Marketing Essentials and Strategies

This assignment provides an overview of marketing fundamentals and strategies, covering topics such as product development, pricing, distribution, promotion, branding, event marketing, web site essentials, abnormal psychology, game design essentials, social media marketing, public relations, marketing strategy planning, human resources marketing, startup marketing, and research methods. The document includes a list of references from various academic sources, including journals and books.

MARKETING
ESSENTIALS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain the key roles and responsibilities of the marketing function....................................1
TASK2.............................................................................................................................................3
P 2 How roles and responsibilities of marketing relate to the organizational context................3
TASK3.............................................................................................................................................6
P 3 Comparison of ways in which organizations apply the marketing mix................................6
TASK4.............................................................................................................................................9
P 4 Marketing plan......................................................................................................................9
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Marketing is a very broad term used in the field of business. One must understand all the
concept of marketing in order to become successful in the market. The most important thing in
the marketing is the satisfaction of the consumer. If the consumer gets satisfied with your
marketing tactics then your purpose is fulfilled. Marketing is not limited to the consumer
satisfaction but it also includes certain other criteria such as market analysis, market planning,
pricing decision, branding, deciding distribution, market financing, risk assuming and including
correct set of promotional activity. It all starts with buying of the product. When the product is
purchased the marketing manager has to decide on how to distribute it (Babin and Zikmund,
2015). Then comes the financing to keep business in operation. Pricing is the next step which the
most important part of the product. Then it is improved based on the feedback company is
receiving and those changes should be intercepted by the marketing manager. Promotion of the
product and selling of it also decided by the marketing manager.
TASK 1
P1 Explain the key roles and responsibilities of the marketing function
Marketing is sometimes taken as a simple process of buying and selling. But the tasks
which are included in the marketing are much more complex. It is actually the organizational
approach to create demand for the product. We can take an example of the Cadbury. Mondelez
international acquired Cadbury, so it is now a part of Mondelez international. Its global
headquartered in Uxbridge, West London and operates in more than 70 countries worldwide. The
company is well known for Dairy milk chocolate. The organization uses strong marketing
strategies which increases their market revenue. Marketing basically includes coordination of
four elements and those are 4 P’s of marketing i.e. product, price, place and promotional
strategy.
People working in the marketing department of Cadbury; try to attract customer’s
attention by dividing the market into different segments according to their age, geography and
financial stability (Baker, 2014). They have introduced products based on customers’ demands
and style. For example, for the people with taste, the product is different and for the people who
want cheap product but brand power the product is different. Cadbury also has very well defined
distribution network which makes their product accessible in every corner of Britain. Marketing
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parameters are divided into three categories i.e. exchange function, physical function and
facilitating function.
EXCHANGE FUNCTION
1. Buying: - It includes buying the essential materials which are required for the product
though it is the role of purchase department but. Your specifications and guidance will
help the purchase department to acquire the necessary materials which are best suited for
production.
2. Selling: The decision of what strategy should be considered while selling a product is
very important in deciding the future of the newly launched product. It can be Personal
selling i.e. the engagement of salesmen so that he can make people understand the
usefulness of the product (Batt, 2013).
Advertising the product in the right market is also very important. Cadbury advertises the
product based on the demographic location which seemed very successful.
3. Pricing: - The price of a product is affected by various factors such as cost, profit, the
price of competitors, government policy etc. The price of a product should be made such
that it should not appear too high and should earn enough profit for the company.
PHYSICAL FUNCTION
 Transport and handling: - Transport and handling is dispersal of goods through various
medium like motor trucks, railways, ships, planes. But out of all, the two major form of
land transport are trucks and railways. For international transport ships are preferred. The
benefits of planning the transportation are the stabilized prices, increased production and
improvements in profits.
 Storage and processing: - Storage plays a vital role because as demand increase the
supply should also increase. But for an efficient supply, storage units should be located in
all corners of the state so that there is no supply and demand gap. It also helps in the
steady flow of the product (Chinn, 2017).
