Marketing Essentials

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Running head: MARKETING ESSENTIALS
Unit 2: Marketing Essentials
Learner Assessment Submission and Declaration
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Programme: Business
Unit: Unit 2- Marketing Essentials

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Table of Contents
Definitions and the Marketing Concept.................................................................................................................
Definition of Marketing.......................................................................................................................................
Nature of Marketing............................................................................................................................................
Developing Marketing Concept..........................................................................................................................
The Role of Marketing............................................................................................................................................
Structure and Operation of Marketing Departments.......................................................................................
Overview of Marketing Processes.......................................................................................................................
Roles of Marketing Within both a B2C and B2B Context................................................................................
The Interrelationships of Functional Units............................................................................................................
Marketing as a Business Function......................................................................................................................
Compare Ways in Which Organisations Use Elements of the Marketing Mix (7ps) To Achieve
Overall Business Objectives..................................................................................................................................
The 7Ps Marketing Mix.....................................................................................................................................
Product...........................................................................................................................................................
Price................................................................................................................................................................
Place................................................................................................................................................................
Promotion.......................................................................................................................................................
People..............................................................................................................................................................
Physical Evidence...........................................................................................................................................
Process............................................................................................................................................................
Significance of the Shift from 4Ps to 7Ps of Marketing...................................................................................
Overview of Marketing Planning Process........................................................................................................
Marketing Plan......................................................................................................................................................
Importance and Value of Marketing Plan........................................................................................................
Marketing Plans, Marketing Objectives and Marketing Strategies...............................................................
Evaluating and Monitoring Marketing Plans Using Appropriate Control and Evaluation .............................
Techniques..........................................................................................................................................................
Structure and development of marketing plans..................................................................................................
Market Segmentation and Target Market Selection.......................................................................................

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Marketing Essentials
Definitions and the Marketing Concept
Definition of Marketing
Marketing refers to all activities a company or small business participates in to promote
the sale or purchase of its products and services. It comprises of activities such as advertising,
selling and delivering goods to customers. All these activities are done while the business still
makes a profit. In some cases, corporations hire affiliate marketing companies to a do marketing
on their behalf (Abdullah Saif, 2015). This is mostly done to reduce costs.
Nature of Marketing
The nature of marketing is wide and it is what informs specific marketing practices. To
better understand the nature of marketing, it is explained under various categories as follows.
Fundamentally, marketing is a human activity through which human need and wants are satisfied
by the efforts of other human beings. Essentially, marketing is a human activity that leads to
human satisfaction. Without customers, a business cannot exist which is why all marketing
activities are customer-oriented. Businesses work towards providing customers with goods and
services which satisfy their desires. However, producers or manufacturers will only supply these
goods if they guarantee a reasonable profit (Mousumi, 2020). Marketing can be considered an art
and science especially in the technological arena as it involves identifying target markets and
supplying the market with the required services. This is coupled with proper communication
hence guaranteeing customer value. As such the goods and services are supplied at the right time,
place, quality, form, price and delivered to the right customers.
As an integral part of business, marketing involves commercial exchange of goods and
services. The exchange process occurs between buyer and seller. In addition to tangible goods,
the exchange process can involve the exchange of technology, new information or ideas. The
main focus of marketing is the customer and that is why businesses need to know how what and
how much a customer needs. To meet this condition, information related to goods and services
should be collected from customers (Grahame Robert Dowling, 2005). Marketing starts with find

