Essentials of Marketing and its Importance

The assignment emphasizes the significance of marketing in businesses, highlighting its role in promoting products, services, and brands. It explores different types of marketing research, such as quantitative and qualitative approaches, and discusses the importance of market segmentation, targeting, and positioning. The assignment also covers the main functions of marketing, including product management, pricing strategy, distribution channel management, and promotion. It emphasizes the need for businesses to understand their target audience and tailor their marketing efforts accordingly.

Marketing Essentials

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Roles and responsibilities of marketing function..............................................................1
P2 Inter-relation of marketing department with other functional department........................2
TASK 2............................................................................................................................................3
P3: Comparison of 7P's of marketing mix in organisational context.....................................3
P4: Basic marketing plan for Beauty Giant............................................................................6
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Marketing is the way or method by which company promote their products and service for
building a good brand image of its product or service in the market. It help the company to
develop their product and advertise their product. The term marketing include customer demand,
market research and to deliver a company products where it is necessary. In present scenario
most of the organisation are adopting marketing essential technique to increase the trend of their
product or service in a specific market. This report is divided into two parts in which first is to
show the role of marketing essential in modern business. Second part include the beauty giant
company which is a top leading cosmetic company of the UK. This report include relation of the
marketing department with other functional department. Along with this the marketing mix of
management and the marketing plan is developed which help organisation to achieve growth
success in the market.
TASK 1
P1 Roles and responsibilities of marketing function
Marketing help an organisation in several ways to achieve more and growth for a
business. The first responsibility is to find out the need and demand of a customer. As it help
company to manufacture or develop a product which match with the need and demand of
customer. For this marketing operation play an important role to take a effective decision to
make a product. Apart from this efficient marketing team help the company to develop new and
innovative products for which provide a competitive advantage over its rivals. In today’s era
company offer various types of products and services to attract more potential customer for their
product and services (Berkowitz, 2016).
As the business or companies started to expand their business on a globalise level. High
competition is started between companies as now the beauty giant has to fight with two
competitors one is local companies and other is international companies. So in this case
marketing department of beauty giant work on both grounds which is national and multi-
national. This help company to predict its new customer and to explore untouched areas of
market. Global business houses provide more option to customer for purchasing a product.
Through this customers has more power to switch easily towards a new brand. For this issue
management of beauty giant develop new strategies which help company to create a loyal
1

customer base for its customer. Behind the success of a company various department work
together to attain their goals. Like marketing department, operation department, finance and
human resource department of the company. This all department has their own roles and
responsibilities that are divided according to skills and capability of the employees (Bird, 2012).
The major role of a marketing department is to analysis the behaviour and changes in the
lifestyle of a customer. To predict trends of the market and to find out those factors by which a
the value of a product is increased. In context of beauty giant marketing department of the
company develop various distribution channel by which they supply its quality products in
different areas. It help company to increase its customer base while it is easy for customer to find
out products in all with spending minimum time in search of a product. Design and packing of a
product it is also the responsibility of marketing department that how they pack a product to
make a creative packing for its products. The marketing department of the company also help a
company to communicate with different customer. like beauty giant know about review of a
product from various customer. organisation improve its products with the suggestion and review
about a customer. There are various responsibilities of a marketing department which include the
to set price and to monitor the promotion expenses about a product. Demand of a product is
highly impacted if there is up or down in the price of a market. The more information and data is
obtain by the marketing department about a customer more competitive edge is achieved by its
customer (Cabrera and Williams, 2014).
P2 Inter-relation of marketing department with other functional department.
Marketing departments needs information about whole market to research and develop a
new innovative product. It is possible only when marketing team interact with other department
of the organisation. Relation of marketing department with some other department is mention as
follow:
Relation with the Information Technology department
Technology is updated in modern organisation with in a few weeks. There are various
tools and technique that help marketing department to promote company products in a digital
way. In circumstance about beauty giant it is necessary for them to connect with IT department it
provide several benefits to marketing team or company. Like to promote products in a large area
including the minimum cost is possible through IT tools (Clow and James, 2013).
Relation with Human Resource department
2

