Marketing Essentials: Adoption of Marketing Mix for Achieving Objectives

This report discusses the concept of marketing essentials and the adoption of marketing mix for achieving targeted objectives. It focuses on the roles and responsibilities of the marketing function and its interrelationship with other departments. The case of Beauty Giant, a British personal care company, is studied to understand the application of marketing mix in marketing planning. The report also summarizes the ideal marketing plan for the organization.

MARKETING
ESSENTIALS

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
Covered in PPT............................................................................................................................1
LO2..................................................................................................................................................1
P3 Adoption of Marketing Mix for Achieving Targeted Objectives...........................................1
LO3..................................................................................................................................................5
P4 Assessment of Business Marketing Plan................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Marketing essential is the concept of developing marketing strategies based on
elements such as product, price, promotion, place, packaging, positioning and people. The
elements are useful in evaluation and revaluation of business activities. The factors are
considered on regular basis to ensure achievement of optimum outputs in marketplace. Beauty
Giant is a British personal care company established in 18 November 2008 headquartered in
Scotland, England dealing in hair colour, skin care, make up, perfume, hair care and sun
protection. The company claims to hold total of 33% share in the type of industry and plans to
expand the business furthermore. The report will discuss the roles and responsibilities of
marketing function, and also their interrelationship with the other department of the organization.
Also the applicability of marketing mix for different organizations for marketing planning will
be evaluated to attain business objective and the ideal marketing plan for the organization will be
summarized.
LO1
Covered in PPT
LO2
P3 Adoption of Marketing Mix for Achieving Targeted Objectives
Marketing Mix is the combination of adaptable factors such as product, price, place,
promotion, etc. which are acquired by the organisation to achieve the targeted development in
the market and increase its share. It is basically a tool through which the needs and demands of
the customers can be identified and influenced according to the product of the company. It
includes study of 7P's which are as follows:
BASIS BEAUTY GIANT L'ORÉAL
Product It basically deals in cosmetics
such as mascara, eye shadow,
etc. and unisex toiletries like
body wash, shampoos, etc. and
recently Beauty Giant has
launched a new product named
as 'Forever Young' which is an
L'oréal is the largest growing
cosmetic company which offers
various skincare, professionals
make-up such as concealer, eye
liner, etc., healthcare, perfumery
products for all the age groups
and for both men and women.
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anti- ageing cream.
Promotion Its strategy for promotion
depends on the targeted market
and customers, basically it does
online advertisement and
pamphlets and also provides
coupons to customer on
shopping for accomplishment of
the set objectives.
In contrast to Beauty Giant,
L'oréal provides various
incentives, personal selling and
gift vouchers on each purchase
L'oréal promotes its products
within the targeted markets and
it also advertise on the radio for
influencing the customers so
that it can influence more
customers for its products and
services which will ultimately
result in increasing its market
share.
Place Beauty Giant has its own stores
at various places in UK which
approximately counts to 50. It is
now focusing to increase its
branches over the thirty targeted
markets for gaining competitive
advantages by online selling and
also through wholesaling its
products and services.
It headquarters are in Clichy and
the registered office is situated
in Paris. L'oréal has acquired
many brands at various places
with its wholesale and retail
shops and therefore, it has
diversified stores and
showrooms, all over the
world(Tomczak, Reinecke and
Kuss, 2018).
Pricing The strategy adopted by Beauty
Giant for the pricing of its
products is pricing based on the
value and the quality given to its
targeted customers, that is, value
based pricing. And also uses
L'oréal uses cost based pricing
strategy, in which all the costs
are considered by the marketing
team for coming to a final price,
which includes the costs of
research, raw materials,
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skimming pricing in which
comparatively high prices are
set and then reduced which will
create brand identity in eyes of
customers. The reason behind
this is that by giving the best
quality and valuing the customer
will result in retention of the
customers.
manufacturing, supplying,
marketing, etc. It uses
Penetration strategy for pricing
of its new products, in which the
cost is kept relatively low at the
initial stage and then frequently
increased after gaining customer
satisfaction and market share for
the product.
Physical Evidence It refers to the physical
appearance and infrastructure of
the product of Beauty Giant and
methods adopted for making it
more attractive and desirable
such as logo and tag lines for
the products and services
offered. Beauty Giant pack its
product in small appealing
pouch as well as big bottles and
tubes of different quantity so
that it is affordable for
customers of all income
groups(Mohammad, 2015).
Its physical appearance strategy
is dependent on the preferences
of its targeted consumers, as
they are the only one to whom
L'oréal has to satisfy. Therefore,
within a shorter span of time it
comes with various offers, such
as buy one get one free, or
conditioner free with the bottle
of shampoo, the packaging and
infrastructure of the product is
done in such a way that the
customers can't stop them from
buying that product.
Person For efficiently working of all
the departments, effective man
force is required. Timely
training of all through
organising seminars and online
skill development classes is
done by Beauty Giant(Mallik
L'oréal provides it employees
with the best leaders and
motivational teams for
developing the interest and
skills of its employees and
bringing positivity in their work
so that they can give their best.
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and Farhan, 2018).
