Marketing Essentials Report: Beauty Giant, Marketing Plan

This report provides a comprehensive overview of marketing essentials, specifically focusing on the Beauty Giant company. It begins by defining marketing and its significance, then delves into the roles and responsibilities of marketing within a modern organization, including its functions like market research, branding, and advertising. The report explores the interrelationship between the marketing department and other functional units such as finance, human resources, and operations management. Part 2 presents a detailed marketing plan for Beauty Giant, including an executive summary, background information, aims, objectives, and a situational analysis utilizing PESTLE and SWOT frameworks, followed by marketing strategies like STP (Segmentation, Targeting, and Positioning). The report also highlights the launch of their new product, 'Forever Young,' an anti-aging cream, and its target market. This analysis aims to provide insights into the cosmetic industry's marketing dynamics and Beauty Giant's strategic approach.

MARKETING
ESSENTIALS

TABLE OF CONTENTS

INTRODUCTION
The action or business of promoting and selling products or services including market
research and advertising is called as Marketing. It is the procedure of management that is
accountable for determining, forecasting as well as satisfying the requirements of customer
productively. All the activities related to buying and selling of products and services is defined as
marketing (Baker, 2016). Marketing is the heart of business as it is not possible to make the
customers aware about the products and services offered by the company to the customers.
This present report is context with Beauty Giant company of United Kingdom. Company
is operating in cosmetic industry. This present report is designed to introduce the principles of
marketing and its detailed concept. It will cover the role of marketing and its interrelationship
with other functional units of the company. Further, report will also include the strategic
marketing plan of cited organisation.
PART 1
The role and responsibility of marketing in modern organisation.
Marketing is the very important activity of the organisation as without marketing it is not
possible to accomplish the desire mission and vision of firm. It is the activity of market research,
designing promotion as well as accomplishing all the tasks that will permit the organisation to
raise the customer base. For beauty Giant marketing plays a crucial role as it makes the
customers aware about the products and services of the company.
The function of marketing of Beauty Giant company are merchandising, storing,
transporting, financing and communication standardization and grading, defining and managing
brand name, marketing research, overseeing the outside agency and most important is
advertisement and promotional activities. These are all functions which are carried out by
marketing department of the firm (Tumbas, Berente and vom Brocke, 2017).
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Here are the detailed description of the marketing functions which are as follows-
Assembling, Buying and selling: The most essential role of marketing as it includes
what to purchase, in what quantity, when to buy, from whom to buy and what is the price. All the
raw material and resources which is required for manufacturing of product. Further, marketing
manager have to sell the product in the market as per the demand of customers.
Storage: This is also one of the most essential function of marketing as it includes the
storage of goods in warehouses avoiding wastage of goods either it is raw material or finished
goods. It is very important to manage the time of storage to delivery of goods in the market.
Transportation: This is another function of marketing where the goods are physically
move from one place to another. Delivery of goods is not possible until and unless it is clear
where the goods have demand. Thus, marketing department of the firm helps to find the
consumption of goods and services so that goods can be transported where it is demanding.
Marketing manager evaluated the pros and cons of transportation medium and select the most
convenient, speedy mode of transportation.
Defining and managing brand: Nowadays it is very important for a firm to have its
identity in the market (McDonald and Wilson, 2016). In this function marketing manager used to
define the company in the market like where the firm stand for and how company acts in the
market.
Market Research: Market research is also a crucial function as it include finding right
customers at right time to target. It is the duty of marketing manager to define the target market
with the help of research. By conducting research, company can grow and develop more by
taking the advantages of opportunities prevailing in the market.
Advertisement and Promotional Activities: Advertisement and promotion is now
becomes the essential part of the companies as they are investing huge amount on advertising
and promoting of goods and services. Social media is a current trend of marketing activity which
is used by large number of companies.
Overseeing the outside agencies: There are several agencies and vendors that
manufacture the marketing materials as well as helps in marketing support. So, it is the duty of
marketing department of firm to manage the vendors and agencies in effective way (Lovelock,
and Patterson, 2015). For example, print vendors, PR agencies, Web developers, ad agencies etc.
Key Elements of marketing functions:
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SOSTAC is one of the model that help in analysing and evaluating the key elements of
marketing function. This model was developed in 1990 by PR Smith. There are mainly six
staged of this model that includes-
Situational Analysis: This is the first stage of this model and according to this it is very
important for all firms to conduct situational analysis so that they can actually know the current
environmental changes and their position in the market. There are some tools such as Pestle,
SWOT, VRIO that helps to conduct situational analysis of the firm.
Objectives: It is also important to make it clear that what company desire to achieve in
the future. The objectives of the company must be clear to all the stakeholders of the firm.
Strategy: Once the objective of the company is set, marketing managers have to look
over the strategies to achieve the objectives (Rahim, 2017). So, marketing manager plan
strategies such as team working, direct exporting, merger and acquisition, E-marketing and many
others.
Tactics: Tactics are the tools and techniques of marketing which are used to execute the
desire goals and objectives of the firm. Organisation used Key Performance Indicators,
benchmarking as a tool to check the performance on regular basis in the market. Further, affiliate
marketing, pay per click, email marketing are some techtics of marketing used by the firms.
