Marketing Fundamentals: Processes, Stages, and Stakeholder Engagement

This report discusses the processes and stages of marketing, including the role of the marketing mix, in the context of Volkswagen. It also explores the role of marketing in creating value for customers and the impact of stakeholder engagement on marketing activities. The report highlights the importance of understanding consumer needs and wants, as well as maintaining strong relationships with stakeholders to ensure long-term success.

Marketing
Fundamentals

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1A.........................................................................................................................................1
Processes and stages of marketing including the role of the marketing mix..........................1
The role of marketing in creating value for customers...........................................................1
Stakeholder engagement and their impact on the marketing activities of an organisation....4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Marketing is a process in which exchange of product and services is been done in order to
create value for consumers with an aim to gain maximum profitability. Marketing revolves
around four fundamentals that are product, price, place and promotion (Thakur, 2020).
Understanding of this lead an organisation towards taking advantage of quantitative and
qualitative information into marketing process through which they can subsequently maximise
profitability at higher rate. Present report has been conducted on Volkswagen, company
corporate their services in automotive industry and was established in the year 1937.
Organisation offers their services worldwide and provides high quality services and products to
customers. In these report formative discussions has been made on process and stages of
marketing, along with role of marketing as to create value for consumers. Along with this in this
report discussion has been made on stakeholder engagement and their impact upon
organisational marketing activities.
TASK 1A
Processes and stages of marketing including the role of the marketing mix
4P’s of Volkswagen
Product: It has been identified that Volkswagen products are of high quality with having
significant brand name. In addition to this, entity also offers wide range of product choices to its
customers.
Price: Volkswagen price range for its products and services range within affordable to
expensive. But somehow due to its high manufacturing cost cars of company proves to be bit
costlier in most of Asian market segment like, India.
Place: Volkswagen mainly offer their products and services to maximum parts of the
world and serve customers effectively (Harlan, 2020). Along with this, it has been determined
that company is significantly looking forward to penetrate in India as it is one of the largest
markets in world. For this company is looking forward to make many new improvements as to
gain maximum profitability in Indian market.
Promotion: In order to strength their brand image company is undertaking use of
different promotional mediums such as Internet, social media, TV, Radio, corporate events and
more as to increase awareness among costumers.
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SWOT of Volkswagen
STRENGTH WEAKNESSES
 Volkswagen offers their customers with
wide range of cars choices that act as
major strength for entity in respective
market segment.
 With more than 350, 000 highly
qualified, skilled, talented and potential
employees globally Volkswagen
conduct their business services in a best
effective way (Levin, 2020).
 High price of current models acts as
major weaknesses for Volkswagen
that allows its competitors to gain
strategic edge.
 Most of the cars models of
Volkswagen is expansive to be
afford by average income
individuals.
THREATS OPPORTUNITIES
 Major threat that can impact upon
Volkswagen business operations is
continuous increase in price of fuel.
 Competitors of Volkswagen, Hyundai, BMW.
Chevrolet, Honda engages in the process of
bringing innovative features in their products
and services that creates threat of respective
organization.
 By taking advantage of the
opportunity of creating long-term
relationship with German car
manufacturers Volkswagen can
gain maximum benefit.
 Implementation of continuous
innovation in cars significantly
provides opportunity of
Volkswagen to gain maximum
competitive advantage.
The role of marketing in creating value for customers
Marketing is defined as a set of activities that an organisation undertakes as to promote
their products and services in marketplace. In this there are different type of elements included
that are selling, advertising, delivering of products or services to consumers or other businesses.
For this organisations take number of actions to draw attention of consumers towards
organisational offerings and further aim towards maintaining formative relationship with them
with strong networking in order to ensure ultimate profitability (Khurram, Fatima and Khurram,
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2020). With the help of marketing research Volkswagen effectively identify needs and demands
of consumers and further take advantage of evaluation to identify marketing opportunities while
overcoming problems in order to generate maximum revenue.
While on the other hand consumer value is defined as a perception of what a product or
service is worth to a Customer versus the possible alternatives. It has been identified that
simplistic equation form of consumer value is, Benefits-Cost (CV=B-C). According to The
Economist and Harvard Business School professor, it has been identify that main purpose of all
business organisation is to identify and keep consumers with the help of marketing instrument. In
this it has been evaluated that marketing significantly generate value for customers by creating
connection between people and product, consumers and companies. Main role of marketing is to
properly offer satisfaction and retain consumers for long period of time in order to provide value
to consumers (Karlan, Osman and Shammout, 2020). It is essential for an organisation to identify
prospective needs and demand of customer in context with the product or service and further
satisfy them by delivering same to them in best effective manner. In order to ensure consumer
satisfaction, company is required to identify that consumer feel benefited from the product and
services offered by entity. Consumer satisfaction is most important element for an organisation
as they are the king of marketplace. Along with this it has been determined that effective
marketing does not stop by offering product and services to customers but it is also important for
organisation to retain their customers for long period of time by undertaking new opportunities to
offer effective after sales services to them in order to ensure maximum consumers loyalty.
Figure 1Role of Marketing
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There are different type of marketing activities that are required to be undertaken by
organisation in order to accomplish role and objective of marketing. In this it is important for an
organisation to conduct their day today marketing activities by making major expenditure in
marketing. Volkswagen undertakes use of effective marketing in order to make their business
successful in market place. For this entity undertake advantage of efficient organisational
strategies and operations as to overcome high competition in market place. In order to satisfy
