Importance of Marketing Plans for Businesses

This assignment emphasizes the crucial role of marketing plans in driving business success. It highlights how well-structured marketing plans enable businesses to operate efficiently and achieve their predetermined goals within a specified timeframe. The document delves into various aspects of marketing, including cause-related marketing, brand awareness, market access, and corporate image building.

Marketing Essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Marketing's roles and responsibilities....................................................................................1
P2 Marketing's roles and responsibilities relates to the wider organizational context................3
P3 Ways in which two different organisation apple marketing mix elements............................4
P4 Marketing plan to meet marketing goals and objectives.......................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Marketing is that managerial process which helps business enterprise in making strong
relations with its potential customers. In simple words, it is that concept which promotes and
advertise products so that organisation can make a positive brand image in the market place.
Also, it provides various tools and techniques to company so that it can grow its business in a
right manner. This project report is based on Virgin Australia which comes under Australian
airline industry (Chang, 2011). In the present scenario, it is facing various problems such as flat
growth, low profit margins, financial pressure and high competition. To overcome all these
problems, this company wants to focus on its marketing functions and plan so that it can
accomplish all its desired goals and also, can get rid from all these challenges.
P1 Marketing's roles and responsibilities
Marketing is considered as the most important function of every business enterprise. It
helps company in promoting and advertising all its products and services so that customers can
get aware about them. There are various concepts of merchandising which are as follows:
Illustration 1: Five concepts of marketing
(Source: Bhasin, 2017) The production concept: This approach is focused on those products which can be
produced easily and have high demand in the market place.
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 The product concept: This concept states that organisation should manufacture products
as per the requirement of customers, mainly they want those goods which have high
quality, durability and features. The selling concept: This approach focuses on the promotional and advertisement
activities. According to this approach, company should give high importance to
promotional as well as advertisement activities so that it can attract a large number of
customers (Chernev, 2015). The marketing concept: This approach states that the most important function of
merchandising is to identify market needs and wants so that organization can produce its
products accordingly.
 The societal concept: This approach is similar to the market concept but it focuses on
those market needs which helps in enhancing social welfare.
Hence, these are some of the most important concepts from which marketing has been
gone through. For better growth and development, all business enterprises should focus on the
above mentioned approaches. Virgin Australia is one of the leading airline companies of
Australia which gives core importance to its customers and their satisfaction. For better growth
and development, this organisation gives high attention to its marketing department and their
major functions are as follows: Market research: This is known as the most important activity of marketing department.
Merchandising team conducts various market researches by which company can identify
the current market trends and actual needs of customers (Huang and Sarigöllü, 2014). Product development: On the basis of market research which is conducted by marketing
team, company can make necessary changes in its existing products and services. By
developing current goods and services, Virgin Australia can easily achieve the
competitive advantage.
 Marketing plan: It is that merchandising aspect which helps company in accomplishing
its desired goals, objectives, vision and mission in limited time period and in appropriate
manner.
Hence, these are some of the most important functions of marketing which helps Virgin
Australia in achieving competitive advantage and satisfying customer needs. With the help of
these marketing activities, this airline company can lead to high level of success and growth.
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P2 Marketing's roles and responsibilities relates to the wider organizational context
Merchandising is that organisational function which combines all functional units
together so that they can achieve business goals and objectives in the proper and systematic
manner. Every organisation is established to achieve its predetermined goals. Most important
objectives of Virgin Australia are as follows:
 Profit maximisation: The most important objective of this company is to enhance its
financial profit so that it can make better improvements at its workplace and also, can
become the biggest market leader (Malhotra, Birks, and Wills, 2013).
 Customer satisfaction: Being an airline company, it is highly important for Virgin
Australia to provide high security and the best services to its customers so that their needs
and wants can be satisfied in the most effective manner.
 Organizational development: Another important objective of Virgin Australia is to
search for those tools and techniques through which it can grow and develop its business.
In simple words, this company always seeks to those areas in which it can improve and
develop its current positioning in market place.
Moreover, these are the major objectives for which Virgin Australia operates various
activities and practices. Marketing is its most important function which helps it in accomplishing
its above mentioned objectives. Without having the help of merchandising activities, this
company cannot accomplish its desired goals. So, it can be said that there is a strong relation
between marketing functions and organizational objectives (Mangram, 2012). Marketing plan: This is most effective function of marketing department of Virgin
Australia which helps in accomplishing all its predetermined goals and objectives in most
effective manner. Marketing department makes a systematic plan so that organisation can
operate its different activities in an appropriate manner. It assists company in enhancing
its financial profit which is its biggest objective. Market research: This function of marketing helps the firm in identifying actual needs
and wants of customers so that Virgin Australia can satisfy its clients in appropriate
manner. This company has investigated through its market research that due to terrorism,
fear of terrorist attacks has been increased. So, this company gives core attention to
customer’s safety.
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 Product development: By developing current products and services, Virgin Australia can
easily develop its market position which can lead it to high level of growth as well as
development (Mather, Boughton and Jayne, 2013).
Furthermore, by evaluating the above mentioned points, it can be determined that
organisational objectives and marketing functions of Virgin Australia are interrelated with each
other.
P3 Ways in which two different organisation apple marketing mix elements
Marketing Mix is that managerial concept which is used by all organisation to determine
that which merchandising strategy company should adopt for better growth and development.
Here is example of two different business enterprises which use marketing mix elements in
different ways.
Marketing mix elements Virgin Australia JETSTAR
Product/service The major service which is
provides by this company is
transportation. Apart from this,
it also focus on providing
complementary gifts, in-flight
entertainment, food services
and so on.
This company provides two
major services which are
transport for passengers and
cargo, which is its biggest
marketing mix product
strategy.
