Marketing Process & Planning: Morrisons Supermarket Case Study
Verified
Added on 2023/06/09
|20
|5541
|283
AI Summary
This report discusses the marketing process and planning of Morrisons Supermarket, including the role of marketing function, analysis of marketing function with other departments, extended marketing mix, and its contribution to the success of the organization.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
HigherNationalDiplomainBusiness Management Unit 2 Marketing Process & Planning TheMarketingConcept, Functions and Mix (Part 1) Marketing Planning (Part 2) Name: ID: 0
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Table of Content Part 1: Briefing Paper 1.0 Introductionp 2.0 An explanation of the concept/definition of marketing in the 21st century p 3.0 Description of the role of marketing function with examples from the chosen organisationp 4.0 An analysis of how the marketing function works and interacts with other departmentsp 5.0 An explanation of the extended marketing mix and examples from selected supermarketp 2.0Anevaluationofhowthemarketingmixadoptedbytheselected business (or business unit) contributes to the success of the organisation in meeting their overall business objectivesp 3.0Recommendationsp 9.0 Conclusionsp Referencesp 1
1.0Introduction In 21 St century business world has become so dynamic that marketing plays an important role for an organisation to become successful. Marketing refers to an activity and effort that a business organisation puts to promote as well as the productsandservices(DeepakandJeyakumar,2019).Thisbasicallyinvolves selling,promotinganddeliveringtheproductsandservicestobuyers.The competitionisincreasingsorapidlythatorganisationshouldfocusonthis department so that it can sustain for the long term. It involves the action that is undertaken by the company to maintain the strong relationship with the customers so that they can generate more revenues.This following report will have based on Morrisons company which is the fourth largest supermarket chain of the UK. The Morrisons is a well-known company founded by William Morrisons in 1899. The companies headquarter is situated in Bradford, England having around 497 more stores till 2021 across the nation. The report also covers the role and responsibility of the marketing departments and analysis on how marketing departments function to achieve the mission and success of the chosen company. The function of marketing departmentthatinterrelateswithotherthedepartmentofthebusinessisalso discussed. In addition to it the marketing mix is also explained that is adopted by the respective company to achieve the overall business objectives. 2.0 An explanation of the concept/definition of marketing in the 21st century In 21 St century the customer’s preference and demand are so unique that new technologyanddevelopmentshouldbeusedbybusinessorganisationtobe innovative. So, to make the product familiar to the customers they invest and focus more on marketing. So marketing basically refers to the action of the business that analyse the wants, needs, demand and queries of the customer in an effective manner for which techniques are applied to a targeted market. Marketing helps in finding out want customers wants and innovate the products according their demand sothattheirsatisfactionandexpectationcanbeincreased(Agzamov, Rakhmatullaevaand Giyazova, 2021). This helps in customer’s retention which will leadinincreasingmoreprofits.Marketingisbasicallydoneforthetargeted customers that includes the products description in a very creative manner that 2
attracts the customers. In 21 set century the organisation uses marketing tool to achieve the targets. 3.0Descriptionoftheroleofmarketingfunctionwith examples from the chosen organisation Role of marketing function: Marketing is the process that enables the business organisation to achieve the goals by promoting and advertising the products and services. This department helps the business to make strategic planning that helps in fulling the demand and needs of the customers. In respect to the Morrison’s company the role of marketing function is discussed below: Customers’ needs and wants: By adopting proper marketing strategy the company can determine the customers’ needs and wants. According to the Morrisons, it examines the recent trend and culture that is going on the market to fulfil and meet the expectation of the buyers(Tien,Phuand Chi, 2019). To surviveinthemarket,theorganisationshouldworkaccordingtothe customer’s trends and preference. Long term survival and growth: The business main focus should be on meeting the demand and needs of the customers so that it can survive in the long run. With respect to the Morrison’s, it provides customers with the good quality of products that helps in maintaining good reputation along with the customer's loyalty. This will help the business organisation to build the good brand image in the Market targeted. Gain in market share: The market share can be increased of an organisation by using different techniques of marketing such as advertising, public relation, direct marketing etc. In relation to Morrisons, it attracts customers by using different marketing media such as advertising, event marketing that leads in growth and success. Due to this many people will start investing in the shares oftherespectivecompanywhichwillleadinefficientoperationofthe business. 3