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out what the customer needs and end ends when the customer needs are satisfied. Thus,
marketing starts and ends with the customer.
As a major business activity, marketing creates utilities by actualizing place, form, place
and possession utility. Form utility allows businesses to deliver goods and services in the nature
customers need the goods or services. Place utility entails availing the good or service at the right
location where customers can easily access it. As for time utility, companies must ensure
customers get the goods or services when they need them (Mousumi, 2020). Finally, possession
utility gives the customer ownership rights to the product hence the ability to derive all the
benefits associated with the product.
As most activities, marketing is goal oriented and its goal is to benefit both customers and
producers by meeting their needs. For instance, the main objective of marketing is to ensure
customers get was they want and producers make profit by satisfying consumer needs. Marketing
also guides producers on what, when and how to produce. As such, marketing may be considered
as the core of industrial activities due to its ability of guiding and controlling business.
It is through marketing those businesses and organizations interact with their clients with the
intention of meeting their needs while at the same time making profits and maintaining customer-
producer relationship. It is due to these interactions that goods and services can flow from the
producer to the end user or customer. Although the only players in marketing are producers and
customers, the marketing process is dynamic and complex process that involves a continuous
planning, control and implementation of numerous activities (Grahame Robert Dowling, 2005).
Most of these activities are done by the producers but customers facilitate the processes through
purchasing goods and services.
Developing Marketing Concept
Marketing concepts are developed with the notion of building the right product for the
customer rather than the finding the right customer for the product. They are influenced by
factors like the target market, profitability, needs of customers and presence of integrated
markets. Marketing concepts first begin with properly defining a market, followed by knowledge
about customer needs and finally carefully coordinating factors that affect consumer purchasing
power. This is then followed satisfied customers increase in profits for producers. Essentially,

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marketing concepts focuses on satisfying the consumers and at the same time making profit for
the company (Philip, 2012). This leads to a more competitive and efficient company which
creates delivers and communicates customer value.
The Role of Marketing
Structure and Operation of Marketing Departments
There is no a one-size-fits-all on how operations of marketing departments should be
structured. The structure of marketing departments is dictated by the requirement of a business.
In most cases, there is a top-level executive who develops the strategies of marketing and
oversees the activities of various marketing departments. These departments can cover a variety
of operations. To ensure consistency and effectiveness in these operations, the departments are
divided into teams that focus on specific activities such as social and social media advertising or
market research (Lorette, 2010). All these activities are properly coordinated to ensure a firm
meets is goal of profitability and customer satisfaction.
Overview of Marketing Processes
These are all process that ensures that the right product is produced and successfully sold
to a customer; they include analysis, strategic planning and marketing mix. Marketing analyses
refers to taking real time data about a market and use this data to gain a competitive advantage
over competitors. For instance, a could collect data on when there is a peak in consumption in a
particular market. In response the firm focuses most of its resource to produce more during the
peak period to make more profit than its competitors. Strategic planning involves defining a
particular trajectory a business is supposed to follow to meet its goals. It usually involves
assessing the current position of the firm and determining the resources or activities that should
be done to ensure the firm follows the pre-defined path to meet its future objective. Mission,
visions and values of companies help fortify a strategic plan. Marketing mix refer to the
approach firms use to promote their products or brands in a particular market (Farooq, 2019).
Generally, most companies employ the 4P (Price, product, promotion and place) marketing mix
to sell or promote their merchandise.

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Roles of Marketing within both a B2C and B2B Context
B2C or business-to-Consumer as the name suggest is a marketing strategy adopted by
businesses that involve marketing products to individual customers. This marketing strategy is
majorly used to market products that are used daily for instance toothpaste. Consumers targeted
by B2C marketing strategy are those who seek to satisfy immediate need from products. As such,
B2C marketing campaign aims at arousing emotions of consumers to prompt them to buy
specific products (Gotter, 2018). Hence, companies that employ this marketing strategy, analyze
prevailing trends, consumer purchase habits and their competitor`s responses to the changes in
the market.
Business-to-business marketing uses market strategies that target other organization or
businesses as potential customers. Because targeted customers in B2B marketing strategies are
bulk buyers and engage sellers in long contracts, they often require being educated properly
before they make a purchase. Therefore, the role of marketing in this case is to fully
compressively educate the customer on the benefits of the product (Gotter, 2018).
The Interrelationships of Functional Units
Marketing as a Business Function
Marketing is the fuel that drives businesses to success because it helps identify, acquire
and maintain customers by meeting the demand of the customers satisfactorily. This is possible
because marketing involves researching, packaging and presenting products and services to
potential customers. By researching, the company will know exactly what the consumers wants
and will respond by providing these wants but at a profit. Packaging is done in a manner those
appeals to the customer who easily attracts their attention. Conversely, firms could develop
prototypes and adopt the ones that give positive feedbacks. Finally, product presentation involves
taking the products close to customers at the right time (Wood, 2011). This usually involves an
elaborate transportation system which distributes the goods to customers.

