Marketing Essentials: Roles, Strategies, and Market Analysis for Business Success

2023
Undergraduate diploma in business management
mark spagnol – 305693m – submission date:

Unit 7 – Marketing Essentials Mark Spagnol
Contents
LO1: Provide an overview of the Marketing Management process and the relationship between
Marketing and other Functional units within an organization..................................................................2
P1: Outline the key roles and responsibilities of the Marketing function................................................2
M1: Analyze the 4Cs in Marketing and explain how each of these impacts the Marketing management
process adopted by an organization........................................................................................................3
LO2 Understand market opportunities and consumer buying behavior...................................................4
P2: Explain what market segmentation is and how organizations use it for targeting and positioning
decisions..................................................................................................................................................4
P3: Examine how organizations analyze consumer buying behavior, and the impact of such buying
behavior on the Marketing strategy........................................................................................................5
M2: Explore the key challenges faced by organisations when marketing their products and services
and the importance of sales forecasting.................................................................................................6
D1: Critically analyze and evaluate the key elements of the Marketing function and how these
interrelate with other functional units within an organization................................................................7
LO3 Develop a Marketing Plan/ Program: Product, Pricing and Distribution Decisions...........................8
P4: Examine the different product related decisions which need to be considered by organizations.....8
P5: Analyze the process adopted by organizations to determine the appropriate price level of their
products/ services...................................................................................................................................9
M3: Analyze the different tactics applied by organizations when promoting and distributing their
products/ services.................................................................................................................................10
LO4: Analyze the different Marketing Strategies for new market entries, growth markets, mature and
declining markets......................................................................................................................................11
P6: Examine the different Marketing strategies adopted by new Market entrants in comparison to
Market leaders......................................................................................................................................11
M4: Analyze, using examples, the different Marketing strategies adopted by organizations operating
in mature and declining Markets...........................................................................................................12
D2: Critically analyze how organizations apply the 7Ps (Marketing mix) to devise an effective
Marketing plan......................................................................................................................................13
Bibliography...............................................................................................................................................14
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Unit 7 – Marketing Essentials Mark Spagnol
LO1: Provide an overview of the Marketing
Management process and the relationship between
Marketing and other Functional units within an
organization.
P1: Outline the key roles and responsibilities of the Marketing function.
Marketing plays a critical role in any organization as it is responsible for promoting the company’s
products or services to the target market, identifying, and creating growth opportunities and developing
and executing effective market strategies (Twin, 2023). Daley (2022) along with Twin explained the 4Ps
of Marketing which are Product, Place, Price, and Promotion and such are all possible to extensive
market research, excellent branding, creative product development, clear marketing communication,
superb after sales support and significant analytics.
The functionality of market research is to conduct research and understand different market needs,
preferences, and behavior of the target audience. Such information is important for development to
meet the needs of a market and give a valuable insight of other competitors (Busch, 2022). Voice Pick
(2020) agreed with all the above however they also stressed out that market research does not
guarantee success. Research would not be sufficient if a company isn’t branded well, and Jones (2023)
explained that branding brings consistency across the company, and as well it helps differentiate the
company from its competitors and building a strong customer and employee loyalty.
Products continuously improve through vigorous development, and as such, it is important to target the
right and correct audience (Penasack, 2023). Product development plays a key role within marketing to
ensure that products are defined for different audience and to ensure that products or services offered
are high in quality (Gillis, 2022). Philippe, et al., (2015) emphasized that communication is as important
as branding and development of a product. Communications should be consistent with the brand to
reach the target audience through communication means such as advertising, public relations, emails,
social media, or other means.
Sales support is also a key functional role within the marketing department, by providing the necessary
resources and materials to assist any sales time close any details. The resources mentioned are such as
product information, presentations which all make it easier to find and attract the target customer and
improving the overall sales performance by enhancing the customer relationships (Yunk, 2019). Analysis
of the effectiveness of the marketing campaigns are very important to keep improving and achieve and
exceed the KPIs (Freedman, 2023). The Indeed Editorial Team (2023) agreed with Freedman, and also
added that companies nowadays use different analysis methods such as the 5Cs, SWOT and Porter’s
analysis and emphasized that such methods are used in order to cater for different audiences and also
develop solutions to any challenges which may arise.
Marketing is a crucial within any organization as it involves the promotion, the identification of
opportunities and execution of strategies to enhance any organizations by researching the right
products or services, implement an excellent brand marketing strategy, communicate concisely and
effectively, and observe any possible flaws or improvements that can be done to achieve key
performance indicators by analyzing data.
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Unit 7 – Marketing Essentials Mark Spagnol
M1: Analyze the 4Cs in Marketing and explain how each of these
impacts the Marketing management process adopted by an
organization.
The 4Cs in Marketing is a Matrix that holds different criteria found beneficial to obtain trust and
credibility with the customers. The criteria are based on four assessments which are Change, Customer,
Competitor and Company, hence why 4Cs (Kotler, 2012). Online Manipal Editorial Team (2022) partially
agreed with however provided a different four assessments which are Customer, Cost, Convenience and
Communication. This matrix evolved from McCarthy’s 4Ps which the latter one focuses more on the
importance of consumer focus and convenience.
