Marketing Fundamentals Assignment - Estee Lauder company
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Added on 2020-10-22
Marketing Fundamentals Assignment - Estee Lauder company
Added on 2020-10-22
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MARKETINGFUNDAMENTAL- 2
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1A.........................................................................................................................................3Procedure and stages of marketing including marketing mix role..............................................3Role of marketing in context of creating customers value..........................................................5Stakeholder engagement and their impact on Estee Lauder marketing activities.......................6TASK 1B.........................................................................................................................................8Reflection.....................................................................................................................................8CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONMarketing refers to activities undertaken by organization to promote selling andpurchasing services and products. In short it is an action taken to bring tending to businessofferings; it will be physical product for service or sale offered for example, billboards on roadside and magazine advertisement (Armstrong and et.al., 2014). In other words marketing is aprocedure by which groups and individuals acquire what they want and need through exchangingand creating goods and value with another, it is known as fundamental of marketing.Merchandising principles consist of price, product, promotion and place. The present report isbased on Estee Lauder companies Inc. is an international marketer and manufacture of prestigeskincare, fragrance, hair care products and makeup based in New York City. This study explainstages and process of marketing and role of marketing mix including it. It clarifies function ofmarketing in creating value for consumers and also justify engagement of stakeholder and theireffect on organization marketing activities. Furthermore, this report explain tacticalcommunication tools in part B of this project in context of reflection. TASK 1AProcedure and stages of marketing including marketing mix roleIn process of marketing situation is analyzed to identify opportunities, the marketingstrategy is developed for value offering, tactical decisions are has been taken, plan is executedand outcomes are monitored. Four steps is entangled in process of marketing-Situation analysis- Analysis of condition in which organization find itself serves as basisfor distinguishing chances to satisfy unfulfilled consumer needs. Environmental and situationalanalysis is one of the best things that help to identify the best opportunities for Estee Lauder inmarket place. Situational analysis is done to understand firm capabilities and also to understandsurroundings in which they are operating. Marketing manager of organization conduct marketresearch in which they get all the knowledge about people preference, society believes and otherthings which help them to make their marketing strategy. Marketing strategy- After identify marketing opportunities and conduct marketresearch, strategic plan is created to grab the identified opportunity. Investigation is done and thebest acquirable option is selected, strategy or plan is made for that possibility. Estee Lauder
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