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Quality product: If the organisation sells the quality product than it helps to increase the customers pace and this leads to greater profitability. In context to Morrison it provides the customers with the quality products that helps in customer retention and belief along with the loyalty of customers will be beneficial for the organisation(Heggdeand Shainesh, 2018). Increasingcompetition:Byobservingthemarketveryclosely,the organisation can provide the customer with the innovative product that they are expecting. This helps the organisation to build the intense competition in the markets. Morrison’s have lots of competitor in the market such as TESCO, Sainsbury etc. By providing quality and innovative products to its customers it has gained good market share. The company not only one areas in the economy but also has spread its stores among other nation too which helps them to increase their market pace more effectively and efficiently. Growth of economy: As lot of investment is done on the marketing by the business organisation so that customer can be attracted towards the product. As a result, this will be increase the demand of the products which leads in increase in employability and profitability level. With respect to Morrison it provides customer with the innovative and diversified products which helps in economic growth. 4.0 An analysis of how the marketing function works and interacts with other departments Marketing is one the most important pillars of the business organisation that includes strategic planning and research. This is done by the marketing department that helps in creating relation with the other departments also. Some of the function of marketing that interrelates with other are as follow: Marketing and manufacture departments: Before developing any products therespectiveorganisationneedstodoadequateresearch.Furtherthe company needs to understand the recent trends and markets that helps them to manufacture product according to the market expectation. Benefits over the competitors can be gained by putting more efforts in research and providing quality services to the customers. 4
Marketing and finance departments: The marketing department needs to coordinate with the finance department so that they can work according to the budget allocated(Thabitand Raewf, 2018). The budget requirements should facilitate in different marketing techniques that used by business. The finance departmentmainly focusonreturnoninvestment,highcashinflowand increase in sales which helps in growth of the organisation. Marketing and human resources:Marketing department also works with human resources as it hires the people who have good skills on research, developing and promoting activities of the product. This department also assist in providing training to the employee that helps in meeting the criteria of themarketingdepartments.Ithelpsingrowthoftheorganisationby developing more capable team of the marketing departments. 5.0 An explanationof the extendedmarketingmixand examples from selected supermarket Marketing Mix Marketing mix is a part of marketing that mainly focus on accomplishing the goals regardingthemarketingstrategybyusingsevenPS.Withreferencetothis Morrison's has considered this 7ps while marketing its products and apply these frameworks gain market position and achieve goals and objectives. The seven P's are discussed below: Product:Thisreferstothatcommoditythatisbuiltbythebusiness organisationthathelpsinsatisfyingtheneedsofthecustomers.The organisation should design the product according to the customer preference so that they can achieve the height of the success(Mahmoud,2018). Price: It refers to the value that consumers are willing to pay for the products. In relation to the Morrison's it provides its customer with wide variety of products which ranges from medium to higher class people. According to the seasons and festival it provides discounts and offers in the product. Place: The product should be available to the customers according to their conveniencesothatitcangaincompetitiveadvantage.Therespective company also provide customers with the online services that make easily 5
