling means place label
on the package. Beauty Giant design the attractive and preservative package for their
products to attract large numbers of customers and Label the product so that it is easy
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for the consumers to identify their products. By doing this, it is easy for them to promote
their product effectively into market.
Promotion:
Promotion is related to provide the actual information about product and services
in market(Shanklin, Ryans and Ryans, 1987). It is essential for any organisation so that
customer have the knowledge about their product. The marketing manager of Beauty
Giant use some promotional tools to promote their products such as publicity,
advertisements and personal selling.
Customer support services:
This is the services provided by the company to resolve the customer queries so
that they feel satisfy. Beauty Giant use this function as this provide different customer
support services such as to handle complaints of customers, procuring credit services
and sales services to increase more and more customers.
Physical Distribution:
It is the function act by marketer to distribute product and services in
marketplace. Beauty Giant use various distribution channels to deliver products as per
customers order. This channels of cost effective increases the company profit and
ensures that product should be delivered on time. It helps them to satisfy their
customers and also provide benefits to them.
Pricing of Product:
It is the price paid by the consumers while purchasing the product. Pricing has
impact on product demand(Peter and Donnelly, 1998). Price of product is determined by
profit rates, company objectives and policy of competitors to earn profit. The marketing
manager of Beauty Giant, price their product according to demand in market.
From the above roles and responsibilities of marketing function which is
performed in Beauty Giant so that they attract, satisfy the customers and achieve goals
and objectives of the company.
P2. The roles and responsibilities of marketing relate to the wider organisational
context.
Marketing is the process of business which promote and sell product and
services in market. Some activities are performed to attract and entertain customers for
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long periods. This helps the marketing manager of Beauty Giant to communicate
different schemes and strategies which is used by their competitor. And this influences
company to formulate the better policies which helps them deal in market. The action
performed by marketing department and decisions made by them also affects the many
other sections of business. Some roles and responsibilities of marketing which is
related to other functional department of Beauty Giant are as follows:
Relation of marketing department and sales department:
Sales is business activity to sell goods and services in a specified time. Sales
department is relation between product and services of company and their customers.
Beauty Giant consider various promotional activities so that it helps them to increase
customers and also increase sales(Churchill and Iacobucci, 2006). It is related to
department of marketing because it supports sale manger to attain predefined
objectives and help to increase the managers efficiency. It determines that marketing
department supports sales division to achieve objectives by selling products to right
consumers. This increase organisational profit and sustain for a longer period in market.
Relation of Marketing and finance department:
The Marketing and finance department both is essential department for
company. Marketing division performs the activities such as pricing, distributing,
promoting and so on. Where as finance section involves some activities like recording
financial data, preparing financial statements and billing. Both activities are related with
each other as expenditure which is incurred in selling, distribution and advertisements
all these are considered under marketing but records are kept by finance department.
Now a days advertisements are costly. These shown under balance sheet of company.
Therefore, they are interrelated as whatever expenses occurred in during marketing are
recorded and finance by finance department.
Relation of marketing and Human resource department:
The HR department manage essential function of organisation. Roles and
responsibilities of this department to maintain peace, resolve the problem of employees,
hire proficient individual and provide training to new workers(Clow and James, 2013).
This helps Beauty Giant to grow and increase process of production. Marketing
department helps company to manufacture goods. Both departments are interrelated as
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training programmes are arranged by company for employees so that they produce
effective products according to the buyers requirement. This also helps marketing
department to promote products which attract more customers.
Relation of Marketing department and IT department:
IT department introduce new technology and applications which helps
organisation to enhance production and increase profitability. It is also accountable to
deal with activities when some new applications and technologies applied while
producing products. Marketing department is interrelated with IT section that assist
them to know about recent technology arrived into market.
Relation of Marketing and Operation department:
Operation department is essentials for any company as it manages their
personnel and raw materials. It is accountable for fast and profitable production. This
section is responsible for gathering and analysing information about consumers needs
and wants from various marketing division. Operation department is liable to produce
goods as per gathered information by employees of marketing. These both departments
are interlinked as it assist Beauty Giant to manufacture products that satisfy
consumers.
