TABLE OF CONTENTS INTRODUCTION...........................................................................................................................1 PART 1............................................................................................................................................1 P 1 Roles and Responsibilities of marketing...............................................................................1 P2 Roles and Responsibility of marketing relates with organisational context...........................3 PART 2............................................................................................................................................4 P3 Compare different marketing mix used by different organisations to achieve organisational goal...............................................................................................................................................4 P4 Determining the marketing plan for the company..................................................................7 CONCLUSION................................................................................................................................9 REFERENCES..............................................................................................................................10
INTRODUCTION Marketing essential means analysing market with the help of SWOT, keeping smart objective, marketing mix, etc. All these are essential in marketing of organisational product and services . Beauty Giant company produces the beauty product and introduce new product 'forever ageing' cream which is an anti-ageing cream(Baker and Hart eds., 2016). The study will be based on the key importance of marketing in organisation in different field of organisation which will tells the role of marketing used in organisation. Study will explain role of marketing in organisation. It will highlight marketing mix element of the firm and will compare it with its competitors. Furthermore, report will produce marketing plan to promote the brand. PART 1 P 1 Roles and Responsibilities of marketing Definition Marketing is a process to promote a business product and building relationships with the satisfying customers.It is a management process which responsible for identifying, evaluating and satisfying the needs and wants of the customer. Marketing management includes advertising, selling and distribution of the product and it also includes after distribution services. Marketing acts as significant roles in the organisations and helps to build values for customer and customer relationships(Batra and Keller., 2016). Conceptof marketing are sales concept in which product is to be soled by the seller for profit maximization, in production concept what ever is produced will be sold in the market. It operates in every sector, marketing helps to the firm to promote their product and evaluate the market of the products. It helps in differentiation of market segment. Marketing designed a great deals of product advertisement and promotion to meets consumer’s expectation in an exclusive way. The needs of manufacturers should be fulfil only when they meets with the needs of consumers, this philosophy is consider with the marketing concept(Dahl, 2018). Key roles and responsibilities of marketing: External or Internal Product Development:The marketing department of company has responsibility to work on the development of internal and external products of the company and putting efforts to improve existing ones. Marketing team of firm has to evaluate the sales of existing product and clarify the gaps and identify opportunity for organisation. Marketing team 1
collects the information regarding needs and wants of the customers it helps them to evaluate the improvement to combine in new. After all the research and improvements the team has to decide the market price of the product and make plans for the launching of the new product(Harmeling and et.al., 2017). Accordingly, development team produce new products so that firm can satisfy needs of mass audience. Conducting Customer and Market Research:It is a role of marketing department to research market and customer’s needs and wants. It helps to them for making market strategies forlaunchingofnewproductandmarketresearchhelpstodefinedtargetmarketsand opportunities and gain better understanding of customer’s preferences. Information of market involves the study of pricing, demand and supply of product. Segmentation includes different group of market as differentiate by regions, interests, trends etc(Kaur, 2016). For example: firm can carry out primary and secondary research in order to know more about consumers, this would be helpful in gaining more knowledge and offering products to buyer as per their requirements (Definition of 'Marketing Mix, 2019). Branding:Marketing professionals of company are over and over again responsible for efforts of the branding of the company. A brand is the thing that displays the business, service, and product in front of market. A brand can arise in numerous forms containing names, symbols, slogan, signs or logo of the business. Brands are needs more efforts for to developed over a long period of time. A respectable brand shows the goodwill of the company and decides the profitability of the company. For example: as aging product is new in the market hence people are not aware about it, through marketing firm can make it a brand and can promote it well. This will raise interest of people and they will plan to buy products of organisation. Advertisement and Promotion:It is one of the basic duty of marketing professional is to overview promotion and advertisement of goods and services provided by the concern firm. They have to develop communication material to endorse goods and services to consumers. Advertisement depends upon the available budget, team has to plan regarding e-mail marketing programs, create advertisement campaigns, write press content or publication of product such as goods unsolicited mail etc. marketing team has to appoint an advertising g agencies to design the promotional material for advertising of products. Customer Retention:It is an important for marketing team of firm is customer retention. Generally, organisations use customer relationships management programs (CRM Programs) 2