available of the products to the consumers. Promotion: It helps in attracting the large number of people towards the products and influencing them to examine the products. By adopting different techniques of marketing Morrison's has gained market position (Hanssens and et., al., 2018). People: It refers to the people working for the business in provide services to the customer's. This helps in increasing customer’s retention by providing services according to them. This also leads to the employee motivation and organisation give rewards on the basis of the performance. Process: It refers in providing services to the customers on time. It basically focusses on the delivering the products according to need of the customers. So that customers keep on purchasing the products (Sudariand et. al., 2019). Therespectivecompanydividestheareasanddeliverytheproduct accordingly. Physicalevidence:Herethecustomersbasicallyattractswithproduct packaging, labelling. In respect to the Morrison's the company provides its customer with online services and physically products can be also bought in stores. 2.0An evaluation of how the marketing mix adopted by the selected business (or business unit) contributes to the successoftheorganisationinmeetingtheiroverall business objectives To achieve the organisational goals and objective marketing mix plays a vital role. This helps in understanding the customers’ needs so that it can developed according to the customers(Anjani,Irhamand Waluyati,2018). With reference to the Morrison there are many benefits of these framework which are as follow: Allocation of resources: Morrison uses the resources very effectively and effectively that helps in meeting the demand and the firms generate more profit. 6
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Customer's needs:By adopting the marketing mix it helps in understanding the customer’s preference so that they can meet the needs by providing the quality services. Responsibilities allocation:By providing training to the team’s members and utilising their specialization the organisation gives more responsibility to team’s members to give focus on customer satisfaction. 3.0Recommendations Marketing mix allows the company to gain more competitive advantage and increase the profitability. This leads in adding more value in the organisation so that success can be achieved. In context to the Morrison by utilizing the resources properly it provides the customers with cost effective products. It also adopts different marketing techniques that leads in customer retention which help respective company to maintain the brand image and increase its profit regularly. This helps them to diversify the products and development which leads in increasing sales. 9.0 Conclusions From the above reports, it has been concluded that in order to achieve the goals and success, marketing plays an important role in creating good brand image and customer’s satisfaction. The company should use marketing function in an appropriate manner so that it can lead to the growth of the organisation. It can also implement different marketing strategies so that they can gain more competitive advantage. The business concern gets many benefit by using marketing mix strategy that helps in attaining the objectives. 7
References Deepak,R.K.A.andJeyakumar,S.,2019.Marketingmanagement.Educreation Publishing. Agzamov, A.T., Rakhmatullaeva, F.M. and Giyazova, N.B., 2021, June. Marketing strategyforthecompetitivenessofmodernenterprises.InE-Conference Globe(pp. 1-3). Tien, N.H., Phu, P.P. and Chi, D.T.P., 2019. The role of international marketing in international business strategy.International journal of research in marketing management and sales,1(2), pp.134-138. Heggde,G.andShainesh,G.eds.,2018.Socialmediamarketing:Emerging concepts and applications. Singpore: palgrave macmillan. Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case study.International Journal of Social Sciences & Educational Studies,4(4). Mahmoud,T.O.,2018.Impactofgreenmarketingmixonpurchase intention.InternationalJournalofAdvancedandappliedsciences,5(2), pp.127-135. Anjani, H.D., Irham, I. and Waluyati, L.R., 2018. Relationship of 7P marketing mix and consumers' loyalty in traditional markets.Agro Ekonomi,29(2), pp.261- 273. Hanssens, D.M and et., al., 2018. Consumer attitude metrics for guiding marketing mix decisions. InLong-Term Impact of Marketing: A Compendium(pp. 557- 600). Sudari,Sandet.al.,2019.Measuringthecriticaleffectofmarketingmixon customerloyaltythroughcustomersatisfactioninfoodandbeverage products.Management Science Letters,9(9), pp.1385-1396. 8
Table of Content Part 2: Marketing Plan 1.0How the strategic marketing plan links with the overall organisational mission, corporate strategy and objectivesp 2.0Clear and SMART marketing objectivesp 3.0Marketing research to support the new product line launchp 4.0 A situational analysisp-p 4.1Marketingaudit,makinguseofappropriateanalyticaltoolsincluding SWOT, Pestle and 5C analysisp 4.2 A competitor analysis including the market segmentsp 4.3 Sub-segmentsp 4.4Articulationofthenewproductvalue-propositionintheeyesofthe customerp 4.5 Development of the marketing strategies applied to the extended marketing mixp 4.6 Setting of an overall marketing budget, including allocation of planned spendp 4.7 Tactical actionsp 4.8Identifyingappropriatecontrolandmonitoringmeasurestoensure achievement of objectives including metrics to measure success such as Return on Marketing Investment (ROMI) and Customer Lifetime Value (CLV) p 5.0Acomprehensivemediaplanthatsupportstheplannedmarketing campaignp-p 5.1 A media budgetp 5.2 Recommendations and rationale for selected and integrated multi-media activities within the set budget that meet the marketing objectivesp 9
