Marketing Fundamentals Analysis and Evaluation Assessment 2

This report provides an in-depth analysis of marketing fundamentals, focusing on the crucial role of marketing in creating value for customers and the significance of stakeholder engagement. It examines how customer value is established through satisfaction derived from product experiences, emphasizing the importance of measuring and understanding customer needs. The report explores various marketing strategies, including education, need creation, and reaching target markets, and their impact on forming product value. It also delves into the concept of stakeholder engagement, highlighting the importance of identifying and addressing the needs of internal and external stakeholders. The analysis includes the impact of stakeholders on marketing activities, stakeholder mapping, and the development of shared values and relationships to gain a competitive advantage and increase market share. The report uses the example of Poundstretcher to illustrate the application of these marketing principles in a retail context. It stresses the importance of understanding customer needs and adapting marketing strategies to meet those needs, ultimately leading to customer loyalty and increased profitability.

MARKETING FUNDAMENTALS
ANALYSIS AND EVALUATION -
ASSESSMENT 2
Contents
The role of marketing in creating value for customers................................................................3
REFERENCES................................................................................................................................7

INTRODUCTION
Customer value is satisfaction which leads to positive experience of them. the experience is got
by taking action relative to cost of action. Here, given action is purchase and cost refers to
benefit received like time, money, etc. here, customer value increases when their desire to buy
an item and perceived value of product increased. This enable them to make decision to buy
product. It is necessary to measure customer value so that it can be identified whether
satisfaction is high or low. Apart from it, that gives overview whether desire of customers are
fulfilled or not. So, for that there are various methods which is followed such as dividing
perceived benefit with cost. Similarly, in marketing as well this formula is applied. besides that,
there are certain drivers of value in it as well which are quality, marketing, price, etc. through
which value is gained.
The role of marketing in creating value for customers.
Marketing is considered as the process of forming a message which is regarding the product or
service offered by the company. After that they focus on the stage of communication so that they
can gather the attention of people. There are many forms of marketing such as press releases,
advertisements and communication with clients. Marketing is important because of the attribute
it possess and it gets the attention of the people they want to target so that interest can be created
in their mind. For instance any company launches a new product their motive will be to create
excitement of the product they have launched and develop urge in the minds of target audience

so that they can develop urge in their mind by making them aware about its attributes so that
people make a purchase of the product. More innovative measures used by Poundstrtcher more
they will be able to create excitement among their base of customers (Wheeler and et.al., 2017).
One of the most important aspects of marketing is to form the value of the product or
service. This is done by joining many strategies such as making the information available in the
form of teasing of customers. This is one way of building excitement and delivering the message
they can choose others as per their convenience.
Providing Education-
Communications of marketing focus on assessing the qualities and features of the
offering and in what ways it will be helpful to the customers. If Poundtretcher is looking to
market their electric products then they will highlight their creative and innovative measures
behind it. Most importantly it will assess all the benefits it will give to the buyer. For instance it
is more energy efficient, more upgraded version, more safe etc. if the information is provided
with benefits in the right manner then they will be able to educate them about the details of the
product.
Creating a Need-
It is necessary to make them explain the fact but it is also necessary that marketers of
Poundstretcher needs to assess the need of the consumer and fit the product as per their need so
that they buy it. For instance there are many electrical appliances in the market and this gives a
lot of options to consumers to choose from. It is up to the marketers of the company to make
them understand that their product will fit as per their need (Supeno, 2020). Things that needs to
be promoted must be the specialties and uniqueness of the product so that customers interest can
be grabbed. The more suitable elements are discussed more they will be able to fit the need of
the customer.
Reaching the target market-
Marketers must understand the market they want to target and its value so that they can
make people purchase the product. In order to reach their audience the marketers of the company
needs to deal with many factors such as age of the customers, level of income, level of education