Customers are the most important aspect of the 4Cs as they are the consumers that buy or use the
product or service. Therefore, customer value is important, and this is done by extensive research,
customer profiling and seeking feedback (Birt, 2023). Sherman (2012) acknowledged and expanded his
research by stating that research in consumer needs is important to tailor products and services to the
customer’s needs. By conducting extensive research and meeting the customer needs, any organization
can easily build strong relationships, increase loyalty and satisfaction score, thus gaining a competitive
advantage.
The second C represents marketing communication, which is one of the keys in any marketing campaign.
The target audience needs to be correctly identified and the correct channel needs to be determined,
along with concise information. Neostrom (2018) mentioned that small organizations nowadays have a
better visibility because social media platforms such as Facebook and Instagram provide better
communication. Nikki (2023) agreed with Neostrom and added that marketing communications helps
keep a healthy relationship between the company and its end users. A company such as McDonalds uses
a mix of channels such as TV advertisements, Billboards, Digital and campaigns to launch new toys in the
Happy Meal boxes.
Bauer (2016) explained that cost is another critical key factor, which ultimately impacts the customer’s
decision to purchase a service or product. Pahwa (2022) elaborated that marketing needs to determine
the cost price that customers will pay, any additional costs of acquiring the product, such as the research
cost or delivery costs and opportunity cost which prevails to an advantage that a customer may have
ignored in order to purchase the product or service. Setting the incorrect costs and prices may result in
customers switching to other competitors, on the contrary, extreme low prices can negatively impact
profit margins.
In today’s fast-paced world, convenience is a must, and one of the 4Cs is convenience itself. Shep (n.d
cited Burgess, 2019) explained six principles in order to deliver an excellent customer service experience
that creates vicious loyalty. Cliquet & Baray (2020) explained the importance of convenience, where
studies show that convenience is as important as communication and promotions, as stores such as 7
Eleven and Home Depot provide more convience due to the number of stores allocated in the country.
On the other hand, organizations need to offer flexible payment methods and delivery options.
The 4Cs in Marketing is a matrix assessing Customer, Change, Competitor, and Company, or Customer,
Cost, Convenience, and Communication. Customer value is crucial, achieved via research and feedback.
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Unit 7 – Marketing Essentials Mark Spagnol
Targeted marketing communication is key, cost is essential, and convenience is critical. Flexible payment
and delivery options enhance convenience for customers.
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Unit 7 – Marketing Essentials Mark Spagnol
LO2 Understand market opportunities and
consumer buying behavior.
P2: Explain what market segmentation is and how organizations use it
for targeting and positioning decisions.
Market segmentation is the process to segment large market groups into smaller ones, sharing similar
characteristics and needs. This is mostly used to tailor a product or service in a specific way that mostly
would attract a particular sector of the consumers. This is important to minimize risks by concluding
which products are most likely to attract consumers, thus the company would then be allowed to focus
its resources on products or services which are the most profitable (Tarver, 2023).
According to Lotame (2019), Tarver’s view was supported through a specific scenario where the
marketing team promotes a new dog food brand, and the target audience can be segmented based on
whether they own a dog. This would increase the overall effectiveness of a campaign by increasing the
chances of people engaging with the content, thus improving the return on investment. A company such
as McDonalds targets different consumers, such as children, learners, families, and businessman.
Companies mainly use four different types of market segmentations, which are Demographic,
Behavioral, Geographic, and Psychographic segmentations, and McDonalds use all the different types of
market segmentations (Anon., 2022).
Demographic segmentation uses factors like age, gender, income, and occupation. Behavioral
segmentation analyzes customer behavior such as usage rate and loyalty. Geographic segmentation
divides customers by geographic location. Psychographic segmentation categorizes customers based on
personality, values, attitudes, interests, and lifestyle (Survey Monkey, n.d.). A local telecommunications
company such as Melita uses different market segmentations, and it uses demographic segmentation to
sell a mobile product that is only available if consumers are under the age of 29 (Melita, n.d.). This
allows the company to increase its profits whilst lowering the sales churn. Tow (2023) exhibited another
great example of demographic segmentation with Lululemon. Lululemon sells athletic clothing to adult
men and women of all ages, however they also cater to girls between the ages of 6 and 15.
Nike is another company that very well makes use of all marketing segmentations factors, whereas it
targets athletes and fitness enthusiasts whilst targeting as well older generations by advertising
comfortable and supportive products (EdrawMind, 2022). Although proven to be successful, effective
market segmentation requires extensive analysis and research, and organizations must be able to gather
and analyze data on customers’ needs, preferences, and behavior.
Sales Manago (2021) highlighted the importance of segmentation as campaigns that are segmented and
targeted lead to a higher return of investment of 77%, compared to non-target campaigns which
generate 50% less clicks. Segmentation also plays a big role in understanding customer’s needs, as
statistics show that companies are 60% more likely to understand their consumers. By segmenting
consumers into smaller groups based on different factors, companies benefit from increased revenues
and an increased customer base.
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