customers it is important for entity to deliver high value to their consumers, in this value is
defined as a measure to benefit customers from service or product related to the full cost of item.
Consumer is defined as marketing cornerstone; it is essential for an organisation to effectively
pay attention towards the meeting satisfaction level of consumers and engage in extensive
research on daily basis in order to evaluate their need and want. It has been identified that
consumer relationship manager and marketing manager of Volkswagen effectively identify
consumer’s perception and further satisfy them with quality product and services in order to
retain their existence for long period of time (Patel and Ghanshyam, 2020). In this digital age as
to ensure the relationship between company and consumers Volkswagen provide social media
and another internet platforms to their customers through which they issue ensure regular
communication with customers. In this company provide effective post delivery services, resolve
queries of customers 24/7 in order to manage consumer relationship and maintain the existence
for long period of time in order to maximize consumer lifetime value. Mentioned below there are
different type of marketing activities that are being undertaken by Volkswagen at different
relationship stage in order to provide and create value for customers:
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According to the evaluation it has been identified that marketing provide significant
advantages to consumers, as in this entity under take advantage of different type of unique
facilities as to retain them for long period of time. In this entity take advantage of different type
of additional benefits, discount coupons as to attract maximum number of consumers and
provide each and every detail of product and services as maximise consumer satisfaction. This
provides significant benefit to customers in number of ways.
Stakeholder engagement and their impact on the marketing activities of an organisation
Marketing is termed as an activity in which process related to creation, communication,
exchanging and delivering of product and services between consumers, suppliers, companies and
society at large is being undertaken. While in terms with stakeholder’s engagement it is defined
as a process within which organisation communicate and inform stakeholders of entity with all
the essential and required information, as they are the most important part of entity and have
significant impact upon business decisions. By increasing stakeholders engagement into
Organisation Company can ensure smooth operations and can further gain long term benefits like
brand perception in marketplace. For this it is essential for entities to undertake advantage of
stakeholder’s engagement strategies in order to engage with different stakeholders and ensure
fundamental accountability towards them as to provide necessary information related to issues
and other concern. It has been identified that by engaging stakeholders in business decision
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making and other essential aspect organisation can effectively undertake activities and decisions
in a well define manner. It has been identified that stakeholder engagement aid entity to
effectively meet tactical and strategic decisions in a well define manner. With stakeholder
engagement organisation can also increase transparency and can further build trust between
company and stakeholders in a well-defined way. Stakeholders act is a crucial element for an
organisation as they get affected by organisation product and services, activities and other
associated performance. Engagement of stakeholders at different level can increase positive and
healthy environment within an organisation (Agarwal, Gao and Kannan, 2020). In context with
Volkswagen main stakeholders of company include local communities, formal representatives,
local government authorities, national government authorities, civil society, organisation,
politicians, employers, customers trade Association, NGOs, labour Union, suppliers, investors
and policymakers.
Thus it is essential for an organisation to effectively undertake advantage of stakeholder
engagement strategies and policies in order to create a positive environment and maintain
effective relationship with stakeholders through which they can maximize their goodwill and
transparency in marketplace. Stakeholder’s engagement provides different type of benefits to
organisation and it is one of the most important functions that are required to be effectively
undertaken by an organisation (Gregory, 2020). Stakeholder’s engagement is most important as
it allow organisation to identify emerging trends and act as a first mover in order to ensure
maximum competition in marketplace. With the help of engagement of stakeholders in
organizational different aspects Volkswagen ensure positive public image and aim towards
improving entity reputation in marketplace. Along with this it also benefits Volkswagen, as it
provide social licence to company to expand, operate and innovate while assuring maximum
benefits. In context with Volkswagen entity engage their stakeholder by taking advantage of
stakeholders mapping which is a collaborator process of research, debate and discussions that
further draw different type of perspectives to determine key list of stakeholders across overall
stakeholder’s spectrum. With the help of stakeholder engagement Volkswagen not only conduct
their operations in an effective manner but also maintain their significant positioning in
respective industrial sector and further satisfy customers with best. It has been identified that
stakeholder engagement develops transparency that also act as a tool that attract attention of
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large base of customers towards company product and services. This benefits entity to maximize
their profitability at great extent.
Thus according to the evaluation it has been identified that engagement of stakeholders is
identified as most important aspect for organisational success through which entity can assure
maximum competitive advancements in respective industrial segment and can increase their
goodwill simultaneously (Scott and Rutner, 2020). By understanding importance of stakeholders
engagement entity can effectively able to accomplish organisational goals in a well effective
manner and can take advantage of pool of knowledge, expertise and experience to create viable
solutions to accomplish organisational goals.
CONCLUSION
As per the above mentioned report it has been concluded that, marketing is a significant
process that an organisation undertakes in order to offer organisational offerings to customers in
order to encourage their buying decision. In this process company take advantage of different
type of marketing elements, strategies and plans in order to gain maximum competitive
advantages. Marketing play a significant role in order to create value for consumers as in this by
taking advantage of different type of process company identify need of consumer and further
satisfy them with high quality product and services and undertake strategies measures in order to
retain them for long period of time. Stakeholder engagement is an essential aspect through which
entity can take advantage of pool of expertise, knowledge and experience through which they
can maximize their profitability and productivity.
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REFERENCES
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