Report on Marketing Essentials and Strategies of Beauty Giant
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Added on 2021-02-19
Report on Marketing Essentials and Strategies of Beauty Giant
Added on 2021-02-19
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MARKETINGESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Role and Responsibilities of Marketing in Modern Organisation ............................................1Interrelationship of marketing with other departments ..............................................................2TASK 2............................................................................................................................................4Marketing Mix............................................................................................................................4Market Plan ................................................................................................................................7CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONMarketing can be defined as a method of creation of relationship with customers in orderto satisfy them. It is one of the major components of business management as a success ofbusiness lies in the hand of proper marketing. It helps the business in researching, promoting andselling goods and services which aids in increasing overall growth of an enterprise. Beauty Giantis a UK based retail enterprise that deals with cosmetics and has 50 branches all over UnitedKingdom. This company sells men and women toiletries from different world famous brands.Beauty Giant has decided to introduce its new product ''forever young'' and its basic feature isanti ageing. For introducing a new product in market, it is essential for a company to do propermarketing plan and to understand the marketing mix of product. TASK 1Role and Responsibilities of Marketing in Modern OrganisationMarketing plays an vital role in achieving overall objectives of an enterprise as it is thekey element upon which the growth of an organisation depends. Marketing function helps theorganisation to identify new potential product and promoting that product (Anche Hozouri andMehdizadeh, 2014). Whenever, a new product launches in market, company has to do marketingof that product by promotional activities like advertising , print media and other modes ofpromotion. Without marketing, customers will not get to know about existing of that product inmarket. Beauty Giant is a well known brand , and the reason behind popularity of this brand isthat it conduct all marketing activities in a proper way. There are various roles andresponsibilities of marketing in modern organisation such as -Marketing Strategies- It is a plan developed in order to reach people and convert theminto customer of product that company is providing. The vital role of marketing function is todevelop a strategy and a plan for an organisation. It helps in recognizing and understandingneeds and wants of customers of the target market and than provide them goods and servicesaccordingly. An accurate marketing strategy can develop a relationship between objectives ofcompany and opportunities existing in market ( Aswathappa, 2013). Beauty Giant beforeproviding products and services, works on developing a strategy keeping in mind need anddemands of customers.1
Marketing Information System- It provides information and data about different factorslike product, planning, implementing, and controlling strategies of marketing. This helps theorganisation in understanding the preferences of customers and execute its strategy according toit. Beauty Giant with the help of this system identifies its potential customers.Market Research- It is the key element of marketing function that includes specificknowledge of product, price and customers (Chang, 2015). This research helps in identifyingopportunities prevailing in market and provides better understanding about needs of customers. Italso helps in making organisation aware about competition existing in market. Beauty Giantinvests in proper market research and find out its customers and competitors. Product Development- Product development can be done in two ways either byintroducing a new product or by making changes in existing products. Marketers develop aproduct according to tastes and preferences of customers or in accordance to existingcompetition. Marketing function helps in generating effective plan for launching a new productas per the requirements of target customers (Glanz Bader and Iyer, 2012). For the first time,Beauty Giant provides product according to demands, needs, wants and preferences ofconsumers.Monitoring Marketing Environment- Marketing Function have a significant role toidentify latest development existing in marketing environment. Its aim is to keep trackingchanges existing in external forces that has an effect on markets and demands of a company'sproduct and services. It includes change in market traits, political and legal changes, developingsocio-economic environment and internal and external changes taking place in market. BeautyGiant keeps track on changes in marketing environment and than provides product and servicesin that accordance.Interrelationship of marketing with other departments A company without department which is in-charge for marketing activities is impossible. Inorder to make customer aware about product or services, role of marketing department isinevitable. It does not work in isolation, it gives support to other departments thus makes itimportant to see how connection prevails in organisation. Interrelationship between marketingand other departments of Beauty Giant can be understood through following points: Marketing functions with HR department: It is sales force which meets targets, generaterevenue, personally connected to customer and work on ground level for organisation. Thus there2
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