and other things through which they are able to identify the potential of the customer. If the
marketers have gathered the thorough knowledge of customers then they will be able to form the
message that is required to send them which will be fixed to their need.
Many marketers of the company create the value of the product in the minds of customer
on the basis of set of minds and culture. This is considered as the most difficult task to change
and also difficult to emulate. This is why it takes time for the marketers of the company to make
them purchase the product but if changed company can make sure that they will be able to reach
success on long term basis. This is why it is also assessed that it will bring them high level of
experience and form value to it. Values changes with the use of the product of any product in the
journey of customer. Marketers form the value of the product on the basis of intent of purchase.
Even at the time of resale these things are assessed this is also known as waterfall of needs and
with time needs of every customer changes. If the company is successful in creating the value for
the customers then they will be able to reach their optimum level of satisfaction which will help
them to remain loyal in the market. This way PoundStretcher will be able to increase their
efficiency and increase the level of share they have in the market. This states that company will
be able to reach high amount of profits (Münderlein and et.al., 2019).
Other than value there is a concept that goes by real value for which the company needs
to understand the concept the value of the customer and how it changes with time. It is necessary
for the marketers to understand the level of need of customer and what value product offers on
the basis of it because that is the main reason that motivates them to make a purchase. It is
necessary that marketers have the knowledge of the offering of the competitors so that they can
make them describe the benefits on the basis of both (Fernández-Rodríguez, Gómez-Puig and
Sosvilla-Rivero, 2016). Other than this value is also created by offering them the right amount of
price and for some of the customers by reducing the price or giving them something extra as per
the offer made. They can increase the value by making the process of purchase more convenient
for them. The image of the company, including the brand and the trust in the company or when
the Customer appreciates the Values of the company including sustainability. These create Value
for the Customer.

Stakeholder engagement and their impact on marketing
activities of organization
In every company there are various types of stakeholders who play vital role in it. so, it is
necessary for organization to identify their needs so that it can be fulfilled. This is because if
needs are not fulfilled then it directly impact on growth and development of organization. It is
because stakeholders are directly related to growth of firm. Thus, any change in their needs
affect on it in negative way. So, stakeholder engagement is practice through which they are
interacted and benefited. Through that, their requirement, perceptions, etc are analysed. Hence,
by communicating with them it becomes easy for firm to find out their needs and understand
them. Also, on basis of their needs strategies and plans are developed. This leads to gaining
long term results. An organization is accountable to their stakeholders as they have to justify
actions, decision and performance to them. Basically, through stakeholder engagement
organization communicate with them. Similarly, for Poundstretcher as well they need to engage
with stakeholder to interact and determine their needs. This will allow them to develop strategies
to expand in market. Besides that, it will be give Poundstretcher insight about what needs are and
how it can be fulfilled. On basis of the needs strategy is developed and executed.
There are several methods as well of it such as remain passive, monitor, advocate, etc.
but it depends on firm and their type that what method is suitable in it. but there is difference
between engagement and management. Here, Poundstretcher can follow method of inform in
which there is regular interaction with stakeholder and info is gathered.
Stakeholder are known as the silent investors, shareholders, partners. They are also
known as groups, individuals those have interest success within a firm. External stakeholders
also involves strategic partners, neighboring business and many more. The role of stakeholders
are mention below
Internal stakeholder- These are the types of the stakeholders have the legal interest within the
success of the firm as because they have the financial investment. Basically internal
stakeholders are board of directors ,shareholders ,though they have more impact as compare to
the external stakeholder
Stakeholder’s main role is that they have the voting rights that are relied on numbers of the firm
that are owned of the company. The boards of directors of the firm also votes such as
liquidation. budget items, key position hiring ,new acquisitions and many more. Those
stakeholders that have larger stakes also meet with marketing ideas, brainstorming development
,leaders as well as recognizes the new areas regarding market penetration. Likewise, in
Poundstretcher there are internal stakeholders such as employees, BOD, managers, shareholders,
etc. who plays significant role in it.
External stakeholder- They are the one who do not invested within any personal as well as
organizational funds to the firm. These are the stakeholder that do not have skin within game.

They can not vote for the firm’s decisions while there are several stakeholders that are concerned
with several decisions of the firm as well as meet with board of directors regarding present
information, review ideas, as well as various community concerns. Here roles of the external
stakeholders impact the government, community or the environmental concerns. Ignoring
external stakeholders also leads to blocking projects as it is one of the best to enables external
stakeholders a voice within brainstorm with them. As Poundstretcher operate in retail sector so
there are many external stakeholders such as suppliers, government, customers, investors, etc.
Marketing activities are actions and communications that occur in the infrastructure of
institutions and processes used to create value. The value equation represents tangible and
intangible benefits derived from stakeholder exchanges. Multiple stakeholders include both
primary and secondary stakeholders. Stakeholder marketing requires the development of shared
values and relationships with multiple entities, not just customers. They drive value by which it
becomes easy to market products and services. As they are closely related to business so they
impact on business activity as well. it is either related to operation or finance. So, on each one
there is influence of stakeholders in Poundstretcher. But in marketing it requires to develop
relation with customers so that their needs are fulfilled. The main purpose is to get gain
competitive advantage and market share.
Furthermore, it is evaluated that there is a great impact of stakeholder on marketing
activities. This is because marketing is done on basis of their needs, so if there is any change in
their needs then it directly impact on marketing. However, first of all in order to find out who are
involved in marketing stakeholder mapping is done. This is a process through which it is
analysed that how company can use their stakeholder in marketing. With help of that it becomes
easy for firm to find out impact of stakeholder on them. In this 3 categories are made that is
internal, connected and external. Here, internal are director, manager, etc. connected are
distributor, customers and other and external are media, local community, etc. hence, power and
interest of each stakeholder with organization is evaluated. In similar way, Poundstretcher also
did stakeholder mapping which enable them to determine impact of them on marketing activities.
So, it is said that marketing activities are dependent on stakeholders. They provide
support in creating a brand image in market. Usually, these stakeholders are linked with
marketing activities in such a way that it can led to impact either in positive or negative way. It
is because they facilitate marketing activities by building relationship with customers.
Generally, they are some special groups or community who is having similar desire or interest.
A company is engaged in many types of marketing activities in order to attract people. There are
several factors of marketing which influence due to stakeholders such as product development,
pricing, promotion, etc. here, an example is taken that automobile company may develop
electric car and benefit community, customer, etc. so, in order to market they will show benefit
of car. If stakeholder are highly engaged in promoting of car then they will do it. this is because
there is benefit in doing marketing. Therefore, supplier as well as community will also engage
in marketing of electric car. Hence,, there will be a positive impact of stakeholder on marketing

