Table of Contents INTRODUCTION...........................................................................................................................................3 Task 1...........................................................................................................................................................3 THE ROLE OF MARKETING IN MODERN ORGANIZATION.............................................................................3 TASK 2..........................................................................................................................................................5 P3 Organization use marketing mix (7P’s) to achieve overall objectives of the company.......................5 TASK 3.........................................................................................................................................................9 P4 Development and evaluation the marketing plan..............................................................................9 CONCLUSION.............................................................................................................................................13 REFERENCES..............................................................................................................................................14 ..................................................................................................................................................................14
INTRODUCTION Marketing always play an important part in the success of the organization. Marketing is a process of satisfying the consumer need by providing them a product in exchange of monetary value. Beauty giant is a cosmetic selling company that has 50 branches all over United Kingdom. They deals in woman and men toiletries from different famous brands. In this report, will discuss about their latest home brand product Forever Young and how it can penetrate into the market. Techniques like 7P's is discussed in the context of the product. Other than that roles and responsibilities of the marketing is also discussed. Moreover interrelationship between the marketing and other department is also explain with functional example. Apart from that different tactics through which objectives can be attained is also discussed. At last, marketing plan of the Beauty giant is also scrutinized and explain. Task 1 THE ROLE OF MARKETING IN MODERN ORGANIZATION The role of marketing in the organization has been changing since many years. Few years back, marketing department counts in Sales department but now time has changed. Marketing requires planning, market research, new product development, pricing, distribution, sales etc. Work of marketing starts from researching the unfulfilled needs of the customer to handling the product to the consumer and cycle starts again. Marketing plays a crucial role in creating a maintainable competitive advantage for the respective companies. Any organization in the market cannot succeed without the help of marketing department. Marketing is a backbone of company. This report will focus on marketing essential and their relation and dependence with the other department of the organization. Marketing functions included making of budget plan so that funds should be allotted properly. Apart from that Market department makes strategy of the company and decides how they will fight in the competitive market to protect and gain the market share. Besides this their work is to identifying the market where company can acquire the market and increase the profit share. Marketing environment is an amalgamation of internal and external environment and forces which influence the company to make a product and serve its potential customer. Marketing concept is described as follows, In theproduct concept, consumer chooses their
product according to their needs, demand, and value for money etc. So company should focus on the needs of the consumer and make the product accordingly. Thus the product will sell accordingly. In theselling concept, nowadays the trends of selling the product have changed. Customer will get attracted to a product which is heavily marketed by the company.Pricing conceptsays that customer will get attracted to the product which has lower price than their competitor. Besides this, distribution concept tells that the product should be distributed or available to every place so that customer can buy from anywhere and satisfy their needs accordingly.Finance conceptbased on allocation of funds according to the strategy of the company so that maximum utilization of money could be attain. With the help of every part which we have mentioned above, company can capture the market and retain their customer according to the customer needs and demands. The main aim of the organization is to attain the pre set goals so that profits can be earned by the company and their employees. Decisions of marketer affect the other department and overall organization. They must perceive that decisions are not made in segregation and any bad decision taken by anyone will directly affect their productivity and decision making. That’s why eachdepartmentshouldworktogetherandtrytoachievethegoalstogether.Rolesand responsibilities of marketing in the wider organization can be described in many points. Finance function spell out that Marketing activities like promotion, advertising, sales promotion etc requiresfundsoftheorganizationwhichisallottedbythefinancedepartment.Genuine communication is required for the proper allocation of the funds and resources for the marketing department. Other departments are connected with the marketing department as they are the one whogeneratesrevenueforthecompany.Productiondepartmentworkswithmarketing department very closely. Marketing helps the production team to make the product according to the needs and demands of the customer. If production department does not meet the customer requirements then consumers won’t buy the product and sales will decrease gradually. That’s why relationship between both the departments should be good and work according to the consumers need. In HRM department, coordination between Human resource and marketing department is also important. Marketing team should work with HRM so to protect that hiring is done according to the requirements of the marketing team. Skills and competencies required for the marketing department should be checked and monitored before hiring any candidate for the team. For instance, Sales team required extensive field work with charismatic interpersonal