The company get large number of benefits along with a unbeatable competitive
advantage. If they have effective and efficient manpower as in each function or department
marketing department need power of humans. Like to manufacture a product company need
humans to manufacture a product. In other case like if a cosmetic company make a product but to
consume there is always a need about a customer or human which also tell about quality of a
product. Major role that is played by HR department is to recruit high effective workforce for the
company. Like they check that employees have required skill that are required for the vacant job
(Daniel, 2011).
Relation with finance department
From the manufacturing process of a product with the advertisement and at end to deliver
a product to customers in every function company require monetary value. This all money is
received by the company through the approval or from finance department only, For the
promotion of the products marketing team required different number of resources that are only
purchased if the company have sufficient amount of funds (What is Market and discuss the Main
Functions of Marketing. 2011).
Relation with the production department
The production department control the whole process of manufacturing a product.
Development of a product start from the raw material process and end with the finished products.
For this case beauty giant is making a product which is consume on skin which is a sensitive
factor. So marketing department communicate necessary information to customer as it help
consumer to save its skin from harmful products (Desai, 2013).
TASK 2
P3: Comparison of 7P's of marketing mix in organisational context
Marketing Mix: It is considered as basic model to conduct marketing activities. This tool
is used by an organization to pursue their marketing objectives and targets. According to the
conditions which are present in target market, various approaches are framed by marketing
manager for these different P's (Cabrera and Williams, 2014). The basic purpose which was
fulfilled from use of marketing mix tool is to aware prospective customer about the service and
product. This will help the management of organization to take strategic decisions while
launching new products or redaction of existing products (Marketing Mix, 2017).
3

Beauty Giant is engaged in providing wide range of cosmetic products in UK by targeting
people who prefer to buy their products and services more. The management has set main
objective to expand company's existing customer base which can only happen if they are capable
to update their offerings than their rivals in competitive market (Ionitã, 2012).. For this, it is
important to make comparison of marketing mix of itself with their rivals' so as to make
corrective actions in order to update their existing offerings. Marketing mix refers to the
combination of 7P's which provides adequate details about company's product, price, place,
promotion, physical evidence, people and process. In UK, Yardley which were established in the
year 1770 engaging in similar sector thus becomes the tough competitor of Beauty Giant. Here
are the comparison of these two organisation on the basis of the elements of marketing mix:
Elements Beauty Giant Yardley
Products It offers broad range of items
of various known brands such
as Brushes, Facial mark, Curl
mask, Make-up kits etc. Now,
the company decide to expand
its existing customer base by
launching new anti-ageing
cosmetic product named as
“Forever Young”.
It offers wide range of
products which includes
fragrance, cosmetics, toiletry
products, soaps, Oral care etc.
Due to their similar offerings,
it provides tough competition
to Beauty Giant.
Price The company currently adopts
penetration pricing strategies
by which they first lower the
prices of their products and
increases when the demand
has been increased in market.
It makes easy for company to
make strong existence in
market within shorter period of
time.
Yardley is currently adopting
cost-plus pricing strategy
under which the managers
fixes the prices on the basis of
the cost incurred in production
cost plus margin on it. The
company targeting upper and
middle class people who prefer
quality over price.
4

Place In UK, the company has over
50 branches who sells men and
women toiletries from various
recognised brands. The outlets
are located at many places of
UK where the demand of their
offerings are high (Katengeza,
Okello and Jambo, 2011)..
Yardley is a MNC brand who
operates in various nations
including Middle east,
Australia, Europe, USA and
parts of Africa. The company
has attained loyal distributors
who supply them raw material
on time due to having strong
market image.
Promotion Beauty Giant currently sell its
products through their over 50
stores but have options to
increase their sales through
using various promotional
tools such as social media,
newspapers, pamphlets etc. As
the company targets women
and men of age over 30 with
its new product “Forever
Young” thus advertising on
newspaper and TV will be
more beneficial to achieve
huge sustainability in UK
within shorter period of time.
Yardley is attained strong
market image who have strong
financial position due to which
it has adopted expensive
promotional tools such as TV
advertisements, Hiring
celebrities, social media
platform etc.
People Beauty Giant has attained
skilled and knowledgeable
employees who are working at
different stores located in
different places within UK. To
achieve success for their new
The behaviour of staff
members of Yardley is very
polite and aims to serve
customers with better products
and services. For this, the
company provides them
5

