Marketing Essentials: Roles, Responsibilities, and Application of Marketing Mix

This document discusses the importance of marketing essentials in promoting products and services. It examines the roles and responsibilities of marketing functions in the context of HSBC Bank. It also compares the ways in which organizations apply the marketing mix. Additionally, it provides a marketing plan using the SOSTAC model for HSBC Bank's new service, Block Chain Technology.

Marketing
Essentials

INTRODUCTION:
Marketing essentials is very important concern of the governance as it helps in advertising the
good and employment in the target marketplace. In the another words it can be started that it is a
process of upgrade the product and work in the different segments of the population so that
customer are aware about the goods. Under this report, the HSBC which is British investing bank
and providing fiscal services to the different market place. The bank as a headquarter in the
London and have various branches in the marketing and it operates at international location
having around 8000 offices in 80 countries.
TASK 1:
P1: Examine the roles and responsibilities of the marketing functions:
In the context of HSBC ,there are diverse different types of duty and obligation which are
performed under the company to have effective sale of the product in the market. Some of the
function are as follows:
Assembling and examine the marketing information :Here the manager of the
organisation focus on collecting the information about the customer needs and wants from time
to time so that company can produce the product and services according to their needs. With the
reference of HSBC bank, company must collect the collection about the needs of investment and
essential of the loan for its customer. The bank has 4 operations such as mercantile banking,
investing and wholesale services and wealth management.
Marketing planning: under this situations, organisation plans to expand their business to
next levels and increase the sale of different commodity and employment and which will
enhance the profits in the coming years for the company. In the context of the HSBC bank,
manager makes various policies to make can be beneficial for the customer to get money for
their personnel as well as business operations .
Branding: here, the organisation focus on giving the brand image to its trade good and
services so that customer can identifies the product in the complex market place. In the context
of HSBC , the company sells its product and services under this bank name so that customer are
able to recognise the goods and make best use of available resources.
Promotion: under this process the product is promoted to different location so that
goods and services comes in notes for the target market so that company are able to increase
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their sale in the market place. With the references of HBSC bank, promotion is terms as crucial
part of the marketing preparation as people are made to understand viability of the product in the
market . It is time to make audience alert about the goods and services so that they can make best
use of resources in impressive manner.
P2: examine the role and responsibilities of marketing to chosen organisation.
The marketing play a essential for the structure to achieve the goals and objective in the
effective ways. The main point is to make the product viable to the customer according to their
needs and wants on different time period. The marketing is required by the HSBC bank to
aware its customer to open the various type accounts and it take various type of loans and invest
in various scheme which are good for the company.
Marketing with the finance section: under this part, the marketing division needs to
have coordination with the finance sections in the company. With the reference of HSBC bank,
the manager of the finance department are responsible for giving funds to the operations
department so that all the activities are performance smoothly in the organisation. To promote
the product and services to different location company needs funds to make such promotion
successful for the organisation.
Selling with the explore and physical process : The R and D departments needs to
have market reach to know more about the customer needs so that company can produce more
goods and services according to the wants of the customer. The marketing helps in providing
various ways to conduct the research in the market and finds out the desire of the audience so
that bank can provide different type of services to its customer.
Marketing with sales department : In the circumstance of HSBC bank , the manager
have to increase their number of customer by providing various different type of services in
lesser time period and in the effective ways. To able to sale the product and services to larger
routine of customer , company needs to have effective marketing strategies so that goods are able
to reach to the target market.
TASK 2:
p3: Compare the ways in which organisation apply marketing mix. To the marketing process.
The commerce mix helps in creating various different types of strategies to make good
and employment in viable in the target market. In the context of HSBC bank, the manger has
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place its product in the right kind of market in the right time so that customer are aware about the
product and make use of viable scheme which are to be given to the target market. The
marketing mix include the 7'ps which are disused as follows:
product: under this marketing mix, the company needs to design the different type of product
and services for its target customer so that they can fulfil their needs and provide different
product which are unique in the market.
Price: Here the company decide the price of its goods and services so that bank able to make
profits in the marketplace and compete in the target market place.
Place: it is place where customer can buy the product and services easily to have effective
distribution of good and services. It includes the different distribution channels so that goods can
be given to different location.
Promotion: under this strategies, the bank make customer aware about the their different
product and services by promoting them in the market by the means of word of mouth , different
types of advertisement in social media.
People: Here, the company employees are involved who helps in manufacturing the product and
services and helps in distributing the such goods in the marketplace.
Process: it include the process of production of product in the management levels according to
the needs of the customer so that services can be used by them in the long run.
physical evidence : it is evidence of good and services present in the work environment so that
customer can make best use of viable resources in better ways.
The comparison between the HSBC and Deutsch bank are as follows:
Marketing mix HSBC Deutsch bank
Product: This bank turned product such
as personal loans as well as
home loan and various
different investment scheme
Bank gives various contrary
goods such as financial
services and investment
services to its customer.
price The bank operates at different
location and charge different
product prices according to the
needs and location of their
It has vast audience which
belong to different location sop
the manger charge prices