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
5.3 Appropriate digital, offline and social media channels for communication p 5.6Fulljustificationforamulti-mediaplanbasedonquantitativeand qualitative criteriap Referencesp 10
1.0How the strategic marketing plan links with the overall organizational mission, corporate strategy and objectives Strategic marketing plan is basically a planning process which comprises of the development of marketing strategy that outlines the objectives, strategies to attain the objectives and timeline to complete the task(Chernev,2020). There are different elements of marketing plan which are link with the mission, strategy and objectives of firm. In context to Morrison company this has been discussed below: - Market research: -In relation to the Morison, the research which is conducted bythecompanygivethemwholedetailaboutthecustomer’staste, preferences, needs, wants and many more. This assist the firm in producing goods according to the customers need which result in attaining the goals. Target market:-IncontexttotheMorison,thisbasicallycomprisesof company market base on the basis of demographic, income, area and many more.Thisassistthefirminunderstandingtheconsumerbehaviorand formulate the corporate strategies according to them. Marketing mix: -In reference to Morison, this tactic is used by the firm in order to promote their product in the market and attract the large base of customers towards them. These 7 PS helps them in implanting the effective marketing strategies. 2.0Clear and SMART marketing objectives This is basically a goal setting techniques which allow the team members to develop the effective marketing plan to support as well as attain the company objectives. In relation to the Morrison company, the setting up of smart objectives assist the marketing team in clarifying that what to attain, how to attain and the areas in which lacking off(Basil,Diaz-Meneses and Basil,2019). The SMART objective in context to the Morrison has been discussed below: - Specific:The goals which are set need to be specific and clear so that it can be attain by them easily. In relation to the Morrison, the goals which are set contained the detailed information which helps the employees in understanding the result. 11
Measurable:toaccomplishedthedesiredobjectives,goalneedtobe measured effectively by specific standard. In context to the Morrison, benchmark can be used by them in order to measured result. Actionable:a goal need to be real and set on the basis of team members skills as well available resources. In relation to the Morrison, the employees of firm are very talented and they have they have the ability to attain the goals through their skills. Relevant:the objective need to be relevant business organization so that rivalry benefits cab be enjoy by them(Herridge,2019). In context to the respective firm. The goals which are set are always relevant to the firm which assist them to gain more and more profits. Time bound:specified time need to be attached with the set targets because without time frame goals become the moving targets. In relation to the Morrison, to achieved the target specific time is set by the company management which helps them in comparing their performance in future. Hence,byusingtheSMARTobjectivesMorrisonmanagementeffectively increase their profits as well as relationships with customers. 3.0Marketing research to support the new product line launch Market research may be defied as the process of determining the viability of the new services or product by conducting the result in the target market. It is very essential for the Morrison to conduct the market research and understand the customers as well as competitor’s strategies(Kumarand et. al., 2018). This helps them for their new product line of food. Different types of methods can be used by the Morrison like surveys, interviews, field observations as well as trials to known the perspective of the consumers. 4.0 A situational analysis 4.1Marketingaudit, makinguse ofappropriate analytical tools including SWOT, Pestle and 5C analysis 12
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Strengths:The Morrison is considered as the biggest supermarket of UK with over 500 stores within the UK and the firm have unique supply chain and distribution network. Weaknesses:In comparison to their rivals the firm has the limited global presence which may act as a hurdle for their new food product line. This result in affecting the firm image(Benzaghtaand et. al., 2021). Opportunities:The respective firm has the opportunity to promote their new products through online modes. This helps them to reach to the large base of customers and increase the sales. Threats:Biggest threat which are faced by the firm is increase in the taxes by the government and the market share acquired by their competitors. This act as a threat for bringing new product. PESTLE analysis Politicalfactor:InrelationtotheMorrison,itisveryimportantforthe companymanagementtofollowalltheruleswhicharemadebythe government to firm