Marketing Fundamentals Report: Marketing Processes & Strategies

This report provides a comprehensive analysis of marketing fundamentals, using ESTEE LAUDER as a case study. It begins by evaluating the marketing process and stages, including the role of the marketing mix in developing effective strategies. The report then explores how marketing creates value for customers, emphasizing the importance of consumer perception and promotional strategies. It also delves into stakeholder engagement, examining its impact on marketing activities and highlighting the influence of various stakeholders, such as customers, employees, and business partners. Finally, the report concludes with an essay on tactical communication tools used by ESTEE LAUDER, summarizing the key findings and providing insights into the company's marketing approach. The report offers a detailed overview of marketing principles and their practical application in a real-world business context.

MARKETING
FUNDAMENTALS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1A.........................................................................................................................................1
Evaluate process & stages of marking along with marketing mix role.......................................1
Role of marketing in creating value for customers.....................................................................3
Stakeholders engagement and it's impact on marketing activities..............................................4
TASK 1B.........................................................................................................................................5
Concluded essay on the basis of tactical communication tools..................................................5
CONCLUSION................................................................................................................................6
REFERENCE...................................................................................................................................8

INTRODUCTION
Marketing fundamental refer to create value for the consumers and develop loyalty
regarding their products & services (Baines and et.al., 2017). It will include the process of where
new business identify the market or consumer's demand and then target according to it. Major
purpose of marketing is to identify the need and build various strategies to implement in the
business environment to satisfy their customer or achieve their business goals & objectives. To
be understand better, this report choose ESTEE LAUDER which is multinational manufacturing
company of beauty or skin care items. This report include the process & stages of marking along
with role of marketing mix. In addition, it include the how marketing create value for customers
and engage with stakeholders. It also include the impact of stakeholders on marketing activities
of an organisation.
TASK 1A
Evaluate process & stages of marking along with marketing mix role
Process of marketing will help organisation to think in strategic way where they have to
develop various strategies to identify market as well as customer demand. For this, manager of
ESTEE LAUDER company adopt different marketing theories along with this follow proper
process which include the various stages. By following these stages company can develop
marketing strategies for the achievement of their goals & task. There are 5 stages included in the
strategic marketing process which provide success to the ESTEE LAUDER to create value
among the customers and increase loyalty (Process & stages of marketing, 2019). First stage of
marketing process it to set mission for the organisation such as to achieve better quality of
products with regular improvement in their production like innovation. Mission statement help
the stakeholders to identify the purpose of their existence. For example ESTEE LAUDER
company's mission is to work with their family for the longer time along with ethics & integrity.
Provide innovative high quality product to their consumers which can satisfy them and develop
longer relation with them. So basically mission statement help the stakeholders to identify the
purpose of existence (Barile and et.al., 2012).
Second stage include the situational analysis where organization determine the internal as
well as external factors which affect the ESTEE LAUDER and it's production function. Internal
factors include the strength & weakness which is measure by the manager of the company.
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Business have impressive track record regarding development of new product, effective
performance in new market. Company also follow Go To Market Strategies to their product
which is highly successful. Weakness of the organisation is to invest more in the distribution
channel which provide long-term term benefits not for short term. Gap between product range , it
will give the opportunity to their competitors to capture market. Due to lack of choice customer
can switch their brand. External factors include the opportunity & threats which affect the
ESTEE LAUDER company and it's profit margin (Chalip and Heere, 2013). Company adopt
latest technology to develop new product which make them leader to set price strategy of their
own. Government green drive, new environmental policies, attract new customer through online
channel etc. all are opportunity for the ESTEE LAUDER company. Threat of the organisation is
demand of highly profitable product, shortage of skilled staff, huge competition and change in
the customer's behaviour to buy product.
Third stage include marketing strategies where company identify the opportunities
through various analysis. After that measure the customer react on their efforts and what will be
the cost of product to implement along with manager develop a budget for this. What was the
reaction of competitors when company launch something in the market. Next stage of this
process is marketing mix which include the various factors where organisation have to perform.
Such as identify the product, place, price, promotion, people, physical deviance or process.
ESTEE LAUDER company use this marketing theory to identify the area where they have to
build different strategy according to requirement. Last step of marketing process is to execute
their plan in the market through following various marketing strategies. Such as STP which
include segmentation, targeting or position of product in consumers minds (Foxall 2013).
Marketing mix plays very crucial role in the organisation to generate marketing strategies
for the product development. It is unique tool of marketing which provide proper idea of market
condition. With the help of these manager of ESTEE LAUDER can develop their plans where
they identify the consumer's demand regarding product and what was the expectation. Market
research help the company to determine trend of market along with this help to set price ODF
product. This theory help the organisation to implement their business strategies such as product
development in effective way. Every product required a good price with attractive promotion
strategy it will help the company to make their product popular among the consumers. So it is
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important for the manager to develop effective marketing strategies with the help of marketing
mix and other process or stages of marketing.