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Compare Ways in Which Organisations Use Elements of the Marketing Mix (7ps) To
Achieve Overall Business Objectives
The 7Ps Marketing Mix
Product
In marketing, a product is a tangible or physical component that can be sold while a
service is an intangible item that is a result of the action of one or several people. Brands are
essential in businesses because they make a lasting impression on consumers. A brand also
allows customers to relate businesses with specific quality standards which distinguishes one
from another. Product development refers to all the stages product undergoes from concept stage
to the point it is release to the market as an actual product. The process of product development
captures a product`s entire journey. Conversely, product lifestyle or lifecycle unlike product
lifestyle, is the time a product takes in the four stages it is in the market before it become
obsolete. The four stages are introduction, growth, maturity and decline. Although every product
undergoes these stages, the length spent by product in each stage varies from product to product.
Price
Nike produces high quality products therefore it does not charge based on the cost of
production but based on the value of the product. This approach to pricing is known as value
based pricing. Nike operate in a competitive market where its competitors have also produced
exclusive shoe brands which are charged at premium prices (Soni, 2020). This competitiveness
leas to competitive pricing but despite this, Nike`s pricing strategy does not have a negative
impact on its growth as it continues to be the market leader in the sport apparel industry
Adidas uses skimming price strategy as it sets higher prices than its competitors but uses
are promotional discounts to offer lower prices for its products. By apply this strategy Adidas
manages to attract a huge traffic of customers to its stores due to being first introduced to lower

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prices a later to high priced products(Adidas, 2019). This strategy is dominantly applied in the
fashion industry.
Place
In marketing place refers to channels a business decides to distribute it goods or services.
These channels should be the most efficient route to distribute products. Distribution channels
can take the form of websites or indirect sales through retailers or wholesalers. While distributing
the goods a n service through various channels, the flow of the good should be properly managed
to ensure customer value is maintained at the highest level. This usually requires a well-
organized and effective logistic system in which goods are transported and properly stored from
one point to another.
Promotion
Once a product is conceived, potential customers need to be made aware about the
product and this is where integrated communication and promotional tools come in handy.
Promotional tools refer to all tools used to market a product or service. They can be visual such
as billboards, TV or audio such as radio or podcasts. Whichever promotional tool a company
adopts must properly communicate the right information to the target audience. Otherwise, the
wrong communication may lead customers away from a brand. This is why properly integrating
marketing information is crucial for the growth of a brand.
People
From the point a product is developed to the point it reaches the end use several people
are either directly or indirectly involved in the progressive movement of the product from one
stage to the next. People form an integral part of any business and without them a business
cannot survive regardless of whether they work behind-the-scenes or are the once who interact
with customers. Due to their on the business, they should be properly trained for them to deliver
quality services (Hanlon, 2018). The training is essential for all employees including the top
management so that apart from rendering quality services to customers, they can also share the
vision of the company hence works together to make the company more profitable.

