Marketing Fundamentals Report

This report analyzes the fundamentals of marketing using Estee Lauder as a case study. It examines the processes and stages of marketing, including the role of the marketing environment, research, and mix. The report also analyzes the role of marketing in creating customer value and the impact of stakeholder engagement on marketing activities. Finally, it discusses tactical communication tools used by Estee Lauder to reach its target audience.

MARKETING
FUNDAMENTALS-2

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1A.........................................................................................................................................1
Processes and stages of marketing including role of marketing environment, marketing
research and marketing mix.........................................................................................................1
Role of marketing in creating value for customers......................................................................3
Stakeholders engagement and impact on marketing activities of the organisation.....................4
TASK 1B.........................................................................................................................................5
Concluded essay on the basis of tactical communication tools...................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Marketing is the study of various exchanged relationships undertaken by any company
for promoting its products or services. Marketing fundamentals is a process which identifies,
predicts and satisfies the customers demand as well as requirements. For the study of marketing
fundamentals, Estee Lauder is selected. The selected entity is having its headquarters in New
York City and was established by Estee Lauder with Joseph Lauder in the year 1946. It provides
wide range of cosmetics products to various countries.
The report includes the processes and stages of marketing with the role of marketing
environment, research and mix. In addition, development of marketing in creating customers
value and stakeholders engagement with impact on the marketing activities in the organisation.
TASK 1A
Processes and stages of marketing including role of marketing environment, marketing research
and marketing mix
Marketing is a process of establishing the strategies for promoting and selling the
products to the ultimate customers (Anderson and McAllister-Williams, 2015.). It is a tool which
helps in creating interests among various customers towards the products and services. Any firm
can not perform its operations related to attracting and retaining its customers for longer period
of time without marketing. It plays a vital role in any type of business. It helps in increasing
awareness, sales and building trust relationships as well as reputation in the dynamic
environment. Marketing acts as sources of idea generation and provide basis to take decisions.
The managers of Estee Lauder follows the process of marketing to identify the potential
customers and selling them the products. The marketing process includes various stages as
followed by the salesperson to achieve the organisational goals (Smartsheet. 2019). The stages
includes setting mission, situation analysis, marketing planning, marketing mix, implementation
and control.
Mission Identification: Identification of the company mission is the first step in the
process of marketing. Mission is a statement which defines the business of any firm and reasons
for its existence. It is properly identified, understood, written down and circulated to achieve the
objectives. The analysts identifies the selected firms mission and clearly sets the messages to
guide and influence the working of marketing operations (Plinke, 2015).
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Situation analysis: the next step is to analyse and understand the situations which
influences the working of any firm. Situation analysis includes several methods used for
analysing the external along with internal elements which impacts the strategy choice and
performance. Such analysis helps the managers of chosen business to identify the strengths,
weaknesses, opportunities and threats by provide a clear picture of capabilities, industry trends,
business environment, potential customers and the position of organisation.
Marketing planning: Planning helps in deciding the future in advance. Marketing
planning involves the formulation of strategies and tactics to achieve the mission of the
company. A marketing plan consists of overall business plan which includes actions, efforts and
activities to be used for achieving objectives (Berry, 2016). The marketers of respective
organisation prepares clear plan to provide the directions including the actions, methods and
strategies to increase the market share and strengthen the position of distinct products in dynamic
market.
Marketing mix: after planning the activities and strategies, the next step is to frame the
marketing mix decisions. Marketing mix is a combination of product, price, place, promotion,
physical distribution, process and people. All elements of marketing mix are considered at the
time of framing the decisions. The decision makers of chosen entity properly analyse, understand
and considers all the marketing mix to develop decisions related to the elements for the purpose
of increasing product portfolio, improving business, differentiating with competitors and facing
the dynamic situations.
Implementation and control: At this stage, the formulated plans are implemented into
actions by adopting ways to launching, informing, attracting, providing and retaining the
customers towards the organisational products. The evaluation and control is also a necessary
step to find the deviations and correcting them before any unethical situation. The managers of
described firm implements all the plans, strategies and activities formulated for providing the
variety of products to unified customers and control the unnecessary activities by evaluating the
tasks performed.
