Marketing Essentials Assignment Solution - Beauty Giant Company

Added on - 22 Nov 2020

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MARKETING ESSENTIAL
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P 1 Explain the roles and responsibilities of the marketing function..........................................1P 2 The roles and responsibilities of marketing relate to the wider business context andinterrelationship between marketing and other functional units of the organisation..................4LO 2.................................................................................................................................................7P 3 Compare the ways in which different organisations apply the marketing mix to themarketing planning process to achieve business objectives.......................................................7P 4 Produce and evaluate a basic marketing plan for Beauty Giant.........................................10CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONSuccess of any business somewhere depends on successful marketing. Marketing includeadvertising, promotion, public relation and sales. It is refer to a process by which services orproducts introduced and promoted to target customers (Baker, 2016).Beauty Giant Company isdealing on cosmetic products with 50 branches all over the UK. Usually, they sell men andwomen toiletries from various world renounced brands. They have made a good name in themarket & also trying to launch their new anti-ageing Product called ‘Forever Young’ which theybelieve is first of its kind. The study consist marketing strategy of Beauty Giant for its first ownproduced product.This research will analyse roles and responsibilities of marketing function andwill describe how these relate to the organisational context. With that it will also give a briefknowledge about how Beauty Giant use the marketing mix and how its competitor. The reportwill develop a marketing plan for Beauty Giant which is helpful for emphasizes differentstrategies to increase customer base.LO 1P 1 Explain the roles and responsibilities of the marketing functionFollowing are the various key roles & responsibilities of marketing functions of thebeauty-giant company:Gathering & Analysis Market Information:It is an important function of marketing. At the initial stage, The Beauty Giant Companymakes efforts to understand following ways such as: what do the customer want, at what price, inwhat quantity in order to achieve the objective of maximum selling by launching new product(Chernev, 2015). The Beauty Giant is determining the various market information by segmentingof targeted customers according to their needs & demand of the product with the purpose offocusing on particular age group.Product Designing & Development:The Innovation & Creativity plays a vital role for every organisation to research &development of new products with new tactics. The Beauty Giant Company should be focusingon standardisation & grading which consisting the activities regarding size, quality, weight,colour, fragrance & material is to be used, according to the natural climate & temperature ofcertain region. In this way, selling is possible on the basis of a special design affords a cosmeticcompany to meet with competitive significance.1
Applying Principles of Marketing mix:The marketing mix refers the set of marketing tools that the Beauty-Giant company usesto pursue its marketing objectives in the target market. The basic principles of marketing mixconsist 7 Ps such as: product, price place, promotion, people, packaging, & positioning of theproduct. Packaging includes labelling branding whereas promotional activities are focusing onadvertising, personal selling, publicity, Sales promotion by allotting discount on launching newanti-ageing product. Apart from this the company should also determine transportation,Inventory control, storage & warehousing or an order processing activities(Davis, 2017).Assessment of Strategic Marketing Plans & Evaluation of Budget:The most cost- effective strategies are those which planned for the long term aspects.Thus, the Beauty Giant Company must draft & framing objectives to be achieve by the properplanning with appropriate budget. Under such stage the marketeers chalks out their marketingplans of a particular product as well as trying to capture the market ratio by raising their sells inthe market. The process of production and level of promotion efforts will also involve the stepssuch as: who will do what, when & how is to be execute, this is known as marketing planning.While performing a various marketing functions, it should be determine about flexible budgetwhich can be adjusting through effective & efficient ways or stretching activities by the properfundamental planning or assessment.Tracking Trends & Analysis Market Competition:It is important to knowing about the position of the new product in context of marketscenario or to be assess it's available market competitors. At the competitive stage everycompany is trying to perform better than others (De Mooij, 2018). Hence, there's a need to learnwhat the Beauty Giant company do the best or to identify their mistakes in order to avoid fallinginto them. The company should taking corrective action by analysis customer's needs & demandby tracking market trends according to the test, preference & habits of targeted customers.Client Consultation & Follow Up Action:The Beauty-Giant company includes make-up, personal care products, toiletry, fragrance& grooming items for both men & women. Thus, it should be providing support to their clientsto ensure their satisfaction & facilitate future sales is an essential part to enhance & growing theirsales. The Customer is the king of market so the Beauty-Giant should also consider over theCustomer support services to getting feedback & follow up by their potential customers.2
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