marketing fundamentals : Essaay

MARKETING
FUNDAMENTALS-2

Table of Contents
INTRODUCTION...........................................................................................................................1
INTRODUCTION...........................................................................................................................2
TASK 1A.........................................................................................................................................2
Processes and stages of marketing including the role of the marketing mix..............................2
The role of marketing in creating value for customers...............................................................5
Stakeholder engagement and its impact on the marketing activities of company .....................6
TASK 2............................................................................................................................................8
Reflection on communication tool used to generate awareness .................................................8
CONCLUSION ...............................................................................................................................9

INTRODUCTION
1

INTRODUCTION
Marketing fundamentals is a process which the individual as well as group obtains their
need and wants by exchanging and creating values and products with others. Present essay is
based on Marks & Spencer. It is a British multinational retailer, headquartered in Westminster,
London. It mainly deals in clothing, luxury products and home products. It constituents of FTSE
100 indexes. It is listed in London stock exchange. Its revenue is 1069.82 cores in 2018.
The essay will include the process and stages of the marketing as well as the role of
marketing mix. It will explain the role of marketing in creating value for customers.
Furthermore, it will describe the reflection of the tactical communication tools that is used to
generate awareness and interest in essay.
TASK 1A
Processes and stages of marketing including the role of the marketing mix
Process and stages of marketing:-
Marketing process means create values for the customers by satisfying their need and
wants as well as requirements. Marketing process is a series of action between the companies
and customers(Liu and et.al, 2017).
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Illustration 1: Process of the marketing
(source: 5 essential steps for a successful strategic marketing process, 2018)
Mission:-
It defines company's market, functions and competitive advantages. It is a short statement
that describes organisation short term goals, objectives and approach to reach the goals. For
example, Marks & Spencer's mission is “to make high quality products and services and satisfied
their customers needs and demands”.
Situational analysis:-
It is a collection of method that is used to analysis the internal and external environment
of the organisation for understand the capabilities of the company. It consists numerous methods
such as SWOT analysis, PESTLE analysis and porter's five force model and many more. It is
done to identify marketing options, understand the surroundings in which organisation operates
as well as understand the capabilities of the organisation. For example, Marks & Spencer is used
various situational analysis for identifying internal and external factors that impact performance
of the organisation. With the help of SWOT analysis Marks & Spencer identifies the
opportunities for future expansion(Kuratko, 2016).
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Marketing strategy and planning:-
After identifying marketing options and their capabilities and identifying the best option
then develop a strategy plan that includes three steps. First, define the target audience, second
one is set measurable goals and the last one develop budget. For example, Marks & Spencer is
used value proposition budget strategy in their budget planning.
Marketing mix:-
In this stage, organisations are made tactical decision for controllable factors of
marketing mix. It includes decision related to product, price, place, promotion, people, physical
existence and process(Burns, 2016). For example, Marks & Spencer's decision of marketing
mix is depended on their target market such as their target market is high standard people who
have good financial position. So, they make their marketing strategy accordingly like use
premium prices.
Implementation and control:-
At this stage, the marketing plan of the organisation is executed and the output of
organisations effort is monitored for adjusting their marketing mix according to the changes that
are arises in market. For example, Marks & Spencer's complements by the customers because
they work with same ecosystem. So, the customers are tended to stay with their brand.
The role of marketing mix:-
It is all about putting the right products with the right combination of the price, place,
promotion, people, process and physical existence. It plays an important role in order to making
the company's strategics as well as decision making process of the company(JAIN, 2017).
 Product – high quality clothes for men, women and kids is the main key of the success of
the Marks & Spencer's organisation. As retailer firm, it also provides all kind of products
such as home products and luxury products to the customers. It provides clear
understanding of their products ranges.
 Price – Price is the main reason for customers to choosing Marks & Spencer's, as it
provide all kind of products at high price of the customers because of their premium
quality and provides best value and high quality products to the customers. It helps to
define their target customers according to people financial capabilities.
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 Place – Marks & Spencer's serve their business across the UK as well. The wide
geographical presence is the place and distribution strategy of marketing mix applied by
Marks & Spencer. It provides competitive advantages to the Marks & Spencer.
 Promotion – It applies the customer rewards scheme through match and more cards to
promote the products and sell. It helps to enhance their customers database by connecting
more new customers through promotional tactics.
 People – Marks & Spencer has more than 117000 workers working in their stores and
also try to create job for the local people. It helps to build their business operations
worldwide by satisfying their employees and provide their employees a friendly working