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relationship and who can handle pressure situation very calmly. So HR team work is to find the candidateaccordingtothementionedrequirements.That’swhycoordinationshouldbe maintained between both the departments. In Research and development department, Research and development team is the one who make unique and attractive products according to the customer demands. Like Smartphone is a solution of every problem in the world and comes from the efforts of the R&D team. Similarity between both the departments is that they focus and act according to the customer unfulfilled needs. Marketing team work is to provide the data to the R&D team on time so after that they can make their product according to the requirements. Unmet needs of the customer change from time to time that’s why marketing team has to monitor the environment regularly. Marketing team has to submit the raw data in a regular basis so that R&Dteamcouldmodifytheirproductandtheirspecificationaccordingly.Besidesthis, marketing team conveyed the problem faced by the customer due to product to the R&D department, so that they can rectify their mistakes. Marketing work is to create a profitable relationship with customer and try to retain them for longer period of time by giving total value of money to the consumers. Skills, competencies and abilities of a marketer should improve with time to meet the evolving customer in the competitive market. Each organization in the market wants to gain the competitive advantage over other and that can be attain with the help of every department of the organization. Best solution is to organize the regular meeting of all the departments so that everyone can be aware of their working style and collaboration could be increased then. When all the departments of the organization work towards the common goal, vision of the company would be achieved and sustainable competitive advantage will be developed. TASK 2 P3 Organization use marketing mix (7P’s) to achieve overall objectives of the company Marketing is a perpetual evolving discipline that has to use and improve by the company so that they won’t find themselves left behind the competition. The main aim of marketing mix (7P’s) is to place the product at right place, at the right time and at the right price. This technique is use to introduced the new product so that customer would be aware of the product. Beauty Giant should use this technique to introduce their brand new product Forever Young in the market. BasisBeauty GiantGarnier
ProductForever young is a product that would be consume or use by the 30’s people or more than that.AsUnitedKingdomis agingfast,thisproductwill surelyattracttheuntapped market. Ingredients use in the Forever Young product should beclearlymentionedbythe company so that any incident of allergy would be reduced. Gariner products are fulfilling the needs of the customer of 25 plus age. Their more focus is to remove the wrinkle of the consumer. Process of using the creamisalsogivenonthe packet. So that they can use the product with full precaution. PriceBeauty giant have to set the priceaccordingtothat customer’s ability to pay and demand. Price of the product shapes the perception of the customer towards the product orcompany.Pricescanbe reduced at the time of sales promotion and increase at the time of high demand. Beauty giantshouldlowertheir product price so that they can penetrateintomarket.After the successful penetration they canfluctuatetheirprice according to the response of the market. Price of Gariner anti wrinkle daycreamisinbudgetof everyindividual.Garnieris fluctuatingthepriceofthe productorincreasingtheir quantity to acquire the market.
PlaceForeveryoungisakindof product that can be sell online andofflinealso.Through onlinetheycancapturethe moremarketofUKand through physical presence they can capture the local market and helps the company in the distribution also. Garnier is focusing on both the market.Thatisofflineand online. Discounts are given on the online platform to acquire morecustomers.Theyare usingcanopyorcreating campaigntogetmore customers. PromotionIn the cosmetic industry there are already big players who are trying to capture the market. Beauty Giant should make a proper amalgamation of the all the factors like bundle pricing, sales promotion, coupons etc and make their plan according tothat.Fundsallocationis important factor here it shapes the image of the company or destroys it. Sales promotion technique is used by the Garnier as they are giving discounts on buying the set of 3 cream. PeopleBeauty giant should motivate their employees to perform as theyhavetocompetewith market leaders. Their main aim shouldbeacquiremore customerandmakethem aware of their products and its range.Beautygiantshould Garnier motivate their employees by providing them unique and latest technology as it helps the company to gain the competitive advantage. Garnier focuses on quality and innovation rather than quantity.
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organize different session for the new trainee so that new skills and abilities can be learn fromthat.Mainfocusof company is to make customer habitual of their product. ProcessAdvancedprocesslikelean managementorsixsigma techniques could be used by the Beauty Giant to minimize their cost. With the help of this techniquestheproductivity and efficiency of the employee wouldincreased.Thatwill leads to the increase in profit of the company. Beauty giant is already in distributing sector so there crucial work is to use their brand equity and improve theirdistributingnetworkso that price can be reduced to a certain level. Garnierisusingtechniques likeleanmanagementto minimizethecostofthe product so that profit can be increased to a certain level. Physical evidenceBeauty giant should make their storeanditsenvironment according to the forever young product. Beauty giant should maketheirlogouniqueand attracting so that customer will recognize the brand. Garnier makes their exclusive stores in different place with their unique style of making the environment of the store. Garnier gives different types of sales promotion especially in theirstorestoattractmore customers.
