Marketing Essentials: A Comprehensive Guide to Achieving Business Objectives

Marketing Essentials
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Contents
Introduction......................................................................................................................................3
LO1..............................................................................................................................................4
P1 Explain the key roles and responsibilities of the marketing function.....................................4
P2. Explain how roles and responsibilities of marketing relate to the wider organisational
context..........................................................................................................................................6
M1 Analyse the roles and responsibilities of marketing in the context of the marketing
environment.................................................................................................................................7
M2. Analyse the significance of interrelationships between marketing and other functional
units of the marketing..................................................................................................................8
D1. Critically analyse and evaluate the key elements of the marketing function and how they
interrelate with other functional units of an organisation............................................................9
LO2............................................................................................................................................10
P3. Compare the ways in which different organisations apply the marketing mix to the
marketing planning process to achieve business objectives......................................................10
M3. Evaluate different tactics applied by organisations to demonstrate how business objectives
can be achieved..........................................................................................................................12
LO3............................................................................................................................................13
P4. Produce and evaluate a basic marketing plan for an organisation.......................................13
M4. Produce a detailed, coherent evidence-based marketing plan for an organisation.............14
D2. Design a strategic marketing plan that tactically applies the use of the 7Ps to achieve
overall marketing objectives......................................................................................................15
Conclusion.....................................................................................................................................16
References......................................................................................................................................17
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Introduction
Marketing essentials are very important to be understood for planning a successful business.
Marketing includes the strategies that are mostly customer driven and also helps in providing
quality to the customers. Marketing essentials include understanding customer demands and
building good relations with the customers. It is very important to have complete awareness of
marketing essentials before planning or launching new products and/or establishing new
businesses. This report is basically focused on the current and future trends that take place in the
marketing essentials. In the latter part of this report, the 7Ps of the marketing mix are studied in
detail which helps in the achieving the business goals and objectives. This report is based on a
taxi-app company, Taxify, which is waiting to enter the UK market and is on its way to mark as
the latest entry in the London Transport market.
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LO1.
P1 Explain the key roles and responsibilities of the marketing function.
Marketing is very important for the businesses and it plays a vital role in instituting the
relationship between the business and the customer. The roles and responsibilities of marketing
functions help the organization to build the relationship with the customer with the help of
capturing the interactions and with the help of the feedback collection. The marketing roles
involve participating in the activities like advertisements that are related to the publicity of the
organizations or products publicity. The major role of the marketing function is increasing the
market share of the business. Taxify is a taxi-app company that is planning its entry in the
Transport for London. Taxify will have to do complete market research before establishing in
London market as it is very important to know the competitors that are in the market and Taxify
has to do its best to develop a brand image with the help of television advertisement and another
mode of social media advertisements which are considered effective tools in the competitive
market.
Figure 1: Marketing Functions
Source: (Udemy, 2014)
The roles and responsibilities of marketing functions for Taxify will be as follows:-
Roles and
Responsibilities
Explanation
Marketing research and The research will help in finding the right place where there are
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analysis ample opportunities and new customers for the business. The
growth and development of Taxify will directly depend on the
market research done for establishing a business.
Promoting Brand Image It is an important responsibility for marketing the brand image. The
marketing department will help Taxify promoting their brand image
which will be helpful in future.
Maintaining tools and
techniques for business
promotion.
For business promotion, the tools and techniques have to be
maintained which will be with the help of effective strategies like
use of social media advertising.
Maintaining and
monitoring social media
actions.
To maintain and monitoring social media actions is the basic role of
the marketing division. The safety and security of the actions are
very important and should be considered effectively.
Customer Feedback Following the feedback properly will help in to generate new
concepts to serve the customers.
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P2. Explain how roles and responsibilities of marketing relate to the wider organizational
context.
In the organization, there are various categories and departments that are directly affected by the
marketing strategies and concepts. If the marketing concepts and strategies are good enough
then the organization may run with higher profit margins and if the marketing concepts are not
good then the firm may run into losses. The marketing plays a vitally important role in
promoting organization’s mission and it is also responsible for managing the resources
effectively for an organization. The roles and responsibilities of the marketing concepts in the
context of the organisation include the following:-
Production:-For the manufacturing or the production department of the organization, the
marketing strategies are kept in mind while the products are developed for the future use in an
organization. Therefore it is very important that the marketing strategies should be realistic and
reliable so that the products can be developed accordingly.
Research and Development:-The need and the wants of the customers are focused and kept in
mind by the marketing strategies for the research and development department. It is based on
what strategies are made for the products when launched in the market and it also helps in
providing ideas for developing and satisfying customer demands and needs.
Accounting:-The accounting department is directly affected by the marketing strategies as
accounting department helps in knowing whether the business is running in losses or in gain
(Piercy, 2016). The marketing concepts can keep the accounting department on track as this is
also considered by the stakeholders to make good decisions.
Financial:-The marketing concepts are dependent on the financial conditions of the business.
Therefore, the finance is required for starting the business and for effective running of the
business the finance is required. Therefore, financial conditions effectively control the working
of the business. The strategic marketing concepts and policies can help in achieving the business
goals easily.
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