Marketing Essential Assignment - Victoria secret company
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Added on 2020-11-23
Marketing Essential Assignment - Victoria secret company
Added on 2020-11-23
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Marketing Essential.
Table of Contents INTRODUCTION...........................................................................................................................1 LO 1.................................................................................................................................................1 PART A..................................................................................................................................1 PART B..................................................................................................................................6 1) Comparison of marketing mix...........................................................................................6 2) Different tactics applied by organization...........................................................................7 CONCLUSION................................................................................................................................8 REFERENCES..............................................................................................................................10
INTRODUCTION Essential of marketing play crucial role in all organisation that helps to prepare effective strategies for product development, pricing determination also decide designing, labelling and branding of product and advertisement process so they can provide better goods and services to their customer and generate profits (Hair and et.al., 2015). The present report based on Victoria secret company provide products like women's clothing , underwear, footwear, beauty products etc. this report will include the key roles and responsibilities of marketing function, marketing in environment of marketing. Marketing plays significant role in all functional department and critical evaluate of marketing element. This report includes comparison of marketing mix of two companies and effective tactics apply by company for achieving the goals. This report also explaining about the effective strategies of marking plan by using marketing mix. LO 1 PART A Definition and marketing concept Definition of marketing and nature of marketing:it is essential process that comprises all activities that helps to reach product to final customer. It helps to identify customer needs and accordingly manager prepare marketing plan for development product and also used to determine suitable price. Marketing concept -It is the strategies that used to implement product for satisfy loyal customer and profits maximization. Victoria secret company adopting various marketing concept such as production concept, product concept, selling concept, marketing concept and societal marketing concept that impact on overall activities of the company, so they can easily achieve the goals and objectives. Secret company use advertisement and promotional activities by email, television, newspaper etc. This company will be adopted artificial intelligence for advertisement activities that helps in generating huge profits by enhancing selling. Roles of marketing The structure and operation of marketing department 1
Prepare marketing strategies-Marketing department set effective strategies for improving overall performance that helps to achieve sales target in particular market sector. Victoria secret can provide undergarments in wider graphical market (Baker, 2016). Marketing research-Victoria company research department identify areas where they can take competitor advantages and opportunities by understanding customer needs. Market research helps to understand weakness of business and take action for protecting competitors. Product development-Manager of the company made team that helps to develop new product and improve existing one. Secret company develop new branded innerwear as per customer preferences and demand. it helps to enhance selling and create brand image of the company. Sales coordination-It is essential role of marketing that helps to coordinate within sales department which use to improve performance of sales and increase growth of the company. effective coordination sales helps to achieve sales target that leads to profit maximisation. Marketing plan- Manager prepare and implement marketing plan that helps to determine objectives accomplishment with the time frame. it helps to achieve goals and objective by providing better quality product at a reasonable price, so they can build image and increase profitability. Overview of marketing process Marketing has significant roles and responsibility in Victoria secret company which use to achieve predetermine targets like sales target, profit target, customer target. Ultimately company can achieve goals and objective within a specific time period. there are many roles and responsibilities in organisation these are - Manage operations of business-Marketing manage operation work for smooth running of business. marketing helps in increase selling that can helps to determine budget , flow of the cash so operation work can be improve (Morgan and et. al., 2019). company can enhance efficiency , consistency and effectiveness with the help of proper operation work Developing marketing plan- Marketing can determine customer needs and preference. Manager can outline marketing plan for develop the new product or redesign the new product and also understand the brand image needed in the future, so they can maximize the customer base and increase selling and profitability. 2
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