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Marketing Essential (Unit 2)

   

Added on  2021-02-19

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MarketingEssential (Unit 2)

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1LO1 Role of marketing and its inter relation with other functional units of organization..........1LO2 7 P'S of marketing mix to achieve the overall business objectives....................................3LO3 Developing and evaluating a marketing plan.....................................................................5CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONMarketing is the process through which goods and services move from concept to theconsumer. It involves creating, communicating, delivering and exchanging offerings that providevalue to the consumers. Marketing is extremely important as it helps the organization inidentifying their potential customers and developing products according to their needs and wants.Marks and Spencer is a British Multinational fashion company that sells high quality clothing toits customers (Unnithan and et.al., 2018). The organization has more than 1400 stores worldwideand its provides employment to more than 80,000 people globally. The current study will focuson the role of marketing in the success of an organization, importance of marketing mix toachieve the goals and objectives and also the evaluation of marketing plan for Marks andSpencer.MAIN BODYLO1 Role of marketing and its inter relation with other functional units of organization.Marketing has played a significant role in the success of Marks and Spencer companybecause M&S used appropriate marketing strategies in order to develop the products andservices. The company identifies the needs and wants of its customers and then manufacture theclothes at a competitive price in order to achieve an edge over other players in the market.Role of marketing in the success of an organization:Engaging customers: Marketing helps in attracting customer towards the products andservices. Certain marketing activities like developing of an innovative product or service,promoting it in a unique manner automatically leads to consumer engagement whichfurther leads to consumers buying that product or service. Marks & Spencer has alwaysbeen a pioneer of creating new designs which has helped in attracting customers andincreasing their sales and profitability (Ryynänen, 2016).Boost sales: The most important role of marketing is that it has not only helped Marksand Spencer in attracting new customers but the company also successfully retain itsprevious customers which has increased their sales and profitability incessantly. With itsunique promotional strategies and quality of products and services, the company has beensuccessful in establishing its brand image which further lead to increasing sales andcustomer base.1

Communication channel: Marketing acts as a communication channel through which anorganization informs its customers about the products and services offered by them, itsuses, price and the value created by them. Adequate communication between Marks andSpencer and its target customers helped the organization in achieving customer loyaltyand also led to competitive advantage in the market (Russo, 2016).Inter relationship between marketing and other functions of management:Marketing and Production functional units: The production department is concernedwith manufacturing of goods and services that are to be sold to the potential consumers.Both marketing and production department are the pillars of Marks and Spencer as thecompany would fail without the presence of any one functional unit. According to Tomsand Zhang, (2016) both marketing and production units work closely with each otherbecause the marketing department communicates to the production department regardingthe quality and design specifications of the clothes as laid down by the consumers andalso helps in communicating the total units to be produced within the particular timeschedule.Marketing and Finance functional units: In the view point of Sparks, (2018), thefinance unit at Marks and Spencer is concerned with allocation and distribution of fundsto different departments therefore it is imperative for both of these departments to workclosely as marketing department provides information to finance department regardingthe budget needed for the purpose of research, promotion and distribution of goods andservices.Marketing and human resource functional units: Human resource department dealswith the recruitment and selection of employees in the organization. The Stead andHastings, (2018) has stated that marketing department of Marks and Spencercommunicates the human resource department regarding the skills and talent required inthe organization in order to meet the customer needs effectively and efficiently. Also, themarketing unit provides information to the HR department regarding the training anddevelopment of the individuals.2

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