Essentials of Marketing and Management

This assignment requires students to research and provide a list of essential topics related to marketing and management. The topics include smallholder farmers' collaboration in Southeast Asia, business ethics, innovation, hair care, and more. Students are expected to provide a detailed list of essentials for each topic, along with relevant information and sources. This assignment is designed to test students' understanding of key concepts in marketing and management.

MARKETING ESSENTIALS

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Key roles and responsibilities of marketing function........................................................1
P2 State how marketing roles and responsibilities relate with organizational context..........4
TASK 2............................................................................................................................................7
P3 Marketing Mix of two different organization ..................................................................7
TASK 3..........................................................................................................................................10
P4 Produce a basic marketing plan ......................................................................................10
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
Marketing is a business function and series of processes encompasses developing,
delivering and communicating value to consumers; followed by managing buyer relationship,
focused at acquiring and retaining them for longer period. In simple words, it can be defined as
the process of selling and buying of goods & services that ultimately creates value for customer,
partners, clients or society at large (Analytics, 2011). The umbrella of marketing encompasses
promotion, sales, advertising and public relation. It refers to on ongoing process of exchanging
communication that informs, develop and build long lasting relationship between customer and
company. The given report is based on TAXIFY which is well-recognised taxi-provider
company, working in more than 26 countries and now they are awaiting to enter the UK market
soon. The main purpose of this report is provide basic understanding regarding concepts or
principles of marketing. It also covers how roles and responsibilities of marketing function help
company in attracting large number of customers. Along with this, it will0 also discuss
marketing mix of two different organization; followed by basic marketing plan as well.
TASK 1
P1 Key roles and responsibilities of marketing function
Philip Kotler; an American marketing author, consultant and a professor states
that-”marketing is all about satisfying wants and needs through an exchange procedure that
benefits company as well (in terms of profit). Through its medium, the actual products or
services are brought to the place of consumption. This results in meeting customer requirement
in best possible manner. Business owners were aware of the fact that if they want to make
money, they need to sell their product or services to end-consumer who actually needs it in a
proper manner. This can properly be done with the help of marketing function that span
everything starting from distribution to pricing (Aschengrau and Seage, 2013). Marketing act as
a bridge between company and customer as it laid stress on fulfilling the necessities of both
parties. According to the given case study, TAXIFY is a new taxi-app company who is awaiting
license to enter into UK market. Although it is already operating in 26 countries but still wishes
to expand its operation in the market of London. Discussed below are various roles and
responsibilities of marketing function that help TAXIFY in establishing its brand in UK market.
These are as follows:-
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 Marketing Information System: The system is specifically designed so as to gather,
store, analyse and distribute marketing related data to managers in accordance with their
informational need on a daily basis. It is an effective tool that assist users to make
decision regarding customer behaviour and the marketing mix involving products and
how they are priced, placed and promoted. It has been believe that more refined the MIS,
the more information it can provide. As TAXIFY wishes to expand its business operation
in London, company needs to collect information concerning likes and dislikes of buyers.
For example: Company gets to know that buyers get attracted towards various promo
codes offered to them. This enable business to provide product or service according to the
demand of end-customers (Batt, 2013). Setting Prices: Setting right price for right product or service can sometime becomes a
challenge for company. It the price set by firm is too high then there might be chances of
losing consumers and if price set is too low then company will not able to generate
adequate amount of profits. Thus, it is necessary to set right price for the right product or
service that results in creating value for customer. However the “right price” usually
comes through doing some sort of market research as well as via trail & error method.
Selecting right pricing strategy might results in maximizing overall profits of company
while the wrong one can cause adverse affect. In order to find out which pricing strategy
is best suited for the company, business owner needs to consider wide range of factors
including competitor offering, positioning strategies, operational cost and many more.