environment.
 Process – Marks & Spencer offer multi channel experience in their convenience and
online store and also offer the high price with premium quality on regular basis. It helps
to make identifying the barrier of their operations and solve it.
 Physical Evidence – Marks & Spencer holds more than 600 stores across UK.
Company's website showcase entire product range offered by the company. It helps to
enhance financial position of the company.
The role of marketing in creating value for customers
Marketing plays an important in order to promote business as well as mission of the
organisation. Marketing serves themselves in an organisation as a face of the company.
Defining and managing their brand:-
Marketing plays a vital role in defining their products in front of the customers. It
includes who they are, what they are stand for and tell about themselves as well as what their
company do etc. explains in attractive manner that helps to create values for their customers.
Marks & Spencer is done promotion tactics for their customers to define their brand inb front of
customers and enhance their values to the customers(Chang, Wang and Arnett, 2018).
To satisfied the needs and wants of the customers:-
The main role that is played marketing is to satisfied the need and wants of the
customers. If the company produces goods according to the customers' need and demand that
help to enhance their satisfaction level as well as customer loyalty and add value to the
customers to the organisation. Marks & Spencer produces products and services according to the
needs and demands of the customers that helps to make and enhance customer loyalty.
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Conducting campaign management for marketing:-
For spiriting the awareness and understands the benefits of the company's product and
services, the marketing conducts campaign for their target market that helps to create values to
the customers as well as build positive brand images. It also helps to enhance the communication
between the customers and the organisation that helps to company for understanding the
behaviour of the customers towards their products. Marks & Spencer is conducted social
awareness campaign for attracting their customers as well as create positive image to the
customers that helps to create value to the customers of the company.
Conducting customer and market research:-
Marketing department conducts research for analysing the target market as well as
opportunities for the organisation that help to understand what is the effect of the organisation
product and services and how they are perceived. Marks & Spencer is analysed their target
market before taking any decision. With the help of marketing analysis, company takes decision
accordingly that helps to understand their market and successful implement their strategies.
Stakeholder engagement and its impact on the marketing activities of company
Stakeholder is the party which has an interest in company and can either affect or be
affected by the business. The main stakeholders are its investors, workers, consumers and
suppliers. The modern theory of the thought goes beyond this original belief to involve
additional stakeholders such as community, government or trade association. In this context,
involvement of stakeholder is very essential for business in all the activities (Andriof and
Waddock, 2017). Stakeholder involvement is identification as one the keys to project and plan
success. Stakeholder range from people directly included or effected like project and programs
leadership clients and end user communities, apply team and contractors. It is not included but
interested in result like regulations, media and general communities.
Stakeholder engagement is the procedure by which company includes people who can be
influenced by the judgement. It makes or can affect apply of their decisions. They can support or
oppose the decisions which be influential in the company. It is the key portion of corporate social
responsibility and accomplishing triple bottom line. Firms like M&S engage their stakeholder in
dialogue to find out social and environmental issues matter about their performance in relation to
improve decisions making and responsibility. Stakeholder engagement gives chances to further
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align business practices with social wants and expectation which is aiding to drive long terms
sustainability and shareholder value (Barrett, Oborn and Orlikowski, 2016.).
In this context, there are different stakeholders who are involved in business activities
which is affected on marketing activities within the M&S. In relation to, there are many
marketing activities such as:
Traditional marketing:
It is small part because many of them remain effective manner to reach consumers and to
make several impressions. Traditional marketing activities involve hosting consumers events,
participating in community, creating TV and raid spots, sending out direct mail and renting bill-
broads to wave in consumer and taking out print ads in newspapers, magazines and trade journals
(Harrison and et. al., 2019). In traditional marketing, involvement of employees is very positive
impact on marketing activities in relation to promoting the products and services in the
marketplace. Large number of consumer in the M&S which is also positive impact on the sales
of firm.\
Online Marketing:
It has been the new trend of the previous time period. Online marketing strategies involve
pay-per-click ads, banner ads, email marketing, search engine-optimized website content. Social
networking sites have also become source for online marketing for business of all size. Social
networking marketing on such sites Facebook, Instagram, Twitter are very low in cost by needs
great deal of time commitment as frequent updates contribute to larger success. In online
marketing, involvement of employees is very positive impact on marketing activities in relation
to promoting the products and services in the marketplace. Large number of consumer in the
M&S which is also positive impact on the sales of firm.
Selection of product and service:
It is the marketing activity in which stakeholder like employees are very essential for
selecting the product and services. The service provider ideally listens to their consumers and
prospects before making product and services decisions (Herremans, Nazari and Mahmoudian,
2016). Firms like M&S analysis trends for consumer purchasing, conduct market research