Process It relates to the process through
which final product is send to
the customers. It has many
distribution centres and stores,
and salons from where the
delivery is done to the final
targeted customers. Its current
focus is on the expansion of e-
commerce channel for
distribution so that the
objectives of reaching the
targeted customers can be
fulfilled.
L'oréal has approximately 150
distribution channels which
includes retailers, shops, salons,
drug stores, etc., so that it can
diversify its services in
distribution of the final products
and services resulting in
employee satisfaction along
with their retention.
Illustration 1: Marketing Mix Model
Source: (Marketing Mix, 2019).
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LO3
P4 Assessment of Business Marketing Plan
Executive summary
This report highlights the various external factors which influence the business of beauty
Giant, which has launched its new product 'Forever Young' an anti-ageing cream in the targeted
market for increasing the economical advantage. This plan includes various strategies adopted
for accomplishment of the short-term and long-term goals of the organisation.
Mission
To increase the reputation of the company by providing innovative quality products and
services to the targeted customers.
Vision
Developing new and creative ways of doing business and influencing the customers for
'Forever Young' and retaining them by providing customer satisfaction.
Objectives
◦ To increase sales of new product Forever Young by 10% till the end of year 2020.
◦ To increase the market share by 30% till the end of year 2022.
◦ To enhance consumer experience by 10% in upcoming 6 months.
◦ To increase the profitability by 20% till the end of year 2020.
Situational analysis
Strength: It is owning around 50 stores all over UK and also has Research and
development centres for providing quality products and services to the targeted customers by
having knowledge about their tastes and preferences.
Weakness: It lacks skills for planning and implementing the promotional strategies for
age group below 15 years.
Opportunity: The growing demand and awareness for beauty products among the
customers, gives a chance to Beauty Giant to get more specialised and innovative in the beauty
products, mainly on skincare and cosmetics for both men and women.
Threat: It has to face the competition with the leading brands of UK cosmetics and
skincare brands.
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Financial planning
EXPENSES COSTS (£)
Raw Material £ 1200
Production Cost £ 1000
Labour Wages £ 800
Rent £ 1100
Electricity charges £ 800
Promotional Expenses £ 600
Total £ 5500
STP
The process of STP is adopted by the Beauty Giant to signify the link between the market
it chooses and the strategy planned for competing in the market and creating a strong market
base for gaining competitive advantage by planning for the marketing mix and implementing the
same thereby satisfying the customers.
Market segmentation & Targeting: For its new product 'Forever Young' which is an anti-
ageing cream, it targets the customer of UK of age group of 25 and above and which belongs to
the economic class, and study their behaviour and through research and development gets the
knowledge of their preferences regarding the skincare products and services and retaining them
by providing various additional services and offers.
Positioning: It relates to creating a sense of brand awareness used by Beauty Giant for its
new product 'Forever Young' and doing promotional activities for seeking new customers and
retaining the old ones by influencing them about their new products and its advantages over the
other products and services offered by its competitors(McDonald and Wilson, 2016).
Monitoring and controlling
The process of monitoring and controlling is related with observing the risk with plan
along with its quality in regard of the goals of organisation made and whether it is implemented
accordingly and controlling it and making changes to relate it with the set standards for fulfilling
the objectives of beauty Giant(Perreault, 2018).
KPI: Key performance indicator let the company knows about its working and operations
in achieving its sets short-term and long-term objectives, it measures in terms of value, the
efficiency and effectiveness of Beauty giant in regard to its promotional activities and ratio of
sales in the targeted market for the newly launched product 'Forever Young'.
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Benchmarking: In this process some standards are set, according to which the company
has to work and reach to those standards. It measures the performance of Beauty Giant with its
competitors in the targeted market in regard to its new and existing products and services and
also helps in ascertaining the internal opportunities available with the organisation and also
guiding the ways to improvement.
Cost and Sales Analysis: It refers to the study of company's cost of production and supply
process relating to its goods and services. The manger of beauty Giant has to perform his duty
critically and measure the performance and take remedial actions needed for taking the company
back to the track and gain competitive advantage over its competitors.
CONCLUSION
From the above study it can be concluded that the role and responsibility of marketing
function of Beauty Giant include market information, market planing, exchange functions,
product design and development, physical distribution, standardizing and grading, financing,
packaging, labelling and branding as well as customer support as a part of it's responsibilities of
marketing function and on the other hand the interlinkage of marketing activities with research
and development, production/ operations, human resource, finance as well as customer relations
are linked with the objectives of marketing functions for the attainment of marketing for Beauty
giant. Finally Beauty Giant developed market plan to attain competitive advantage by
establishing mission of introducing innovative and quality product in the market and the vision
of providing maximum consumer satisfaction. The objective of the plan is to boost up sales,
market share and profitability and fatherly developed backup for monitoring and controlling of
the activity.
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REFERENCES
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Larson, J. and Draper, S., 2015. Internet marketing essentials. Idaho Falls, ID: Stukent
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Online
Marketing Mix. 2019. [Online] Available
Through:<https://www.investopedia.com/terms/m/marketing-mix.asp>
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