Role of Marketing and Interrelation with Functional Units
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This document discusses the role of marketing and its interrelation with other functional units of an organization. It explains the importance of branding, market awareness, and market research. It also compares the marketing mix strategies of Argos and Robert Dyas. Finally, it provides a basic marketing plan for Argos.
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Marketing Essentials 1
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LO1 Explain the role of marketing and how it interrelateswith other functional units of an organisation............................................................................................................................3 LO2 Compare the ways in which organisations use elementsof the marketing mix (7Ps) to achieve overall businessobjectives........................................................................................6 LO3 Develop and evaluate a basic marketing plan................................................................9 REFERENCES..............................................................................................................................13 2
INTRODUCTION Marketing is termed as a process within which businesses engaged in the process of promotion and selling of products as well as services in order to satisfy needs of consumers and generate higher profitability from them (Varadarajan, 2020). For this process organisation effectively take advantage of different type of advertisement measures and market research as to influence consumer buying behaviour. Marketing mainly aims towards increasing company revenue and profitability in marketplace. Due to the advancement of technology, large number of organisations is making consumers aware about their services and products with the help of advanced marketing channels it also enhances their profitability at a great extent. Present report has been conducted onArgoscompany is engaged in retail industrial sector and acts as British catalogue in market place of United Kingdom. Organisation is satisfying customers with their high quality of products and services. In order to generate maximum number of consumer attention companies taking advantage of effective advertisement process. Present report significantly influences marketing roles as well as responsibilities. Further interrelation between different operational units of an organisation is being discussed in this report. Lastly, Argos marketing mix and marketing plan is being covered in present report LO1 Explain the role of marketing and how it interrelateswith other functional units of an organisation In order to reach to maximum number customers and making them aware about company existing services and products wide range of approaches as well as process is considered by organisation (Dizdarevic, Evanschitzky and Backhaus, 2020). Marketing acts as a crucial element through which an entity can significantly enhance their profitability and sales. Thus, by considering different marketing practices into Argos can assure ultimate success. Roles and responsibilities of marketing function In the process of marketing there are different type of roles and responsibility that has beenundertakenbyorganisationmarketingteaminordertostrengthentheirmarketing performance efficiency (Chernev, 2020).However in order to assure accurate success it is important for a company to formulate strong relationship with their stakeholders, employees and consumers. As per the analysis is being evaluated that different type of responsibilities and roles is being undertaken by Argos that mainly aimed towards serving customers with best while 3
assuringlong-termsuccessretailindustry.Thereissomecertainformofrolesand responsibilities are elaborated in terms with Argos: Branding: An efficient branding leads an organisation to assure their strong marketing presence and attractiveness of their services, products and entity in respective market segment. Branding is a process through which entity can retain their consumers for long time period and can effectively influence their purchasing behaviour. In addition to this has been evaluated that branding also allow organisation to maximize consumer loyalty (THIS, T.M.I.L., 2020). This makes Argos marketing team to effectively perform this role and assure strong relationship or emotional connection with consumers. This has been evaluated that Argos offer their customers with high quality services and products that is effectively communicated by marketing team to consumers inattractivemannerbyvariousadvertisementmodes.Throughtheprocessofbranding marketing team of Argos aim towards increasing consumer loyalty and attention towards company.Marketingteamdevelopedtrustfortherelationshipbetweencustomersand organisation that plays major role in profitability generation of company. Creation of market awareness: This is an essential role that enhances market presence of an organisation. In this process organisation engage in creating and developing awareness with consumer mind-set related to products and services which is being offered by organisation. In context with Argos this has been evaluatedthatorganisationmarketingteameffectivelyperformtheirroleofcreationof marketing awareness by taking advantage of different in marketing measures. In this company marketing team of Argos on the initial basis evaluate consumer’s needs and demands and further take advantage of different measures to satisfy their needs accordingly. For effective success of this process Argos marketing team develop different marketing strategies in order to assure higher financial stability and long-term success of company. Market research: This is an essential marketing role that plays crucial aspect for any organisation that leads them to serve consumers according to their preferences and taste. With the help of effective marketing research organisation can identify recent trends and consumer expectations through which the can further assure higher sales and profitability (Adebayo and Govender, 2020). In terms with Argos it has been evaluated that marketing team of company effectively engage in 4
