Role of Marketing in Modern Organizations
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Added on 2021-02-21
Role of Marketing in Modern Organizations
Added on 2021-02-21
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MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3TASK 1............................................................................................................................................3“The role of Marketing in the Modern Organizations.”.........................................................3TASK 2............................................................................................................................................67 P's of Marketing and their role in achieving business objectives........................................6The Marketing Plan for Beauty Giant..................................................................................10CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONMarketing Essentials are the various attributes related to marketing which is avery important concept focuses on meeting customer requirements and generatingprofits for the company. In the present report, a case study has been discussed aboutBeauty Giant who is intending to launch their own product named Forever Young. Acomparison between the 7 P's of marketing has been made for Beauty Giant andL'Oreal Paris to determine the strategy that Beauty Giant should adopt and lastly, amarketing plan has been developed adoption of which will help the company inprofitably positioning their product in the market (Smart marketing essentials forsuccess, 2019).MAIN BODYTASK 1“The role of Marketing in the Modern Organizations.”The term Marketing involves the most important activity of creating customervalue by identification of their needs and delivering the products and services whichsatisfy such requirements. In exchange of such value provided to the customers, themarketers generate profits and hence profitable relationships are established with thecustomers. By adopting different marketing practices, the company can familiarize theirproducts in the market and increase the sales. For implementing the marketing function,there are different roles whose application will help the company in generating profitsand becoming successful. However, as times have changed, the roles andresponsibilities of marketers have also changed. Today, their responsibility is not justlimited to formulating a marketing strategy but they also need to develop someinnovative and novel methods or technologies which will help in increasing the potentialof the company and making employees energetic (Bagozzi and et.al., 2018). The risingrevolution and increasing importance of inculcating digital markets in the process ofmarketing has led to reforming of the marketing strategies and developing new oneswhich will help the marketers in purporting a strong image of their organization. For developing a good marketing strategy, the marketing manager plays a veryimportant role and has some key responsibilities :-3
Market Research :- Conducting market research is vast process where the newmarkets and rising opportunities are identified and the change in market trends ornorms is analysed. Market research helps the marketers in developing understandingrelated to the change in consumers demands and hence develop those products whichwill help in meeting their requirements satisfactorily. STP Analysis :- The marketers need to identify the most profitable segments and thenformulate proper strategies so that the relevant segments can be targeted by placingthe product at right price sand quality levels.Creating a Marketing Strategy :- Once the marketers analyse the market completely,they move on to the next step of developing all the plans and strategies that they canuse for promoting the new product or service which the marketers intend to launch.When the marketing strategy is formulated correctly, the company will be able tosuccessfully position their product in the market and increase their sales (Duffett, 2017).Identifying New Opportunities :- Market research is conducted for the purpose ofidentifying the emerging trends and this helps marketer in developing insights regardingthe behavioural tendencies of the customers and their buying patterns. Also, identifyingthe peak season of the sale of product helps the marketers in formulating differentstrategies for different seasons and hence increase the competitiveness of the product.Promotional Tactics :- The marketers should formulate new and innovativepromotional techniques so that the product that they intend to make successful can bepositioned correctly. Managing relationship with customers :- A marketer identifies the degree ofsatisfaction that a consumer derives form their products and collects all the informationrelated to different customers so that they can create a database. This assists thecompany in developing appropriate after sale services of the company and identifyingand rewarding the loyal customers so that strong relationships can be build with thecustomers.Decision Making :- A marketer has to take many decisions related to various differentactivities like planning, organizing etc. where develop plans and integrate differentdepartments or developing a working pattern etc. This increases the number of potential4
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