TASK 3 P4 Development and evaluation the marketing plan Marketing plan is the formal preparation of strategies required for the purpose of market expansion, new brand launch purpose and other related purpose. Solid marketing strategy is the foundation of the accurate marketing plan and purpose. There has to be specific purpose for the implementation of the marketing plans. Overview of the company- Beauty giant is the top leading company in the distribution of the beauty product and directly engages the customers to buy their beauty products. The company is headquartered in United States of America (USA). The company has contract with the big beauty giant company to order to promote and sell their products. Mission & Vision- The mission is “to deliver the best quality & amount of the beauty to the user at the most attractive and premier pricing”. The vision is “To lead the market in the distribution sector with the increment in the revenue”. Products & Services- beauty giant deals in the various types of cosmetic such as home care, body care and other facial care products etc. All products are considered as the unique and of better and efficient price quality. The company has decided to launch the new brand named as “forever again” with the focus on more profitability and serving the best quality of their beauty products etc. Strategic objectives- The main objective of the company is to gain the excessive market share in the beauty product market for gaining the competitive advantage of the company. Beauty giant wants to achieve 10 percent market share in the cosmetic and beauty sector to gain the efficiency and profitability in the business. Marketing research- From the brief research, it was found that distribution network of the beauty giant is somewhere weak, which needs improvement for overcoming the issue of the less customer acquisition. For overcoming this, company has decided to launch new brand which generally named as the “forever along”.
Target market– Beauty giant has decided to target mainly the female customer, because cosmetics and beauty are mainly used by the female customers. The company has existing market with the choice of their present products. The main aim is to introduce the new brand of the company named as ‘Forever along” to both old and new customers in order to gain the market stability and profitability etc. the age group would be the specific one which will be discussed further. For the understanding the right and appropriate market, company has decided to know the requirement of STP in order to know the potential market condition for the purpose of fulfilling the launch of the new brand. Targeting- It means targeting the customer on the basis of the lifestyle, demographics, behavioral and psychology. In context with the beauty giant, it is important to understand the targeting portion of the business which are as follow: Demographics - It identifies the customers on the basis of their age, gender, occupation etc. beauty giant has decided to focus mainly on the female as their targeted customers. This is because cosmetics are mainly used by this segment. The age group of the user is identified as after 18 years of age. Lifestyle - In context with Beauty giant, cosmetic is considered as the most lifestyle product with the male and female as the most defined customers for it. Cosmetic and beauty is connected to the style statement goods. It is required to follow and chase those who follow the lifestyle and fashion as their passion for everything. Behavioral - This tells us that how a particular user act for the product. It predicts about the excitement and motivation of the user for the usage of the products or services. Segmentation- In context with the Beauty giant, it will, which segmenting of the customer’s needs to the focus upon. Cosmetic and beauty focuses on the customer who are dedicated towards using such products. It plays an important role in the understanding the exact choice of the customer and their usage pattern of the products. It is important for the companies to understand the actual potential for the business of the products.
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Positioning- In context with the beauty giant, it will tell how will attract the prospective buyers using the various mode such as social media, sales promotion, branding etc. The company has decided to target their customers through the modes of the social media and networking in order to get the maximum response of the customers. It is crucial to write the appropriate content and matter on the social media to attract the higher outcomes of the customer behavior. In the last, it is concluded that it is important and significant to make well defined and structured marketing plan in order to the best suitable result of the strategies implemented. Marketing budget: PARTICULARS1stYear2ndYear3rdYear INITIAL MONEY110001100016000 INVESTMENT7500900011000 TOTAL185002000027000 MARKETING OUTLAY PROMOTION9000900010000 SALES PUBLICITY7000900012000 TOTAL160001800022000
Control and monitor:After the preparation of marketing budget, it is the duty of the assistant marketing manager to control and manage the work and activities which will be carried for the production of goods or service. Beauty giant needs to analysis the various functions and work for the purpose of better efficiency and productivity.
CONCLUSION The role of marketing has changed over a period of time. What marketing department used to work is different in the present scenario. They have to work as a team with other departments within the organization so that common goal can be achieved. Every department makes their contribution in the success of the organization or failure of the organization. Beauty Giant can attain the success if they work rigorously and fix their vision according to their capabilities and resources. They must follow market mix technique i.e., 7P’s so that they can place their Forever Young product in the mind of the customer. Positive image of the product in the mind of customer can only make with the help of marketing or promotion. Proper plan should be made according to their vision and follow it positively. Company first makes short goals and objective as attain this leads to bigger success in the context of company. Gaining sustainable competitive advantage in the starting can make the Beauty Giant leading brand in the cosmetic industry.
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