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Unit 2 Marketing Essentials

   

Added on  2020-10-05

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UNIT 2MARKETING ESSENTIALSCourse: HND in Business (Level 4)Academic Year: 2018-2019

Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Explain the key roles and responsibilities of the marketing function....................................1P2 Explain how roles and responsibilities of marketing relate to the wider organisationalcontext..........................................................................................................................................3LO 2.................................................................................................................................................4P3 Compare the ways in which organisation applies the marketing mix to the marketingplanning process to achieve objectives........................................................................................4LO3..................................................................................................................................................7P4 Produce and evaluate a basic marketing plan.........................................................................7CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONIn every organization marketing department plays a significant role in achieving aims andobjectives. It helps in growth of business in different markets. The department roles are spreadinto wider context. They are responsible for performing many functions such as advertising,developing new products and plan, etc. in today’s modern world marketing has become moredirect and personal. It focuses on creating customer value and managing CRM. This report willshow roles and responsibility of marketing and its interrelationship with different departments. Itwill also describe how marketing mix is applied in planning process. At last it is discussed howmarketing plan is developed and executed. For present report organization selected is ALDI. Itbelongs to retail sector and operates all over the world.LO 1P1 Explain the key roles and responsibilities of the marketing functionEvery business requires its products and services to be marketed. For this they require aneffective marketing strategy. Marketing is a concept of identification of customer needs anddeveloping products to fulfil them. It also includes advertising and promoting products throughvarious mediums and generating more sales to remain competitive in industry for long term.Marketing also include branding management where efforts are made to maintain brand inmarket. Organisation overall growth is dependent on marketing function (Chernev, 2018).Generally, there are five core concepts that include production, product, selling, marketing andsocietal, these all emphasis on growth and development.Digital marketing- It has emerged as new trend in which focus is on advertising through socialmedia. Green initiative- Companies are focusing in promoting green initiative in which they spreadmessage of keeping the environment clean and safe. There are several steps in marketing process that is as follows:Analysing opportunities- This is first step in which companies identify opportunities inthe market. It is done by finding out competitors, needs of people, etc. moreover, hugeamount of data and information related to trends, customers, etc. are evaluated andanalysed. With help of it a complete package of products are designed and then changesare made in it. Opportunities are beneficial for long term growth and survival ofcompany. 1

Selecting target market- It is most crucial step in which target market is selected. Thishas to be done in precise way as it can impact on marketing plan to a great extent(Nieminen, 2017). In this STP is done to identify how market will be segmented andproduct is positioned. Developing marketing mix- After selection of target market marketing mix is preparedthis process consumes a lot of time as each and everything is elaborated in proper way.Here, 7 P’s are addressed and mentioned in proper way. Control – At last control measures are developed so that plan can be controlled andmonitored. It ensures that plan is properly executed and goals and objectives are attainedin given time. Moreover, results are compared with set goals so that changes are donewhile developing next one. A marketing manager must play different roles. They are different responsibilities as wellmust be followed by them:Collecting data and information – the data and information collected gives an insight aboutneeds of customers. Marketing department gathers data from different markets so that needs canbe identified (Soboleva, Burton and Khan, 2015). The data is also analysed to obtain informationabout market condition and sales of each product in units. Alongside this, manager must identifycurrent trends in market and change in taste and preference of society. Developing products and services- It is the core function of marketing in which they developproducts and services of different markets. It is done by collecting and analysing data. Theoverall design, features, packaging, etc. of product is identified. For this, coordination is donewith research and development department. Marketing function defines product features andspecifications and how it will be designed. ALDI develops products for different market as percustomer needs. Strategy development and implementation – This is also a crucial function of marketing inwhich strategies are developed and implemented. The strategies are integrated withorganisational overall goals and objectives (Withey and Panitz, 2015). Marketing departmentcoordinates with finance to get funds for implementation. It is also responsible for monitoringand evaluating results. The strategy is developed for long and short time period and differsaccording to market size, product, etc. Generally, the main aim of every business is to expandoperations in different countries so that more profits can be generated. 2

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