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In both Nike and Adidas, there are highly trained personnel both working behind-thescene
and at the front desks who help these companies to significantly increase the value they offer to
their customers.
Physical Evidence
Once a product or a brand is created, customers interact with the product for the first time
through advertisement or when they are purchasing the product. It is important for customers to
know that the product they are buying is legitimates and is of the perceived quality and exists in
real life. As such, physical evidence as a form of marketing becomes relevant. Physical evidence
in marketing can take two forms. First, evidence that a purchase or sale took place or a service
was rendered is proof a product or brand exists. Second, validation of a brand which refers to
identifiable features that a brand exists such as a website, logo, place of operation or
Headquarters or social media presence among others(Hanlon, 2018). These are the elements a
customer may first interact with to verify the existence of a product, brand or service.
Both Nike and Adidas sell their products globally and they have physical headquarters.
Both brands have almost ubiquitous verification feature that proof their existence such as logo,
website and social media presence.
Process
These are all activities involved in delivering goods and services to the customers. This involves
assessing all processes such as payments, transportation/distribution and managing customer
relations. While processes are crucial in creating value to customers, they should be conducted in
a cost-effective way otherwise, the business could make losses.
Nike completely outsources all its production and supplies while if focuses in marketing and rise
ad development of better products. As such, Nike has been able to grow exponentially. As for
Adidas, although it also engages in marketing, it is also in control of its production processes. It
only outsources production for its exclusive products; therefore, it has not been able to grow as
fast compared to Nike.

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Significance of the Shift from 4Ps to 7Ps of Marketing
Originally the marketing mix were described as 4Ps of marketing which focused more on
the product market rather than the service market. The 4ps of marketing concept was first
invented, the idea of customer service was still not well known. Overtime, after the recognition
of the service market, three more marketing elements were added into the marketing mix. These
were people, physical evidence and process which led to a change of name from 4Ps of
marketing to 7Ps of marketing. The 7Ps of marketing properly captures and explains the current
competitive environment of business (Seli, 2018). As such, the 7Ps helps marketers to review and
identify problems which may affect the marketing of products

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Overview of Marketing Planning Process
These involve all process and procedures a company undertakes to ensure their product is
successful in the market. This is measured by a product achieving sales goals within the required
time frame. A company accomplishes this by conducting four main actions. First, business
executives set goals to be met and creating a conducive environment to meet the goals like
providing resources for marketing the product. Second, analysis of the firm`s current position
And determining whether the available resources are capable of driving the company into
meeting the set goals. Third, once the available resources are ascertained, a marketing plan is

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developed which involves a marketing mix which analyses whether the market is viable. Finally,
involves implementation and execution of plans which usually takes the form of creating a
budget and defining the resources to be used.
The overall marketing planning process is very effective for the purpose of evaluating the way
different tactics can be applied for achieving the desired position in the external market. It is very
essential in order to enhance the present marketing effectiveness of the organsuiation as compare
to other competitor. From the above mentioned marketing tactics it can be said that the aspects
mentioned above are very helpful in achievement of competitive advantage.
Marketing Plan
Importance and Value of Marketing Plan
Marketing plans helps define a market by identifying the needs of customers in a specific
market. As such, it becomes easier for sellers to make sales. This is possible due to market
research that is conducted before mass production of goods and services. Market research also
allows sellers target consumers with the exact goods and services hence reducing costs of
marketing as well as increase the chances of making a sale. Since planning is conducted before
actual production begins, it gives insights on how to economically allocate resources.
Additionally, it gives a prior intelligent direction of all necessary marketing procedures to ensure
marketing goals are met.
Summary: Nike is an American based multinational corporation that was established in year
1964 and is engaged in the function of development, manufacturing, design and function
marketing of market & sales of apparel, equipment services and accessories Nike being part of
retail segment has affected because of the present outbreak of COVID virus so there is a need to
prepare a strategic marketing plan where the main objectives are based on enhancing the revenue
percentage and present profitability of the organization by formation of a digital marketing
strategy which is going to assist Nike in maintaining their present position in the international
markets. Nike is basically focused on bringing inspiration to each athlete in world so that they
can make sports a daily habit.