The role of marketing environment is to understand the internal and external factors for planning
the operations and understanding the perceptions of customers, research about the current and
future trends in market along with understanding the competitors action (Connolly, 2015). The
role of marketing research is to provide information for taking critical decisions, gathering and
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presenting the factual data, locating business opportunities, formulating business strategies and
overcoming failures in the path of success. The role of marketing mix is to design the products
which satisfy the need of customers, setting prices for distinct products, distributing the products
at different locations for the purpose of selling, designing communication methods to promote
the products, providing authorities to different people to implement strategies, framing processes
in the path of delivering products and providing elements as physical evidence which the
customer experiences.
Role of marketing in creating value for customers
Marketing is a device which helps the business to achieve success by formulating,
delivering and exchanging the relationships to identify, attracting, satisfying and retaining the
customers for creating value to them. Marketing plays a significant role in building the values of
distinct customers by influencing their perceptions and behaviour. It helps in generations value
by formulating multiple connections with individual and product, organisation and customers.
Before creating anything which has value, a detailed research for identifying the needs,
producing those products which helps in satisfying the wants, creating various opportunities to
retain the customers is necessary. These all things are done after the complete marketing
research. The managers of Estee Lauder uses the Customer Perception Theory to create the
values for its customers (Jane Smith, 2019). Such theory helps in providing the knowledge to the
organisation related to the awareness, consciousness along with impression of any consumer
towards the business products. Various marketing promotion tools such as social media,
advertisement, personal experiences, public relations are affecting the perceptions of any
individual which leads to lose the customers in short period of time. The manner in which
selected entity position its products in the market helps in creating values between customers and
organisation. Different customers have different perceptions related to distinct products. Some
may have positive perception while others have negative perception. It depends on the
organisational strategies to attract, satisfy and retain them by providing a positive influence on
their behaviour (Pike, 2016).
The executives of respective business prepares its business plan for producing the
products according to the mission and objectives set to achieve maximum satisfaction from the
customers. The associates of Estee Lauder formulates provisions to segmenting the market
section which have homogeneous behaviour or perception towards the homogeneous products.
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The major focus of such organisations to deliver the high quality products to its loyal customer.
It targets it consumers with the help of commercial effectiveness and using various marketing
promotion tools. The company strengthen its position in the competitive market by providing
products for all age group and according to their needs and requirements with the helps of
multiple distribution channels. All such techniques are the part of marketing which helps in
creating the values for its customers. The managers keep various things and customer
perceptions in mind while taking any decision either for producing a new product or making any
modifications in the older ones. The market leaders provides various innovations to the business
to invest in research and development for the purpose of capturing major section of clients in the
marketplace and delivering the right type of products with the objective of changing the
perception to add value for customers (Coussement and Demoulin, 2017).
Stakeholders engagement and impact on marketing activities of the organisation
Stakeholders engagement is an act which engages the relevant stakeholders of the firm
with the objective of achieving results. It is a process where business comes in contact with its
stakeholders for enhancing accountability as well as sustainability. Every entity communicates
with its stakeholders in all aspects of performing operations for taking decisions in strategy
formation. The engagement of various stakeholders with the business operations provides
various benefits such as risk management, increases investment, enhancing brand image,
building trusted relationships and many more. The stakeholders are the individuals which may or
may not be the part of working in the organisation. Some of the internal stakeholders of the Estee
Lauder are owners, employees, investors and managers. Various external stakeholders of the
same company are consumers, government, suppliers and regulators. All these stakeholders
impacts the marketing activities of selected business ion one or other way. It is the duty of each
stakeholder to improve the efficiency, loyalty, performance to provide, satisfy, target, position
the products to the end used using different methods (Davis, 2017).
The engagement of such stakeholders leads to great impact on the marketing activities of
selected firm. The owners makes the critical decisions about the product selection, pricing,
placement and promoting in the market place. They are the one which formulates the plans,
actions, programmes to compete against the competitors to strengthen the position in the
dynamic rivalry. The suppliers provides the information for targeting the potential customers and
segmenting them on the basis of homogeneous behaviours. They helps the organisation to
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manage their supply chain by formulating strategies to distribute the products in wide located
areas in developed, developed and under developed countries. The consumers provide the trend
changes in the environment which helps in formulating different strategies for satisfying the
customers by providing online services. They increases the profitability of the respective
organisation by buying them time to time and giving feedbacks to make any changes in different
products. The investors helps in providing different ways or innovative techniques to adopt the
promotional activities which attract the potential customers (Kasemsap, 2016.). They provide the
funds to firm for acquiring resources to produce innovative products or services. The employees
provide the finished products ready with signature packaging techniques which helps in
providing detailed information to all type of customers. The working of such stakeholders
impacts the efficiency as they play the significant role in producing the products according to the
formulated strategies as well as programmes. The regulators responds in different situations to
stimulate growth, managing risks and perform business activities. They do not actively part in
the operations but they take various decisions for betterment of the organisation. The managers
plays an important role in producing the right kind of product or service which is not hazardous
and satisfies the market. They focus on managing resources and determine appropriate plans and
policies to select the distribution channels and identifying potential market to launch the
products. The government frames various rules and regulations for operating, marketing ans well
as selling the products in the open market. Such stakeholders provide authority to use the
promotional methods in different countries and provide guideline related to the ethical as well as
unethical modes of producing along with delivering the products or services (Loebler, 2017).
