Importance of Marketing Function and P's in Business

The assignment discusses the significance of marketing function in a business setting, highlighting its role in achieving organizational goals and objectives. It also emphasizes the crucial part played by the 7 P's (Product, Price, Place, Promotion, People, Process, and Physical Evidence) and market research in regulating daily operations. Furthermore, it mentions that marketing is directly related to other functional areas of a company.

Marketing
Principles &
Practice

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
I. Key marketing concepts and terminology of The Virgin Group........................................1
II. Marketing strategies and programs of The Virgin Group..................................................3
III. Marketing concepts and principle used in The Virgin Group:-........................................4
IV. Relationship of marketing functions to other functional areas in organisation and identify
cross functional relationship of marketing and other departments in The Virgin Group.......7
RECOMMENDATIONS.................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
..........................................................................................................................................................9

INTRODUCTION
For every company whether non- profitable and profitable firm marketing refers to a
important functions of business. Marketing is considered as an activity, set of initiation and
methods for developing, delivering, communicating and exchanging which are valuable for
partners, customers, society and clients (Andreasen, 2018). Marketing principles and practices
are essential as it help firms to operate their business effectively for achieving organisational
goals and targets. The chosen company for this report is Virgin Group Ltd. which is a leading
British multinational venture introduced in 1970. Its headquarters is in London, UK. The purpose
of this report is to highlight the key marketing terminology and concepts of given company.
Marketing strategies and programs assists to accomplish organisational objectives in ethical
manner. Concepts and principles which company used in day to day operations. Relations of
marketing functions with other departments and also identify cross-functional marketing
relations with another departments.
MAIN BODY
I. Key marketing concepts and terminology of The Virgin Group.
Now a day it is crucial for all company to know about the marketing concepts and
terminology. Marketing concepts is considered to be a philosophy through which organisation
examines the consumers’ needs and make effective decisions to satisfy them. Marketing
terminologies refers to the terms that are helpful to acquire knowledge about few essential words
which is related to marketing. Some marketing concepts and terminologies applicable in The
Virgin Group are mentioned below:
Concepts:
There are few marketing concepts that help company to enhance their sales and maximise
profitability. Some are as follows:
Product concepts:
This concept describe that consumers generally favours those products which are superior
in quality with innovative features and good performance. So, effective marketing needs ongoing
product planning, improvements and developments for standard quality (Black,2013) . The
Virgin Group applied this concept so that it focus on creating effectual products and improve
them timely.
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Selling concepts:
It is the ordinary concepts that are used in most of the organisations. The idea behind this
concept is that “consumers do not buy many firms product though they start selling products in
large scale and give efforts for promotions. The Virgin Group use this concept for selling that
products which are formed by them rather than creating items according to the market needs.
Production concepts:
This is the oldest concepts which explains that customers generally prefer those products
which are easily available at lower price. The thought process about the concept is consumers
choose those items that are inexpensive and easily obtainable (Burchell, Rettie and Patel, 2013) .
This concept is used by The Virgin group so that they focus on accomplishing better
efficaciously of production, lower cost and mass distribution. With the anticipation that clients
usually attracted towards the product which are lower in costs and their availability.
Marketing concepts:
This concept keeps the key to attain their organisational goals which consider that
company should be better than others rivals in order to communicate, deliver and develop the
customers value for their targeted consumers. The Virgin Group applied this concept in order to
satisfy the clients requirements, profit and target market.
Societal concepts:
The thoughts process behind this concepts are that organisation work have to be
determined as per the interests, requirements and demands of markets in order to provide better
satisfaction than competitors. All this should be performed in a way to enhance and conserve
societies and also the well beings of clients. This concept is applicable by The Virgin Group to
put the human welfare as prior before concentrating on profits.
Terminologies:
There are some terminologies that help company to understand the terms of marketing.
