Marketing Essentials Assignment (Solution)
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Added on 2020-11-12
Marketing Essentials Assignment (Solution)
Added on 2020-11-12
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MARKETING ESSENTIAL
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different roles and responsibilities of marketing function ...................................................3TASK 2............................................................................................................................................5P2 How marketing function is interlinked with other functional area of organisation ..............5TASK 3............................................................................................................................................6P3 Marketing mix of 2 organisations & tactics used by it to attain objectives................................6TASK 4............................................................................................................................................9P4 Marketing Plan of Yours Destination ...................................................................................9CONCLUSION .............................................................................................................................12REFERENCES .............................................................................................................................13
INTRODUCTIONThe concept of Marketing mainly deals with buying and selling goods and services thatcreates value for customer in terms of meeting their needs and requirement in an effective andefficient manner (Blythe, 2012). The success and growth of any organisation depend upon howthey market their products or services in the market place. It mainly taken into account so as tocreate, satisfy and retain customer for longer period. Your Destination is a transport companythat mainly deals in providing transportation services to domestic population all across the UK.The company wants to expand its business operation in other international countries. It coversroles and responsibilities of different marketing function, how marketing function is inter-relatedwith other organisational department, marketing mix of two organisation and marketing planTASK 1P1 Different roles and responsibilities of marketing function The concept of marketing is related with exchange of product and services that takes placebetween company and target customer (Berkowitz, 2016). The main purpose of everyorganisation is to effectively fulfil customer's diverse needs and wants by providing them suchgoods and services that creates value for them. Following are the roles and responsibilities ofdifferent marketing function of Yours Destination: Marketing Information System: It refers to the system that collect or gathersinformation related with likes and dislikes of potential buyers. Organisational success andgrowth depend upon how effectively they meet customer requirement and for it isprimarily important for them to figure out what are the actual needs and wants ofcustomer. In today's era choices of consumer are changing rapidly which stimulatebusiness firm to determine it and takes necessary actions accordingly. In context ofTravel and Tourism, liking of clients are changing rapidly. Therefore, Your Destinationhas decided to use Cloud Computing Tool so as to figure what are their actual needs andwants. Promotional Channel: The term “Promotion” deals with how company advertise itsproduct or services among customer in the marketplace. It is chiefly essential for businessenterprise to select most appropriate and effective channel of promotion that instantlyseize the attention of customers. Some of the most common channel of promotion isdigital, electronic, print and social media. Advertising product or services is necessary for
every company as it help in attracting new consumers and retain existing customers(Brassington and Pettitt, 2013). As the marketplace changes, the firm needs to tailored itspromotional strategies so as to deliver its brand message and products among targetaudience in an effective and efficient manner. Presently, Your Destination is using print,social media and digital media for promoting its services. In-fact their social mediastrategy is the most effective among all. Pricing Strategies: Setting right price for the respective product or services sometimesserve as a challenge for the company. If the prices set by them are too high and doesn'tcreate value than it may make customer dissatisfies and enable them to shift to someother competitor brand prevails in the market that is offering similar product or servicesbut at relatively lower rate. On the contrary, if the prices fixed by firm is low then it mayaffect their overall profitability. The “right” price normally generated through trial anderror method and extensive market research. Your Destination sets the prices of theirproduct or services in such a manner that creates value for them. Financing Strategies: It requires money to make money. One of the crucial function ofbusiness owner is find appropriate source of funding that assist them in running andmanaging their business operation smoothly. Normally, there are two types financingsources available in the market namely Internal and External. Internal sources meanswhen funds are available within the company only such as ploughing back profits,retained earning, long term asset that are no longer in use. External source of fundingincudes such factors that are available outside the company mainly in the form ofinvestments, creditors, banks, individual donors, angel investors etc. Choosing rightsource of funding is very necessary for the company. Product and Service Management: After identifying target market and settingappropriate price for the particular product or services, the next main step is to managethe good and services in an effective and efficient manner (Cavusgil and et. al., 2014).This can be attained by listening to customers, taking suggestion and opinion from them,responding as per their needs and wants and keep their product fresh and up to date. Distribution channel: This marketing function deals with how the company sells theirproduct or services in the marketplace who actually wants it. Choosing right distributionchannel is very important for the business firm as it is the only source through which they
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