Right Price not only creates value for customer, it also creates value for company as well
(in context of improving its brand image). TAXIFY has decided to opt penetration
strategies which aims to attract target customers by offering low ranged product or
services. This is the best technique for drawing the attention of buyers away from
competitor's goods or services (Chen, 2013). Product or Service Management: Once the company is done with setting target market
and accurate pricing strategies, the next step is to effectively manage the respective goods
or service offered by company. This encompasses listening to potential buyers,
responding accordingly to customer needs and wants and lastly keeping products or
services of the firm up-to-date. Being a new market player in London, TAXIFY needs to
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ensure that services cater by them must create value for customer whether in terms of
monetary or by providing them unforgettable experience. Financing: This marketing function deals with how business will manage its day to day
activities. It has been correctly said that it takes money to make business. This is the
reason why this function of marketing is known as the most important over other
functions. Adequate amount of funding is required in order to execute routine operation
or business activities (Jong and Marston, 2015). Though there are various sources of
funding through which business can raise sufficient amount of funding like banks,
creditors, angel investors, shareholders etc. TAXIFY has a strong market presence in
other countries like Africa, Australia, Europe and many more. Thus, for setting up its
business in London sufficient funds can be raised through bank (because of firm's in-
built goodwill in other famous countries). However, it can consider other sources as well
such as equity, angel investors etc. Promotion: The function of promotion deals with informing customers about company's
products & encourage them to purchase these products or avail the services. In general,
there are four methods of promotion; personal selling, advertising, publicity and sales
promotion. Every decision taken by marketer of TAXIFY in this aspect will affect its
overall sales. Also the decision is taken keeping in mind the budget of business
enterprise. As the company already operates in other 26 countries it is assumed that
people were familiar with the brand name. But still it needs to promote or advertise its
services in London Market. For example: It can promote its services through social media
platform like Facebook, Instagram. Also attractive coupons code can be offered to target
audience that help in drawing their attention.
 Marketing Research: This is one of the crucial function of marketing as it helps in
developing better understanding regarding target customer (Draelos, 2010). In today's
competitive era where nothing is constant; everyday new invention or innovation takes
place. Same goes for customers as well. With proliferation and availability of wider
choices, it has become essential for company to identify what are the actual needs and
wants of potential buyer. Knowing the fact consumers are regarded as the king of market
which means goods and services produced by any enterprise must satisfy current
requirement of end-users. R&D team of TAXIFY needs to figure out what customer
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expects when they book any cab or taxi. It may be low price, cab must be clean, must
reach on time, GPS or navigation setting must be accurate and so on. With the help of
these expectation, firm can now modify its services and cater high satisfaction level to
end-customers
All these are known as the key roles and responsibilities perform by the marketing
department of organisation to achieve its marketing objective. One of the main feature of
marketing is that it is consumer oriented and it is human activity. Nature of marketing is that it is
a exchange process and it is starts and ends with customers. As marketing is known as one of the
essential function carry out by business enterprise so it is very essential that should be execute
well and as per the trends exist in market as in this thus way company can attract more customers
and can generate more number of profits. Technology, globalisation, online performance
marketing and mobile marketing al are the current trends of marketing. Personalisation and
integration all are the future trends of marketing.
P2 State how marketing roles and responsibilities relate with organizational context
Marketing can be defined as the operations of an organisation which is associated with
buying and selling of products. It is a process which includes advertising, selling and delivering
the product to the ultimate customers (Ellguth, 2016). The concept of marketing is strategies of
company that are implement to satisfy the needs of customers and increases the sales which leads
to maximization of profit and also also achieves competitive advantage over the rivals. In a
company, marketing department plays very important role and it does exist in isolation. So, it is
essential that marketing division is interlinked with other functional unit which helps in
achieving organisational set goals on time. Alignment of marketing objectives with business
objectives help company to utilise all resources and also help in sustain in market for long run.
Marketing objective always support in achieve business objective. For example, if marketing
objective of enterprise in to increase sales of its product by 10% then it directly increase profits
of enterprise and provide support to achieve end business goal.
 Human resource management and marketing: HRM plays very important role in the
company as its function is to recruit, select, training, compensation, performance
appraisal, orientation, providing benefits & incentives and communicating with all
employees. Marketing department highly interrelated to human resource management to
ensure the recruitment of right individual who has required skills and knowledge which
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helps in contributing towards the growth and success of an enterprise. The growth &
development of an association depend upon the skills, potential and competency of its
workers. The primary part of HR Manager is to enlist capable work force who help with
achieving the target of firm both short and long in an effective manner. For generating
higher sales lead and profitability ratio, TAXIFY needs to draw the attention of vast
number of customers (Kohaut and Möller, 2014). However this can only become possible
if company is having pool of skilled and talented employees who works in this direction
i.e. seizing the attention of customer or making them familiar with firm's products or
services. Thus, HR Professionals realizes the need for hiring competent personnel.
