Marketing Essentials Assignment Sample - ZARA

Marketing Essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
LO.1. ...............................................................................................................................................1
A.) Key Roles And Responsibilities Of Marketing Function.....................................................1
B.) Analysing The Roles And Responsibilities In Context Of Marketing Environment............2
C.) Significance Of Interrelationship Between Marketing And Other Functional Units............3
D.) Critical Evaluation Of Key Elements Of Marketing Function.............................................4
LO 2.................................................................................................................................................5
1.) Application Of Marketing Mix..............................................................................................5
2.) Different Tactics Used By Organisations..............................................................................7
LO 3.................................................................................................................................................8
1.) Evaluation Of Basic Marketing Plan For Business...............................................................8
2.) Detailed Coherent Evidence Based Marketing Plan..............................................................9
3.) Seven P's Of Marketing.......................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The assignment have focuses on the essentials elements of selling that are required for
promoting a product of a business (Pike, 2015). In this project report, the organisation is ZARA -
a fast fashion Spanish outfit designer. In this report, the focus is laid on the duty and obligation
of the functions of marketing. Report further focus on the significance of interrelationships of
marketing department with the other departments of organisation. It also emphasises on the
critical evaluation of the key elements of marketing functions (Babin and Zikmund, 2015).The
project will emphasize on analysing the way different techniques of marketing mix are applied
by different organisations to that of planning process in order to achieve the common business
goals. Evaluation of different tactics is being done that are applied by the organisation for the
achievement of business objective.
LO.1.
A.) Roles And Responsibilities Of Marketing Function
Marketing is a wider term and it starts with the generation of idea for developing
innovative products which has the high potential and ability of catering the demands of the
target consumers. (Smith and Wong, 2016). Marketing manager and promotional team have
various roles and responsibilities which are required to be perform by them in order to help an
enterprise in accomplishing desired marketing objectives. Role and responsibilities of marketing
functions are : Market research : It's the important role of the marketing department in an organisation
to listen to the needs of the customer very carefully (Brady, 2014). Until and unless, he
will not make efforts or pay attention towards the customer needs of customer, he will not
be able to design such product which can satisfy the consumer needs. The marketing
manager in an enterprise need to formulate some tactics for receiving the valuable
feedback of customers (Kent and et.al., 2018).In context of ZARA, role of marketing is to
provide firm an information about the needs and demands of consumers by conducting
the research. It's the duty of the marketing personnel to keep themselves update with the
current trends that are prevailing in the market. It's very necessary to monitor the activity
of competitors in the competitive market. The very simple reason for this, is that, the
trends keep on changing and the needs of consumers (Kent and et.al., 2018).
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 Innovate:- Function of marketing is all about doing innovation with respect to the product
(Mišič and Podnar, 2017). The products and service industries are required to do some
innovation in their products with the soul motive of attracting the customers to buy their
product. Companies can do innovation in packaging of product; in terms of pricing by
adopting new pricing techniques; new ways of promoting their products; new selling
techniques. Companies can adopt innovation technique in taking the feedback from the
customers. It would be really helpful; for the company by knowing their feedback to
work on launching the existing product by doing some innovation in it as per the
requirements of customers (Baker and Saren, 2016).
 Public relation : It is the duty of marketing manager to communicate directly with
consumers and inform them about the products and services offered by company. In
context of Zara, Role of marketing is to help business entity in developing strong
relationship with customers.
ZARA is a fashion retail organisation, the marketing managers have focus on fulfilling
their roles and responsibilities.
B.) Identifying the Roles And Responsibilities of marketing In relation to the Marketing
Environment
A marketing manager has to perform various roles and responsibilities in respect of ever
changing and dynamic marketing environment. Developing Marketing Strategies And Plans:- A marketing personnel has to identify the
needs and wants of consumer and to deliver a product to them by adding value to the
product and communicating superior values to the consumer. Doing strategic planning is
a managerial process by developing and maintaining the organisations objectives and
skills and resources (Rezaei, Wee and Valaei, 2017). Marketing Information System (MIS):- It is a system that provides required information
and distributes it to the marketing personnel in a timely manner. A marketing manager
require s complete information in the respect of product and do a complete analysis on
basis of planning and implementation (Baker and Saren, 2016).