 Standardisation, Grading, and Branding: - Standardisation conveys the idea of
uniformity and identity in respect of quality shape, size, and color. This way the product
manufactured in all the factories are same. Branding is to introduce uniqueness to their
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product like special symbols, marks and Manufacturer’s name so as to create the product
differentiation in the market.
FACILITATING FUNCTION
1. Market research: - Market research is very important and it is done so that the manager
can understand the needs of the consumer. The price and quantity of the product being
manufactured also depends on the market research. This research help manager to
understand what product needs to be developed and which product can show the best
possible result in the market.
2. Financing function: - Financing is done because sometimes the cost of the product goes
much higher than expected. At this moment the company needs funds in order to
complete the manufacturing process and raise capital to start operation and remain in
business (Desai, 2013). A marketing enterprise requires fixed capital as well as working
capital and it is the working capital which varies most. There are ways by which
organization can have capital like liquefying the assets of the company and taking more
banks credit.
3. Advertising and sales promotion: - Promoting the product in the market and creating a
right advertisement for the product is very important. Because it is with the reach of the
advertisement that one can create a mass awareness of the product and can influence
consumers’ choice. Besides using the brand power like Cadbury and picking the right
advertisement can be a game changer for the product.
These marketing functions should be followed very carefully and marketers should
implement them in their organization as soon as possible for better efficiency.
TASK2
P 2 How roles and responsibilities of marketing relate to the organizational context
Marketing is very important or a business organization because without marketing it is
like you are asking the customer to choose a product in the dark. Marketing is mainly done by
the marketing team and an organization should spend plenty of money on their marketing team.
It is actually a way to announce the world about its product or service. It fills the gap between the
customer demands and the product (Diana, 2013). Various functions like researching the market,
product plan development, procedures and processes, finances, sales, customer service, etc are
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all included in the marketing. It is very important to define theses function clearly in order to
make them a big hit in the market. Every department is interrelated because it is only with the
cooperation of every department that the company can achieve greater height. For example, take
the case of chocolates in Cadbury. It has a variety of chocolate on the market. And it is due to his
variety that they are a big hit in the market. If Cadbury wants to release a new product it will first
consult its marketing managers to conduct a research on the market so that they can get an idea
of what is the demand of the consumers. The finance department will tell the estimated budget
and the HR department will assign roles to new people. This will help them to boost up their
success thus lead to profitability.
There are five basic concepts of the marketing and the company should follow all of them
to implement their market plan successfully. It involves the current as well as future trends for a
successful planning. The concepts are
1. Exchange concept: - Exchange concept is primitive and is not effective. Here only things
that are of concern are the exchange between buyer and seller. So marketers are only
concerned about the profit and the cost of the product (Durand and Barlow,m 2012). But
this concept is not good altogether because now the marketing managers also keep in
mind the customer satisfaction, creative selling, and concern of the customer. These
aspects are neglected in the exchange concept.
2. Product concept: - In product concept, the focus of managers is in making a good
quality product that consumer love. Managers focus on the quality of product and their
improvement over time. Here managers should also keep in mind the changing market
and should innovate their product.
3. Selling concept: - The organization must adopt an aggressive selling strategy. It should
be planned in such a way that it can attract a number of customers over time. The
customer has the tendency to focuses on the products which are aggressively promoted in
the market (Forrester, 2010). So marketing manager should plan their event by doing
marketing activities such as needs assessment, marketing research, pricing, etc. If
somehow the marketer identifies consumer needs, then, these products will sell very
easily.
4. Marketing concept: - Here the needs and wants of target markets are studied and focus
is made on the delivery of better quality of product and services. The main difference
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between the selling concept and marketing concept is that the selling concept focuses on
the needs of the seller whereas marketing concept focuses on the needs of the buyer.
Cadbury adopted a marketing concept where he introduced its product based on different
age group and financial capability. It has the chocolates which can fill the appetite of
every citizen. These marketing concepts are very important for the overall development
of the company.
