Compare the elements of marketing mix to achieve business objectives

Marketing Essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
ACTIVITY 1....................................................................................................................................1
Covered in PPT.......................................................................................................................1
ACTIVITY 2....................................................................................................................................1
TASK 2...................................................................................................................................1
Compare the elements of marketing mix to achieve business objectives..............................1
TASK 3...................................................................................................................................4
Develop and evaluate the marketing plan for an organization...............................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Marketing considered as a set of activities which are used by the company to increase the
sales of goods as well as services and builds positive relationships with their target customers
and satisfy them by effective advertisement, promotional and distributional functions. This is
related to the building relationship with customers and developing innovative products in the
market. Metro Bank is taken to study the marketing essential, it is a retail bank operating in
United Kingdom. It was founded in 2010 by Vernon Hill and deals in banking financial services
industry and it's products are related to credit card, consumer banking, corporate banking etc. In
this report studied about the marketing roles and responsibilities and examine key functions and
elements. Although, it discussed marketing concepts and prepare marketing plan which includes
objectives, strategies, tactics, action plan etc. for launching new products in the market.
ACTIVITY 1
Covered in PPT
ACTIVITY 2
TASK 2
Compare the elements of marketing mix to achieve business objectives.
Marketing mix is a business model and consider as a set of marketing tools that are used
by the company to pursue marketing objectives in target market as well as influence customers to
buy it. This is based on the market decisions related to the product, price, place, promotion,
people, process and physical evidence (Ogunmo, kun and Hsin Tang, 2012). Moreover, it refers
to the set of actions, activities and tactics which a company use to promote its company and its
products in the marketplace. This is used by the firm to achieve marketing objectives which are
based on the growing needs of aggressive marketing and used by the marketers. There are 7p's of
marketing mix are applied in Metro Bank Plc and compared with Secure Trust Bank Plc. This
can be describes as follows:
Aspects Meaning Metro Bank Plc Trust Bank Plc
Product A product is an item
which a company
The company sells its
products under 5 broad
Secure Trust Bank Plc sells
its products that are highly
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offers to satisfy the
customers needs,
wants and demands.
categories and each of these
serves as a separate product
line. Now, a company
introduced investment
banking services with its
product line.
differentiate with unique
features. It provides high
quality of products at a high
price. Also it facilitates
additional benefits for
purchase its products that
involves after-sale service,
warranties, helpline facility
etc.
Price It is an amount which
is paid by the
customer against the
goods and services
that they produce
(Mihart, 2012).
Currently company use
competitive pricing strategies
because there are large
number of competitors are
available in the marketplace.
Now a company should
introduce new product with a
price penetration strategy
where it offers initial lower
price than its competitors to
increase market shares.
The prices of Trust Bank
products are higher as
compared to its competitors
because it offers more
attractive features. Also they
uses product bundle pricing
strategy in which products
are bundled together and sold
it on lower price.
Place This refers to the
distribution channel
which are used by the
company to market
and promote their
products to its target
market customer's
and audience.
Company uses online
websites to sell products
directly to their customers
and sell its wholesalers. Now
a company should focus on
improving online websites to
become more user friendly
and easy to use their new
product or services.
It has a substantial amount of
online sales with frequent
traffic on websites. In order
to run their online operations
Secure Trust Bank has
partnered with various
delivery service providers in
order to timely deliveries.
Promotion It includes various The company uses It advertise on social media
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activities that are
used by the marketers
to aware their
customers towards
their products and
services and
encourage them to
purchase products.
advertisement, television,
online and social media
marketing to attract large
number of people. Now a
company should hire
influencer on social media
like bloggers or
stars/celebrities as well as
develop digital marketing
technique to promote their
investment banking services.
platforms with a focus on
You tube, Facebook, Twitter
due to the highly usage
platforms (Dibb and Simkin,
2013). It has over hundreds
likes and customer
followings on these page.
Process This is related to the
flow of activities and
mechanism which
helps in operating
organizational system
effectively.
A company use retail stores,
online delivery process as
well as researching market
opportunities in order to
understand customer needs.
Metro Bank Plc should use
computers across to handle its
processes to increase
efficiency and timely
delivery.
The company involved in
researching market
opportunities in order t
identified the needs and
wants of the customers. It
helps in developing
understanding regarding the
requirements of customers
through helpline, social
media and feedbacks.
People People are referred as
an employees of a
company as well as
customers in the
target market (Joshi,
2012).