Role of marketing in creating value for customers
Marketing help the organisation to create value of their products in their consumer's mind
which increase the sales and change the customer decision regarding purchase of products. When
organisation develop any product then it's brand name affect the market where individual can
identify that product and react according to their message (Marketing Create Value For
Customers, 2019). Consumer perception is important for the ESTEE LAUDER because it will
affect the promotional strategies. Because public relation, review, personal experience,
advertisement, medial or other channels will impact consumer minds. So basically consumer
perception theory help the ESTEE LAUDER company to measure their products value for
customers. It is the part of marketing concept which increase the individuals impression,
consciousness and awareness about their products. Positioning of products, colour, shape,
packaging or logo. These things will create value in peoples mind so they can easily identify the
particular brand product with the help of positioning. It will affect the consumer perception
regarding products or it can be positive or negative.
Consumer perception can be change on the basis of price, benefits, quality and it's
promotional strategies. Because people have various options to select other products of their
choose. So manager of ESTEE LAUDER need to analysis buyers characteristics which influence
their behaviours according to marketing stimuli. It include product price, promotion & place
other than these economical, social, legal or technological factors affect their decision to buy any
product. Organisation analysis these stimuli and then develop new product in the market after
that consumer have various options to purchase so product quality, price & promotional
strategies make it different. Promotional strategies help the company to make their products
popular among the people which increase it's sale and after use of this product crate a perception
for it (Griffin, 2013). Effective advertisement or positive review will create value for customer
that further helpful for the organisation to achieve their business goals & objectives. Positioning
strategy help ESTEE LAUDER company to differentiate their product from their competitors. So
illiterate people can easily identity their product through it's packaging, shape or logo. To create
value for consumers ESTEE LAUDER take various initiatives to attract young customers
because now number of mature beauty users will increase (Marketing Create Value, 2019). In
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2015, anti-againg product capture $30 billion market size. Further it will be expected to grow by
5% till 2020.
With the help of marketing organisation generate value for their customers where they
use various marketing strategies to attract more people to buy their product. By use of business
strategies, promotional activities, customer service, feedback from clients etc. Along with this
intense research of customer demand will help the organisation to measure their needs & wants.
Then company develop products according to it because when consumer satisfied with product
quality then value of product will increase for the customer (Hastings and Domegan, 2013). So
basically marketing plays very important role in the organisation to promote their items in the
market with the help of effective promotional strategies. It further increase productivity as well
as profitably of the company and in addition satisfy consumer which increase loyalty & create
value for customer.
Stakeholders engagement and it's impact on marketing activities
Stakeholder engagement is the process where business decision affect the people who
may attached with the organisation. This process influence the decision at the time of
implementing any strategies. Stakeholder engagement is important for the ESTEE LAUDER
company in order to understand their needs, interest, wants & demands. It will build effective
relationship between them where they connected with community and build long-term positive
relation. Through engagement with future employees, donors, potential employees or opinion
leaders. Stakeholder engagement impact the marketing activities of ESTEE LAUDER company
and it include different types of marketing activity (Huotari and Hamari, 2012). Such as direct &
online selling of products, implementation of marketing strategy through various advertisement
which help to increase their business profitability. Stakeholder of the organisation include the
various parties such as government, customer, community, employees business partners,
suppliers, potential investors, owners etc. Organisation maximise their profit and focuses on
governance and their business operations. Every company have social responsibility to done
something for the society for their welfare. ESTEE LAUDER done various social activities
which have impact on their stakeholders. CSR activities help the business to improve their image
among the people by use of various marketing activities. Customers is the biggest part of
stakeholders which influence the organisation. To increase satisfaction level of the consumer
company have to build strategies or produce products according to their needs. Target their
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customer, identify their need and then develop marketing strategy which attract more people and
then increase sale as well as profit (Kotler and Armstrong, 2013).
Stakeholder engagement help the ESTEE LAUDER to identify their need and then
manager have to develop various strategies to attract new customer for the product. Effective and
strong promotional strategies generate valuable impact on consumers mind, these advertisement
force them to feel connected with them or create a need to buy their product. Organisation use
customer relationship management (CRM) where they build strong relation with them. With the
help of this employees can generate cross selling it is more beneficial for the organisation to
make effective CRM. Companies can collect data through customer services where they have
target more customers by use of efficient marketing & sales efforts. Employees are one of
important stakeholder of the company because with the help of their inputs organisation can
achieve their business goals & objectives (Niedomysl and Jonasson, 2012). Interest of employees
will be in operational function of business. Organisation have to treat them as a valuable part of
the company provide them better infrastructure so they can perform well or satisfy with working
environment. They have to involve their employees & their suggestion at the time of performing
marketing activities. Business have to involve their employees in important decision which
influence the organisation as in terms of stakeholders influences. Business partners are valuable
for them and important part of the supply chain management. Business buyers & suppliers work
together to deliver best value to customers. Both work together from logistics to distribution of
products to reduce cost and majorly focuses on customer value. Marketing activities such as
CRM, public relation, customer service, collect feedback and develop various strategies to
influence their stakeholders. Each & every organisational activities impact the stakeholders
where they further affect the business or their decision making process regarding different
activities which perform by company.