5. Production concept: - The production concept mainly focuses on making the cost of
production as low as possible. Managers here try to achieve high efficiency and
maximum profit (Gummesson, 2011). Here only two cases arise, when the demand is
more than supply or when the cost is high as compared to competitors. In both cases,
managers try to fix them by taking various measures.
6. The societal marketing concept: - The societal marketing concept is developed because,
in this ever-changing global market where environment is deteriorating, population is
growing exponentially, recourses are collapsing, poverty is on the boom, and there is no
social service, company marketers thought that there is a need for changing the way
marketing concepts are defined. So they called all the marketers to readjust the way their
marketing policies work. So readjustments are done in company’s profits, consumer
satisfaction and most importantly public interest. Now they take into consideration the
society’s interests in their decision-making. These changes are done so that consumers
can prefer their brand over other brands.
Cadbury has adopted every marketing concept in order to become successful in the
market. They knew what customer want so when they were launching the product they kept in
mind the love for dairy milk and produced the chocolates in the name of “dairy milk”. It is very
important for the marketers to understand the customer because this can only make them
successful. Cadbury hired a celebrity to promote their chocolate and increased its selling across
all the states. They knew the impact of hiring the celebrity would be widespread so they tried
very hard to get the best celebrity possible (Jones, and Rowley, 2011). firm started the use of
social marketing and campaigning which were very effective helped them in widening their
customer base. It always innovating in the product like the gum which they have released in
order to satisfy the need of people of all age group they even focussed on the people who are
concerned with their health and created a product which has low fat. This allowed company to
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gain trust from the people who were avoiding the chocolate just because of their health effect. So
over and all these concepts made Cadbury the biggest chocolate selling company after mars.
TASK3
P 3 Comparison of ways in which organizations apply the marketing mix
The marketing mix is applied in planning marketing plans and strategies to achieve goals
and objectives set by the organization. It is actually the plans and tactics followed by the
company to persuade the consumer to buy their product. Every organization has different
methods marketing mix. It depends on the product and services of the company. Other factors
such as market demographics and size of the company also play an important role in the market.
The manager can implement all the strategies ones he knows them all. It is all about placing the
right product at the right time and at the right place (Mitchell, 2012). Major applications of
marketing mix involve 4 P’s of marketing i.e. product, price, place, and promotion which was
later extended to 7 P’s of marketing.
To understand more clearly the concept of marketing mix we will take two of the biggest
companies i.e. Cadbury and nestle. We will compare the 7 p’s of both the companies and at the
end we will define which strategy is the best in the market.
7 P’S OF
MARKETING
CADBURY NESTLE
1
Product
Cadbury world delivers one of the
best quality products in the world.
But it has also changed and evolved
over time keeping in mind the
changing needs of the consumer
and thus introduced several other
products like candy, drinking
chocolate and gums.
Nestle has also evolved to be
one of the most innovative
product introducers in the
market. Nestle understood the
problem faced by women
during breastfeeding and
introduced a product to
substitute breast milk for those
mothers who do not want to do
breastfeeding.
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Pricing
Cadbury world offers various price
structures in their chocolates and
keeps in mind all the people
belonging to different age group.
organisation world split its product
into party package and single piece
thus offering low cost and greater
profit.
Nestle covered all the age group
by introducing the Maggi pack
at both cheaper and higher
price. Even slightly uplifting
the price of Maggi won’t affect
its sale because of its always
increasing demand
(Ogunmokun and Tang, 2012).
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3
Promotion
Cadbury has promoted its product
in almost all the advertising
medium like television, newspapers
etc. firm has even made various
websites targeting every product.
Various campaign activities are
also carried out by Cadbury at
various high traffic outlets. The
company also has different brand
ambassadors for different product
thus creating a mixed impression in
minds of people.
Specials promotions and sales
to attract consumer from all the
states. Nestle introduced
product based on the
geographical location and
advertise the product as the
product of people.
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Place
The biggest advantage of Cadbury
is the global presence of company
with distribution network spread in
all over the world. The product is
available for both urban and rural
areas. Due to this, their profit is
very good. Cadbury also place their
product on the basis of customer
segment which r\enter in the store.
