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P1 Expalin key roles and responsibilities of the marketing function

   

Added on  2021-02-21

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MARKETING ESSENTIALS

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Expalin key roles and responsibilities of the marketing function..........................................3M1...............................................................................................................................................5P2 Relating to organisational context, discuss the key roles and responsibilities of marketingfunction.......................................................................................................................................6M2...............................................................................................................................................7TASK 2............................................................................................................................................8P3 Compare the ways in which different organisations apply the marketing mix to themarketing planning process to achieve business objectives.......................................................8M 3............................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONBen Sherman is a global brand operating in 35 countries. It was set up in 1963 by ArthurBenjamin Sugarman. Marketing Essentials involve the five major concepts of marketing whichare Production, Product, Selling, Marketing and Social Marketing. This report highlights the keyroles of marketing function and roles and responsibilities of the market. Further, this reporthighlights the different ways in which marketing mix operates for Ben Sherman and its majorcompetitor Hugo Boss. This report also states the interrelationships between marketing and otherfunctions of the company. Further, this report discusses the business objectives and varioustactics used by them.TASK 1P1 Expalin key roles and responsibilities of the marketing function.Marketing :- The activities which needs to be done by the company in order to enhance thepurchase and sales of the product and also to communicate with the customers is called asmarketing. Fulfilling the needs of the customers is marketing.Importance of marketing :- Marketing plays a very important role in the business operations.Marketing is the most important channel for increasing the sales. Marketing helps in takingappropriate decision for the business growth (Morgan And et.al., 2019). As Ben Sherman isunder clothing sector, marketing plays a important role in order to increase the consumers withthe help of advertisements through various modes like television, newspapers, magazines,pamphlets,etc. With the help of marketing strategies Ben Sherman can get the knowledge aboutthe customer's taste and demand. Advertisement will be helpful for Ben Sherman as by that morepeople will get to know about their company's product which ultimately leads to the increase ofsales.Marketing Functions: Market research, market analysis, market segmentation, productdesigning, branding, packaging, customer assistance are the main functions of marketing.Market analysis - This is very much important function of marketing. Market analysis helps tocollect information about the suitability of the market condition for the business. Market analysisis beneficial for Ben Sherman as they will get clear information about the size of market, thecompetitors, the latest trends prevailing in the society, purchasing power of the people. Marketanalysis will help Ben Sherman to select the target market as the information about the age3

group, income level, taste and preference of the people is needed in order to select the targetmarket.Market Segmentation – Division of market into various segments in relation with theconsumers age group, location, needs, preference, income, etc. is called as market segmentation.Market segmentation is helpful in minimising the risk of getting loss. Segmenting the market isalso helpful for targeting the consumer as in the clothing industry market is segmented as kids,teenagers, men's wear, women's wear, casual, formal, etc (Tuten and Solomon, 2017). As BenSherman mainly deals in the shirts so market segmentation is very much helpful in selecting thetarget market. Segmenting will help them to know the preference of the people so according tothat they can design the shirts in order to reach out more and more consumers. According to theage group the target market can be set like if there are more youngsters they the demand ofcasual shirts will be more compared to the formal shirts as formal shirts are only required by theoffice going people.Pricing - Setting the selling price of the product is pricing. It is very much important function ofthe marketing process. As the ultimate goal of any business is to increase the sale and get profitafter deducting the cost incurred for the production. Demand and supply plays a key role infixing the price of the product. If the demand is more and supply is less than the supplier can sellthe product in high price (Malhotra, 2015). But if the demand is less and the supply is more thanthe price needs to be kept low. So pricing is very much crucial as no business wants to bear lossso price needs to be decided as per the cost incurred for the production. As Ben Sherman is inclothing industry so the demand for shirts will always be there. Income level of the targetcustomer needs to be considered for pricing(Wensley, 2016). Like making a formal shirts incurmore cost compared to the casual shirts and the demand of formal shirts will be more for theemployed people. So if the price is comparatively more the people can afford. Ben Sherman canalso use various discounting offers in order to attract more customers.Distribution – The process of transferring the product from the producer to the ultimateconsumer is called as distribution. There are various channels which helps in the distributionprocess like the whole sellers, agents, retailers. Ben Sherman uses departmental stores to reachout their consumers. These stores inform them about the demand about the product and alsoabout the customer preference and according to that the demand is fulfilled by Ben Sherman.4

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