That are as follows:
Branding :
Branding is an art that can make identity to a product and can create cohesive image of
company, that will help to make strategies to build new product and services (Chandrappa and
Das,2012). So, the strategy have been implemented to make products of virgin relevant and can
give meaningful picture for people. Virgin group makes a company in enhance services or
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products and can encourage company to maintain expectation or exceed them by bringing better
products and services to market place. It can make an idea or image for virgin group so it can be
recognized by more and more people.
Promotion strategy:
Strategy in which marketers communicate with their audience in order to inform, educate
and persuade them to purchase product or service. Virgin group have launched social media
campaigns to gain customers and connect with them. The company will make television
advertisements that can make strategic impact on company. They can make premium customers
or regular customers which can increase sales of promotion market, by doing this company can
increase marginal profits . This can be proven from you tube videos as well as many instances
competitive advantage of company can increased through print and electronic media.
Product strategy:
Product strategy is a process where plan can identify and goals can accomplish to develop
a product for success (Chandrappa and Das,2012) . Virgin group can capture vision which can
implement strategies to make vision at top that can create for new products to make product
grow and matures. The market describes target customers and users of product, people who are
likely to buy and use it. It can create primary benefit and people can choose competing offers. It
can make virgin group competitors increase in sales and revenue that can attain to help in
broadcasting and make a vision of company.
II. Marketing strategies and programs of The Virgin Group.
Marketing strategy is considered to be a comprehensive plan which developed in order to
accomplished the marketing goals of the company. This help company to improve their services
and goods which meets the target markets requirements. Marketing program is well planned and
coordinated activities so that company can attain their goals successfully. So, for developing
good relationship with clients and enhancing sales, it essential to follow various programs of
sales, loyalty and market plan.
Objectives: The Virgin Group is operating their businesses to sell and upgrade their services and
products with innovative plans or ideas by using appropriate marketing strategies and programs.
For attaining the objectives, some marketing strategies and programs are used by The
Virgin Group are mentioned below:
Branding:
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Branding is a crucial marketing strategy which firm can utilize. Generally, brand message
highlights the promises that company made to their consumers or clients. Therefore, this strategy
assists The Virgin Group to know what makes their goods and services different from other
competitors. Many company gain benefits from quality, prices and location. Organisation utilise
tag lines, layouts, colours and logos in order to give knowledge about their business to clients.
So, this help them to promote their products successfully and also in attaining organisational
objectives.
Electronic Barcode Technology:
This technology is a popular marketing strategy in growing market. In The virgin group
this strategy is applied because it assists them to place a kind of graphic logo on business cards
or posters (Child,2015). Therefore, it is easy for their clients to “read” the tags on their phone
applications. After that consumers can easily get organisational online information and visit
websites. By this more customers get to know about their products and services which help them
to earn profit and accomplish their goals.
Branding strategy assist The Virgin Group to develop their services and goods on good
level. The purpose of applying this strategy is to develop their own goodwill between other
competitors which help in enhancing profit and sales of businesses. Whereas, technology of
electronic barcode is used by The Virgin group so that customers have knowledge regarding their
realistic services. These type of factors help to create an effective company brand image in front
of clients to increase the sales of businesses.
Branding and electronic barcode technology both marketing strategy works in respects of
ethics. Also any countries government doesn't restrict those strategies which assists in
accomplishing objectives of business in effectual way. Both have a positive structure of plans in
order to sell the service of businesses.
III. Marketing concepts and principle used in The Virgin Group:-
Marketing concepts is a strategy in which firm implements to satisfy customer needs,
increases sales, maximise profit and can beat the competition. It can help virgin group to exceed
revenue and profits by utilising and maintaining stability. They follow 7P's which are given
below: -
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(SOURCE: Marketing mix, 2018)
Product-
Product refers to what selling is required including all features, advantages and benefits
that your customers can enjoy from buying of goods and services. The Virgin group can help to
market a product, that can help in features and benefits to the needs of customer and wants which
can make styling, repairs and accessories (Dinnie,2015). This will help in daily marketing
operations that is used to find out research and operations which can use efficient use of
resources create brand use of product which can find R&D department to increase competition.
The Virgin group can provide services in enterprise architecture, software development and
customers demand.