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 Market Research:- In this case other than doing the monitoring of market, a manager is
required to have specific knowledge in respect of company (Brady, 2014). The specific
knowledge can be related to the product of company; its competitive market and finally,
the targeted consumer group. Brand Equity:- It is defined as the value which is added to the products and services. A
marketing personnel is required to keep strict monitoring over it with the motive of
maintaining its brand value. Brand is like a trust of customers on the products and
services of company. In case of ZARA, the marketing personnel, is putting its efforts in
such a way, that the organisation is always trying to offer something new and useful to
the customers with the motive of maintaining its brand value and in quest of becoming a
leader in making the fashionable outfits (Kent and et.al., 2018).
 Dealing With The Competition:- It's a tough task for every organisation to fight with the
competition prevailing in the market (Kent and et.al., 2018). The marketing personnel are
utilizing their talent and knowledge at their best and in such a way that, the organisation
fights successfully and survive for a longer time in the competitive world.
The marketing personnel of ZARA are an asset for the organisation and are utilizing their
full potential and talent as a tool for fighting against the competitive market.
C.) Importance Of Interrelationship Between Marketing And Other Functional departments
Marketing is very important for an organisation. It's importance of interrelationship with
the other functional units can be described in following ways:-
In ZARA, there are three departments in an organisation namely - Operations and
Finance and Human Resource Department. Interrelationship of marketing with these departments
is as follows:- Operations Department:- Marketing department is required to coordinate with this
department for ensuring that the all the products developed by operational team are
capable of satisfying the current and future needs of a customers. The item that is
manufactured in respect of quality and design is in accordance with the needs and the
specifications given by the customer (Smith and Wong, 2016). The marketers wish to get
the products as soon a possible so that, the product could be made available to the
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customer in the set time period in order to get a competitive advantage over the other
players in the market. Marketing team work closely with operational team in order to
ensure that products and services are available to customer on time.
 Finance Department:- This is the only department that works as a blood for the various
departments of an organisation. It is rotation is equally important in the organisation for
the various departments in order to achieve the desired outcome of success. Finance
department provides budget according to which the different promotional activities are
planned by marketing department. (Babin and Zikmund, 2015). Not only this, the finance
department has top perform, various other functions like:- research and development;
distribution activities of product so as to provide the product to each and every consumer.
Finance is such a department, which is having complete financial details of company in
order to ensure that, all types of business activities should be performed within the
financial capabilities.
 Human Resource Department:- The work of human resource department, is to recruit and
hire such candidates those who have core competencies and capabilities of promoting
goods or services. Now, marketing is such a administrative division, which requires
highly skilled and talented people for doing research. Human resource department
appoints candidates for performing marketing function. . For the purpose of achieving the
production targets and also for the purpose of creating an ambitious and competent sales
team (Pike, S., 2015).
D.) Analysing the important elements of marketing
Marketing department is such a department which is having its interrelationship with the
other departments like Finance and Human Resource and the Operations Department.
Marketing department is required to work closely with this department in order to ensure
that, the adequate research and development is planned to satisfy the current and future needs of
a customer. For the dispatch of any particular item and for the manufacturing of any particular
product it is the finance department only that can set/ allot the budget for the required work done.
Finance Department acts as a flow of blood for the various departments of an
organisation (Brady, 2014). Here, the rotation of fund is equally important in the organisation for
the various departments in order to achieve the desired outcome of success. Until and unless this
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department will not provide or allot the funds to the marketing department for the performing
various functions related to the marketing then accomplishment of desired organisational goal
will not be possible.
Human Resource Department:- work of this department, is to recruit and hire the
employees that are having appropriate skills and capabilities with them. It's the duty of HR
department to recruit the potential; ambitious and skilled candidate having the required
capabilities for the performance of assigned task.