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which involves collection of data in organized manner, evaluating it. Team has to pointing customers with particular messages, and has to coordinate with services and sales activities (Harmeling and et.al., 2017).For example: there are many big firms which offers cosmetic products, people move towards these firm in order to get products asper their requirements. Firm can make people awarewith the quality of products so that consumers retain in brand for longer duration and trust the company’s products(Kaur, 2016). M1 An organisation should evaluate the necessity of the consumers and should satisfying them in an effective and efficient manner than its competitors. M2Marketing department analyses needs of consumers and inform to product development team about requirements of consumers. A respectable brand shows the goodwill of the company and decides the profitability of the company. D1 Firm can make people aware with the quality of products so that consumers retain in brand for longer duration and trust the company’s products. P2 Roles and Responsibility of marketing relates with organisational context Marketing is essential for the growth of business and sustaining in market for longer duration. Responsibilities of marketing in organisation are explained as below: Marketing and Finance department:Both have significant relation, as marketing supports in generating cash flow and finance support in managing this cash flow by effective allocation of resources. This relationship is helpful in improving net worth of firm.Marketing is generally concerned with the advertisement, product promotions, sales targets, compression between sales of concerned firm and its competitors and so on while finance includes financial aspects like cost, profitability, sales growth, year performance etc.(Krishna, Cian and Sokolova, 2016). The finance and marketing departments of firm are interlinked with each other, without publicity and advertisement the growth in sales of company will not increase, it cause no profit the whole finance function will be ruined without profit. MarketingandR&DDepartment:Marketingteamconductresearchforanalysing competition in the market, by this way R&D team research about current happening and improvement areas. R&D department help marketing department in offering right product to right consumers. This relationship always give benefit to the firm because by this way entity 3
P4 Determining the marketing plan for the company marketing plan means planning marketing strategies, deciding target, sales target, etc. The Beauty Giant Company introduces new product in market 'forever ageing' product it is an anti-ageing cream for which swot, pestle analysis will be discussed. Company profile:Beauty Giant company is manufacturing beauty products. It is situated in London, U.K. It sells product for both men and women. Company started its business with less than 20 workers(Baker and Hart eds., 2016). Objective :The main objective of the company is to increases its sales of its forever young product by four times more what it had last year by the end of year 2020. The objective of the company is to create more new customers by 25% till end of 2019. SWOT analysis: ï‚·The strength is company already entered in the market. ï‚·Thecompanyisabletomeetthe requirementofcustomersandhas reputation in market. ï‚·Weaknessesofcompanyisthat customersarenotsatisfiedwiththe product its new in market people are not able to accept easily. ï‚·Customerisnotabletogetwhathe wants from the beauty giant company products. ï‚·Threats to beauty giant company is that itscompetitorsareincreasinginthe market. ï‚·Changes in environment are taking place veryfastthetrendsarechangingin minutes. ï‚·Opportunities for the company is that it can upgrade its technology(Kaur, 2016). ï‚·Beauty productscan bemodified and sold on global market like forever ageing can be presented in international market. PESTLE analysis:Political factor of a company has impact due to political factors of the government of U.K. Like policies regarding taxation on the company. Economical factor includes the aspects related to the resources available at the economical rates to the company. Social factor for beauty giant company is its responsibilities toward the society the product should not affect the customer any skin deceases or other problems. Technological factor reflect 7
in the way to the company to increase the manufacturing machines which will increases the production. Legal factor the company follows the laws related to consumers safety for using of the product. Environment factor includes all the above factor that affects the business(Meffert and et.al., 2018). Marketing mix(4 p's): ï‚·Product: designing of this forever young products will be the unique point of Beauty Giant company. ï‚·Price: It will use competitive pricing strategy in order to gain competitive advantage ï‚·Place: It will use direct distribution strategy and will sell products through retail stores. ï‚·Promotion: It will be done through social media marketing and advertisement through televisions, radios, etc(Menon and et.al., 2015) Segmentation, Targeting and Positioning: ï‚·In segmentation the company focuses on demographic segment that is the men and women segment. ï‚·Targeting the middle age group people to purchase the product mainly women are targeted they purchase more product. It will use differentiated targeting strategy. ï‚·Positioning strategy will be cost position, this tactic will give benefit to the company (Olson and et.al, 2018). Financial planning:Planning for maintaining the finance of the company beauty giant company manages its expenses as given below: CostAmount Marketing expenditures2000 Pound Salaries5000 Pound Rent1500 Pound Administration expenses1000 Pound Total9500 Pound 8
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Monitoring and Controlling:In monitoring the company will examine all the annual reports which will help in increasing the sales of the beauty giant company. In controlling the company will match the actual objective with standard objectives of company with the help of sales testing. In sales testing the company will sale product in market for seven days if the review of the product after seven days will be positive then company will peruse its sales in market otherwise it will stop its sales(Zikmund and et.al., 2017). M3 the objectives of the beauty giant product achieved when the company gave modifies its product with reasonable price and opens stores with promoting the product to people by making its physical existence attractive. M4 with the help of different strategies the company able to identify its competencies and capabilities in the market and plan its strategies according to the requirement. D2 through strategies adopted by the company will help the company to achieve its long term objective and able to create new customers. CONCLUSION From the above report it can be concluded that marketing is part of product selling. Marketing of a product is an important step in increasing sales and creating new customer with satisfying customer needs and wants. Marketing is the part of almost all the field in an organisation like marketing helps in the fields of HRM, finance department, research and developmentdepartment,productiondepartment,etc.Marketingelementsareusefulin assessment of organisational objectives the element are product, place, price and promotion these are main elements and extended elements are people, process and physical existence with the help this we can introduce new product in market by analysis. 9
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