Moreover it believes that employees are considered as internal customer of any business
enterprise who contributes altogether in yielding higher productivity proportions. With
the help of marketing tool, HR Manager of TAXIFY can draw the attention of large
number of candidates and stimulate them to apply for current job vacancy in the
company. For example: Firm can choose social media platform for like Facebook,
Instagram, Snap-chat where it can post or advertise about latest opening in the company.
In addition to this, it can also recruit potential candidate through internal source as well
as the company is already operating in other 26 developing countries including Australia,
Europe etc.
 Finance and marketing: This department is considered to be an essential division of the
firm as it prepares the future budgets and also has all records related to funds that are
utilised by the company at different places (Evans and Mendlowitz, 2015). The marketing
department is closely interrelated with finance section which provides sufficient finance
to meet the requirements of promotion, research and distribution. All the other functional
units are dependent upon on the financial capabilities in the firm as they operate their
functions in allotted amount. Marketing wing emphasis on increase in market share and
sales volume where finance sector focuses on managing cash flow, paying back
investments and covering cost. With the help of marketing function, company can draw
the attention of attention of investor or shareholders. Here by pulling attention means
pitching investors in best possible manner. Investors, shareholders are very crucial to
company as they invest adequate amount of finance in company.
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 Information Technology and Marketing Department: For attaining higher competitive
edge in the market place, it is important for every company to revamp its business
activities or operation by embedding high end technology. Today, customers wants to
construct an ever-lasting relationship with brands that retain overtime. However, this
relationship does not simply means products or services creating value for customers
rather they are expecting that firm must stand on their values (W.A.N.G, 2010). With
advance technology, customers get an opportunity in regards of gathering information
related with particular product or services before actually going to buy or avail it. With
this, company also gets a chance to attain high competitive advantage in the market over
its other rivals.
 Research & development and marketing: It is another important department of firm as
it helps in creating innovative ideas and also develops new products & services. The
needs and wants of of customer have to focused for new research and development to
deliver the products that satisfies them. When Taxify wants to grow then department of
research and development helps in conducting market research by which they get
accurate information about the competition and demand of customer. Marketing section
is interrelated with this department because this tells about needs and wants of end users
and how to satisfy them (Hockenberry, Wilson, and Rodgers, 2016).
 Sales and Marketing Department: Sales and Marketing department are inter-related
with one another. Products or Services are produced by company with an intent to earn
sufficient amount of return or revenues on it. With the help of marketing function, final
goods or services are deliver to end-users who actually wants it. Sales proportion can be
increased with the assistance of marketing function as it leads to draw the attention of
large number of customers who are significantly contributing towards company's
profitability ratio. Sales division of TAXIWAY act as a mediator between company and
target customers.
 Customer services and marketing: This is another very critical department of the firm
because it handles all the issues of the customers and also get feedback from them which
helps in improving operations of company. Customer service wing is used for taking care
of their customers after providing services to them. Marketing department is helpful in
analysing the problem of customer by conducting surveys and after knowing they solving
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the issues and make their customers satisfied and happy. TAXIFY is giving 24*7
assistance to its customers in context of taking care of the questions or any queries of
clients. Being a customer-centered company, it needs to laid stress on fulfilling every
single requirement of customer and has to deal with all grievances faced by them. As
now a days, if customer is facing any issue or problem related with the respective product
or services, they simply call customer care department or post it on social networking
sites (Brooks and Simkin, 2012). Indeed, even TAXIFY also operates its functioning
through mobile application as well which implies that if customer is facing any issues
they can simply ask them on their mobile application. In addition to this, TAXIFY is
having its own separate team who are working with a motive to deal with all issues faced
by its customers. 24*7 assistance is given to customers which further lasts good
impression in the mind of customer.