TASK 2
P3 Different organisation using marketing mix for planning process to achieve
objectives.
An organisation has to lead with 7P's of marking mix by enhancing objectives. It
define price, product, place, promotion, physical environment, process and
people(Malhotra, 2015). Their use is made by having right product, at right time and at
right price.
Basis Beauty Giant Avon Products
Products The company is dealing with
cosmetics products. They has
made new product name
They are leading with beauty
products including perfumes,
toys and clothing. They are
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Forever Young to its customer.
They provides great depth in
production for making mist,
men and women fragrance.
categorised in fragrance
fairness creams etc.
Price The prices are determined on
the basis of customer
affordance level. New product
Forever young is prices are
made by marketing manager.
Here the prices are examined
on the basis of competitors in
market. Cosmetics rates are
depended on targeted markets.
Place They are using various
sources in distributing high
range of products(Bowen,
1990). Forever young is sold
by online, by making
networking partners, mobile
etc.
They are adopting strategies
for making distribution size
and channels with a wide
range of products. Their
distribution is made with
online sources also by offering
made through e-commerce.
Promotion They are promoting Forever
young in substitute with media
channels, social advertising.
Offers are made by company
for encouraging customers.
They are using catalogue for
promoting. It is associated by
launching with special release.
Company provides lucrative
discounts and offer.
People Here peoples are demanding
with their target market in for
certain products and services.
Forever young product is made
of people for supporting desk.
They are making input
thoughts and passions
regarding with growing scale
by attracting customers.
Process In this company Forever
young product is treated by
well trained process by
minimising costs.
Their process are made in
which tweaking and advancing
of business. They are opting
minimisation of costs and
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maximising profits.
Physical evidence Forever young product is
perceived in market place for
having evidence for
establishments.
They used every cosmetic
product by having brand name
in physical evidence.
In regarding with this 7 P's their is an essential requirement in making planning
process to examine use by defining for solving problems, developing goals and
objectives, implementing strategies, selecting and developing plans, monitoring and
evaluating those plans(Fong, 2001). The process in which they are examining
systematic plans which uses are dealing with marketing mix of an organisation.
Planning process are consider as under.
Recognizing need for action: This process is made for an organisation in which
to identify opportunity with a prospect to lead with mix. The first step used for marketing
Forever young is to identify customer need for product in order to price and promoting it.
This is a realistic approach make on analysis. As a marketing manager, the product is
made having new opportunities in marketing place.
Setting Objectives: In this objective, it is made by department in indicating
results to be achieve. Here, Beauty Giant employees are guide and push into corrective
direction for enhancing long term and short term objective. As per manager, for
inventing new product by using mix with an indication to an end results. Their purpose is
opt by examining mix like forever young product is deal with generating productivity and
promotions.
Developing Premises: This process determine mix which is able to keep in
mind for future. It is made by considering assumptions by forecasting, existing plans
and policies either internally or externally for product Forever young(Brady, 2014).
Beauty giant uses mix for developing product with the leading price by assuming
availability of resources, quality of product and process.
Identifying Alternatives: This process is based on looking after many of the
options available to manager. As a manager of Beauty Giant, hoping for an efficient
results in an order to use innovative criteria by identifying many courses. Forever young
product refers to which an alternatives in making reasonable amount of
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prices(Campbell, Martin and Fabos, 2018). Physical evidence of mix is used in making
brand with unique and attracting product.
Examining alternative course of action: this process is made by making
alternative plans for achieving objectives. As per manager, using mix for making product
Forever young with a purpose in examining courses of action with an implemented use
of mix.
Selecting Alternative: Use of 7P's of marketing helps in selecting alternative
chosen by adaptable situation. Forever young is selected by making big part in taking
decision. As a manager, this product is selected from various aspects by making
combined plans.
Formulating supporting plans: As per marketing manager of Beauty Giant,
plans made in launching Forever young by dealing with supporting plans using mix.
Promotion stage of mix determine plans which is useful in leading with formulating
plans.