TASK 1B
Concluded essay on the basis of tactical communication tools
Tactical communication tools are the tools used by the organisation to communicate the
information related to products and services to the end users. Such tools helps in generating
awareness in the market regarding any information, modification and launching of a product in
distinct ways. These tools helps in planning and managing the dynamic as well as rapid changes
in the communication networks for achieving the objectives of the business. Being a manager of
Estee Launder, I will use tactical communication tools to provide information regarding the
products and services offered in the market. Various tactical communication tools includes text
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messaging, search advertising, search engine optimization, direct marketing and affiliate
marketing. All these tools have direct relation in creating values of customers with the help of
the academic theory of Customer perception Theory (Mitchell, Madill, and Chreim, 2016). Text
messaging is the act of sending electronic messages to various consumers at the same time which
includes a brief introduction of the products and services which are offered in the market. Such
tool are successfully used for instant messaging where messages are sent with the held of web
texting. It helps in informing to multiple clients receiving the same message fro the purpose of
generating awareness and interest in the organisational products and services. Search advertising
is the another tool which I will use. It is a type of technique which is used in placing online
advertisements on various webpages. This attract the consumers to ask some queries, doubts
regarding the advertisements. The advertisers places the ads in such a manner that if any
individual search something, the aids displays with the matching keyword. Such helps in
providing the information to huge users and earning to the firm by pay per click and are very
useful in generating awareness and users interests in my products as well as services. Search
engine optimization is a successful tool which will be used by me to promote the products on
internet. Such tool helps in maximising the list of visitors through a particular website by
ensuring the high appearances. This tool will help in converting those visitors into customers and
motivating them to acquire knowledge by improving the content quality with the use of bullet
points, metadata, title tags and descriptions. Direct marketing is a process of selling products to
the public without any intermediary (O'Connell and Williams, 2016). The sales person at the
time of selling the products, provides additional knowledge to distinct customers to create
awareness and interest in the products and services in the eyes of consumers. I will use methods
of e-mail, websites, face to face marketing to provide all the informations in the ears of
customers. Affiliate marketing is the another method used by me to provide the products
information to various individuals. Such tool is successful as it is linked to performance of each
visitor with the marketing efforts. It is a cost effective technique which includes third party for
generating awareness and interest in the market towards the products.
CONCLUSION
From the above discussion it can be concluded that fundamentals of marketing helps in
identifying, predicting and satisfying the customers demand as well as requirements. The stages
of marketing includes setting mission, situation analysis, marketing planning, marketing mix,
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implementation and controlling the deviations. The marketing environment, marketing research,
and marketing mix plays effective role in the organisation. The marketing role is studied with the
help of Customer perception theory in creating values of customers. Various stakeholders of the
firm are owners, employees, investors, government, consumers, government, suppliers and
regulators. All these impacts the marketing activities of business in great extent. Tactical
communication tools used are text messaging, search advertising, search engine optimization,
direct marketing and affiliate marketing for generating awareness and interests with use of
customer perception theory.
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REFERENCES
Books and Journals
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Berry, L. L., 2016. Revisiting “big ideas in services marketing” 30 years later. Journal of
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Davis, M., 2017. The fundamentals of branding. Bloomsbury Publishing.
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Loebler, H., 2017. Humans’ relationship to nature–framing sustainable marketing. Journal of
Services Marketing. 31(1). pp.73-82.
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Online
Jane Smith., 2019. Consumer perception theory. [Online]. Available through:
<https://bizfluent.com/about-6561090-consumer-perception-theory.html>
Smartsheet. 2019. [Online]. Available through: <https://www.smartsheet.com/strategic-
marketing-processes-and-planning>
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