Essentials of a successful firm
Added on 2020-12-09
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Marketing Essentials
Table of ContentsINTRODUCTION ..........................................................................................................................2TASK 1............................................................................................................................................3P1 Aldi : Key roles and responsibilities of the marketing function............................................3P2 Interrelation with various functional departments.................................................................4TASK 2............................................................................................................................................6Marketing mix (7Ps) Aldi...........................................................................................................6TASK 3 .........................................................................................................................................11P4 Produce detailed marketing plan..........................................................................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTION Marketing forms the heart and soul for the success of a firm. Marketing comprises all theactivities that is related with producing, delivering and communicating about the products andservices of a firm so as to induce customers to make a purchase. In today's time marketing playsa essential role in the growth and development of a firm by making its potential buyers awareabout its feature and befits of using it (Armstrong and et al, 2015). Aldi is one of the leading discounted chain of supermarket which was establishes in 1913with its headquarter base in Essen, Germany. It has around 10,000 stores in 20 nations whichgenerates it a revenue of around 30.5 billion euros in 2017.This assignment will discuss about the key roles and responsibilities of the aldi'smarketing functions, further explaining their interrelation with various other functions oforganization. It will provide a comparative study of marketing mix strategy of Aldi with itsleading competitor TESCO . A basic marketing plan will also be explained .TASK 1P1 Aldi : Key roles and responsibilities of the marketing functionMarketing forms cornerstone in deciding success of a firm as it assists firm in cateringthe needs and wants of a firm by providing them with products and services they aspires to gaincustomers satisfaction. It is the efficiency of marketing department that stimulates its consumerto buy their products or avail its services by capturing their attention by making use of varioustools and techniques of sales promotion for reaping in them the need to have that product. Thus,it helps company to attain its mission, vision and goals in the most effective manner earninghigher profits and sales volumes. Also, it strives to retain its existing and capture new potentialconsumers by maintaining long term relationship with them. Aldi being 5th biggest grocery retail chain is having 70 new stores in UK. Thus, tomaintain and enhance its position, it is essential to monitor and analyse the frequent changesoccurring in micro environment comprising customers taste and preferences, competitorsstrategy, prevailing tends etc. so that it can adopt necessary modification in its present products,process, technology or to introduce innovation in them (Babin and Zikmund, 2015). Thus,it ,leads Aldi to earn higher sales volume, high returns and to enhance its customers loyalty
towards the brand. Mentioned below are some of the most prominent functions undertaken bymarketing unit of Aldi :Monitoring and managing social media: With this age of digitalization where internethas become essential part of human life and is taken as a medium to carry out variousactivities. As today consumers have shifted to e-mode for getting all their life essentialtasks done comprising making a purchase to paying out bills, from entertainment to getknowledge of world electronic media with its social apps serves as a valuable option forAldi's marketing unit gaining knowledge about its customers preferences, rivals tactics,market scenario and other information on which it keeps a close watch and thus plan outits next strategy based on it (Baker and Saren, 2016).Market Research: Market research forms one of the important functions of a marketingdepartment as it helps the company to know about demands and aspirations of its targetaudience. Market research is a basically a collection of data and information conducts byevery firm to know about potential opportunity, threats and various other customer andmarket related information. Aldi collects information by conducting surveys, filling upquestionnaires from people etc. and then analyse this data to take important decisionsrelated to its products for formulating action plans for reducing probable future risks. Promotion: Promotion forms an essential part of Aldi's marketing strategy which enablesit to diversify its market share and to attract new consumers. Aldi being a leading brandmake use of both electronic media comprising TV,online promotion(through social mediasuch as, instagram, facebook ,twitter etc.) and print media including newspapers andmagazines ads etc. to reach its target customer group and communicate them about itsproducts, latest offers and schemesPricing: Another essential function of marketing department if Aldi is to take importantdecision related to its pricing policy. Aldi being a discounted supermarket chain strives tocapture market share by providing its customers groceries and other general merchandiseof good quality at affordable prices (Enache, 2011). P2 Interrelation with various functional departmentsA business is an amalgamation of various departments whose coordination amongthemselves is of utmost importance a firm to achieve for meeting out is set objectives withinspecific timeline and with efficiency and maximum outputs. Amongst all the departments of Aldi
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