Key Role and Responsibilities of Marketing Functions

BUSINESS ESSENTIALS

Table of Contents
BUSINESS ESSENTIALS..............................................................................................................1
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1 Describe the key role and responsibilities of the marketing functions.............................3
P2 Describe hoe roles and responsibilities of marketing relate to the wider organisational
context....................................................................................................................................6
TASK 2............................................................................................................................................7
P3 Marketing mix in order to achieve objective of the business............................................7
TASK 4..........................................................................................................................................11
P4 Evaluate and produce a basic marketing plan for an organisation .................................11
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Marketing is described as a process in which the business organisation promote their
products and services in an appropriate manner. The organisation adopt promotional strategies to
sell their goods to its customer in order to attract them. It involves different activities such as
publicity, advertisement, event, sponsorship and many more that assists the bank in boosting
sales as well as profitability of business organisation. Lloyd is selected as a base of bank which is
mentioned in this report. It is a British financial institution founded in 1995 by Lord Blackwell in
UK. This report shows detailed data and information about key responsibilities that is utilised for
marketing function (Arunachalam and Sharma, 2019) In addition to this, it determines the
relationship between marketing department with other areas involved within the bank. Along
with this, this report shows a comparison between Lloyd with its competitive firm depend on the
marketing mix process. At last, it involves a development of marketing plan for a given bank.
Task 1
P1 Describe the key role and responsibilities of the marketing functions
Marketing is determined as a set of different functions and activities which is conducted
by bank for exchanging ideas, thoughts and views about goods and services provided by them. In
addition to this, the main motive of marketing is to satisfy the need and requirement of customer.
Concept of Marketing: It emphasised on the philosophy in which business organisation
analyse the need and wants of its user and then taking a decision in an appropriate manner for
satisfying the need of customer. The main purpose of marketing is to analyse the requirement of
its user and satisfy them accordingly.
Current and future trends of marketing: In current competitive environment, the
marketing process is change on regular basis because industrial sector is developing
continuously. According to the investigation, it has been examined that Lloyd is using social
media for marketing activities. It involves advertisement, public relation, publicity, sales
promotions and many more (Baker and Magnini, 2016). Based on this, the business organisation
will be capable to promote its goods and services in effective manner. With the help of social
media it helps banking sector to attract the ample of customer around the world within a shorter
period of time. These methods of marketing proficiency boost the sales as well as profitability of
the Lloyd bank.

Marketing process: In order to satisfy the need and wants of consumer , marketing
process is adopted by Lloyd. There are 4 major steps which is going to be discussed below:
First step: In the initial stage, the financial manager of Lloyd analyses all the external
opportunities prevailing in the market ( Brychkov and Domegan, 2017) It also identifies need
and wants of consumer in order to satisfy them. It offer discount and charge low interest rate in
order to earn more and more revenue.
Second step: After analysing the whole market, Lloyd target only those market which
create more revenue for the bank. Moreover customers are also classified according to the kind
of product provided by them at the workplace.
Third Step: After analysing target market, financial manager of the bank develop an
suitable marketing plan which assists the banking sector to promote their products and services in
appropriate manner to its user.
Fourth Step: At last, the financial manager implement the strategies, plan and
procedures for promoting products and services in an suitable manner. They adopt promotional
strategy such as advertisement, publicity, sales promotion and event for promoting the products
and services in an appropriate manner.
Lloyd is a British financial institution of UK which offers superior quality products and
services such as Life insurance, Pension and retail banking to its customer at international level.
The bank provide unique and specific products and services across the world. Based on given
scenario, it has been analysed that marketing sector perform different functions which assists
them in earn more and more profit. In the present scenario of Lloyd, marketing department plays
a essential role for the survival and future growth of the banking sector (Baker and Saren, 2016)
Through effectual marketing techniques they attract ample of customer towards their products
and services. There are different marketing activities and functions performed by marketing
department which is going to be discussed below:
Market Information: In the initial stage, the financial manager of the Lloyd analyses
the whole market for the purpose of assessing need and wants of the customer. It means
analysing both internal as well as external factor which imposes direct impact on growth and
development of Lloyd. In assistance of this, bank also analyses the need and wants of consumer
or they want to alter them according to their taste and preferences. They provide the different
products and services such as ATM, credit card and debit card facilities to its customer in order