Unit 2 Marketing Essentials

Marketing Essentials

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 The key roles and responsibilities of marketing function. ....................................................1
P2 Interrelation of roles and responsibilities of marketing with organisation............................2
M1 Analysis of roles and responsibilities of marketing with context to marketing
environment.................................................................................................................................3
M2 Analysis of significance of interrelation between marketing and other functional units.....4
D1 Evaluation of key elements of marketing functions and interrelation with other units of
organisation.................................................................................................................................4
TASK 2............................................................................................................................................4
P3 Comparison of marketing mix of different organisations......................................................4
M3 Evaluation of different tactics applied by organisations to demonstrate business
objectives.....................................................................................................................................6
TASK3.............................................................................................................................................7
P4: Produce a basic marketing plan for an organisation.............................................................7
M4: Evaluate a marketing plan for Walmart.............................................................................10
D2: Design a strategic marketing plan that uses 7p's of marketing for achievement of
marketing objectives.................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Marketing is known as the strategies which are designed and implemented by company to
satisfy the customer needs, maximize profits of organisation and compete with competitors in
market (Kimura, 2017). It is important for businesses because marketing helps them sell their
products and services by communicating with customers and explain what is being offered and
how will it fulfil the desire of consumers. The efforts of marketing focus on identifying the
needs, wants and desires of people according to which company can fulfil those demands with its
products. The company selected for this report is Walmart which is a multinational retail
corporation founded by Sam Walton in 1962. The company has approx 11,496 stores and clubs
in 27 countries which are operating under 56 different names. The topics on which the report
focuses are the roles of marketing and its interrelation with different functional units in company,
comparison of marketing mix between organisations which help in achieving business
objectives. Apart form this basic marketing plan of an enterprise is also formulated.
TASK 1
P1 The key roles and responsibilities of marketing function.
Marketing is a tool which helps in attaining the objective of company which is to attract
customers towards products and services which are provided by company (Warnaby, 2019).
There are some marketing functions which are involved by every company as they help in
finding out the ways through which organisations can reach consumers. The following are roles
and responsibilities of Walmart:
 First mover advantage- Marketing functions plays vital role for providing first mover
advantage to Walmart. First mover advantage means identifying the hidden demands and
desires of costumers very first in the market and taking it as an advantage to serve them
with company's products and services. To identify such things, marketing managers of
Walmart perform there responsibilities and makes sure that company is getting first
mover advantage in market. For instance, Walmart has been first company which
developed and used a new technology for more time which accumulated and mastered the
technical knowledge.
 Enhance profits- With the right use of marketing techniques the marketing term can
target the costumers which will help in making good profits. This is one of the main
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objective of company for which not only marketing department, the other divisions also
have to play there roles and responsibilities (Jaisinghani and Kanjilal, 2019). The
elements namely the profits and customer satisfaction goes in link with each other, higher
the customer satisfaction, higher the profit are earned by Walmart. The marketing term of
Walmart has more focus over satisfying its customers.
 Branding- It is important that company has its own identity of products and services in
market place. Through branding enterprise can generate trust of costumers and makes
them realize the values of brand as they are spending their income. When the company is
branding its products the customers can recognize the brand easily which helps it in
expanding and introducing new products. Marketing function of Walmart has branded the
products and services in effective manner. Branding has also helped the entity to gain
competitive advantage in market over like Amazon, Home Depot and many more.
 Track of current trends and monitoring competition- It is necessary to know the
current trends and polices so company knows its position and the level of competition it
is operating. The marketing division of Walmart play its responsibilities and keeps the
note of trends which are going in market. This helps the company in making new
strategies by which it can compete with its competitors. Monitoring other organisations
allows Walmart to predict the future mover and strategies.
P2 Interrelation of roles and responsibilities of marketing with organisation.
For achieving the objectives of company, marketing division has to perform various
activities. It is main activity of marketing division to accomplish organisations long-term goals
of Walmart for proper functioning of its business (Cacciolatti and Lee, 2016). To do this
marketing department has to effectively coordinate with the other departments of the enterprise.
The interrelation with other divisions is stated below:
 Marketing-Finance Department -Finance and marketing divisions of Walmart work
with coordination as company aims at increasing the revenue and these departments
performance those activities which help in accomplishing those things. As to promote the
products of company, it requires to carry out some promotional activities which holds
funds of company. That is why marketing division coordinates with finance department
which allocates funds according to the marketing plans.
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