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Mission: “To bring innovation and inspiration to every athlete across world”
Vision: Nike believes in seeing world where everybody is an athlete. They are working towards
joy of movement and instinct of innovation.
Objectives: There are certain marketing objectives’ that have been set in the present business
plan for Nike as mentioned below:
 To enhance the present market share by 10 percent in coming time period of 2 years
 To increase the present customer engagement ratio by 5 percent by year ending 2020 by
launching of digital marketing campaigns.
STP analysis:
Segmentation: it is the process of dividing the market in similar groups according to the specific
needs & wants of customers. The main motive is to achieve a competitive advantage and serves
customers according to such divisions. For the purpose of achieving the laid objectives in present
marketing plan there is focus on use of psychographic segmentation where there will be vision of
market according to the social, personality and the lifestyle traits of people. The major emphasis
of the digital marketing plan that will be launched across various social media applications that
includes facebook, Instagram will be based on motivating people towards a healthier lifestyle so
that they are able to form a connection with people by affecting their psychology.
Targeting: After their ahs been segmentation of the market by use of psychographic
segmentation in the next step there will be devastation of targeting strategy were Nike will have
to select their future business strategy in this marketer have to lay emphasis on segment size and
growth, structural attractiveness and objectives and resources of the organsuiation. The target
market will be the millennial generation who are frequently using the different digital marketing
sources for the purpose of attracting them through the present digital marketing plan. For the
purpose of enhancing the engagement of prospective customers there will be use of sme
attractive discounts and loyalty programs that will be specially offered to customers who will be
replying and sharing such posts in order to increase the marketability of the campaigns so that it
can reach to large number of people at same time. The main target market includes:

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 Youth
 Sports enthusiast
 Urban areas
 High income class of society.
Positioning: Nike already has an established brand image in the market because of the high
quality of products with wide variety that they are offering across their various outlets. The main
differentiation advantage for Nike has been creation of a differentiation position by creation of
products based on high quality that they are offering a created a belief in the minds of their
customers that they will be able to get best experience while using such products. Such
differentiation factors will be highlighted in the present digital marketing plan.
Marketing mix: It is a technique that is used for formation of various strategies for the purpose
of determining the growth and profitability of athletic footwear equipment business and apparel.
It is going to assist in formation of some suitable tactic and strategies that is going to assist in the
purpose of achievement of objectives that is part of the present marketing plan:
Product: It related to the process of new product development or use of existing range of product
in the present marketing pan. In present situation there will be no launching of any new product
range but the main aim of this marketing plan is to achieve a higher marketing share based on the
existing product range. So, the existing varieties of apparel, shoes and other equipments will be
used for the purpose of increasing promotion of such products.
Price: Nike has to consider the present situation while they are forming process of their products.
Being a market leader in equipments and sports Nike is usually using a price skimming strategy
where prices are set little high as compared to their competitive brands as they believe they are
offering value according to the prices that are being paid by their customers.
Place: Nike is having presence both at online and offline mediums. They are operating approx
1152 retail outlets across world (Chernev, 2020). . They are also having stores named as “Nike town”
with locations across different parts of the world. The online and offline presence will be promoted in the
present marketing plan.

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Promotion: for the purpose of different digital marketing strategies in which the most preferred
form of promotion will be to use social media marketing as a source of promotion because of the target
segment of Nike that is the millennial generation is mostly having a preference for using such social
media applications that includes snapchat, facebook and instgram (Chernev, 2020). Apart from this
different fashion bloggers on you tube will be approached for the purpose of sending them free sample
and it is going to possess a deep impact on their followers while they are sharing their experiences.
Above mentioned are the specific marketing strategies that will be used by nike in present
marketing plan for the purpose of enhancing their marketing share.
Porters generic strategies:
Poeter’s generic model is used for the purpose of defining the way in which organsuiation will be
working towards achievement of their assigned business objectives by adoption of a intensive
growth stages that is focused on innovation for business development.
Nike generic strategy: Nike is using a combination strategy for achievement of a competitive
position. Such as, it is using a cost leadership strategy and also differentiation strategy (Garcia, 2020).
Nike cost leadership strategy is used for sustain competitive advantage the company is willing to
minimize the production cost by reducing their process to some extent so that they are not able to
compromise with their present profitability percentage but attractive prices can lead to approaching of the
middle income group of customers also. So in present marketing plan the digital marketing campaigns
will be based on using promotional aspects of process where Nike will be offering products with high
amount of discounts in order to enhance the value of products associated with this brand.
Product development: Nike primary growth strategy is product development where there is
introduction of new products to enhance their percentage of revenue. Bit in case of present
marketing plan this strategy is not applied as there is no new launching of new product rang.
Market penetration: It is another growth strategy that is based on enhancing of the sales revenue
in the existing markets (Chaffey & Smith, 2017). Such as Nike is willing to increase it ensure of retail
outlets and stores in UK and other parts of US for the purpose of selling shoes to their American
customers in this vase there is combination of cost leadership strategy with market penetration that is a
highlighted aspects of this marketing plan.