activity. But on contrary if retail company promote cigarette smoking by engaging with
stakeholder then it will have negative impact on marketing activity as community, government,
employees will not engage in doing it. also, their needs will be changed as well. In similar way,
marketing activities with a social dimension such as donating to charities not only influence the
community (by benefitting from the donation), but they also have an effect on customers since
these activities increase their support.
Likewise, as Poundstretcher operate in retail sector so they need to engage with
stakeholder to ensure that marketing activity is not impacted in negative way. This can be
explained with help of example that if company is engage in developing new products which is
disinfect virus from household essential or any soft drink that boost immunity and market it. so,
in this case stakeholder will also engage in it. this is because there will be positive impact on
their needs and perception will be changed. The community and suppliers will highly engage in
doing so. This shows that how stakeholder engagement is effective way to improve marketing
activity. In this Poundstretcher has already identified needs of stakeholder and understood them.
Other than this it is evaluated that when a firm is no clear about what type of marketing
activities needs to be performed then they copy rivals in it. but it create a negative impact as
stakeholder like supplier, community, etc. do not get engage in it. apart from it, by understanding
stakeholder Poundstretcher gets overview about what type of marketing activity they like and
dislike. Thus, on basis of choice of stakeholder activity is selected. Customers play vital role in
it as they provide information to firm. Alongside, Poundstretcher must communicate with them
to understand what is the impact on marketing activity. Similarly, other stakeholders use
different tactics to convey important information to the organization. In particular, secondary
stakeholders engage in actions such as letter writing campaigns, proxy votes, boycotts, protests,
and civil suits to demand that an organization adopt certain principles, label products, or make
operational changes. Based on these stakeholder actions, an organization will likely alter its
current marketing activities and practices.
On other hand, if there occurs any shift or change in needs of stakeholder then it will
impact on marketing activity in negative way of Poundstretcher. The company will have to
determine or find out new way of marketing products. Similarly, if perceived value from
product is high then stakeholder market in effective way. They know that it fulfill customers
needs and benefit community in improving their social life. Thus, both internal and external
stakeholder get engage in it. the main thing is to understand them so that according strategy or
activity is selected . moreover, it is found that internal and external stakeholder needs may vary
from one another. So, in this case stakeholder mapping is useful which enable in determining
their power and interest. In addition, stakeholder prioritize marketing activity as well on basis of
their needs. Through that marketing strategies are developed and implemented.
Therefore, it can be evaluated that there is great impact of stakeholder in marketing
activity of Poundstretcher. stakeholder engagement is practice through which they are interacted
and benefited. Through that, their requirement, perceptions, etc are analysed. Hence, by

communicating with them it becomes easy for firm to find out their needs and understand them.
Also, on basis of their needs strategies and plans are developed. This leads to gaining long term
results. The stakeholders are linked with marketing activities in such a way that it can led to
impact either in positive or negative way. It is because they facilitate marketing activities by
building relationship with customers.
CONCLUSION
Hereby it is summarized that Marketing is considered as the process of forming a message which
is regarding the product or service offered by the company. Many marketers of the company
create the value of the product in the minds of customer on the basis of set of minds and culture.
Stakeholder are known as the silent investors, shareholders, partners. They are also known as
groups, individuals those have interest success within a firm. marketing activities are dependent
on stakeholders. They provide support in creating a brand image in market.

REFERENCES
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