Implementation of plan: the last step of planning process is their in determining
forever young implementation tools by making policies, budgets, rules, standards etc.
As per manager of Beauty Giant, the use of mix and planning process configure in
achieving objectives and accomplishing goals.
Marketing theories are describe in a form achieving objectives. After marketing
mix theories are used for determining structure and level of competition in market. As
per theories company opt Porter's five forces model.
Porter's five forces:
This model is determine by competitive forces which is faced by Beauty Giant are
Threat of new entrants, threat of substitutes, Bargaining power of customer,Bargaining
power of suppliers, competitive rivalry.
Threats of new entrants: This force is determine easily by making entry in firm
or industry. Beauty Giant is facing many barriers entering when company is making
profits. Threats of new entrances is high when company facing these circumstances.
 Minimum amount of capital requirement in market.
 Beauty Giant do not have established brand reputation.
 If there is no government regulation.
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 Company has minimum loyalty among customers. If they are easily achieving economies of scale.
Threats of substitutes: This force is especially determine by buyer in finding
substitute product and prices with better quality. Here buyer easily attracted to lower
cost of product and services which is threaten for Beauty Giant. Potential factors that
include in it are.
 Switching cost of product by buyer
 price related performance of substitutes. Close substitute with availability.
Bargaining power of suppliers: This force allow supplier to sell higher price or
lower quality of raw materials to buyers. It directly affects buyer in paying more amount
of product. Suppliers of Beauty Giant have strong bargaining power when.
 They are having huge amount of buyers and limited amount of suppliers.
 Raw materials are existing in few substitutes. Switching cost by buyer is especially high.
Bargaining power of Buyer: This force is determine by market where there is
lower price of demand and leading with higher quality of product. Producer leading with
lower price of product for producer while excellent quality of product is raising cost of
production. Beauty Giant buyers are exerting with strong bargaining power when.
 Their having few amount of buyers in market.
 Cost switching to other suppliers are low is quantity.
 Many substitutes are laying in market. Their having sensitive prices for buyers.
Rivalry among existing competitors: This force is determine by making
competitive and profit for industry. Beauty Giant company is competing with market
share aggressively which outcome lay in low profits. Here competitors intense when.
 Their having many competitors in market.
 Higher amount of exiting barriers.
 Growth making in industry is slow and in negative manner.
 Minimum loyalty among customers.
BCG Matrix:
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This marketing theory is determine as Boston Consulting group(BCG). It is
helpful in making long term strategic planning by considering opportunity growth. Beauty
Giant company opting this theory in order to make portfolio of product with reviewing
where to make investments. Their having 4 quadrants of growth share matrix are
defined below.
Dog Product: In this, dogs or pets are defined as units or product in which they
having lower share market and growth rate. Beauty Giant is frequently using break even
which is neither making earnings nor leasing with consumption deals of cash. They are
generally considering cash traps which are basically having nothing in return.
Stars: In this, their having best market share and generating more cash on
business units and product that is known as stars. Market which is leading with
monopoly or an industry which is laying first to market its product are frequently turning
to stars. Beauty Giant company is leading with high growth rate by consuming stars with
large amount of cash.
Cash Cows: They are the leaders who are generating more cash than they
consume. From this, their laying higher market share and lower growing prospects in
business units and products. Beauty Giant company is leading with making more cash
and consuming less on products.
Question marks: In this business having high growth prospects and lower in
share market. Beauty Giant in this, consuming on products with lots of cash amount and
bringing nothing in return.
TASK 4
P4 Evaluation of marketing plans for an organisation
The plans are made in business document by using strategies(Hair Jr, 2015). It is
made for specific period of time with relating to a variety of details like costs, action,
goals and objectives.
Executed summary: These plans are made for a product Forever young with a
purpose of attracting wide range of customers. Beauty giant a cosmetic company
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making products with a desired plan and procedure. Plans are preferring for gaining
objectives with an essential creativity.
Vision and Mission: Vision plan is made in marketing for future aspects. This
ensure the progress with a well defined measurable steps and progress. Company
Beauty Giant a cosmetic uses plans and procedure in having quality products and
services by offering. They are continuing for achieving highest level of production by
ensuring service delivery to improve Forever young product in marketing places.
