Introduction to Marketing Essentials
Added on 2020-12-31
15 Pages4548 Words286 Views
MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1. Introduction to marketing along with current and future trends..........................................11.2. An overview of different marketing processes....................................................................21.3.Roles and responsibilities of a marketing manager...............................................................21.4 Interrelationship of marketing department with other functional departments ofMcDonald’s.................................................................................................................................31.5 Importance of marketing role................................................................................................41.6 Significance of having effective interrelationships between different functionaldepartments.................................................................................................................................4TASK 2............................................................................................................................................52.1. Use of elements of marketing mix by organizations to achieve overall businessobjectives:...................................................................................................................................5TASK 3............................................................................................................................................93.1. Produce and evaluate a basic marketing plan for the organisation......................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12.......................................................................................................................................................12
INTRODUCTIONIt is crucial for businesses to effectively manage all their functions for smooth running ofthe business. Managers in the organisations must have a strong grip on essentials of businessfunctions to create strong customer focus towards themselves (Dibb and Simkin, 2013). Thedynamic nature of business environment and its activities have made it even more important fororganisations to adapt and formulate flexible marketing strategies to achieve all their businessgoals. The assignment below is based on McDonald's, a global leader in food and beveragesector. The assignment is inclusive of a detailed analysis of the role of marketing in theorganisation and how it interrelates with the other functional departments of the company. It alsoincludes analysis of how overall business objectives are achieved by organisations usingelements of marketing mix.TASK 11.1. Introduction to marketing along with current and future trendsNowadays marketing trends are changing very fast. McDonald's earlier use doadvertisement through television but now they are using social media for their productpromotions. Moreover, they prefer to do distribution through online stores. Marketing is processof converting consumer needs intro revenue. Marketing helps companies in building their brandand influencing consumers to choose their brand over others (Jobber and Ellis-Chadwick, 2012).It is an ongoing management process that focuses on development of the products for thecompany, along with determining its price, promotional and distribution strategies.The current trends of marketing of McDonald's include:Social Media: The firm has adopted the concept of customer-based marketing. It isestablishing a communication with customers through social media. Such trends helps toestablish long term relations with the buyers and help the firm rectify its errors through instantfeedbacks (Malhotra, Birks and Wills, 2013).Faster Payment: McDonald's is currently focusing on convenience of the customers. Toestablish this, it provides facilities like payments through smartphones and various other NFCtechnologies which ease the customer's process of paying for their food. Through effectivemarketing campaigns, McDonald's provide such information to its customers.1
However, marketing trends of the future are focusing more upon technologicaladvancements and precision. These trends include:Authentic storytelling: Modern day customers are self-directed. These consumers areseeking more personalized experiences with organisations as big as McDonald's. The futuremarketing strategies of the firm should provide the customers with something other than simplepromotion of their product. Cohesive marketing campaigns should be scaled out and the focusshould be telling a story that is authentic, connecting the customers with the company in real-time.AI Integration: Artificial Intelligence is the future. It has already created a strong impacton the world. More organisations are inclining towards AI for their marketing campaigns.McDonald's should also adopt this trend as it would give the firm more competitive advantageover other organisations.1.2. An overview of different marketing processesThere is a specific process of marketing used by McDonald's to create a strong customerbase, which is:Detailed and thorough market research identifying opportunities and threats.Study of the strategies used by its competitors.Setting up of new policies that are customer oriented.Critical evaluation of these formulated strategies and policies (McDonald and Wilson,2016).1.3.Roles and responsibilities of a marketing managerMarketing manager is responsible to manage the marketing resources of a businessorganisation. The success of a new product and increasing sales figure of the existing onesheavily depend on this entity (Nagle and Müller, 2017). Marketing manager of McDonald's isresponsible for developing a unique and long lasting brand image in front of its customers. Theroles and responsibilities of marketing manager of McDonald's are as follows:Customer Relationship: The marketing manager is responsible for establishing a strongcustomer relationship. This is achieved through conveying the customers' preferences to thecompany which is gathered through detailed surveys and online questionnaires.Employee Management: The responsibilities of all the employees of marketingdepartment lies with the marketing manager. He provides them with efficient marketing2
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