surveys and products as well as sales of competitors to learn needs and wants of consumers.
High employee involvement in this activity which help to increase the sales of M&S.
Promotional activities:
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It is also marketing activity in which employees help to promote the goods and services
in the marketplace. Creating consumer demand for product and services is the key to selling it.
Product manufacturers and services providers like consumers promote goods through ads in
media designed to reach the product's target audience. Sales promotional actions rarely
accompany ads campaigns and include purchase incentives involving purchase incentives
involving customer loyalty cards, product discount with purchase (Sierra‐García, Zorio‐Grima
and García‐Benau, 2015). In promotional marketing activity, involvement of employees is very
positive impact on marketing activities in relation to promoting the products and services in the
marketplace. Large number of consumer in the M&S which is also positive impact on the sales
of firm.
TASK 2
Reflection on communication tool used to generate awareness
At this time of study, I have learned that marketing and its process which help to the
business for achieving the goals and objectives. I have felt that many of marketing activities like
promotional activities and online actions. After learning, I have felt that these kinds of activities
are very to understand and utilise within the business. I have learned that many of stakeholder
involving in the business activities such as traditional, online, promotional actions which are
highly influenced on the marketing activities specially. It helps to the increase sales and profits
of M&S (Andriof and Waddock, 2017). In this context, I have felt that marketing strategies and
tactics are very hard to adopt but after learning, I have felt that these kinds of marketing tactics
and methods are very easy for utilization in promoting the goods and services in the marketplace.
In order to that, I have learned that marketing plays essential role within the business for
increasing the sales and profits of firm like M&S. With this, creating competitive advantage of
company in the retail industry as compared to their competitors. Also, I have understood that
marketing mix plays role in promoting the goods and services in the marketplace. It helps to
raise the sales and profits of firm like M&S. It aids to increase the competitive advantage within
the retail industry. I have learned that marketing plays role in creating value for consumer to the
company like M&S, its products and services in the marketplace.
In this context, I have understood that stakeholder engagement is very essential and
beneficial for conducting the marketing activities within the firm like M&S. I have learned that
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marketing plays role in conducting the customer and market research which help to increase
sales and profits of firm like M&S (Barrett, Oborn and Orlikowski, 2016). I have understood that
online marketing help to increase the satisfaction of consumer in relation to fulfilment of needs
and wants by the particular products and services. It helps to increase the profits and revenue of
firm and creating the high position as compared to their challengers within the retail industry. I
have learned that marketing is played role in the defining and managing their brand in the
marketplace. This help to raise the productivity and profitability of firm like M&S within the
retail industry. I have learned that, in promotional marketing activity, involvement of employees
is very positive impact on marketing activities in relation to promoting the products and services
in the marketplace. Large number of consumer in the M&S which is also positive impact on the
sales of firm.
CONCLUSION
This report has summarised that Processes and stages of marketing including the role of
the marketing mix within the company. It can be concluded that role of marketing in creating
value for customers which help to increase the sales and profits of firm. It helps to create high
level competition within the industry. It can be discussed that Stakeholder engagement and its
impact on the marketing activities of company Stakeholder engagement and its impact on the
marketing activities of company which involve traditional, online and promotional actions which
help to increase sales and profits of the firm. Furthermore, report has completed that Reflection
on communication tool used to generate awareness on the marketing activities.
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REFERENCES
Books and Journals
Andriof, J. and Waddock, S., 2017. Unfolding stakeholder engagement. In Unfolding stakeholder
thinking. (pp. 19-42). Routledge.
Barrett, M., Oborn, E. and Orlikowski, W., 2016. Creating value in online communities: The
sociomaterial configuring of strategy, platform, and stakeholder engagement. Information
Systems Research. 27(4). pp.704-723.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Chang, Y., Wang, X. and Arnett, D.B., 2018. Enhancing firm performance: The role of brand
orientation in business-to-business marketing. Industrial Marketing Management. 72.
pp.17-25.
Harrison, J. S. and et. al., 2019. The Cambridge Handbook of Stakeholder Theory. Cambridge
University Press.
Herremans, I. M., Nazari, J. A. and Mahmoudian, F., 2016. Stakeholder relationships,
engagement, and sustainability reporting. Journal of Business Ethics. 138(3). pp.417-435.
JAIN, M.K., 2017. An analysis of marketing mix: 7Ps or more. International Journal of Advance
Higher Education Research & Development. 1(7).
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Liu and et.al., 2017. The effects of products’ aesthetic design on demand and marketing-mix
effectiveness: The role of segment prototypicality and brand consistency. Journal of
Marketing. 81(1). pp.83-102.
Sierra‐García, L., Zorio‐Grima, A. and García‐Benau, M. A., 2015. Stakeholder engagement,
corporate social responsibility and integrated reporting: An exploratory study. Corporate
Social Responsibility and Environmental Management. 22(5). pp.286-304.

Online
5 essential steps for a successful strategic marketing process.2018[Online].Available
through<https://www.smartsheet.com/strategic-marketing-processes-and-planning>
Stakeholder Engagement. 2019. [Online]. Available
Through:<https://www.apm.org.uk/resources/find-a-resource/stakeholder-engagement/>.
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