Marketing Essentials: Marketing Mix (7Ps) and a Basic Marketing Plan

This report provides a comprehensive overview of marketing essentials, focusing on the role of marketing within an organization and its interrelation with other functional units. It delves into the key responsibilities of marketing, including brand management, creating marketing materials, social media management, and sales support. The report also explores the significance of interrelationships between marketing and other functions like finance, purchasing, production, and research & development. Furthermore, it analyzes the elements of the marketing mix (7Ps) – Product, Price, Place, Promotion, Process, Physical Evidence, and People – and how they contribute to achieving overall business objectives. Different tactics employed by organizations, such as Artificial Intelligence for Marketing, understanding customer behavior, and market segmentation, are discussed. The report concludes with the development and evaluation of a basic marketing plan, emphasizing the importance of situational analysis, objective setting, strategy formulation, and action planning, using the SOSTAC framework.

Marketing Essentials
EXTENDED PROJECT
INDIVIDUAL ASSIGNMENT
Word count: 2300

Contents
INDIVIDUAL ASSIGNMENT...............................................................................................................1
Background..................................................................................................................................................3
LO1 - The role of marketing and how it interrelates with other functional units of an organization.........4
LO2 - Elements of the marketing mix (7Ps) to achieve overall business objectives P3- Marketing mix to
the marketing planning process to achieve business objectives.................................................................8
LO3 Develop and evaluate a basic marketing plan....................................................................................10
LO2 and LO3..............................................................................................................................................13
References.................................................................................................................................................14
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Background
About marketing and definitions –
To promote a business and sell a product and service, including marketing research and
advertisement that is call marketing.
Marketing is the process through this goods and services move from concept to customer that
includes major four P elements that are called 4P’s.
Identify product, determine the price of that and find out the distribution channel to reach out
customer’s place and making a Promotional strategy to sale that.
Following are the definition of marketing…
- Marketing is the process of selling and buying exchange relationships.
- Dr. Philip Kotler explains marketing as “the science and art of exploring, creating, and
delivering value to satisfy the needs of a target market at a profit. Marketing identifies
unfulfilled needs and desires. It defines measures and quantifies the size of the
identified market and the profit potential.
- Marketing is the management process responsible for identifying, anticipating and satisfying
customer requirements profitably. Chartered Institute of Marketing
- Marketing is the social process by which individuals and organizations obtain what they need
and want through creating and exchanging value with others. - Kotler and Armstrong (2010).
- The process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return. - Kotler and Armstrong
(2010).
- Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large. -American Marketing Association
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LO1 - The role of marketing and how it interrelates with other functional
units of an organization
P1- Key role and responsibility of marketing functions -
The role of marketing is to help a company for identifying and developing successful products
for the marketplace and promote it and making difference from similar products.
In a large business, the marketing functions types are defining a market plan, design product,
distribution of the product in the market, risk analysis, making strategies etc.
To promote a business of an organization, marketing department play a big role. Marketing is the
face of the company and it represents the business.
Forecasting of sales, attracting customers, getting customers from the potential market, reach out
to investors and create a positive image that shows the positivity of a company and brand.
Following are the key role and responsibility of marketing functions.
Managing Company brand – Marketing create the company image and according to that
customer talks about the company’s values, status, and company acts.
Creating marketing materials - Marketing department always takes for producing marketing
material because they going to promote core product and services so always the need to make up
to date.
Social Media management - Marketing is not a one-day job, it needs everyday time so
marketing must contribute to, manage social media pages and periodically update maintain it.
Always need to put attractive data or post on the social media page.
Internal and external communications- Before going to market firstly company employees
need to understand company’s values, goals, and priorities. After this department starts the
communication to outside the company.
Campaign for marketing – Marketing has a significance that it proactively finds out products
and services to focus on sales cycle and according to that produces material and
communications.
Content creation for SEO- to make sure that our website always be on top while searching on
search engine by anyone for that marketing department create a strong contact that uses day basis
and rapidly
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Sales Support – Marketing and sales have strong bonding with each other so always marketing
team support to sales for speed up the business and provide high quality leads to the sales team.
Marketing creates a competitive environment so the customer gets the products at low price.
P2- Roles and responsibilities of marketing relate to the wider organizational context-
A market-oriented company always focuses on customer needs and requirement and according to
try to provide product and services. And other side product oriented company’s primary focus is
product research and devolving the product.
Responsiveness – Based on market research, develop a product is not fulfill customer
expectations. Need to is the timely basis
Continuous Improvement – As we are a marketing-oriented company so we need to improve
our product and promote it continuously and the basic concept of marketing is to make a long-
term relationship with the customer, always give priority of customer’s needs and wants.
Customer centricity – for being a marketing-oriented company, all employees should follow
one strategy and all need to keep priority to the customer.
Cost and investment – for developing strong marketing orientation it requires more cost so
according to we have to invest into. Because we require marketing research, data collections,
data analysis, systems, requires training all those things so it becomes too must costly and
according to need to invest into.
M1- The roles and responsibilities of marketing in the context of the marketing environment
In marketing, there are two types of organizational environment
- Internal environment
- Second is external.
Internal environment – it is depended on within the organization factors. For example, it
includes company employee, policies, assets, organization culture, organization structure and all
these factors can be controlled by the company.
External environment - external environment also divided into two part one is the external
microenvironment and another one is the external macro environment.
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External microenvironment- it is related to the organization and it is also departed on
organization but an organization can control limited for example – Banks, customers, union, they
all are inter-react with the company and competitor also part of this so it also controlled by
competitors at a limit.
External macro environment – it is the long-term effective environment and these are not close