Actions: This is the stage where plan is implemented within firm. Once all the strategies,
tactics are planned by company than they decide to put the plan into work.
Control: To achieve the desire goals, control is very important as so that there is no gap
in the performance of the company. Managers review, monitor and update all the tehctics and
strategies (Horlacher and Hess, 2016).
Interrelationship between marketing and other functional units of company.
It is fact that marketing is the universal function which is very essential for entire
functional units of the company. No any functional units can work without marketing
department, it is because all department work in collaboration with each other.
Here are the interrelationship of different functional units with marketing-
Finance and Marketing Department: Finance department have an entire company brief
to ensure that all business operates within its capabilities of finance. Finance manager allocate
the budget to all the departments accordingly. To conduct the activities of marketing all the
products and services (Singh and Hess, 2017). Marketing managers focus on increasing sales and
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raising customer base whereas finance departments emphasized on cash flows, paying back
investment, covering cost as son as possible. Thus, both departments work closely with each
other.
Human Resource and Marketing Department: Marketing department needs full staff
members in their department to conduct the marketing activities so they ask human resource
managers to fill the vacant position in the company. On the other hand, marketing manager also
helps in advertising of jobs for company that brings talents candidate within organisation. Thus,
both the department work closely with each other.
Operations Management and Marketing Department: Marketing department work
closely with operations department in order make sure that there must be capable planning of
R&D to satisfy the needs of customers. Marketing manager also advise production or operation
manager to product the quantity of production so that wastage could be minimised and gain
competitive advantage in the marketplace. On the other hand, operation managers ensure the
quality of products by avoiding defective and replace of products it is because if quality is not
ensured than it will negatively affect the marketing of product (Jaques, 2017). Thus, both the
departments work collaboratively with each other.
PART 2
Marketing plan
Marketing plan is an overall part of business plan as it includes the comprehensive
document that outline the efforts of marketing and advertising for the future (McDONALD,
M.A.L.C.O.L.M., 2016). There are some important elements of marketing plan which are
situational analysis marketing strategies, budget etc.
Executive Summary
This present marketing plan is for Beauty Giant Company as they are going to introduce
new for customers in the market. This plan will include the background of the firm, aims and
objective, situational analysis by using Pestle and Swot tools and Marketing Strategies.
1. Background of the Company
Beauty Giant is operating in cosmetic industry and one of the most popular organisation
in United Kingdom. Firm have 50 total stores in UK. Basically, they sell men and women
toiletries from several renounced brands across the world. Beauty Giant have become very
popular in the market but they do not produce or sell any product by their own. So, now Beauty
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Giant have decided to launch its own product which is anti-age and gave name as Forever
Young. Anti-age creams are the predominantly moisturiser-based cosmeceutical skin care
products marketed with the promise of making the customer look younger by reducing masking
or preventing signs of skin ageing. They are going to target over 30 markets.
Aims and Objectives
Aim:
“To determine the strategies for introducing new product (Forever Young) in the market.
A study on Beauty Giant”.
Objectives:
 To attract new customers by 2020.
 To increase the profit by 20 percent by 2020.
 To increase the market share by 15 percent by 2020.
STP- Segmentation- Forever Young will segment its customer base on the basis of age groups
especially the age group of over 35. Further, business unit will target both men and
women for the cosmetic products offered by it. Target- For attaining success in the competitive environment differentiated targeting
strategy will be undertaken by scholar. Moreover, in the context of marketing mix for
men and women elements of marketing mix namely product, price, place and promotion
differs significantly. Thus, by developing distinct marketing mix for each group
purchasing decision of target market can be influenced.
 Positioning- The Forever Young will position cosmetic products on the basis of quality,
usage and affordability.
2. Situational analysis
Situational analysis is the aggregation of methods and tools that is used by the
organisations to analyse the impact of external and internal environment to understand the
customers, business environment and capabilities of company.
PESTLE ANALYSIS:
This is one of the best tool to analyse the best tool to analyse the impact of external
environment on the operations and functions of the company. Cosmetic Industry is one of the
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competitive industry in UK so before launching Forever Young Cream as the new product, the
manager of Beauty Giant is going to use this tools to track the forces.
Political Factors: This factor include the role of government of firms such as policies
and rules lead by government. The political condition of UK is highly stable so Beauty Giant
have opportunity to grow and develop the business more in the market (Fahy and Jobber, 2015).
On the other hand, UK government is very strict product safety especially in cosmetic products
so that Beauty Giant needs to be very aware in using the ingredients or raw material of the
products.
Economic Factors: Rate of inflation, exchange rates, GDP, employment etc. are
included in this factor. The Growth rate of UK have high degree of stability which is a positive
factor for Beauty Giant. The economic condition is good means company can set price high for
Forever Young cream because customer have high purchasing power.
Social Factors: Technical trends in industry is encompasses in this factor. The modern
societies are highly interested in cosmetic products as they are very much concern about their
skin and body. The positive factor for Beauty Giant is that they are known to their customers and
they will welcome the innovation of the company. On the other hand, rapid changing needs and
expectation of customers negatively affects the profitability of the company.
