Marketing Essentials Assignment - Docs
Added on - 22 Nov 2020
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INTRODUCTIONMarketing is the most important tool in the developed industries.It involves analysingmarket conditions, demand of its potential customers and to formulate marketing strategy inaccordance with customer needs and requirement.The knowledge related to marketing essentialsis too high in the recent market environment around the world. The key concepts of marketingstartegy include situational analysis of the company, competitive analysis, market research,marketing mix etc.This report gives more emphasis on role of marketing and its inter-relatedfunction in an business entity.TASK 1a) Key roles and responsibilities of marketing functionMarketing function is an important role of an organisation, as it helps them in analysingmarket demand of their particular products and services and also to promote theri products andservices to generate revenue.They are the common functions in the organization and includemarketing research, product plan, development process, promotion, sales, etc.These functionsare responsible for enhancing overall growth of an organisation in a dynamic businessenvironment.The key roles and responsibilities of marketing function are market research,finance, product development, communication, etc.Marketing function are closely related withorganisational functions, as their main motive is to improve overall performance of anorganisation in a competitive business environment. Its common function is analyse the currentmarket trends, promotion of particular products and services and also to improve brand image ofan organisation.The relation between the market functions and other functions shows the connections offunctional unit with each other. This can be described as marketing are required to backup by theother operational departments as well as to perform effectively. When a company formulates aplan they need the help of the production department, human resource department and salesdepartment of the organisation. Further more if the Tesco team want to give a discount offer onlarger quantity of purchase of the product for example buy 3 get 1 free scheme, then theorganisation needs to coordinate with the production department and finance department first.The marketing functions are treated as separate identity within the organisation but to increasethe productivity the organisational departments connects together.The main objective of thefirm is to increase its profit and it can be achieved only if the departments of the company worktogether. Thus all, the functional departments of the company works together to create asuccessful market plan in the organisation.b) Concept of marketing
The marketing concept mainly includes current and future trends in a market and it is alsosub-divided into five concepts .i.e. Product, production, selling, and societal responsibility whichare discussed below:Production concept:This concept gives emphasis on customer wants and needs, so inthis context an organisation should have to produce low cost products with best quality. It willhelps an organisation in attracting more customers in a business environment.Product concept:Under this concept the customers choose a product which is easilyaffordable, quality and innovation.Selling concept: Promotion is the major tool for selling a product and customerspurchases products which are assertively promoted in the market.Marketing Concept: The marketing concept elaborates the need of concentration over thetargeted customer for the distribution of goods and services. Moreover to have a competitiveadvantage, the company needs to produce better value of products and services.Societal Marketing concept: This concept depicts the focus on the targeted customerneeds so that the consumer will choose their product over the other products brand in the market.c) Roles and responsibilities of marketing with respect to marketing environmentThe marketing managemenr refers to managing and controlling promotion andadvertising segment of an organisations products and services in order to attract its potentialcustomers.The roles of marketing are discussed.Market strategies:The major role of the marketing shows the development of marketingstrategies and planning for the organisation. The needs and requirements of targeted customersmust be analysed by the manager of the company so as to give satisfaction to the customers.Marketing information system:It is an information system which provide necessarydetails to its customers about a particular product or services like product quality, pricing,ingredients etc.Monitoring of market environment: Marketing have a major role in the determination ofnew innovations in the marketing environment, these innovations provide a good response to doinnovation in the products and services of the firm.Marketing research: It is one of the important concepts of marketing. This marketingresearch includes the particular awareness about the product, price and costumers so that theycan deliver the best products and services in the market.