Mission is based on present business growth with intelligence. To build attraction
of peoples in Beauty Giant products by retaining and attracting towards it. As per
manager, there is a need for growing business(Blythe, 2012). The plans are referred to
which a product can enhance goals and objectives. Their are many of the ways used by
vision and mission in implementing product. Company uses its plans and procedure for
the purpose of goal orientation. Forever young is leading with public relations, with
strong marketing concepts and services.
SWOT analysis: It is a tool is used in planning and focusing on issues made by
the company in leading with marketing concepts. This plan is based on identifying
strengths weaknesses, opportunities and threats. Beauty giant uses internally strength
and weakness. The external factors are opportunities and threats. This is a way in
finding positive and negative of both the factors are stated below.
Strength: In marketing concept company Beauty Giant has dealing with new
product i.e. Forever young. An organisation has courageous environment and having
process and procedures with high quality. They are leading with high level of
production.
Weaknesses: Beauty giant is producing poor quality of products in market place
by which reducing level of reputation. In making product Forever young the company is
not making correct differentiation in product with their existing competitors. In this, their
having large number of competitors in marketing place. Company used to lead
productivity in order to give highest production on the basis of competition level.
Opportunities: In this, organisation is using online sources for making attraction
and strategic alliances in their use. Beauty giant is delivering its products in international
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market by achieving profits. For making Forever young product popular in market
operations in moving with different segments.
Threats: Beauty giant company faces price wars with competitors. Their are
having many of the new competitors involving in market trends. Accessing channels of
distributions with superior competitors.
Goals and Objectives: company Beauty giant has a well defined goals and
objectives. As a manager, product forever young is made for visioning measurable and
realistic terms. This is a an important for focusing on direction and clarity in business.
An organisation make plans for increasing visibility by setting 2-3 goals and 3-6 time
frame. they are taking risk in order to achieve too much. The goals are made in
S.M.A.R.T way which define Specific, Measurable, Attainable, Relevant, Timely. They
are including with specific criteria in measuring results and outcomes.
Strategies and Tactics: In making marketing plans the term strategies define
channels like advertising, events, public relation and word of mouth. The plan strategy is
determined by Beauty Giants in regularly leading with defining goals. These marketing
strategies are use on different categories which Beauty Giant company is considering
on regular basis. The help of these strategies it reduces work load and can complete
fast and easily.
Marketing Research: It is a process in setting by linking with producers and
customers. This research is used by Beauty Giant on identifying and defining marketing
opportunities by generating, refining, evaluating actions. Beauty giant address these
issues and designs , by collecting information from various sources and implemented by
using plans procedure. It is use to communicate by finding issues and in purpose with
products and services. Forever young product is identified and access by changing
elements of mix.
Budget: It is made by defining financial plans during a particular period of time.
Company Beauty Giant has make its production according to their required budget. This
include expenses, surplus, capital income and deficit. The product forever young has
made with intend to meet proposals with an existing expenditure. Their lies impact of
governments and other organisation in marketing. The taxation policy effects on Beauty
giant in production process of forever young.
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CONCLUSION
From the above mention report it is concluded that of marketing is relating with roles
and responsibilities performed by functions relating ton them. This roles and
responsibilities are relating to wider context of marketing. Here concluded that Beauty
Giant is leading with high productivity by using mix and planning process. This
evaluation is preferred by company in having production of Forever young by using
marketing plans. The use of plans is made for achieving business objective. For making
this new product invention, it is helpful for company in achieving overall marketing
goals. Company used to opt new product for enhancing gains. They has used many of
the plans in examining strategies, SWOT, budget, research, vision and mission.
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REFERENCES
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technology. Lexington books.
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Irwin/McGraw-Hill.
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into practice. Sage.
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Fong, J., 2001. Marketing Essentials for Continuing Education. Continuing Higher
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Hair Jr, J. F. and et. al., 2015. Essentials of business research methods. Routledge.
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