Marketing Essentials Assignment : Zara
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Added on 2020-12-30
Marketing Essentials Assignment : Zara
Added on 2020-12-30
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MARKETING ESSENTIAL
TABLE OF CONTENTINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Key roles & responsibilities of marketing function...............................................................1P2 Roles & Responsibilities of marketing relate in the context of organisation.........................4TASK 2............................................................................................................................................5P3 Comparison of elements of marketing mix of two organisations...........................................5TASK 3............................................................................................................................................8P4 Basic marketing plan of the organisation...............................................................................8TASK 4............................................................................................................................................8P5 Contribution & learning during work.....................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................8
INTRODUCTIONMarketing essential defines all marketing elements that are designed to promote anddeliver the products to the ultimate customers (Gnizy and Shoham, 2018). It is a crucial functionas it assures that higher market recognition and profits are availed. The organisation chosen forthis report is Zara, it is a multinational clothing brand. Further, this report includes roles &responsibility of marketing function and their interrelationship with the other functional units ofthe company. Furthermore, this report will compare Marketing mix of two organisations todemonstrate the manner in which businesses achieve their objectives. Lastly a marketing planwill be formed for a chosen product or service.TASK 1 P1 Key roles & responsibilities of marketing functionMarketing is a function organised by Marketing managers of Zara to promote & saleproducts and services of company. It is a process of establishing relationship with the customers& satisfying their needs. Marketing function include role & responsibility of marketing managerwhich helps the company in delivering & promoting quality products in the market. Marketingfunction includes following roles & responsibilities:Market research- Marketing research helps the company to analyse the target market &opportunities and it also helps the company in understanding of customer needs. It is theresponsibility of the marketing manager of Zara to analyse strategies used by itscompetitors. Market analysis helps the firm in identifying need of customers on the basisof their changing perception regarding the price, quantity, quality & advertisement of theproduct. Market research can be done by conducting customer survey, analysingsecondary data & by taking online reviews from the customers. Zara has complied withcurrent trend of marketing research where marketing team makes use of tools of ArtificialIntelligence where the manager is part of cloud community where customer changestrends and preferences are updated on regular basis (Armstrong and et.al., 2015).Developing Market plan- Market plan helps the company to grow in the competitiveenvironment and to achieve its objective. It is the responsibility of marketing manager ofZara to develop a marketing plan which helps the company to achieve success over itscompetitors. Zara uses P R Sostac model to develop its marketing plan. This Model isexplained below-1
Figure 1: PR SOSTAC market planning model(Source: p-r-smiths-sostac-planning-model,2018)Situation- At First Managers of Zara analyses its current market position in the marketand details of its competitors. H&M & Zara are fast fashion competitors currently.Objective- After analysing its position company will decide its objective. Objective ofZara is to become largest retail fashion brand across the world by offering fashion frenzydesigns at a competitive price by 2020.Strategy- Now marketing managers make strategies to achieve its objective. Zara aims toincrease its customer base & market share so that it can become the largest fashion frenzyretail brand. Further, the firm implies use of different strategies like marketing mix,segmentation, targeting, positioning, etc. Tactics- Zara will offer differentiated products on the basis of changing fashion trendacross the globe. Further, firm offer its apparel and fashion accessories at reasonableprice and make attractive promotion plans to increase its customer base & market share.In this firm make use of social promotional strategies which helps in grabbing attentionof millions of potential buyers. Action- After deciding tactics company has to take action and to implement this tactic.Zara will establish more stores & also offer its products through online websites, so thatthe company can enhance its market share & customer base.2
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