product, the company should
recruit skilled and experienced
employees who are well
known about selling of
cosmetic products.
training sessions on regular
basis so as to enhance their
performance (Kennedy and
Parsons, 2014).
Process The wide range of products
offered by company are
displayed clearly in the stores
which makes easy for
customers to buy with less
time. The company maintains
their distribution and supply
chain to deliver the products to
the stores by using better
transportation facilities.
Yardley uses new equipments
and tools to produce and
market their products and
services in the market. For
this, Research and
Development department
brings information about the
needs and requirements of
market which makes easy for
production and marketing
department to perform
accordingly in an effective and
efficient manner.
Physical evidence Beauty Giant should make
continuous improvement in
increasing the presence of their
stores by using suitable
lighting and ambience.
The company maintains
cleanliness, hygiene, lighting,
ambience and quality products
etc. which makes positive
impact on the customer's mind.
P4: Basic marketing plan for Beauty Giant
Marketing plan is an essential to prepare which contains all information related with
launching of new product in competitive market with proper plans and actions. Beauty Giant is
currently sell cosmetic items of well recognised brands but now the company has decided to
produce “Forever Young” on their own for the customers in age group of over 30. For this, the
6

marketing manager prepares an effective marketing plan with an objective of achieving huge
sustainability in market within shorter period of time (Langer and Heil, 2015).
Company description: Beauty Giant is currently operating its business in small-scale by
selling wide range of products of recognised brands such as facial mask, curl lash, synthetic
hairs, make-up kits, brushes etc.. It was first established in the year 1994. Now, it has decided to
engage in manufacturing sector through produce products on their own. For this, Forever
Young” product will decide to launch to target over 30 age people.
Objectives:
The marketing manager frame SMART objective behind launching new product “Forever
Young” in UK market with a hope of getting success within shorter period of time. Here are the
SMART objective oF Beauty Giant for its new product:
Specific: To increase profitability and revenue of company to achieve strong position in UK
market.
Measurable: Increment in profitability by 20% in coming year as in comparison with last year
profit.
Achievable: To provide training programs to the marketing members in order to make them
more callable in adopting advanced marketing tools help company in achieving its desired
objective.
Relevancy: Achieving strong position in manufacturing sector which indirectly increases
customer base of company.
Time bound: Within 6 months the company aim to achieve its desired objective.
Vision: The company has clear vision statement which mainly focuses on maintaining
close relationship with its targeted customers by serving quality products and services at an
affordable prices.
Mission: Its mission statement is to offer standard quality products and services at
reasonable prices to achieve huge customer base for its new product “Forever Young”.
SWOT Analysis:
Strengths Weaknesses
 Using latest equipments and
 Operating at small-scale restrict
company to adopt expensive but
7

promotional tools makes easy for
Beauty Giant to achieve huge
sustainability for its new cosmetic
product.
 Better distribution channels will enable
company to meet customer's
requirements on time.
effective promotional tools such as TV
advertisement, hiring celebrities etc.
 Sometimes the company fails to
identify the preferences of customers
due to investing less in conducting
market research.
Threats Opportunities
 Foreign exchange rate of UK may
fluctuated which may negatively
impacts on their decision of launching
new products.
 High competition in cosmetic industry
brings tough challenges to Beauty
Giant to increase market share of UK.
 Expansion of business to develop
nations such as India where the
demands of cosmetic products are high.
 Engagement in producing or selling
organic cosmetic products may brings
profitable result to Beauty Giant.
STP of Beauty Giant
Segmentation: Beauty Giant segments the market on the basis of demographic in which
needs and requirements of both male and female of over 30 age groups are taken into
consideration.
Targeting: Beauty Giant is targeting women and men of over 30 age group to look
young and healthy.
Positioning: The company is currently using various strategies to attract targeted
segment. Beauty Giant mainly focuses on maintaining positive image in customer's mind due to
which it mainly concentrates on enhancing quality instead of lowering their prices.
Marketing strategies: Beauty Giant need to adopt an effective marketing strategies in
order to market their new products towards their targeted customers. Relationship marketing will
be the best suitable marketing strategy which assist them in maintaining healthy relations with
their loyal customers (Marshall, and Johnston, 2011).
Marketing Budget:
8

