Marketing Essentials of L'Oreal Assignment

Added on - 21 Feb 2021

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Marketing Essentials
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Key role and responsibility of marketing functions...............................................................1P2 Roles and responsibilities of marketing in relation with wider organizational structure......2LO 2................................................................................................................................................4P3 Comparison of marketing mix of L'Oreal and Beauty giant..................................................4LO 3...............................................................................................................................................10P4 Produce and evaluate marketing plans for L'Oreal...............................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONMarket essentials Plays a vital role to achieve the target of the company as they help thecompany to bring new customers by analyzing the market with help of 7 P's. It also works toidentify what customers are actually in need and to increase the purchasing power of thecompany they modify the products according to customers expectations so that customersbecome loyal towards the brand. Present study is based on the company L'Oreal which is aFrench personal care company founded in the year 1909 by Eugene Schueller in Clichy, French.It is a cosmetic industry and with help of marketing essentials company has achieved26.93billion revenue in the year 2018.The study will include the key roles and responsibilities ofmarketing function of L'Oreal. Further roles and responsibilities of marketing with widerorganizational structure of L'Oreal will be explained in the report. Further study is based onComparison of marketing mix of L'Oreal and Beauty Giant. At last evaluation of differentmarketing plans for L'Oreal have been studied in the given report(Baker and Saren, 2016).LO 1P1 Key role and responsibility of marketing functionsThere are some roles and responsibilities that marketing plays in the survival of thecompany. In order to understand and to meet the customer expectations L'Oreal company needmarketing that can help the company to reach the message to their customers that are:-Listening to the customer needs:-In order to make the marketing strategy it is verynecessary for the L'Oreal company to listen what are the needs of the customers as wellas to get close and understand. Its is the function of the marketing department to make theimportant means to get the customers' feedback that can be done by making internalchannels by the company with the help of surveys to get the information regarding thesales team as well the departments which are close to the customers and by making thechannels which are outside the company by creating activity in the social media in orderto better understand the needs of the customers. It is necessary to get closer the customersand listen to the needs of them. To know what is actually there demand is and what aretheir expectations related to the product and also receiving the feedback from them timelyand working on it with due respect. This can be done internally as well as externally,1
internally by creating surveys or capture information of the sales team which helps thecompany in the future. Externally by creating social networks(Bhatt and Gupta, 2018).Monitoring the competitors:-In order to achieve the competition the L'Oreal companyshould realize what is the actual position of the company. With the help of marketing thecompany can see the competition in order to identify the competitors mistake so that thecompany will not be able fall in that which can result to growth of the company. It is veryimportant to know the competition and position of the company with the relevantcompanies. So from marketing team one will learn the importance of them. Marketingteam keeps active the company and helps is getting the first mover advantage to thecompany. L'Oreal also have a prominent marketing team which helps it to achieve therequired goal(Campbell, Martin and Fabos, 2018).Working on brand values :-A brand plays a very important role for the company torepresent its product as well as services. The responsibility of the marketing function is tocreate brand image and ideas that can communicate brand value in the best possiblemanner.Coordinating the efforts with the marketing partners:-In the business marketingthere are various contributors that are journalists, publishers as well as designers andconsultants. The work which is done by these contributors should match the company'sobjectives(Hair Jr and et.al, 2015).By innovating:-The company should provide higher offer everyday with this customerswill get surprised and the demand gets high. It is the responsibility of the marketingdepartment to work on the promotions, improving retaining techniques for the customersas well as actions in order to achieve the objectives of the company in an effective andefficient way(Malhotra, 2015).P2Roles and responsibilities of marketing in relation with wider organizational structureL'Oreal is a personal care company and belongs to cosmetic industry so, marketing playsan important role to make the organisation reached its goals as competition in increasing anddifferent marketing research can help the company to identify the opportunity and grab it in shortperiod so that they can sustain for longer duration in this competition. Marketing plays animportant role for product development strategies because digital technologies is increasing the2
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