Price:
It refers to cost and service that customer must pay. This is a critical factor for buyers to
consider other service providers in an industry. The virgin group would have to make study on
optimal pricing of their service based value to customer. The company wants to look in industry
and can determine pricing strategy that can depends on:
 No. of players in industry
 High cost service providers
 Low-cost service providers
 Competitors reputations
Promotion:
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The term that is used to think promotion all time and can make different promotions to
make Virgin group to tell customers about products and services and how market and sell
product to them in market. Small changes in a way to promote and sell product can lead to
changes in results. Even small changes in advertising can lead immediately to sales and can
increase profit sales distribution to increase rate of advertising by simply change in an
advertisement.
People:
People and markets both are usually interrelated with the organisation. It is compulsory to
have knowledge about the target people that are in demand which provides same types of
products and services (Lagarde,2012). Workers if Virgin group is important for them particularly
in marketing because they facilitate services in the targeted marketplace. Therefore, this is
important for them to appoint effectual candidates in order to provides effective services to their
clients. For this they have to find out, that types of employees those are having faith on their
services and goods. Also their workers have to be ready to address the feedbacks and perform
accordingly which permit them to run business successfully.
Process:
Process and services generally impacts the implementations of services. Therefore, The
Virgin Group have to assure that they use an effective process which minimises the costs. It is
the overall sales funnel, pay system and other continuous steps for assuring the operations
businesses. Improvement and compressing help to control their firm for enhancing profits and
minimising costs.
Physical Evidence:
In every organisations physical evidence is compulsory as they facilitate some services to
their clients. It also includes the Virgin group operations and their services which are perceived
in the marketplace (Lefebvre, 2012). It shows the evidence about their company's foundations
and existence. All these assist them to know about their market presence as they are known to be
the market leaders who established their physical presence in targeted market. Also helps them
to modify their client’s perceptions so that they gain knowledge regarding the existence of brand
into their target markets.
Marketing research of virgin group-
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Research is a systematic collection, analysis and interpretation of data pertaining
marketing conditions (Moriarty and et.al., 2014). Virgin group marketers need to know about
changing trends in a market, change in customer's taste and preferences, new products launch in
market, price of competitor's product and closed substitute of product. This will help marketers
to analyse and solve all problems of virgin group and what sources are acquired for making a
source. Marketing research can be done through direct mail, telemarketing and by using online
support so there are custom market research that can make products from designing and
implementing new marketing strategies of virgin group. As per the company situations and
objectives which are mentioned above so, some research is executed in context of Virgin airlines
which are explained below:
Brand research:
Brands are considered to be a name of the products that rise through promotions like
advertisements because of that company charge their consumers. Usually advertiser need to
know about the brand loyalty of firms. It assists The Virgin Group to enhance their brand loyalty
and after research if anything is identified which has to be develop then apply it.
Product research:
Under this type of research, some simple and personal research such as preferences tests
are implemented in various marketplaces. Some beta testing is described for longer period high
qualified goods through target and well experienced clients (Muñiz Martinez,2012). The aim of
The Virgin Group is quite easy. Firm may also squeeze the preferences and choices of current
products and then analyse the consumers relations in order to determine any changes are needed
in their products and services. Therefore, chosen company has to be more inclusive so that they
can develop their current and new products model.
IV. Relationship of marketing functions to other functional areas in organisation and identify
cross functional relationship of marketing and other departments in The Virgin Group
Marketing play a crucial role in forming the relationships among consumers and
company. Relationships are always considered to be an effective into the firms because this
assists them to work effectually and efficaciously. It shows coordination between the functions
of marketing and another Virgin Group departments are explained below:
Marketing functions relationship with another functional units
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Marketing is the broader term which refers to the transfer of products and services from
suppliers and producers to clients. It allows and connect another functional areas into company.
This assist The Virgin Group to determine and source potentially effective goods and services for
the market of businesses. This involves development of markets and products, sales, market
research, distribution and so on.