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marketing research process through which they understand actual requirements and demands of consumers according to their age, income and preferences (Jindal, Chintagunta and Dhar, 2020). This process effectively maximizes growth and development opportunities for company through which they assure high success and profitability. With the help of in-depth marketing research demands of customers gets evaluated in time effective manner. This benefits Argos to effectively satisfy their needs, it increases consumer loyalty towards company that enhances entity brand image in marketplace. Interrelation with other functional units Marketingprocessenhancescompanyrevenuegenerationcapabilityasinthis organisation can undertake different type of marketing modes through which they can maximize their sales in effective manner (Gikonyo, 2020). By taking advantage of different marketing techniques and tools an organisation an attract consumer mind set towards their product and services. With the help of strong marketing operations entity can significantly enhance their profitability ratio and can further become market leader. It has been evaluated that Argos is a leading organisation and conduct their business operations with having headquartered in United Kingdom and Ireland and also have their franchise in other countries like China. Thus, in order to co-ordinate their roles and responsibility it is essential for entity to have strong into relationship among different unit in order to sure higher sales and growth. HR with Marketing: Human Resource Department engage in the process of hiring and recruiting talented and skilled candidates in order to fill different vacant job positions in various organisational units. HR department mainly aim towards strengthening workforce efficiency of company in order to increase company performance in respective industrial sector (Donndelinger and Ferguson, 2020). There is different type of activities that Argos HR manager undertakes place such as recruitment, selection, development and training of employees in order to effectively manage diversity as to enhance productivity entity. While in terms of marketing this unit is having responsibility to influence consumer mind set towards company product and services in order to generate higher sales and profitability. Both of these units perform their operations with effective coordination as HR unit serves marketing with high talented employees that increase marketing performance. While in terms of marketing it enhances Argos brand image in retail sector that 5
enhances more candidates to apply for the job role which increases HR performance efficiency. This interrelationship significantly maximizes our goes long-term sustainability. Marketing with R&D: Research and development department engaged in the process of in-depth research of identifying latest trends, consumer mind-set and market preferences that facilitate company to produce products and services accordingly for higher success (HR and Aithal, 2020). While if it is talked about marketing this unit authorised with the role of enhancing company brand presence in marketplace through which more customers get attracted towards company offerings. In terms with Argos that R&D and marketing it has been evaluated that both units effectively conduct their operations with strong interrelation, as R&D department serves marketing unit with the information related to consumer that increases marketing efficiency as it facilitate marketing to attract customers accordingly. While marketing department benefit R&D with the information of the area in which R&D can conduct their research process and can gather effective data and information, it increases overall profitability of company. As per according to the above mentioned discussion this has been identified that Argos is having strong interrelationship in their departmental units that enhances growth opportunity for entity. In addition to this inter-relationship lead company to maximize their profitability, sales market presence and long-term sustainability in retail sector. LO2 Compare the ways in which organisations use elementsof the marketing mix (7Ps) to achieve overall businessobjectives Marketing mix states as a process within which an organisation offer their product and services in marketplace by emphasizing upon different elements like product, price, place and promotion in order to ensure successful outcomes. With the help of this process organisation can satisfy their customers in effective manner. All these elements allow entity to have consumer centric approach that further ensures higher success. There is marketing mix of Argos being defined below which is compared with Robert Dyas. Marketing mix allows entity to take advantage of different type of strategiesthat further facilitate organisation towards more sustainable business operations, long term benefits and flexibility. In addition to this this analysis also helps in maximizing performance of workers at great extent. 6
ElementARGOSROBERT DYAS ProductArgosprovidesdifferenttypeof servicesandproductstotheir customers and mainly engaged in the business of things related to furniture, insurance,refrigeratorandmore. Entity also have catalogues According to the evaluation, this has been determined thatRobert Dyas offer wide range of services and products in marketplace. Some main products of companyincludekitchen,gardening, travel and security, laundry and more within provinces of England. PriceMainemphasizeofArgosisupon strategy related to low prices in order tohavemaximumnumberof consumers in order to maximise their sales ratio. It has been evaluated that respective entity takes use of different pricingrangeinordertoserve customers according to their income groups. This has been evaluated that Robert Dyastakeuseofaffordableprice strategy in order to assure that they satisfy all income group of customers. PromotionIn order to attractlargenumberof customers Argos effectively emphasise upon this element. For this company takeadvantageofsocialmedia platforms,digitalmediamarketing, online banner and more. Robert Dyas take advantage of both online and offline advertisement modes as to assure that company is having efficient promotion process in order to gain more competitive advancements entity(Brahmbhatt,2020).However entitymainlyfocusupontelevision, newspaperetc.inorderto communicatecustomersaboutentity offerings. 7
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PlaceArgosconductstheirbusiness operations via both offline and online mode in order to target large base of customers.Entityisoperatingtheir business with more than 900 stores in United kingdom and Ireland. Robert Dyas. on the other hand assure that their services and products have easy access in all parts of England in SouthEast,furtherithasbeen identified that organisation offer 24/7 assistance to their customers. ProcessManagement team of Argos make sure thatallthebusinessoperationsare beingconductedwiththehelpof highly advanced processes. However forthistheyassurethatallthe processes are simpler and comfortable thatcanbeeasilyperformedby employees(HRandAithal,2020). Thismakesentitytoprovidetheir consumer with online booking facility and fast delivery services. ManagementofRobertDyas effectively ensure that consumers get satisfied with company higher quality services as well as product. For this entity conduct the research process in efficient manner to identify their needs. PeopleBeingaleadingorganisationArgos aim towards satisfying their customers atbest.Forthistheconducttheir businesswith30000morethan employees.Howeverinorderto maximizetheirworkefficiency companyregularlyprovidetheir employeeswithtrainingand development courses. Management of Robert Dyas provides equalopportunitiesforfemaleand male staff further. It has been evaluated thatcompanyspeciallyhave11% reservation for female employees. This state’scompanypositiveeffortsto makeequalworkingstandardsthat facilitategrowthforallworkers irrespective of their gender. Physical Evidence Respectivecompanydevelopedthe catalogues through which approximate Robert Dyas. main objective is related to assure that offerings of organisation 8