to the organization. It can be national or global measures. It can affect many industries for
example – TAX, recession, inflation, country economy etc. These factors are not controllable by
the company but it can affect the company.
M2- Significance of interrelationships between marketing and other functional units of an
organization-
There is a very close interrelationship between marketing and other functions.
Marketing plays many roles as per following-
Doing Marketing research making a marketing plan, product development, promotion of product
and brand, advertising and manage the work with another department for smooth
implementations of distribution channel and customer services.
To make a successful business, marketing is the essential process. It involves market research,
produces product, packaging and presenting the product in form of market.
Marketing is the largest part of the organization it is interrelated with the other function within
the organization as per following.
Finance – Marketing department gets annually budget form finance and according to define all
marketing activities. Also, it is much closer to marketing that it also provides a price for
marketing mix.
Purchasing- Source of purchasing is also affecting to marketing so it is fit within the marketing
strategy.
Production-Mass production is also undertaking in marketing because as per market demand it
does and market demand depended on the marketing.
Research and development- it influences targets market and product and brand management.
D1- key elements of the marketing function and how they interrelate with other functional units
of an organization-
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Marketing function has multiple key elements which are directly or indirectly related to other
functions in the organization.
Product development – marketing function directly connected with the research and
development team because as a marketing team we need the customer needs and requirement
according to development team develop the product.
Price - for development we need a budget which we get from finance team and analyses the cost
of the product then according to targeted customer and place we define the process during this
we also need to take care competitor.
Promotion - to make awareness we promote the product in the market and for we use promotion
mix. For this, we also get help from finance and another department.
Sale team – sales team gives the furcating number of sale according to we give the plan for
production and support the sales team to increase the sales.
Place – identify the geographical location to sale the product for we get help from another
department.
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LO2 - Elements of the marketing mix (7Ps) to achieve overall business
objectives
P3- Marketing mix to the marketing planning process to achieve business objectives
A company has a specific business and the produce a product to make successful business so for
that will use following elements of marketing mix.
7P’s Marketing Mix –
Product -
As per marketing research will get ideas about the product which we are going to launch in the
market, so as per study we will put all features as per consumer needs and requirement product
which we are going to develop.
Price –
Once product development we also define the price as per the targeted customer they can afford
that price for the product.
Place – now we will focus that where we can launch the product, where we can sale the product.
So basically, we will find out the location for sale the product.
Promotions – to make awareness about the product we need to promote the product in the
potential market. We can use all promotion mix as per the audience.
Process – for setting the product we will use a process so that customer will not get any issue
regarding product whether it reached or not to the customer.
Physical evidence – as we provide the tangible product so we will make sure about the product
that how the customer feels about that and will provide after sales service to make long-term
business.
People – it is depended on company employee that how the deal with the customer if the
employee will deal with the customer positively the can sale more else no.
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M3 - Different tactics applied by organizations to demonstrate how business objectives can be
achieved.
There are many tactics which are used for achieving the goal of the organization-
Artificial Intelligence for Marketing – this is more useful for marketing, collect data and deep
study that with automation.
Understand the behavior of customer – basically, the customer does not give actual feedback
so we should make the small group instead of big and understand the behavior of them.
Budget – in-house marketing is too costly nowadays so a company should hire the third party
and get the message.
Customer connection – nowadays consumer or user block the ads, videos, other promotional
popups etc. So a company should use another strategy to connect with the customer, for example,
should use captivates, motivate, and inspiring actions.
Market segmentation – earlier a company use high target of the audience but now a day the
trend is going to the precise target of the audience that gives a better result.
Automation in marketing – instead of auto email generating technique a company should use a
direct connection with the customer and is more effective for the promotion of the product.
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LO3 Develop and evaluate a basic marketing plan.
Marketing Plan –
“Planning can be described as a systematic process of forecasting the future business
environment” (Brassington & Pettitt, 2013)
Marketing planning process is the sequence that is SOSTAC.
Situational analysis
Objectives; Strategy
Tactics
Action plan
Controls
P4 Produce and evaluate a basic marketing plan for an organisation
In reliance industry, we can see this marketing planning process –
Objective – Management define a goal for the organization and it defines in terms of
profitability, investment and growth of assets and earning per share etc. while defining the goal,
the management team stated the goal with following SMART i.e. goal will be specific,
Measurable, achievable, realistic and time-based.
Situation analysis – once defined the objective, the management team will analyze the current
situation of the organization and find out the internal and external factor which may affect the
goal. While analyzing the situation team will use SWOT analysis to get a clear picture of all
factors.
Strategy development- According to situation management team makes the strategy to achieve
the goal in the defined timeline.
Specific Plan – if get some issue or if have external factor impact so management will make a
special plan for that and achieve the goal.
Plan Implementation – once strategy defined for the specific goal the team will implement it
and the monitoring.
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Plan Monitoring and control – once implementation will be done, they will monitor it for time
being and if we get some issue the will find out the issue to control and make another strategy to
control it.
M4 - Produce a detailed, coherent evidence-based marketing plan for an organisation
Marketing definition - “Planning can be described as a systematic process of forecasting the
future business environment” (Brassington & Pettitt, 2013)
Marketing Planning – this is the outline of operations and activities to achieve organization
objective.
Following are the strategic planning –
Mission– Guideline defined by the management that how the business development and in
which direction.
Objectives – management and team define the specific goal for the organization which achieves
in the specific timeline and define the profitability, assets growth.
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Analysis – get the data from market research and external data and the analysis the current
situations. Through marketing techniques also can be analysed the SWOT.
Strategy development – based on the information, we develop the strategy to achieve the
organization goal.
Specific plans – it defines for a particular market and particular product in special cases.
Implementation – identify the specific task and implement on that.
Monitoring and Control – we get the result and comparing that with the expected result. If we
need to improve the re-define the plan re-implement it.
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