Marketing budget
Particulars 1st year 2nd year 3rd year 4th year 5th year
Initial money 7000 10000 12000 10000 10000
Investment 3000 18000 25000 35000 18000
Total 10000 28000 37000 45000 28000
Marketing outlay
Promotion 12000 4000 9000 10000 4000
sales publicity 4000 4000 4000 4000 4000
Direct selling 4000 15000 5000 4000 4000
Total 20000 23000 18000 18000 16000
Monitoring and control:
It is important for the marketing manager to monitor each and every marketing activity
which will help company in achieving huge sustainability for its new product into competitive
market. For this, analysis of result is must through comparing the actual result with the standard
outcomes. It assist them in identifying the gap or deviation that can restrict the employees in
performing its roles and responsibilities in an effective and efficient manner. This will give
9

direction to the management in controlling all unnecessary expenses that may only increases the
business cost instead of providing profitable outcome to the company.
Evaluation
It is the decision making process which includes number, value and amount. It is the
evaluation of all activities performed by the company. several methods of evaluation are given
below:
Sales Analysis: It is the analysis of annual sales of a product.
Market-Share Analysis: It is used for analysing the performance of Beauty Giant in
carrying out its operations.
Efficiency Ratios: Ratio of turnover assets- Revenue (Sales)/Net Assets
Cost-Profitability Analysis: It is the evaluation of cost with the profit gained by the
company.
CONCLUSION
It has been summarised from the above project report that marketing function plays an
important role in the achievement of organisational goals and objectives within pre-determined
time period. For this, the marketing manager need to perform its roles and responsibilities with
the help of taking support from other departments such as finance, human resource etc. Apart
from this, it is also important to differentiate their marketing mix with their rivals’ which enable
company to update their existing offerings and maintain their market image for longer period of
time. To update their offerings, marketing plan is also must to prepare as it gives proper direction
and guidance to all members of marketing department ot execute allotted duties according to the
company’s vision and objectives.
10

REFERENCES
Books and Journals
Berkowitz, E. N., 2016. Essentials of health care marketing. Jones & Bartlett Publishers.
Bird, A., 2012. The LinkedIn Essentials: Leveraging LinkedIn to Grow Your Business. Fair
Trade Digital Exchange, Incorporated.
Cabrera, S. A. and Williams, C. L., 2014. Consuming for the social good: marketing, consumer
citizenship, and the possibilities of ethical consumption. Critical Sociology. 40(3).
pp.349-367.
Clow, K. E. and James, K. E., 2013. Essentials of marketing research: Putting research into
practice. Sage.
Daniel, J., 2011. Sampling essentials: Practical guidelines for making sampling choices. Sage.
Desai, S. S., 2013. An analysis of the competitive marketing strategies of the hospitality industry
in UAE. IUP Journal of Management Research. 12(1). p.22.
Ionitã, D., 2012. Entrepreneurial marketing: a new approach for challenging times. Management
& Marketing. 7(1). p.131.
Katengeza, S. P., Okello, J. J. and Jambo, N., 2011. Use of mobile phone technology in
agricultural marketing: The case of smallholder farmers in Malawi. International Journal
of ICT Research and Development in Africa (IJICTRDA). 2(2). pp.14-25.
Kennedy, A. M. and Parsons, A., 2014. Social engineering and social marketing: why is one
“good” and the other “bad”?. Journal of Social Marketing. 4(3). pp.198-209.
Langer, D. A. and Heil, O. P., 2015. Luxury Essentials: Essential Insights and Strategies to
Manage Luxury Products. Center for Research on Luxury, University of Mainz.
Marshall, G.W. and Johnston, M. W., 2011. Essentials of Marketing Management. McGraw-
Hill/Irwin.
Papasolomou, I. and Melanthiou, Y., 2012. Social media: Marketing public relations’ new best
friend. Journal of Promotion Management. 18(3). pp.319-328.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Online
Functions of marketing. 2017. [Online]. Available through:
<http://smallbusiness.chron.com/functions-marketing-business-32399.html>.
Marketing Mix. 2017. [Online]. Available through:
<http://www.marketingteacher.com/marketing-mix/>.
What is Market and discuss the Main Functions of Marketing. 2011. [Online]. Available through:
<http://studypoints.blogspot.in/2011/03/what-is-market-and-discuss-main_5273.html>.
11