Marketing Essentials For Visa
Added on 2020-10-23
7 Pages3428 Words64 Views
MarketingEssentials
Table of ContentsINTRODCTION...............................................................................................................................................................................................................................................................................................................TASK 1..............................................................................................................................................................................................................................................................................................................................P1 Explanation of Roles and Responsibilities of Marketing Function................................................................................................................................................................................................P2 Analysis of roles and responsibilities of marketing in context of marketing environment and interrelationship between marketing andother organisational function.............................................................................................................................................................................................................................................................................INTRODCTIONMarketing is a functional area within an organisation which is responsible for communicating an organisation's products as well as services to the public. Furthermore, all the activities conducted within an organisation which are performed in relation to addressing the needs and preferences of customers are referred as marketing. It is a crucial activities which emphasises on identifying as well as evaluating the size of market as well as profit and growth potential. Additionally, it is responsible for appropriately identifying those techniques and methods which prove out to be most contributing in relation to market a firm's new offering “Visa-Wear” within the market and acquire maximum attention and response from the people.The report below is based on Visa, which is an American financial services organisation operating globally and situated in California, United States. The organisation ensures facilitation of transfer of electronic funds allover the world. Along with this, firm has its own debit, credit and gift cards under its personal brand. Incorporated in 1958, throughout the years, the company has built effective trust globally and established itself on a competitive position globally. The report covers a detailed explanation of key roles as well as responsibilities of marketing function and how these related with wider organisational context. It also covers analysis of roles and responsibilities of marketing in context of marketing environment and interrelationship between marketing and other organisational functions. Furthermore, the report also covers a detailed comparison of how various organisations apply marketing mix and a detailed coherent and strategic marketing plan for VISA.TASK 15
P1 Explanation of Roles and Responsibilities ofMarketing FunctionMarketing function is a crucial element of an organisation whichenables firms to ensure and establish long term business relationships withinthe marketplace. In context of Visa, this function could ensure the same asmarketing requires the firm to perform market research using effectivemethods to determine preferences and wants of customers as well aspotential customers of the firm. This, in turn, allows the firm to develop theirofferings with respect to these demands of the market.Various marketing concepts are quite important to be effectively analysed to acquire effective knowledge related to the marketing trends prevailing withinthe market. The concepts of marketing are discussed as under:Production Concept:As the oldest concept of marketing, the ideology which is supportedby this concept is that preference of products as well as services in the market depends upon the extent to which they are affordable. This means that if an offering is highly affordable, it would be highly demanded within the market. However, a major risk is associated with organisations adopting this concept is that they emphasise too narrowly on their company's function and tend to deviate themselves from the main goal. Moreover, another threat associated with the same is marketing myopia.Product Concept:According to this concept, only those products and services would be preferred by the marketplace, which are innovative, provides effective performance and offer highest quality to its customers. Organisations adopting the same effectively ensure continuous development as their marketing strategy. In addition to this, these companies focuses on the performance, features as well as product quality to attract customers within the market.Selling Concept:As the name suggests, this concept effectively emphasises on large-scale promotional as well as selling efforts as a strategy to get the products sold within the marketplace. In this concept, rather than establishing customer relationships, firms focus on development of sales transactions. In simpler words, market demands are not taken into account and the firm focuses on selling what is developed by the company, regardless whether it meets the market demand or not.Marketing Concept:Within this concept, organisations tend to focus on determining wants, needs and preferences of their respective target market along with producing the offerings and delivering all the services and products which satisfy these demands within the market. Customers are provided utmost importance within this concept.Social Marketing Concept:As for this concept, the ideology followed within the same focuses on delivering appropriate and essential customer value in ways which manages as well as improve well being of both the customer as well as society. Sustainable marketing, along with environmentally and socially responsible marketing is adopted and implemented within this concept.Out of all these concepts, the best marketing concept which wouldhelp VISA in effectively attracting more customers as well as ensure propermarketing of their offerings is through marketing and societal marketingconcepts.These concepts are the basis on which several trends on marketing areformed and implemented within the current business scenario. Some of thepresent and future trends of marketing are described below:
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