TASK 1B
Concluded essay on the basis of tactical communication tools
It has been concluded that ESTEE LAUDER use various tactical communication tools to
execute their marketing plan to meet with business goals & objectives. When company produce
any product then they have idea in their mind that product is developed for whom. So these tools
help the business to apply in their marketing strategies to make people aware about their product.
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Company develop a way to make people aware about their product through communication tool.
According to me, manager of the company have to chose social media marketing to connect with
various customer (Pike, 2015). Because this generation people are often use social media sites
even me & my friends are more active on these sites. So in my point of view it is good option to
use social medial marketing as communication tool. Another tools is email marketing where
companies can inform their customer regarding new offers, collection & discounts through E-
mail. With the help of search engine optimization tool manager can show their products result
above in comparison to competitors by paying heavy charges. Display & affiliation marketing
will use to come in front of consumers eye at the time of surfing on internet. People will notice
their advertisement or if they interested then they click on it or start finding products according
to their requirements (Pires and Stanton, 2014). For the affiliation marketing company have to
pay other party where you post their advertisement on particular sites, page or blog. Text
messaging is another toll for the communication where organisation send their latest offers
information to let them about it and make them aware so they can avail this offer. Companies get
customers private information such as mobile number. It will be collected at that time, when they
come to purchase something and staff members will ask them to their mobile number for the
further information. Even in my case also, when I am going to shop something from offline
stores they ask my number to provide further information new collection or offers. But in case of
online shopping, there is no need to ask because we have to entered are personal details for the
further actions. So organisation use these information and send timely MSGs so consumer can
regularly updated with companies activities. In this essay, majorly focuses on marketing
strategies where organisation follow the different process to introduce their product in the
market. Along with this, business increase their customers through satisfying their needs &
demands. Marking help the company to generate their product value for the customers to achieve
their business goals & objectives (Van Tiem and et.al., 2012).
CONCLUSION
From the above discussion it has been concluded that, marketing process help the
organisation to identity the different stages where they have to focus at the time of product
development. It help the manager to develop various strategies regarding their product price and
develop effective promotional strategies which attract more consumers which increase
companies sales. That further increase the productivity as well as profitability by achieving their
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business goals & objectives. These activities will create value for the consumers so they become
loyal for that product of brand. Stakeholders engagement will affect the marketing strategies of
the organisation.
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REFERENCE
Books & Journals
Baines, P., and et.al., 2017. Fundamentals of marketing. Oxford University Press.
Barile, S., and et.al., 2012. An introduction to the viable systems approach and its contribution to
marketing.
Chalip, L. and Heere, B., 2013. Leveraging sport events: Fundamentals and application to bids.
In Routledge handbook of sport policy (pp. 209-220). Routledge.
Foxall, G., 2013. Marketing is service marketing. In Marketing in the Service Industries (pp. 7-
12). Routledge.
Griffin, R. W., 2013. Fundamentals of management. Cengage Learning.
Hastings, G. and Domegan, C., 2013. Social marketing: From tunes to symphonies. Routledge.
Huotari, K. and Hamari, J., 2012, October. Defining gamification: a service marketing
perspective. In Proceeding of the 16th international academic MindTrek
conference (pp. 17-22). ACM.
Kotler, P. and Armstrong, G., 2013. Principles of Marketing (16th Global Edition).Rowles, D.,
2017. Mobile marketing: how mobile technology is revolutionizing marketing,
communications and advertising. Kogan Page Publishers.
Niedomysl, T. and Jonasson, M., 2012. Towards a theory of place marketing. Journal of Place
Management and Development. 5(3). pp.223-230.
Pike, S., 2015. Destination marketing: essentials. Routledge.
Pires, G. and Stanton, J. P., 2014. Ethnic marketing. Taylor & Francis.
Van Tiem, D., and et.al., 2012. Fundamentals of performance improvement: Optimizing results
through people, process, and organizations. John Wiley & Sons.
Online
Marketing Create Value For Customers. 2019. [Online]. Available Through:
<https://www.forbes.com/sites/pamelaambler/2019/04/01/forbes-30-under-30-asia-
2019-the-future-of-finance-is-more-female/#4beac4ad2b54>
Marketing Create Value. 2019. [Online]. Available Through:
<http://www.smalltownmarketing.com/marketing_creates_value.html>
Process & stages of marketing. 2019. [Online]. Available Through:
<https://www.smartsheet.com/strategic-marketing-processes-and-planning>
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