75%ofhouseholdservicesto individual by which physical evidence get effectively balanced. are supplied effectively to potential set of consumers and also supply chain is efficiently balanced in this process. As per according to the evaluation of all the elements of marketing mix marketing manager of Argos can formulate efficient marketing strategies through which they can assure satisfaction of large number of consumers while serving their needs accordingly (Sample and et. al., 2020). In addition to this it has been evaluated that Argos marketing manager by focusing upon all the elements of marketing mix can develop direct communication with target consumer through which they can develop strong brand image in retail market, this also lead entity towards higher growth and sustainable development. LO3 Develop and evaluate a basic marketing plan Marketing plan is a written document that includes systematic process of planning through whichorganisationcanconducttheiractivitiesineffectivemannerwhileassuring accomplishment in time effective manner. Marketing plan facilitate Argos to make sure that all the function is been conducted in systematic way through which entity can further assure higher success (Calzada, 2020). According to the evaluation it has been identified that Argos does not engage in the process of selling services and products under their nameinstead of the catalogue services and other that get associated with that. In order to enhance company share holding and brand image Argos is looking forward to launch a new service under their name“ARGOS Robotic Furniture”. Overview of the organisation: Argos is a multinational organisation and has its headquarters in United Kingdom. Company is operating their business operations as Sainsbury subsidiary and are performing their roles and responsibilities in both offline and online medium. Current organisational offerings: Argos is serving their customers with a wide range of services as well as products such as customer good, furniture, electronics equipments, health care items, skin care, sports item etc. 9
Overview of the New Product: Argos in order to maximize their sales and profitability is launching a new product a robotic furniture through which they will satisfy their customers with advanced technology, it is mainly smart furniture that can be used by customers even in small spaces. (Source: Self Generated) Vision: Argos most important vision is related “to be the world of mouth for the public of all across the globe”. Mission: Main mission of Argos by offering their new Robotic furniture is market is to become retail market leader and serve customers in higher level of satisfaction. Objectives: Argos main objective is related to launch their new product and “increase company overall profit rate by 25% in next 7 months. SWOT analysis: SWOTanalysisisbeingundertakenbyArgosinordertoevaluatetheirstrength, weaknesses, threats and opportunities as to gain overall success. StrengthsWeaknesses Argoshasastrongbrandimagein marketplace.Inadditiontothiscompany MajorweaknessofArgosisthat,they provided the catalogue only under their brand 10
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satisfyingtheircustomerswithskillsand talented workers. namewhiletheothersoldproductsand services are not under their brand name. OpportunitiesThreats Company is having wide scale opportunity in which they can offer products and services under their own name and can enhance their market presence in an effective manner. Argos is facing major threat from aggressive competition in marketplace from other rivals like IKEA, Habitat, B&Q and others. STP: STP framework is being undertaken by Argos marketing manager as to have effective evaluation of their new productRoboticFurniturein order to offer them effectively to customer. ElementDescription SegmentationMarketing manager of Argos undertakendemographicfor Robotic furniture segmentation. TargetingMarketing manager has targeted both luxurious as well as middle class individuals for Robotic Furniture for higher sales. PositioningIn order to effectively position their new Robotic Furniture Argos manager takes use of different channels like multimedia marketing, newspaper and more. For this they aim towards attracting large number of customers. 11
Budget / Action Plan:ARGOShas formulated the budget which is outlined below Evaluation of Action Plan: Inordertoassuresuccessofmarketingplanmarketingmanagerofrespective organisation conduct proper evaluation of plan on regular basis. Monitoring: Marketing manager of Argos undertake effective monitoring of marketing plan with the helpofKPIthroughwhichtheymonitorperformanceofemployeeswiththehelpof benchmarking. With this process company am towards successfully launching the new robotic furniture with higher profitability. 12
CONCLUSION As per the above given report it has been concluded that marketing plays crucial role for all the organisations respective of their size and scope. This process maximizes profit earning capabilities of organisation through which they can also generate effective consumer base. Marketing states as a process in which organisation take advantage of different type of advertising methods in order to influence consumer purchasing behaviour. To satisfy customers according to their preferences it is essential for a company to undertake use of marketing mix in order to effectively identify their actual needs and demand. With the help of this process organisation can enhance their sales as well as market positioning. Further it has been identified thatstronginterrelationbetweenorganisationalunitincreasesperformanceefficiencyof company that allows them to generate more revenue comparatively to other rivals. However in order to systematically conduct all the process in given time frame an effective marketing plan leads an organisation to accomplish their operations and objectives with greater efficiency. 13
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