from anyillegitimate interest (Grassiand Vallati, 2019). This helps the firm in bringing new product in market. Economic factor:The financial position of firm can be affected by increase in the interest as well inflation rate. To attract the customer base new food product can be sold at discount. Social factor:Morrison must have to provide excellent quality of products to their customers in order to attract them towards the new product. This result in developing good perception form the firm product among the customer’s mind. Technological factor: -this bring new technology, which result improving the customer experience as well as the sales(Shtaland et. al., 2018). Legal factor:All the laws like employment laws, minimum wage act and many more are followed by the Morrison company which prevent the firm from being panelised. Environmental factor:The packing methods which are followed by the firm is eco-friendly which not affect the environment. 13
5C analysis Company:the marketing manager of the firm analyze the internal environment as well as strength and weakness of firm by using VRIO and SWOT analysis before making any decision. Collaborations:This make able the organization in promoting the specific goods worldwide and also assist the firm in distributing through proper supply chain. Customers:the Morrison management can reach to the customers on the basis of demographic and behavioral(Betschand et. al., 2018). Competitors:The local companies are the biggest competitors of Morrison which can be find out through proper method of industry competitive analysis. Context:this basically find out the external elements which may affect the business operations through PESTLE analysis. 4.2 A competitor analysis including the market segments Competitor analysis is basically a process which allow the firm to identify the competivenessoftheindustryandstrategiesusedbythem(Siswati,2021) (Henderson,2018). In context to the Morrison a new food product line is launched by the company and before launching the product they must have to do the market segmentation analysis. Demographic segment:On the basis of this, for their new food product the Morrison can segment their market according to age group and gender. Geographic segment:the firm can also introduce their product by segment their market into different regions, countries and many more. This allow the firm to known the perception as well as taste of the consumers. 4.3 Sub-segments Demographic segmentation can be used by the Morrison company in order to segment their market for new product. They can segment their market on the basis of gender, income, age. Firm focus on all age group as well as income people so that middle level income group can be covered. 4.4 Articulation of the new product value-proposition in the eyes of the customer 14
This basically describe what customer will get out of product. So, unique selling proposition is used by the management of Morrison company which make their product different in the market among the rest one. The uniqueness of product result in motivating the buyer and attract towards the products. The product range of the company is very wide and some they promote their products by throwing some discounting offers in the market(De Pelsmacker.,Van Tilburg and Holthof,2018). This result in developing their brand image along with the loyal customer base. 4.5Developmentofthemarketingstrategiesappliedtothe extended marketing mix The marketing mix is basically a set of actions which comprises of seven Ps that helps the management in implementing the marketing approaches to attain the objectives of the firm(Zhaoand et. al., 2019). In relation to the Morrison, the new food product which is launch by the firm is organic and material used for packing is recyclable. This improves the firm image in the market. 4.6 Setting of an overall marketing budget, including allocation of planned spend This is basically the amount of money which is allocated by the management of business organization for the expenses related to the advertising of goods and services. This includes all the cost i.e., direct as well indirect like advertising, public relation, employing staff, office costs and many more. In context to the selected firm, the higher management set the marketing budget by considering all the activities of promotion(Cárcel-Carrasco,Cárcel-Carrascoand Peñalvo-López, 2020). 4.7 Tactical actions Different types of techniques are taken into consideration by the management of Morrison company in order to attain the marketing goals. This comprise of different marketing techniques like publishing blog posts, conducting social media campaigns, generatingleadsandmanymore(Méndez-SuárezandMonfort,2021).The strategies which are developed must be real and based on the marketing of new products so, that set objective can be achieved. In context to the Morrison, the firm 15
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