according to their different
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branches. location
place It is 7th largest company and
operate different location in
the Europe
It has a headquarter in the
Germany and expand to
different area.
promotion The manager of the bank tries
to promote its product and
services to attach more
customer
This company also uses
different types of promotion to
increase the number of
audience .
process It include various process to
make product viable to the
target market
Organisation focus on
providing goods to the
customer and make profits in
return.
Physical evidence e It is the physical evidence as
company have different
branches at various places
This company also have
various branches at different
location .
TASK 3:
P4. Make marketing plan.
Marketing plan
It is an aggregation of written report which outlines the different plan of action and way
in which the business concern aims and verifiables can be achieved. It helps the firm in
formulating aims, mission, objectives and situational analysis etc. So the the goals can be
accomplished in effective way. The new service that is established by HSBC Bank is Block
Chain Technology. With the assistance of this technique, the firm can make transparency and
verifiable financial transaction in easy manner. The customers and banks can easily access their
transaction with the help of it. The merchandising plan of company can be discus with the
assistance of SOSTAC model which is as below:
SOSTAC Model
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This conception is formulated by P R Smith for the use of business concern firm in
reference to frame business organization plans or strategies to company. This model can be
implement by organisations to make improvement in strategies that are connected to analogue
merchandising and creatiing all over marketing plan for the firm. This conception can be utilized
by HSBC model in respective manner:
Situation- In this phase, the proper situation analysis is conducted. For this, the intrinsic and
extrinsic business environment is taken into intellection. To examine internal atmosphere
SWOT analysis will be conducted.
SWOT analysis-It is an strategic analysis which can be used by the management of
HSBC to determine the capability, imperfection, opportunities and threats regarding its business.
The brief explantation of this determination in order to respective firm is mentioned as below:
Strengths Weaknesses
 The organisation has a strong brand
image and effective financial position
in banking sector.
 It existing time in different business
units such as commercialized banking,
investing banking and fiscal services
etc.
 Lack of customer experience because
customer confused with brand because
it set up many banks in different nations
under different names.
 The company has been concentrated on
positioning itself as internation bank,
losing connection with its local
customers due to homogeneous image.
Opportunities Threats
 The firm can make development in its
business by diversifying portfolios for
consumers.
 Lower interest rates can be beneficial to
offer growth opportunity in term of
boosting market share.
 Financial crisis like recession and
changing in government regulation
generate risk and threat for the business
concern of respective company.
 There are numerous of banking firms
such as Deutsche bank, Bank of
America and Citigroup etc. are creating
competition due to offer similar
financial services and products.
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Objectives- It second most crucial characteristic of respective model in which the organisation is
included SMART impersonals.
Vision-The vision of the company is to be the bank of choice for companies and
businesses that motive to design community, social and environmental advantages.
Mission- To be the number one financial organisation of the company by offering
effective financial services and commodity to its customers.
Business objectives- The verifiables of HSBC Bank are defined as below:
 To maximise the 10% profitability of the company by attracting number of
customers within 6 months.
 To maximise the sales of the financial commodities and services up to 8% within
10 months.
Marketing budget
Strategy- it refers to that strategies that are required for business manager of the organisation in
order to execute the business aims and goals. In HSBC Bank, the administration of the
establishment can use STP analysis in context of implementing new service Block Chain
technology in its business.
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Segmentation- It is concerned with segmenting or dividing the market on the basis of
different segments. So HSBC can do this segmentation on the basis of geographic in term of
unban area of UK and demographic in form of age of 21-40 professionals who demand more
safety and transparency regarding their transactions.
Targetting- It is concerned with the market for whom the innovative and new services
will be the best suitable. In this, the company will target those individual who make transparency
in their transaction and want to work more on cryptocurrency.
Positioning- It is concerned with the area and place where the services and products of
the firm stands in comparison to other substitute in marketplace. In context of HSBC Bank, the
firm will positioned this new service with the help of its mobile application and company
website in term of additional feature. This will help in making transparency regarding transaction
of Bank and individuals.
Tactics- It refers to those plans and plan of actions that are utilized by the company in form of
resolving short term issues and problems that are arising in the firm in term of attaining business
aims and objectives. For example, if HSBC bank suffer issue regrading fraud and scandal then
with the help of Block Chain technology it can make transparency in its transaction and resolve
& minimise the problem timely.
Action- This phase of model concerned with the different strategies that are required to be
performed. In HSBC Bank, the management of the firm allot different roles and duties to several
people so that aims and verifiables of the organisation can be accomplished.
Control-It is the last stage that is related with dominating the activities in respective company.
This will identified that the plan is executed accordant to the framed strategies and any form of
deviation generates then efficacious action is to be taken in to consideration by the management.
Within it company also take response of feedback of consumers so that it can be analysed that
the new service will assist in maturation and improvement of the company in effective and
efficient manner. With the help of consumer feedback it can also aware with the issues and
problems that faced by the firm as well as consumers.
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Conclusion:
According to above discussion, it can be stated that marketing is very essential part of any
governance as it aid in placing the right product in the right kind of market at the prefect timing.
The organisation has to conduct and have a good relationship with another department of the
company so the all the functions of company can be performed smoothly in the market. The
company has also examine the various marketing mix to place the product in the target audience
.
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