For example, dairy milk and other
products can be seen in every hyper
and supermarket whereas their
premium products which include
green and black brands are
available at airports and other high-
end outlets.
The method used by Nestle is
consumer marketing channel
where the product is passed
through retailers and whole
sellers before reaching to the
consumer. The company
sometimes throws product
directly into the market so as to
increase its sales. Nestle
chocolate chitchat faces tough
competition from Cadbury so in
the places where the sale of
coffee is high nestle offer
discount in their product range
of coffee if the KitKat is being
purchased in large bulk amount.
Thus according to the place,
nestle change its strategy.
The other three p’s in 7 p’s strategy are service-based and nestle and Cadbury is product
based companies so there is no comparison between them. In order to make clear what are the
other three p’s, they are explained taking into account both the companies.
 People: - Cadbury has product for every age group of people thus making it difficult for
its rival to compete, Nestle, on the other hand, has small product line but it has all the
skill set required for its expansion (Papasolomou and Melanthiou, Y., 2012). The
companies spend a large amount of money to get people with the right skill set so that
they do not become obsolete in the market. All the employees make it sure they
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understand the needs and demand of consumer and work on this demand as hard as
possible.
 Process: - It is actually the standard set of instruction followed by the company so that
there is very slight variation in the product across the world. Process in the company
affects the overall quality of the product and it the responsibility of the management to
make it sure that the product is of same quality across the globe.
 Physical evidence: - Physical evidence is the physical experience customers have with
the brand. It includes every aspect like packaging, place where the product is stored,
website accessibility etc. It is done so that the consumer can have a pleasant experience
while using the product. Feedback should be taken regularly so that the managers can
know what to improve the product.
Illustration 1: Marketing Mix
(Sources: Marketing seven p's, 2015)
Marketing mix also includes 4 C’s which enable the marketers to think in terms of
customer interest rather than their own interest. These four c’s are given by Robert F. Lauterborn
and are mentioned below:-
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1. Cost: - There is a huge difference between the price and cost of the product. The price is
actually the amount you set you should get from the customer whereas cost is when you
shift towards the perspective of the consumer (Perreault, 2010). Cost is the deciding
factor on whether the customer will purchase the product or not. That is why companies
divide the product line on the basis of the segment. For the premium segment i.e. A
segment, the price and the product both are different and for the segment B, C, D the
price and product varies
.
2. Consumer needs and wants: - Marketing campaign of the company should keep in mind
the needs and wants of the consumer. For this, they should regularly take feedback from
the consumers. The focus of marketing manager should be in bringing values to the
consumer so that he can become a loyal consumer. The proper solution to the problems
raised by the consumers should be solved in order to gain the trust of the people.
3. Communication: - How your product is communicating with the consumers directly
affects the growth of the product. Managers should try to instill the power of trust in the
consumers so that they can be loyal to the product. Managers can make their
communication more personal by delivering it through media, television and other
channels (Purvis, 2016).
4. Convenience: - It is very important because if the product is not accessible then the
consumer will buy the product which is within their reach. You have to make it easy and
fast so that consumer can avail all the product. So marketers should simplify the process
their customer has to go through to obtain their product. Proper rewarding to the loyal
customer also encourages them to shop more
TASK4
P 4 Marketing plan
The purpose of making a marketing plan is to full fill all business activities in most
profitable manner. A marketing plan is very important for the company as its strategies will
decide the fate of the product. There are some elements and tools which need to be followed so
that the marketing plan which is laid out can become most effective.
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We will discuss the marketing plan adopted by the Cadbury. company manufactured its
first milk chocolate in 1897. Later in 1920 first logo of enterprises was designed. Today firm is
the largest confectionery in the world. organization is working in 70 countries with one of the
largest distribution network around the world. Firm earns revenue of approximately 150 billion
dollars and is growing exponentially (Swenson, Rhoads and Whitlark, 2014).
Vision: - Vision of the company is to develop a brand which people love. Cadbury keeps in mind
the entire segment of the society and releases its products accordingly. firm makes it sure that the
products which are being made in their manufacturing unit are of top quality and consumers
consuming it don’t have any complaint regarding it.