People has working with their
sales team, customer service
department, suppliers and
retail stores. For adequate
utilisation of their people a
company needs to provide
training and incentives to
trained and motivate them.
The company has people
working in its customer
service departments. These
are contacted by customers in
order to solve issues.
Physical It is associated with The company sell its products Website of Trust Bank Plc is
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evidence the space or area
where an organisation
represents to their
customers.
in a distinct colour packaging
that easily identifiable on
retail selves. The company
should collect feedbacks from
its customers and improve on
this.
user friendly and it allows
their customers to view its
high quality products images
from different angles. Also,
collects feedbacks from its
users regarding the services
and try to improve on its.
Tactics applied by an organization to achieve the objectives
Tactics are the strategies which are determined by an organization in order to achieve the
objectives and goals in an effective manner. Metro bank applies tactics related to marketing
strategies like segmentation, targeting, positioning, packaging, promotional activities etc. which
helps in accomplishing their goals. The company become to knowing segment that have to
supply and helpful in targeting their customers by using appropriate methods of advertisements
and promotional strategy (Werner and Tang, 2017). Metro Bank uses marketing mix strategy to
plan the aspects such as product, price, distribution channel, location etc. which helps in
fulfilling the requirement of target customers. Also benchmarking strategy can use by the
company to take a competitive advantages as well as target the effective performance and best
strategies of their competitors. This will helps in improving team performance by setting
standards for employees according to company's benchmarked.
TASK 3
Develop and evaluate the marketing plan for an organization.
Marketing plan: It is a comprehensive document that outlines the advertising and
marketing efforts which helps in accomplishing marketing objectives in a specified time frame
(Jones and Rowley, 2011). It includes several aspects such as cost, budget, goals as well as
process towards reaching their objectives.
Background of the company: Metro Bank PLC provide a full range of commercial
banking services for retail and institutional customers. It offers services which includes
mortgage, current account, cash management, safe deposit boxes, private banking as well as
credit and debit cards.
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Vision: To be the country's premiere financial conglomerate, empowering individuals
and business clients to realise and reach their goals with full potential.
Mission: Mission of Metro bank is to stimulate economic growth within the underserved
communities of Jefferson Country, Kentucky by facilitating a variety of financial and
developmental resources.
Objectives: The objective of company to enhance their customer base by 12% through
introducing the investment banking services for its customer's to gain returns.
Strategies:
Segmentation It is a process that are used to decomposition of market into small sections on
the basis of characteristics of the market. Metro Bank segment their market on
the geo-demographics and psychographics basis which include age, lifestyle,
gender, social class etc.
Targeting It is related to the targeting a segment, on the basis of segmentation Metro Bank
targets those who are in age group of 25-35 and want to yield return from
investment.
Positioning It is associated with placing products in the market so it can be easily available
to their customers. They positions their investment banking services for retail
and institutional customers by using strategies such as attributes, benefits,
application etc.
Tactics:
Product Metro Bank Plc introduced investment banking services with its separate product
line.
Price The company use price penetration strategy where it offers initial low price
products then its competitors to gain market shares.
Place Metro bank focused on improving online websites to become more user friendly.
Promotion The company should hire social media influencers like bloggers or celebrities to
promote its investment banking services.
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Action plan: It is a document which helps to listing the several activities that are need to
follow by an organization to achieve the organizational objectives (Brady, 2014). This will helps
in analysing resource requirements and formulate a strategic plan to perform the activities.
Budget Estimation: This is prepared by finance department that are required to implement
marketing plan which can be described as follows:
Particulars Amount
Marketing activities 18000
Safety measurement 33000
Training and development 60000
Inventories & equipments 100000
Monitoring and controlling: This is an essential for all organisations to evaluate,
control and monitor the activities and performance for attaining their targets within specified
time period. This is to be performed by assessing the performance by auditing reports to
complete tasks on time without any delays. Also, it check the product quality by minimising the
risks of wastages.
CONCLUSION
It has been concluded from the above report that marketing is essential for introducing a
new product a company can formulate marketing plan. Understanding about the roles and
responsibilities of marketing department is essential which are helps in introducing products in
the market. Also, interrelationship with other department are considered as decisions of
marketing departments. It is important for an organization to identify the target market and
products to successfully launch products and use marketing mix strategies to decide the crucial
elements like price, innovative features etc. This helps in implementing plan in an appropriate
way to achieve the effectiveness as well as efficiency.
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REFERENCES
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