IT Department – It is the division which perform work related to websites, intranet and
extranet. Information technology department is related with marketing division because
activities of The Virgin Group like logos designing, advertisement, graphics and so on is
performed by respective division. Thus, Function of IT and marketing department within same
organisation is interrelated.
Human resource management – Important role is placed by HR department is the
company by placing right person at right place (Palmer, 2012). Marketing manager of The Virgin
Group is responsible in the recruitment candidates by advertising job vacancy. With such
activities they both bring people with several new ideas and though in The Virgin Group.
Research and development - In the respective department new idea is generated,
innovation take place as well as create latest goods and services. Research and development
division is interrelated with marketing department because needs and wants of customers
identified by marketing department is centred by R&D of The Virgin Group for satisfying
customers’ needs and wants.
Finance department – Finance is the backbone of business without its proper
management no organisation can survive in market for long term. It is the division which is
responsible for analysing position of company in term of finance (Sargeant and
MACQUILLIN,2016) . Marketing department is related with finance division of Virgin Group
because they are the one who frame budget for promotion and distribution activity.
Production Departments- It is the department which is responsible in changing raw
material into finished products. This will perform with the The Virgin Group marketing
departments so that they can assure about appropriate research and development is designed to
fulfil the presents and future requirements.
RECOMMENDATIONS
From the above discussion it is recommended that the company Virgin group can expand
their products by doing product analysis and also firm have to examine the market so that they
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can fulfil needs as well as wants of their existing and potential customers. By conducting more
market research company can launch innovative products and services in market according their
consumers requirements.
CONCLUSION
From the above discussion it has been analysed that marketing principles and practices
play important role in the operations of business. Because it assists company in identifying
several areas which is related with marketing as well as including some information in relation
with marketing mix, product development, target marketing, segmentation and many more.
Along with this, Marketing strategies as well as programs are very helpful for business because it
results in accomplishing goals and objectives of organisation. Moreover, 7 P's and market
research play crucial role in regulation of day to day association's operations. As well most
important is that marketing function of company is directly interrelated with other functional
areas.
REFERENCES
Books and Journal
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Marketing (pp. 3-19). Psychology Press.
Black, S., 2013. Practice of public relations. Routledge.
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Springer Science & Business Media.
Chandrappa, R. and Das, D.B., 2012. Solid waste management: Principles and practice. Springer
Science & Business Media.
Child, J., 2015. Organization: contemporary principles and practice. John Wiley & Sons.
Dinnie, K., 2015. Nation branding: Concepts, issues, practice. Routledge.
Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th).
McGraw-Hill Higher Education.
Lagarde, F., 2012. Insightful social marketing leadership. Social Marketing Quarterly. 18(1).
pp.77-81.
Lefebvre, R.C., 2012. Transformative social marketing: co-creating the social marketing
discipline and brand. Journal of Social Marketing. 2(2). pp.118-129.
Moriarty, S. and et.al., 2014. Advertising: Principles and practice. Pearson Australia.
Muñiz Martinez, N., 2012. City marketing and place branding: A critical review of practice and
academic research. Journal of Town & City Management. 2(4).
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Palmer, A., 2012. Introduction to marketing: theory and practice. Oxford University Press.
Sargeant, A. and MACQUILLIN, I., 2016. Marketing for nonprofit organisations. In The
Marketing Book (pp. 555-576). Routledge.
Saunders, S. G., Barrington, D. J. and Sridharan, S., 2015. Redefining social marketing: beyond
behavioural change. Journal of Social Marketing. 5(2). pp.160-168.
Stuart, G. W., 2014. Principles and Practice of Psychiatric Nursing-E-Book. Elsevier Health
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Online
Marketing concepts. 2018. [Online]. Available through <https://study.com/academy/lesson/what-
is-a-marketing-concept-definition-examples.html>
Marketing research. 2018. [Online]. Available through
<https://www.referenceforbusiness.com/small/Mail-Op/Market-Research.html>
Marketing mix. 2018 [Online]. Available
through<https://www.tutor2u.net/business/reference/the-extended-marketing-mix-7ps>
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