TASK 2
P3 Marketing Mix of two different organization
Marketing mix
Marketing mix is one of the best tool which is used by the each and every company to
promote their products and services to the customers and in the marketplace. This concept help
the business to maximise their sales and revenues as well as gain competitive advantages in an
easy manner (Laudon and Laudon, 2011).
7P's of marketing mix Uber Taxify
Product/Service Uber is a service organisation
and it does not provide
product. They has clear
benefits over regular taxi.
They deals in different types of
services such as GO, Pool, X,
XI, AUTO, MOTO, EATS,
RUSH etc.
Taxify is also a service
providing company that
renders different facilities to
people on a single call with
assist of customer support
executive.
Price Pricing strategy of Uber can be
determined as geographical
Taxify supported payment
through Paytm and different
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pricing. Riding cost with the
organisation depends on 3
factors- rate for estimated
distance and time, demand for
rides and a base rate in that
location.
cash options. They provide
price flexibility with its
different range of vehicles that
cover mid-range, high-range
and economic-range. They has
applied a penetration policy as
well as kept their price range
affordable so as to accomplish
a competitive benefits over
rival businesses.
Place Uber is existing in over 40
nations and over 700+ cities
across the world. Uber, state a
smartphone app that can be
upload at any time period.
Company can be applied by
installing and downloading
application from playstore.
Uber help desks and booking
stations are also present at
centres like malls and airports.
Company is already operates
in 26 nations across Africa,
Europe and Australia has used
for a private hire licence with
transport for London. Now
they want to expand their
business operations at different
countries so that they can
increase number of vehicles. It
help them to achieve better
outcomes easily.
Promotion Uber apply a very clear
marketing paradigm for
creating a base of loyal
customers. Referral benefits,
discounted rides and free rides
are top methods applied by the
company for alluring users.
In order to promote services to
the user company use different
media such as bill board,
television ads, Radio, Flax
hording and so on. All these
are benefited to the company
to easily aware customers
towards their services.
People Uber is a service organisation In the organisation more than
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in such segment, understand
the significance of people
strategy and plan of action in
its marketing mix. They
provide better services to the
customers as they recognise
that large number of person
would travel one they have
better experience. Company
has approximately 12000+
workers all over the globe.
13000+ employees ate work
and having aim to achieve
competitive advantages within
predetermined period of time.
They provide effective and
safe services to the customers
so that image of the company
is good in the mind of
customers.
Process Company has several
processes and activities in
place. The various phases
concerned in availing a cab
facility on Uber like:
Book and track the ride.
Make payment via any of the
preferred ways if payment
when people get down.
Check the availability of cap
and choose the ride of person
choice.
When people have to hire taxi,
they just require to enter
essential details in their app
and the closest cab will come
to pick users. Another process
which is followed by the
customers such as to book and
move the ride.
Physical Evidence Uber cabs facilities which
come for clients pickup is the
largest physical evidence of an
organisation. Also the
application on smartphone
become the biggest physical
evidence of the customers
Taxify has plush agency in
different cities like and
NewYork and Manhattan.
Most of its organisation is
executed online via its website
and application. Apart from
that the main physical
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interface of the brand.
Company does not serve hard
copies of travel acknowledge.
evidence of business its
facilities are the taxis as well
as its hospitable taxi drivers.
TASK 3
P4 Produce a basic marketing plan
Marketing plan is a written document that contain information about the marketing effort
of a company. This mainly outlines how an organisation implement its marketing strategy by
utilise different business resources in order to achieve the set goal or objective. For develop a
effective marketing plan, it is very essential for manager to first have detailed information about
the business and what is the target market of company. In the end manager identify the strategies
to be implemented to achieve marketing objective.
Company Overview: TAXIFY is a company that deals in providing taxi services to vast
number of customers. Presently, the company is operating in more than 26 countries across
Australia, Europe, Africa and many more. But now company is seeking to get private hire
License for London. Company is having strong brand image and goodwill in the market because
of its promise to deliver better pay to drivers as well as cheaper fees to customers (Mahmoud,
2010).
Vision and Mission Statement: It's vision statement is “To bring people together &
connecting cities”.
Mission Statement of TAXIFY is “To make transportation services as reliable as running water;
everywhere for everyone.