invite the celebrities to promote the product and advertise product on the company websites, TV, radio, online or print. 4.8Identifyingappropriatecontrolandmonitoringmeasuresto ensure achievement of objectives including metrics to measure successsuchasReturnonMarketingInvestment(ROMI)and Customer Lifetime Value (CLV) Return on Marketing Investment:It is the method which is determined by the financial value that is divided by investments or risks(Opresnik,2018). This basically measures the cost incurred for the promotion of the product that contributes towards the revenue of the organization. Customer life time value:The value of the organization is determined by the customers over the period. Morrison's would get benefit by increasing the value of existing customers by providing products in less costs and acquiring more new one. 5.0 A comprehensive media plan that supports the planned marketing campaign 5.1 A media budget In order to develop an effective media plan Morrison can include specific media channels so that they can deliver the message and communicate benefits of the products by following steps: MorrisoncandevelopKPIsbysendingproposalrequesttothemedia vendors. To ensure that company doesn't overspend, it can make budgets lines. Standardizedinsertionorderscanbepicturedbyusingflowchartsand percentage analysis(Voorveld,2019). The purchase order can be tracked by different tacking system that is related with budgets. 16
5.2 Recommendations and rationale for selected and integrated multi-media activities within the set budget that meet the marketing objectives Morrison's can deliver its message to the audience by following media budget to meet the marketing objectives. By making the brand image in the market and increasing the sales it can ensure that investment made in marketing is appropriate. Mediaactivitieshelpthecustomerstodifferentiatetheproductsandhelpthe organization to provide the quality product so that public relation can be created. 5.3Appropriatedigital,offlineandsocialmediachannelsfor communication The different types of channels for communication can be used by Morrison's to the customers which are discussed below: Digital channels:In digital channels the company can use email marketing, advertisement on websites etc. for promoting the products. Offline channels:Newspaper advertisement, bulk mailing can be used for communicating about the products with the public. Social media channels:Facebook, twitter, Instagram, linked-In, google etc. can be used by Morrison to interact and provide information about the product to the public. 5.6 Full justification for a multi-media plan based on quantitative and qualitative criteria Quantitative research:This methodology helps to test people’s attitude and behaviors that is based on applied mathematics evidence. This helps in making assumption in the test. Qualitative research:This analysis is not based on the statistical analysis and gives more information based on realistic feel that helps in collecting data and information in more flexible way. 17
References Chernev, A., 2020.The marketing plan handbook. Cerebellum Press. Basil,D.Z.,Diaz-Meneses,G.andBasil,M.D.,2019.Socialmarketingin action.Springer,10, pp.978-3. Herridge, D., 2019. What are SMART objectives and how do I apply them. Kumar, V and et. al., 2018.Marketing research. John Wiley & Sons. Benzaghta,M.Aandet.al.,2021.SWOTanalysisapplications:Anintegrative literature review.Journal of Global Business Insights,6(1), pp.55-73. Grassi, A. and Vallati, M., 2019, May. AI to Facilitate Legal Analysis in the PESTLE Context.InProceedingsofthe2019EmergingTechnologyConference. University of Huddersfield. Shtal, T.V and et. al., 2018. Methods of analysis of the external environment of business activities.Revista espacios,39(12). Betsch,Candet.al.,2018.Beyondconfidence:Developmentofameasure assessingthe5Cpsychologicalantecedentsofvaccination.PloS one,13(12), p.e0208601. Siswati, E., 2021. Strategies to target market segments for traditional food products inSurabayabasedoncoworkingspace.RJOAS:RussianJournalof Agricultural and Socio-Economic Sciences,1(109), pp.43-46. Henderson, C., 2018. Consumer Preferences for GM Food Labeling: A Market Segments Analysis. DePelsmacker,P.,VanTilburg,S.andHolthof,C.,2018.Digitalmarketing strategies, online reviews and hotel performance.International Journal of Hospitality Management,72, pp.47-55. Zhao,Kandet.al.,2019,July.AUnifiedFrameworkforMarketingBudget Allocation.InProceedingsofthe25thACMSIGKDDInternational Conference on Knowledge Discovery & Data Mining(pp. 1820-1830). Cárcel-Carrasco, J., Cárcel-Carrasco, J.A. and Peñalvo-López, E., 2020. Factors in therelationshipbetweenmaintenanceengineeringandknowledge management.Applied Sciences,10(8), p.2810. Méndez-Suárez,M.andMonfort,A.,2021,June.MarketingAttributionin OmnichannelRetailing.InNationalBrandandPrivateLabelMarketing Conference(pp. 114-120). Springer, Cham. Opresnik, M.O., 2018, July. EffectiveSocialMedia Marketing Planning–Howto Develop a Digital Marketing Plan. InInternational Conference on Social Computing and Social Media(pp. 333-341). Springer, Cham. Voorveld,H.A.,2019.Brandcommunicationinsocialmedia:Aresearch agenda.Journal of Advertising,48(1), pp.14-26. 18
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.