Marketing Function Report - ALDI Ltd

Added on - 22 Jul 2020

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Marketing essentials
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Roles and responsibilities of the marketing functions..........................................................1P2 How roles and responsibilities of marketing relate to wider organisational context.............4TASK 2............................................................................................................................................5P3 Compare the marketing mix of two different organisations..................................................5TASK 3..........................................................................................................................................10P4 Produce a basic marketing plan of the chosen organisation...............................................10CONCLUSION.............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONIn this modern era, marketing plays a significant role in growth and success of everybusiness organisation. It establishes relationship between customers and organisations byoffering them qualitative products and services. Even the global economy has also realisedimportance of marketing and provide them much required support in order to sustain growth.Along with this, effective marketing strategies gives confidence to companies to try new productin market and improve the standards of society. Marketing function works with branding,engagement in publicity activities and customers' interactions by taking feedbacks. Thereby,marketing assists organisations to accomplish their goals and objectives (Askeland and Wright,2013). ALDI is the chosen business organisation, it is a common brand of two discountsupermarket chains by having 10000 stores across the world. The estimated turnover of ALDILtd., is more than €50 billion. Apart from this, the report will describe main roles andresponsibilities of marketing and why they are important to attain goals and objectives. Readerswill also come to know about marketing mix of two different business entities and a basicmarketing plan is developed so as to expand business in other areas also.TASK 1P1 Roles and responsibilities of the marketing functionsThe concept of marketing is a social process through which people can obtain theirdesires or requirements by creating and exchanging goods as well as value with others. It is oneand only most important reason behind success and failure of an organisation. Real marketingfocuses on sustainability which can be only attained by satisfying buyers' needs better. A firm'ssuccess is not only evaluated by judicious application of funds to different portfolios ofinvestment but also it is depend on the relationship which is established with the target audiencescustomers, it is known as marketing function (Blacher-Wilson, Mense and Richardson, 2011).Moreover, marketers are require to identify the market trends or changes and determine how torespond towards them by making customers' happy. Companies who avoid these changes sufferfrom diverse consequences in terms of reduction on revenues and loss numerous customers.Now these days, fewer organisations are tend towards mass marketing which increasesthe standard of selling; in this marketers pay attention to very few but profitable customersinstead of larger groups.Purpose of marketing: -1
In this modern area, marketing activities are becoming more customer oriented. Therebyto sustain in competitive environment companies need to make imperative decisions onmarketing elements, like – product, price, place etc.A sound marketing is a pillar of success of large business entities as it assists them toreach large group of persons in a certain time. It provides a framework in order toestablish a responsibilities between subordinates. It also avoids repetitive duties andenable top management to devote more time in planning of marketing activities (Clowand James, 2013).Marketing also increases good and open flow of communication strategy and make abrand to be stand out of the rest. In order to interact with target audiences, ALDI usesdiverse channels, like – internet, social media channels, smart phones which leads mosteffective communication. Additional, a product or brand cannot be popular withoutcommunication.Life of span and success are correlate with firm's goodwill which is also linked withbrand equity. Several activities are involved in order to build brand equity of the firm.Seven major functions of marketing are as follow: -Marketing research– The most crucial task for marketers to put right product at rightplace. Aside from this, it is also essential for them to analyse that whether customers are gettingoptimal satisfaction with products and services of the firm. This aspects forces managers toconduct a marketing research; it will contribute in find out new market opportunities for currentproducts. It guides to analyse the nature of market competition, market share, sales performance,channel of distribution etc. Along with this, marketing research also formulate effectivemarketing strategies and policies as due to large competition it is difficult to predict customersneeds. In context of ALDI Ltd., market research also aids to test the scope of new products. Itsignifies customers' response for developing new products and befitted a marketing mix.Financing– Effective and successful marketing depends upon flow of revenue which isto be paid for doing business operations. In marketing, finance also assists by providingalternative payment methods to customers, like - extended credit terms, loans or leasing. So thatit is require for marketers to have appropriate funds in order to accomplish high competitiveedge. Marketing activities also builds customer loyalty which aids in securing long-term revenue,when product development programs open new revenue streams (Desai, 2013). It is necessary2
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