LO 2.
1.) Comparing the ways different organisation apply marketing mix
Basis Of Difference ZARA GUCCI
Product It's a well known fashion brand
in the textile industry in the
world of fast fashion. An
organisation has gained
reputation in the short time
period by offering quality
products. (Kent and et.al.,
2018).
It is one of the top most luxury
fashion brand and is well
known globally. It is having
diverse product portfolio in the
marketing mix.
Price Low cost pricing strategy
adopted by firm .
The pricing strategy accepted
by GUCCI is that it offers very
premium quality products at
higher price.
Place Company has its stores in
different nations. The
organisation has opened its
7000 th store in Hawaii in the
year 2015 (Brady, 2014).
. Business entity also sell
products or services online.
Promotion Marketing campaign has been
conducted by firm. Business
An organisation is using
advertisements; banners; social
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entity is utilising social media
for promoting brand.
media as apart from marketing
mix (Babin and Zikmund,
2015).
People Customer centric approach has
been adopted by company
Organisation has focus on
providing high return to its
stakeholders.
Process An organisation have focus on
producing type of products are
demanded by the customers.
Business entity have focus on
improving promotional
activities.
2.) Different Tactics applied By company
An organisation can achieve its desired goals by framing appropriate strategies with the
motive of achieving the organisational goals. Following are the tactics that are used by the
organisation:- Product Strategy:- It is the tatics framed by the company, to constantly present new
products and services before the customer, by making some changes' and doing some
innovation with the product, to meet out the needs of consumer (Mišič and Podnar,
2017). ZARA is completely updated with the new designs and patterns that, it has to
bring in its products. Zara has adopted the customer centric approach, an organisation
develops the products or service according to the needs of customer. Pricing Strategy:- It does not mean that the organisation should make use of low pricing
strategy with the motive of capturing more and more market share. An organisation has
adopted the premium pricing strategy, according to which company charges high prices
for the good quality of products. Competitive industries are using low pricing tactics and
offer the rebates and special sales to the customers.
 Marketing Strategy:- It is the strategy that seeks to target specific consumer groups by
way of sending them messages and grabbing their most of the attention. It may involves
seasonal advertising and special promotional tactics for gaining maximum market
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dominance. ZARA is a company, that is laying its focus on occupying the most of market
share by offering discounts and giving promotional offers to its loyal customers with the
motive of having a grip on them. Zara has adopted the direct marketing strategy for
promoting the brand. In addition, to this business entity has conducted marketing
camping for informing people about their product or services. An organisation has alos
sponsors few social events which has helped them in getting brand recognition in the
market.
 Operational Strategy:- It is the strategy that focuses on lowering the cost of product
which is being offered by the company to its customers. This is being done by the
company, by launching new products by doing the research on the targeted customer
group and also by taking the review of existing customers in respect of products being
sold to them (Trzaskalik and Jarek, 2016).
 Financial Strategy:- For running a business, company requires investment of money
which is not an easy task for the organisation. In this case, company may take help of
banks, any financial institutions and any financial institutions. so as to get back on track
of business. Its quite good that, ZARA is not facing any such situation.
LO 3.
1.) Basic Marketing Plan For Business
Its very necessary for a company to make a marketing plan for its organisation. Here, the
chosen organisation is GUCCI. Elements of marketing plan are as follows:-
 Business Summary:- It is also known as executive summary. In marketing plan, a
summary is what it exactly sounds like. That is, making a complete brief intro regarding
name of organisation; the mission and vision statements.(Rezaei, Wee and Valaei, 2017).
 Business Initiatives:- It is such an element of marketing plan, that helps an organisation
in doing segmentation of its business in various parts by setting up various goals. Here,
the organisation is required to take care of not to frame a big picture of its initiatives in
the business plan. It includes the mission and vision statement of the company. Mission
statement of GUCCI is :- to become the leader in luxury market at worldwide level.