Price The reason behind this
company's success is its
pricing policy (Robinson,
2012). It provides various
luxurious services at low
prices which helps it in
attracting hug number of
customers. Sometimes it sets
its prices on the basis of
competitors pricing policy.
This organisation sets its
pricing policy by
characterising its heavy
competition.
Place This organisation provides This company has a network
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airline services in approx
around 54 countries. It gives
access to its customer for
booking tickets through
various channels such as
consolidations, tour operators
and so on.
of near around 312
destinations within all over the
world.
Promotion This organisation spends a lot
on its advertisement and
promotional activities
(Toretsky and Wright, 2014).
It takes helps of Hoardings,
Brand ambassadors, media and
various press releases for
promoting its business.
This company does not spend
too much money on
promotional and advertisement
activities which makes it
weaker as compare to other
airline companies.
People For better growth and
development, this company
gives importance to its
stakeholders. It provides
effective training to its
employees so that they can
satisfy its customers.
This organisation gives core
attention to only its customer.
For better growth it should
focus on its client's as well as
employee's needs.
Process This organisation gives
importance all process which
starts from the the time of
reservation and ends to final
satisfaction of customers. Its
all process provides various
services such as order taking,
Billing & payment,
This airline company does not
gives importance to its
different process. Instead of
this, it focus on those factors
through which it can maximise
its profit.
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safekeeping and so on.
Physical evidence Elegant interiors, exteriors, in-
flight food facilities etc. are
major services of this company
which work as its physical
evidence.
This company have more than
80,000 employees, network of
312 destinations and more than
800 fleets which works as its
physical evidence.
P4 Marketing plan to meet marketing goals and objectives
Marketing plan is that concept which helps company in accomplishing its desired goals
and objectives, also helps in maximising its current profit. Business plan of Virgin Australia is
follows as under:
Executive summary: Marketing plan is that blueprint which outlines all the organisational
strategies, tools, techniques and plans so that company can operate them in most effective and
systematic manner. Virgin Australia wants to produce new business plan so that it can set new
objectives, strategies and techniques which will help it in achieving high level of growth and
development.
Company profile: Virgin Australia is also know as Virgin Blue. It is Australia's top rates airline
company. It provides various luxurious transportation services at low prices. But in present time,
it facing several business problems such as financial pressure, low profit margins etc. To over
come these challenges it wants to produce new business plan (Peter and Donnelly, 2011).
Marketing objectives: Virgin Australia is setting objectives on the basis of SMART targets so
that it can easily measure its success. This concept, gives importance to results instead of
activities. The current objective of this company is to increase its existing sales revenue by 10%.
Financial objectives: On the other side, financial objective of Virgin Australia is to enhance its
profit after tax of $115 million within next two years. Also, it wants to increase operating cash
flow by $191 million within next year.
Situational analysis: Before implementing any strategy or plan within work place, it is highly
important for managers of Virgin Australia to determine all those internal as well as external
factors which can affect its future business operations. By taking help of SWOT analysis it can
easily determine all internal and external factors (Ko, Hwang and Kim, 013).
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SWOT analysis
Strengths Weaknesses
 Huge presence in Australia
 High growth rate
 various sales networks
 low labour cost
 Lack of market segmentation
 poor brand portfolio
 high competition
Opportunities Threats
 Business expansion
 Growing demand
 Global markets
 Digital technology
 Increment in raw material's cost
 Continuous changes in political factors
 New rivalry firms
Target markets:
 Existing market: This company wants to increase its sales revenue which can be possible
by covering large market share. For satisfying needs and demands of existing market it
will introduce some new strategies which will help it in attracting huge number of
passengers. Its major strategies are velocity frequent flyer programme, web check-in,
flexible fares and so on (Lamb, Hair and McDaniel, 2011). Potential market: For better growth and development this company will focus on
business people, young families and students to make them its potential customers.
Marketing strategies: There is hue competition in market place and to survive in such
competitive market place it is highly important for Virgin Australia to use those strategies which
can assist it in surviving in competitive market place.
 Market penetration: It is that market strategy in which company sells its existing
products in existing market. For this Virgin Australia have to focus on those aspects
through which it can increase its existing market share. For this, it will take help of
competitive pricing strategies, advertising, promotion and some other marketing activities
(Malhotra, Birks and Wills, 2013). Market development: In this strategy, Company will sell its existing products in new
markets so that it can capture markets of Qantas as well as Jetstar.
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Marketing budget:
Marketing budget
Particulars 1st year 2nd year
Initial money 25000 10000
Investment 25000 40000
Total 50000 50000
Marketing expenditures 30000 20000
Advertisement 10000 10000
sales promotion 10000 10000
Direct marketing 5000 20000
Digital marketing 50000 10000
Total 60000 70000
Evaluation: After determining all strategies, tools and techniques, managers of Virgin Australia
should evaluate all the market plans to identify that it is working in appropriate manner or not.
Monitor and Control: In is considered as last step of marketing mix in which manager controls
all the tool, techniques and strategies which it have to measured in most effective manner. For
evaluating effectiveness of marketing plan, company will use different measures. By comparing
previous financial results with current financial results company can easily determine its
effectiveness. Apart from this, by determining satisfaction level of customer Virgin Australia can
easily determine its market performance.
CONCLUSION
By evaluating this project report, it has been concluded that marketing is that essential
aspect of business which can lead it to high level of success and growth. There are various
merchandising concepts such as marketing mix which can help Virgin Australia in achieving all
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its desired goals and objectives effectually. This approach involves four major components
which are product, price, place and promotion. Effective utilisation of these elements can lead
this company to high level of success. It has also been assessed that by making a successful
marketing plan, business enterprise can operate its different operations in most effective manner
which can help it in achieving its set goals within stipulated period of time.
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