The Role Of Marketing in Modern Organizations
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Added on 2021-02-19
The Role Of Marketing in Modern Organizations
Added on 2021-02-19
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MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3TASK 1............................................................................................................................................3“The Role Of Marketing in Modern Organizations.”.............................................................3TASK 2............................................................................................................................................6Application of 7 P's of marketing for achieving business objectives.....................................6A marketing plan for Beauty Giant........................................................................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing is the most important part of any business as it involves the activates whichcan result in the success of the company. It refers to the activities which are taken by thecompanies for promoting a product or a service in order to increase the sale of the organisation.In order to make the product or a service to be successful in the market marketing process playsan essential role (Banerjee, 2017). This report is based on the case study on Beauty Giant whichis also taken as an organisation, it is a cosmetic company operating in UK. It has got 50 branchesall over UK selling cosmetic products for men and women. Company wants to launch a newproduct segment in market called “Forever Young” and will be targeting 30 different markets inUK. This report includes role of marketing in relation with other departments of the company,also, the ways that Beauty Giant can use different elements of marketing mix in order to achieveits business objectives. Present report also include the marketing plan for new product to belaunched in the UK market.MAIN BODYTASK 1“The Role Of Marketing in Modern Organizations.”Marketing can be defined as creating the value for their customers and collect value inreturn. It is the process of dealing with customers and enhancing establishment of profitablerelationships with customers (Išoraitė, 2016). As per Philip Kotler, Marketing can be defined asSatisfaction of needs and desires through an exchange procedure. This can be done when themarketers are successful in identifying the requirements of customers and meeting themsatisfactorily. Marketing is a very important part in making their products familiar in the marketand generating the required sales. For its survival and success there are many roles that the thedifferent organisations should adopt while performing the marketing function. And withchanging times the role of marketers have also changed. Their dusty is not only to create amarketing strategy but to find those innovative methods and technologies that will help anorganization in shaking the inertia and unlocking the potential of the company. Also therevolution in the digital industry and the growing importance of this industry has forced themarketers in developing new mechanisms so that they can project the organizations image as astrong one (Rudd, Jaakkola and Marshall, 2016). The marketing manager is the key personnel indeveloping a marketing strategy and therefore he plays a key role :-3
Conducting Market Research :- Market research is the process of identification of the newopportunities that are arising in the market and analysing the changing trends and norms of thecompany. This research helps the marketers in forming a clear understanding of what are thedemands and requirements of their customers and how they can be satisfactorily met.Developing Marketing Strategy :- After the market has been properly analysed; the marketersformulate a series of plans and tactics that they will be using in order to promote the product orse4rvice that they are planning to launch in the market. Formulating a proper strategy will helpthe company in increasing their sales successfully.Identification of New opportunities :- Market research can help the marketers in analysing thenew market trends and this can give the marketers an insight in the buying patterns andbehaviour of the consumers so that they can segregate peak and non-peak seasons which help indeveloping competitive strategies.Customer Relationship Management :- A marketing manager collects the database related to itscustomers and on the basis of information collected, he interprets the different satisfaction levelsof all the customers and this helps the company in implementing after sale services so that aloyal customer base can be created building lasting relationships (Grishchenko and et.al., 2016).Decision making :- The role of marketing manager extends to decision making in the businessregarding various fields like planning function where they develop research plan, strategies etc.In organizational functions, they assist in integrating all the departments by establishing aworking pattern. They also have to motivate their customers and create potential buyers. Regularevaluation is extremely necessary which helps them in creating cost efficient budgets.Apart from the importance of marketing manager, marketing is also interrelated withother departments influencing their working.Relationship to Human Resource Department :- The HR department is the one who performsthe most important function of training the personnel. In order to develop a strong marketingteam, it is very important to make the HR understand how an employee needs to be trained andfor this they need to have a good understanding with the HR department. Also, the HRdepartment helps the marketing department in giving a human touch to the strategies developedby them so that they can establish a bond or connection with them (Hatch, 2018). For e.g. the HRdepartment of Beauty Giant gave the marketers the idea of including beauty tips in theiradvertisements which helped the marketing team in making their company successfully. 4
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