Vision statement of company is:- to be a leading organisation to provide training;
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knowledge and service all over the world in environmental sanitation industry (Rezaei,
Wee and Valaei, 2017).
 Target Market:- An organisation is required to decide a target market for its products. It
means it should decide in respect of which age group or on what gender basis it should
launch its products in the target market. This element of marketing plan is very helpful in
deciding to which type of industry the goods are required to be sold out.
 Market Strategy:- It is a strategy, that an organisation uses to describe in what manner,
GUCCI will approach its target market. This section also contains:- seven P's of
marketing.
In this GUCCI, frames a marketing plan for its business with the motive of occupying the
biggest market share in the company.
2.) Evidence Based Marketing Plan
.
 Marketing Objectives:- Here the chosen organisation is, GUCCI. Its marketing objective
is to increase the sales. It is one of the most important goal of marketing. It includes
good return on investment, it can be achieved when there is an increase in cost of
marketing. It is often insufficient to increase the sales by certain percentage. It also
includes improvement in product Awareness (Trzaskalik and Jarek, 2016).
 Segmentation:- It refers to the segmentation of company's products as per the needs and
demands of customer. It is on the basis of gender; age; and income group of persons.
 Targeting:- It refers to a situation when there are more than one market segments. In this,
an organisation is typically appealing for selling of its products to different target groups
of consumer.
 Positioning:- To establish the products of company in the targeted market. It refers to the
way in which the brands or products of company are aligned in the market.
 SWOT Analysis:- These are as follows:-
Strength:- Weakness:-
 Strong Brand Image.
 Strong Chain value with the suppliers
 Ineffective marketing strategy
 Limited offering of products and
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and retailers.
 Huge product portfolio:- watches;
wallets; clothing and many more.
 Partnered with UNICEF as a part of
CSR.
services
Opportunities Threats
 Targets youth segment with stylish
designs.
 Creative competitive advantage with
different business segments.
 Substitution of product is easily
available.
 Extremely competitive segment means
limited market share.
3.) Seven P's Of Marketing
Sevens P's of marketing are:-
 Product:- Business entity should develop products according to the needs and demands
of customers. Fashionable as well as ethnic clothes can be produced by Zara , as this will
help firm in attracting more number of customers.
 Price:- An organisation should concentrate delivering high value for money. Whatever
product the consumer is purchasing he should get that value for money. Flexible pricing
strategy can be adopted by Zara , as this will assist an enterprise in maintaining its
profitability.
 Place:- An organisation can locate their stores at the centre of the city , a this will
provide customer an ease in accessing to the products and services offered by company.
(Trzaskalik and Jarek, 2016).
 Promotion:- Zara can use social media platform for promoting their products. As this
strategy will provide firm an ease in marketing their products or services at large scale.
 People:- Zara can adopt customer centric approach , a this will help firm in providing
high level of satisfaction to clients. In addition to this, organisation needs to provide
training to employees, as this will help them in delivering professional as well as quality
services to customers.
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 Process:- Zara need to concentrate on bringing improvement in their promotional plans as
well as marketing activities.
 Physical Evidence:- Zara can open more retail outlets, as this will help an organisation in
delivering products and services to wide number of customers. In addition to this,
marketing manager in an organisation need to bring strengthen their distribution
network.
CONCLUSION
It has been concluded from the report that marketing department plays significant role in
driving the organisation towards accomplishment of desired promotional as well as business
objectives. The other fact which has been concluded from the study is that the success and
growth of company is completely dependent on the interrelationship between different
department. It has been concluded from the assignment that smooth good interrelationship
between different function unit is crucial for smooth functioning of business. The other thing
which has been concluded from the assignment that each company applies marketing mix in
different ways.
An organisation has been provided with advice to include all elements of marketing mix
in their promotional plan , as this strategy will assist them in accomplishing desired objectives.
In addition to this , different marketing strategies has been suggested which can be used by
company for promoting products or services. The different tactics has been recommended which
an enterprise can utilised fort accomplishing desired business objectives.
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