Technological Factor: This is one of the factor that leads to great impact on the
company because of highly technological advancement in the market. Beauty Giant can use
social media as advertisement tool for promoting Forever young Cream as new product in the
market. Beauty Giant can add more to make the product more trendy to the customers by using
advance technologies (Lidstone and MacLennan, 2017). On the other hand, rapid change in
technologies raise the cost of production of the company.
Legal Factor: This factor included legal laws and rules that organisations have to follow
for smooth functioning of the company. Beauty Giant have to follow all the rules for smooth
working of the company such as Fair packaging and Labelling Act and Federal Food, Drug and
Cosmetic Act. These are the leading legal laws that company in cosmetic industry needs to
follow. If the products is not according to the standard than it might be banned.
Environmental Factor: Global business safety laws, corporate social responsibilities are
the elements of environmental factors. Cosmetic industry is going green in UK as the packaging
of products are ozone-friendly and leading less stress on the environment. Beauty Giant can take
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this as an opportunity as they can make effective packing of the products to attract customers
(Pulendran, Speed and Widing, 2015).
SWOT ANALYSIS
This is one of the best tool to identify the capabilities and weaknesses of the firm as well
as it also aids in determining the available opportunities and threat in the market. It is called as
both external and internal analysis tool.
STRENGTH
 Company have good name in the
market.
 50 branches al over UK.
 Strong R&D
 Highly concern for safety and quality.
WEAKNESSES
 Dependence on suppliers
 Do not have own manufacturing of
product (Chaffey and Smith, 2017).
OPPORTUNITIES
 Known to the customers.
 Ozone-friendly packaging. Adding
organic ingredient.
 High Purchasing power of customers.
 Trendy customers in UK (Meidan,
Moutinho and Chan, 2015).
THREAT
 High Competition.
 Emergence of new business models.
3. Marketing Strategies
It is an instrument which is applied by the marketers to identify the brand or product
offering. This is also one of the most important part of the marketing plan. There are seven
componments in marketing mix which are as follows-
Product: this is the main component of marketing mix as the entire profit, company
image is depended on product. The product of Beauty Giant is an anti-age cream that names as
forever young it will especially manufacture for the aged person to hide there wrinkles and dark
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circles. It is very important that the product of company should be fulfil the necessarily and
expectations of customers.
Price: This is also an essential elements of marketing mix because customers are highly
price sensitive. It is very important that the price of the Forever Young Cream should be able to
satisfy the needs and should be worth to the company (Van Den Berg and Braun, 2017). The
product Forever Young will be valuable to the customers as they are using low cost price in
order to raises the base of customers and raise the sales of the firm.
Place: The product of the company should able to reach the customers at right time at
right place. Beauty Giant is going to sell their product through online channels like social media,
amazon, E-bay, company website etc. Online shopping is becoming highly popular nowadays, so
Beauty Giant has chosen to sell their products through online medium.
Promotion: The critical part of marketing mix and it is called as heart of selling. Selling
the product without promotion it is not possible to sell the product online. Beauty Giant company
promote their products on television through advertisement, pasting banners on streets and
posting ads on social media like Instagram, Facebook etc.
People: people are those who are directly or indirectly attached to the company like
suppliers, employees, customer, investors, government etc. It is very important for Beauty Giant
to make them satisfied so that they Forever Young can achieve leading position in the market.
Process: The process of delivering the goods to end consumers is called as process.
Beauty Giant has a groovy process as they deliver the products repeatedly by following same
standard to the customers. They are also increasing the efficiency in their delivery process by
making them cost and time effective.
Physical Evidence: It is the tangible factor as customer feel when they interact with the
firm. It includes ambience, furniture, interiors, cleanliness and space of the stores. On the other
hand, in online system, the design of website, pages are the physical evidence of the company.
So, it is very important for Beauty Giant to have the best physical evidence so that customers are
attracted towards the company (Rowley, 2016).
Budget
PARTICULARS INITIAL INVESTMENT 1st Year 2nd year
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Product Forever Young Forever Young
Total Customers 3000 3600
Average Selling Cost 300 300
Total Revenue 900000 954000
Operating Expenses
Raw Material 300 250
Transportation 4000 400 340
Salary to Staff 800 680
Resources 700 690
Packaging 800 780
Market Research 2000 1000 950
Total Operating
Expenses
-6000 4000 3690
Net Cash Flows -6000 896000 1076310
Capital invested 200000
Opening Balance of
Cash
200000 194000 1090000
Closing balance of
Cash
194000 1090000 21666310
CONCLUSION
From the above assignment it is clearly understood that marketing is the key to achieve
success. Marketing functions plays an essential role in the smooth flow of the company. Erport
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also concluded that marketing manages the brand name of the firm by using R&D as tool to
identify the current trends of marketing. Further, report also summarised the importance of
interrelationship of marketing with different functional units of the organisation. To achieve the
organisational goals, it is very important that all the departments must work in collaboration.
Moro over, marketing plans was also illustrated in this assignment that helps in launching of
new cream as fresh product of company in desired manner.
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REFERENCES
Books and Journals:
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