Marketing Mix and Brand Equity Analysis
Added on 2020-10-23
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Marketing EssentialsTable of ContentsINTRODUCTION................................................................................................................................2TASK 1.................................................................................................................................................2P1 Role of marketing and its interrelation with other functional units of organization...............2P2 Roles and responsibilities of marketing relate to Nike...........................................................4TASK 2.................................................................................................................................................5P3 Compare ways in which organizations use elements of the marketing mix (7Ps) to achieve overall business objectives..............................................................................................5P4 Develop and evaluate a basic marketing plan.........................................................................8CONCLUSION..................................................................................................................................11REFERENCES...................................................................................................................................12
INTRODUCTIONMarketing is focusing on the customer and identifying their needs. In other words,marketing is thinking about business in terms of need of the customer and differs from sellingNike established in the year 1964 and indulged in the manufacturing of global sports shoes,equipment, and apparel. Marketing mix of Nike is key strength and is spread around theworld with the use of effective marketing strategies. The report is prepared to address theNike approaches, concepts and principles of marketing processes to marketing manager ofNike by the marketing assistant who has been recently appointed in the head office of UK.This report aims to discuss the marketing process of Nike, the relationship of marketing withother function, use of marketing mix for achieving the objectives of the business. In last thereport; the report will develop a basic marketing plan. TASK 1P1 Role of marketing and its interrelation with other functional units of organizationMarketing is the process which increases the customers and enhances relations withthem. (Lovelock and Patterson, 2015). Nike is heavily dependent on marketing and thus hasreached to the large market and outside nation. Marketing assists in the identification ofsuccessful products for the market. Marketing takes the product to the customer for valueproposition and helps customers in knowing the whole purchase journey. Marketing alsohelps the customer by presenting in every stage of the journey and guiding them forpurchasing of product and availing of service. Marketing department will have to interrelatewith all departments to understand the key focus on the purpose of taking the product in themarket, the logic of the charged price, supply chain mechanism and the price on which theorganization will be profitable (Armstrong, et. al., 2010). For this entire information,marketing department will have to go to different department collecting the variety ofinformation and then after filtering, the information is passed on to customers. Marketing is a learning where customers are targeted and finding out the ways howthe products can be sold and then informed to the organization for delivering such productand services or make some modification. Marketing helps in promotion as well. It creates
awareness to the customer about the existence of product and service and then provides theadvantages of using the same. Role and Responsibilities of marketing function in NikeMarketing function of Nike mainly responsible for managing strategies and framingmarketing research. The role of marketing function of Nile is to have better relations withproduct development, finance team, sale support system, human resource department, anddistribution system (Baker, 2016). Since marketing function is a part of operations ofNike and thus it has a connection with other department and functions. Marketing function is also responsible to get back up from other operations anddepartment for performing effectively. Marketing provides a great support to salefunction of Nike as it gets the Company the product which is known by the target market.Marketing function of Nike also play role in assisting in providing the materials the saleoperation required to reinforce the points of selling. Marketing function of Nike works with finance in the pricing of products as per thedemand of customer and market. Marketing operations role of Nike is to tell the financedepartment what market will bear and margin which has been insisted on. Financedepartment makes available the budget for the marketing department for planning andimplementation purpose. When Nike implement the marketing plan then requires a support of finance from thefinance department, need of a human resource to form a team for implementing amarketing plan, sales department for delivering the product to advertise in market andproduction department for telling the budget of what and how much to market. Thedetails of other departments are discussed as below:-Marketing of Nike has a great link with the legal department which ensures thatmessages through marketing and sales stay within the limit or bound of customer or anyapplicable law. Marketing also works with the production department in order to make ensurethat the products which are produced and lying in the stock are meeting the requirements ofthe customer (Varadarajan, 2010). Production department then communicates with thelogistics department for the fulfilment of demand of customers regarding goods and services. Marketing function of Nike also works with distribution department which ensuresthat products are timely available to the point of purchase so that customer can buy themtimely and effectively. When there is discussion made on a budget then the marketing stood
first in budget cutting as some cost save in marketing can be further used in selling moreproducts to the customer. The requirement of human resources and their policies are framedin accordance with the trends of marketing, target consumers and sales.P2 Roles and responsibilities of marketing relate to Nike.The responsibilities and role of marketing function of Nike is mainly consisting offive major concepts which involve current and future trend of a successful plan formarketing. The concepts are here discussed below:-Production concept- This concept is mainly based on how customers perceive forproduct and how they inclined towards easily availability of goods at an inexpensive price.The production concept of Nike is based on an evaluation of customer choices and demandand then working on getting the best for the customer.Product concept- Consumers usually select the products which can provide greatervalue for money, innovative approach, and quality (West, et. al., 2015). After observing thedemand of customers towards the Nike products such as running shoes, sports shoes, tennis,and cricket, Company increased its products and address new products such as tops, jerseys,golf clubs etc.Selling concept- Modern consumers are more focused on the promotions,advertisement and concentrate on the product which is aggressively advertised and promotedin the market. Nike uses many modes for selling its products. Some are through retailers, anofficial site of Nike and own retail outlet of Nike town. The strategy of Nike implies thatNike works with the retailers often. The major distribution of products of Nike is facilitatingthrough retail outlets and Company’s official site. Marketing concept- Marketing concept needs the Company to focus on targetconsumers for providing of goods and services. For facing competition there is needed todeliver the better quality than the rival firms in order to stay ahead of competitors. Nike brandvalue is high to connect with the target customers (Charlesworth, 2014). Due to the greatvalue in the market, Nike has always a high demand for goods and services. Nike has a largeinvestment in advertisement and it is also acting as biggest contribution to Company inattracting more and more customers including celebrity endorsers such as athletes and sportsteam. The company also performs personal selling which persuades customers to buy theproduct from retailers. The company believes more face to face communication with thecustomer.
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