Marketing Essentials Assignment Sample | Beauty giant
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Added on 2021-02-21
Marketing Essentials Assignment Sample | Beauty giant
Added on 2021-02-21
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MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................2Role of marketing in Beauty giant and their key elements, inter-relation of marketingfunction from other functions of organisations.....................................................................2TASK 2............................................................................................................................................5Marketing Plan for the Beauty Giant.....................................................................................5CONCLUSION.............................................................................................................................12REFERENCES............................................................................................................................131
INTRODUCTIONMarketing refer to activities that is being undertaken by the company for the reasonto promote buying as well as selling of product as well as service. It also includes otheraspects that are delivering of products to consumers, selling andadvertising. In currentreport, an organisation is considered which Beauty giant. It is a company having the widevariety of cosmetics and a good name in the market but they are not producing and sellingtheir products at own. Now recently company has decided to launch the anti-ageingproduct termed as 'Forever Young'. For this the company has make the various strategiesto become the leader in the market. This report contains the role of marketing in themodern organisation and the key elements of marketing function and their inter-relationwith the other functions.TASK 1Role of marketing in Beauty giant and their key elements, inter-relation of marketingfunction from other functions of organisationsRole of marketing in modern organisationFor any organisation major role of marketing will be of integrating need and demandof customers after identifying changes which are occurring into market. As marketing playsthe important role in the success of company. Finance operation as well as the otherfunctions of department not matter if there is not having the good demand in the market, soit is important for the marketing department to create the demand in the market for theproduct that is to be launched. Some role of marketing in the modern organisation is:Offering better quality productsIt is very much important that all companies are offering better quality products onlyafter analysing the market demand and supply. The products need to be well packaged,putting label of brand is essential for identification and then placing it into market in goodand proper condition (Tadajewski, 2015). All sort of service which is attached with productsare regarded to as intangible and inseparable as well thus need to be given to customers.So this shows that marketing is also playing essential role into managing and designing ofproducts which are offered to customers.Meet the needs of consumers and wants2
Companies need to identify the needs of the consumers and then they have toadopt the marketing strategy accordingly. They also influence the wants as these arebeing shaped by cultural as well as the individual personalities. Needs and wants arebeing satisfied through the exchange process. Adapting right priceAs price is the critical element of marketing mix for the manufacturer as it is thefactor that ultimately generates the revenue. Various strategies of the marketing help insetting the fair prices, incorporate the appropriate changes and prepare the right approach.Sale of the product increases if the price of the product is being given in favourablemanner (Powell and Rey, 2015).Economic growthMarketing is very important in creating demand of any product into market whichmeans that it will encourage increased number of production and distribution as well. Thusthis will mark with industrial growth, boosting up income of people working and improvingtheir standard of living as well. This shows that there is economic growth of company andthus allowing them to produce superior goods and improved services. Key elements of marketing function and their inter – relation with other functions oforganisationsMarketing function is the key element for the launching of any product as it helpsthe company to identify the source that makes the product potentially successful for themarket place as they also operate on the as well as promote them by doing thedifferentiation from the products similar to it. Key elements of marketing function are:Gather the marketing functionIt is important to gather and analyse the marketing function as it is the importantfunction of the company. In this the efforts have to be made to understand the consumerthrough different ways like their expectations, price affordability etc. (Luchs, Swan andGriffin, 2015).Market Planning3
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