Marketing Essentials: Analysis and Evaluation of Key Elements, Interrelationships, and Roles

MARKETING
ESSENTIALS

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
Critical analysis and evaluation of key elements of the marketing function..........................1
Explanation of how roles and responsibilities is related to the wider organisational context2
Analysis of significance of interrelationships between marketing and other functional units3
Critical Evaluation of key roles and responsibilities of the marketing function....................4
Analysis of roles and responsibilities of marketing in context of of the marketing environment
................................................................................................................................................5
LO 2.................................................................................................................................................5
Comparison of ways in which different organisations apply marketing mix.........................5
Evaluation of different tactics applied by organisations to achieve business objectives.......9
LO 3...............................................................................................................................................10
Production and Evaluation of a basic marketing plan for the organisation..........................10
Designing a strategic marketing plan that applies the use of 7Ps.........................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Marketing refers to all the activities, processes and techniques which an organisation
adopts, as well as implements in order to communicate and position their offerings within the
marketplace. Furthermore, this concept is generally applied to ensure that a prominent
awareness, along with an appeal for the services and products of the company is created amongst
the target market of the company (Akbar and et. al., 2017).
Hence, in this relation, the report below is based on Asda, which is one of the most
recognised supermarket chains operating within the United Kingdom. The report emphasises on
the marketing function of this company, for which, the assignment covers a detailed explanation
of the role of marketing, as well as how it interrelates with other functional unit of the company.
Moreover, a detailed and precise comparison has also been undertaken for ways in which firms
utilise elements of marketing mix to attain their overall organisational objectives. In addition to
this, the report undertakes development, as well as evaluation of a basic marketing plan for a new
offering within Asda.
LO 1
Critical analysis and evaluation of key elements of the marketing function
There are certain key elements of marketing which are required to be critically analysed
in perspective of the organisation, in order to understand the implementation of marketing
function within the company. Hence, for Asda, the key elements of marketing function are
explained below:
 Research:
This is an important element of marketing which requires the company to analyse the
market place in order to place or promote its offerings. In this context, Asda adopts primary
research where it gives in questionnaires and surveys to customers for feedbacks. However, its
market analysis is not the effective as the company does not position its products in a preferred
way.
 Strategy:
This element of marketing is related to the strategy of the company in context of
marketing its products. The firm's strategic marketing plans are focused upon enhancing the sales
in context of offering high quality products at lower prices.
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 Planning:
This element is related to forecasting and planning which allows the firm to position its
strategy in an effective manner. Asda ensures that all the strategic goals of the company are
being met due to tracking the performance and anticipating the demand effectively (Hair Jr, Page
and Brunsveld, 2019).
Explanation of how roles and responsibilities is related to the wider organisational context
There are various department that are together responsible to perform the particular roles
and responsibilities within an organisation. Although the role of different functions like HR and
Marketing are different but they are interrelated with one other in order to collective attain the
firm's objective.
 Marketing and finance department:
The role of finance department is to overview all the monetary transaction of an
organisation for better flow of funds and management of internal activities. It also involve the
budget preparation that help Asda company to control the unnecessary expenditure by effectively
managing the optimum use of the capital in different department. Similarly, marketing
department is responsible to accommodate the changing requirement of customer by encourage
the desirable changes. Both the department function in separate field for unique purposes but
they are interrelated to one other. As marketing function on the basis of budget utilise funds to
conduct research and accordingly run brand promotion programmes. Along with that financial
department analyse market research based on which they take decision to raise the funds from
suitable source (Faßmann and Moss, 2016).
 Marketing and human resource:
HR department is considered as finest department because it involve different functions
like conducting recruitment and selection round, placement, staffing, articulate appraisal
program as well as training and development. Such function are together responsible to manage
the performance of personnel. The role of marketing department is to enhance the footfall of the
Asda outlet in order to enhance the profit margin. Further, both the department are interrelated
with one other as marketing function rely upon HR to enhance the skill of their sales
representative that comes with training and development programme organised by HR manager.
This encourages the knowledge and capabilities of the manpower in order attain the collective
target. Thus, due to strong interrelation the manpower gets the growth and development
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opportunity due to which they become the part of respective organisation and participate to gain
long term success.
 Marketing and production department:
Production department of the Asda company helps in making the effective use of the
resources as well as efforts of manpower in order to systematically carry out production of the
final good or services. On other side marketing department determine the necessity to bring
changes in the existing product as well as launch new product to widen company sales. These
function closely work with each other as marketing department interact with operational area in
order to carry out the procurement process and bring vital modification in order to cover
prospects significantly.
Marketing and Consumer: Marketing help consumer to get informed about the product
as consumer is the important part for any organisation because the product is sold to them an
profit is achieved thereafter. Marketing helps in identifying and then supplying the needs of
customer.
Marketing and Competitors: Marketing identifies competition and uses it to set a
standard so that product and services can be improved accordingly. By knowing how competitors
are performing Asda company can alter marketing accordingly so that product and service
quality can be improved and customer satisfaction can be attained.
Marketing and Political environment: It is important to be informed about change in
legal and political policies so that marketing can be done according. Marketing works on to
change political factors in companies favour so that opportunities can be created out of them
which will ultimately help the company to develop and attain profit for long term.
Marketing and shareholder: If the marketing is done properly it will result in increase
sales, as rise in sales will result in higher profit which will give higher amount of dividend to the
shareholder of Asda company. So marketing helps in increasing the wealth of shareholders.
Marketing and economic environment: If the marketing technique used is proper it will
create positive impact on company which means greater sales resulting in generation of income
that will ultimately contribute GDP of the country. In case if the economy if company is good the
individual will purchase more and more will leads to higher profit for Asda company.
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Analysis of significance of interrelationships between marketing and other functional units
Marketing department of an organisation has an effective interrelationship with each of
the other functional units of the business. These interrelationships are very necessary to be
evaluated in order to understand the role of marketing within the overall functions of the firm.
Hence, in this regard, this element with respect to Asda is explored below:
Relationship between Marketing and Human Resources:
One of the most evident relationship of marketing is with the human resource function of
Asda. Its importance could be explained by an example, that if the marketing manager needs
employees for the department, then HR team would help in recruiting and selecting the most
effective candidates for the same. However, in order to do so, marketing department would be
developing advertisements and job descriptions for newspapers and other social media portals to
ensure marketing of the vacancy.
Relationship between Marketing and Finance:
These functions share a correlation with one another, which is important to understand.
This is because while the marketing focuses on more budget for effective promotion of the firm's
products, finance emphasises on cutting up the cost of marketing to save for the working capital.
However, marketing function helps in enhancing sales of the company, that ultimately provide
the finance team with more earnings. On the other hand, finance fund marketing for its
operations which helps the team in promoting the offerings in an effective manner (Uncles,
2018).
Critical Evaluation of key roles and responsibilities of the marketing function
Marketing function refers to the significant practice that assist the company to gather
essential marketing information and effectively examine the changing requirement of customer.
It encompasses various role as well as responsibility that together help to flourish the operations
of business by deriving value to the customer. Explanation of different functions in context to the
Asda company are demonstrated below:
 Product management:
Product or services are basically the offering in which company deals and generate
significant amount of revenue. So within marketing environment the core role of Asda's
marketing manager in terms to product management is to effective manage the long term
relationship with customer. Further, for this focus is given to constantly modifying the services
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