SWOT Analysis: It is an effective tool used by company to evaluate it's competitive
position by identifying its key strength, opportunities, weakness and threats. Basically it depict
what are the core strength of company, its major weaknesses, where it actually lacks and what all
are the possible opportunities that needs to be exploited by firm.
Strength:  It is a well-established and well-recognized brand.
 One of its key strength include its high valuation which
depicts pool of people are ready to invest in company.
 It cater high standard of services, verified cars and drivers.
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 It has unlimited fleet of vehicles
 Prices are usually lower when compared with traditional taxi
operators.
 Strong brand image in the market
 Low Operation cost as it mainly depend upon driver-customer
interaction which there is no need for dispatcher.
 Having large customer base & a very exclusive niche
Weakness:  The idea or concept can easily be copied. Nothing will forbid
competition in respect of presenting the same product.
 The relationship between TAXIFY and its drivers is ethically
questionable. Basically it lacks the real connection. Thus it
can be state that the loyalty among company and its drivers is
relatively low.
 Cost of operating vehicle is comparatively high as their
drivers are not earning well.
Opportunities:  Customers are highly disappointed with the services cater by
traditional cab companies as their waiting time is usually long
and it often charge high prices. This can come out as a biggest
opportunity for TAXIFY as it can exploit in best possible
manner.
 It can expand its business in big and new markets in countries
like INDIA where taxi services are expensive and
inconvenient.
 Can tap the advantage of growing market in sub-urban areas
where there is no availability of services.
 Growing number of TAXIFY'S drivers as well as customers
 Increasing valuation of the company
 Electric cars can be used that will ultimately reduce overall
cost and simultaneously raise profit margin of drivers.
Threats:  Drivers are not satisfied with low profit margins. This might
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result in negatively affecting its brand image and goodwill.
 Strong competition prevails in the market
 Chances of scandals and frauds are increasing as new drivers
and markets are joining the league
 Self-Driving cars like Google Cars will destruct the need for
TAXIFY.
STP Approach:
Segmentation: Individuals who often mobile from one to another for any purpose
Targeting: Targets every range of customer including business professional, low to high
income group people. In general it target every single person who wishes to
locomote from one place to another.
Positioning: Making countries or cities more accessible, developing the way the world
moves and lastly bringing cities and people more closer.
Competitor Analysis: Strong competition prevails in every industry but still it is important to
keep a continuous eye on its movement and formulate strategies accordingly. Some of its key
competitors include UBER, LYFT, SIDECAR etc.
Marketing Budget: For running business in a successful manner, company needs to have
adequate amount of funding which assist in achieving organizational objective in an effective
and efficient manner. By designing marketing budget, TAXIFY can find out what all the key
areas where high investment is required. Additionally it also help in anticipating future growth
and revenue.
Marketing budget
Particulars 1st year 2nd year 3rd year 4th year 5th year
Initial money 5000 8000 10000 14000 18000
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Investment 15000 25000 30000 14000
Total 5000 23000 35000 44000 32000
Marketing outlay
Promotion 6000 3000 4000 3000 3000
sales publicity 2000 2000 3000 2000 2000
Direct selling 4000 2000 5000 4000 4000
Total 12000 7000 12000 9000 9000
Controlling and Monitoring: After formulating all strategies and policies, marketer of TAXIFY
needs to ensure whether all planned strategies are implemented systematically or not. If in case
any variation found in between the execution of business strategies, then immediate action needs
to be taken for the same. At this stage, the role of marketer is to oversee performance of all
business operations and activities (Mahmoud, 2015).
CONCLUSION
From the above mentioned report it can be concluded that marketing plays crucial role in
the growth and development of any firm. Products or Services manufactured by company needs
to be effectively deliver to end-customers or the one who actually needs it. Functions of
marketing not help company in generating higher profitability ratio but also assist in improving
its brand image as well. Along with this, it also assist other organisational department like
Human Resource Management, Customer Service Department etc. so that overall objectives and
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goals of respective firm can be accomplished in within its defined time frame. Marketing mix of
two companies has also been portrayed in above mentioned report. Not only this basic marketing
plan is also developed that blueprints future marketing activities and strategies for a specific
product or services.
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How to Create a Marketing Plan. 2017. Available through:
<https://www.entrepreneur.com/article/43018>.
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