Mission: - The mission of the company is to bring change in the society by using all its assets
carefully. Focussing on the people from all genres, company will produce its products
irrespective of any colour or gender discrimination.
SWOT ANALYSIS
SWOT analysis is the internal examination of strength, weakness, opportunity, and
threats in an organization. With SWOT analysis, we can determine what the opportunities
present in the market are and what is the possible threat to them. SWOT analysis helps the
company to expand its reach in the market. This can only be done when the company knows its
internal strength and weakness (Rudden, 2016). So it is very important for the company to
determine its strength and weakness so that they can excel in the market.
1.
STRENGTH
Being a reputable brand in the market, it attracts various consumer
solely based on its brand reputation. Besides, since Cadbury is in the
market from last 120 years, organization knows how to make
chocolate so there is no concern of quality. Besides the distribution
strategy of enterprise is also appreciable. company has its
distribution network spread in almost 120 countries which make it
easily available in every local and supermarket (Walliman, 2015)..
firm has a diverse product range which enables Cadbury to compete
in the market more effectively.
2.
WEAKNESS
Though firm has a diverse range of product, its major business
comes from the chocolate. But due to the ever-increasing cost of
cocoa, Cadbury will either reduce the size of bars or will increase its
cost. Either way, institute loses its customer. So Cadbury should
invest more in another product line like bubble gum and beverage.
company also faced some controversy due to the presence of worms
in their chocolate bar which affected the reputation of the company.
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3.
OPPORTUNITIE
S
There are emerging markets in the worlds like India, Russia, and
China. Cadbury should focus on these countries so that they can
make their product accessible to all the nations. Besides enterprise
should shift the factories where the labour cost is cheap as it will
reduce the cost of the product. And by joining hands with Mondelez
in the US is also a good step taken to enter in the US market
Cadbury should also focus on another market such as food,
beverages, etc. so that it can enter into other segments and make
their product line more diverse.
4.
THREATS
There is a threat of an increase in price because the competitors are
using aggressive marketing and promotional strategies. These
marketing and promotional strategies are increasing the cost of the
product as competitors are spending million on their strategies. And
since the selling point of Cadbury is its chocolate, it can pose a
threat in future because now the consumer is becoming more health
conscious so reducing the amount of fat in their chocolate will
require R&D which will increase the cost of the product.
USE OF STP TO DEVELOP MARKET STRATEGIES
STP is segmentation, targeting and positioning. It is one of the most important models
that is applied in modern day marketing practice. It helps to develop proper market
communication plan so that it can deliver a personalized message to its customer. It is more of an
audience focused rather than product focussed approach.
Segmentation is about dividing its product line on the basis of different consumers and
different locations. For example, Cadbury knew that the kids are in love with the chocolate
because of their sweet upper tooth. So organization segment their market into children and target
those children who are able in making a purchase of their favourite chocolate
Target involves in understanding the demand of each segment and generating the product
accordingly. Company determine the common needs or characteristics of a certain segment of
people and serve them accordingly (Papasolomou and Melanthiou, Y., 2012).
Positioning means placing the items in the mind of consumers through advertising so that
the product can be popularised in the right segment. For example, it is important for the company
to introduce the raisins and nuts in the chocolate so that they can assure the parents that the
chocolate their child is eating is healthy.
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CONCLUSION
According to the above-mentioned report, it can be analyzed that the success of the
product is dependent on the marketing manager and proper strategy should be adopted so that the
product can become a hit in the market. And in order to enhance the sales, various marketing
strategies should be introduced so that the company can attract more customers. Adequate
understanding of these parameters and understanding the need of the consumer enables you to
know what is required to be to capture the market and sell the product. It will create trust
between the company and its customers, benefiting the business in long term. These tactics will
help the company to understand and refine the campaign resulting in the more predictable result
and increased advertisement output.
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Functions of marketing. 2017. [Online]. Available through:
<http://smallbusiness.chron.com/functions-marketing-business-32399.html>.
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