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Market development: In this there is new target market that has to be set up by organizations.
According to the object set up on present marketing plan there will be new target market who are
the middle income group of customers so that there can be availability of options for such target
segment who are looking for affordable options of shoes from high end brands.
Diversification: On this there is development of new business for achievement of higher growth.
Nike has focused on use of development of new business for achievement of higher growth but there is no
use of this strategy in present business situation (Tomczak, Reinecke & Kuss, 2017).
SWOT analysis:
Strength: Nike has a strong brand awareness and huge customer base. The brand is aimed at
suitability and creation of relationship with their customers.
Weakness: Nike is dealing with facing of poor labor conditions in many countries and them posses
high dependency on US markets (Benzo, Mohsen & Fourali, 2017).
Opportunities: Nike has an opportunity to expand their share in emerging markets and develop
some new innovative products such as wearable technology that can motivate physical activity
with application of efficient integration.
Threats: Nike has to face threat because of higher competiveness and risks related to currency
foreign exchange risks that may create patent disputes.
Above mentioned SWOT analysis Nike can use their strengths for the purpose of expand their
market share and using the prevailing opportunities.
Marketing Plans, Marketing Objectives and Marketing Strategies
Marketing objectives are the set goal a brand or product is supposed to achieve after being
released into the market. In other words, marketing objectives define the purpose of the
marketing team. Conversely, marketing strategies provides the exact procedures to be followed to
meet the marketing objectives. For instance, if the marketing objective is to increase sales, then

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the marketing strategy would be to conduct a market research and determine the need of
customers in a particular market. Marketing plan is an outline of how the marketing strategy will
be executed and the time frame required for the execution.
Evaluating and Monitoring Marketing Plans Using Appropriate Control and Evaluation
Techniques
Sales analysis as the name suggests analyses sales to determine whether they are in line
with company objectives. It also determines the effectiveness of the sales approaches adopted.
Market share analysis shows how a firm is performing in comparison with its competitors. From
this information, a firm can determine whether its marketing strategies are competitive or they
need improvement. Every company`s objective is to operate efficiently and at the same time
make profit. Tools use to test the efficiency of a company are efficiency tools. However, from a
general perspective, firms that are highly profitable are also the most efficient in their operations.
To determine profitability, entire costs are related to output in a process known as costing after
which the costs are deducted from the revenue to give the profitability of a firm.
Structure and development of marketing plans
Market Segmentation and Target Market Selection
Market segmentation is the division of the market into small heterogeneous categories
which show similar characteristics such as age group, education level, and geographical location
and so on. There are several reasons for segmenting the market but the main one is to create more
specific marketing messages to target consumers with certain interest. This is beneficial to
companies in that they save resources when it comes to marketing and a business only needs to
produce goods and services that meet the interests of targeted customers. Target market contains
a group of customers with the same needs and interests therefore; they can be supplied with a
single product. Target markets are cheap for businesses to meet their needs because businesses
have only to develop a single product.

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Monitoring and evaluation: it is the last step of every marketing pan where there has to be
comparison of the set results and the actually achieved targets. It is very crucial for the purpose
of analyzing all the deviations that took places so that correct actions can be taken for further
improvement.

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3770bf3b526c

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