Beauty Giant's Marketing Plan: Forever Young Product Launch

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MARKETING ESSENTIALS
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Contents
INTRODUCTION................................................................................................................................3
PART 1 – KNOWLEDGE...................................................................................................................4
“THE ROLE OF MARKETING IN MODERN ORGANIZATIONS”............................................4
PART 2 – APPLICATION..................................................................................................................9
STRATEGIC MARKETING PLAN FOR THE NEWLY DEVELOPED PRODUCT-
‘FOREVER YOUNG’......................................................................................................................9
CONCLUSION..................................................................................................................................17
REFERENCES..................................................................................................................................18
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INTRODUCTION
Marketing is referred to as the promotion of the goods and services produced by a
company by attracting a large number of customers towards the company’s offerings
to boost the sales and revenues of the company that helps in achieving the
objectives of the organization and raising profitability (Blythe and Martin, 2019).
Therefore, marketing is a very crucial part of every business as its effective results in
the success of the business. This report is prepared to explain the role of marketing
in modern businesses considering its significance and interrelations with other
business functions. As a manager of the marketing department of the company
Beauty Giant, a marketing plan is developed for promoting the new product
produced by the organization effectively by applying all the seven elements of the
marketing mix to increase sales and achieve business objectives.
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PART 1
“THE ROLE OF MARKETING IN MODERN ORGANIZATIONS”
According to Thompson (2018), the marketing of goods is much more than just
selling them to consumers. In a modern organization, the role of marketing includes
research of the market, production of the goods, it's promotion and selling of the
products and services. Marketing aims to maintain friendly relations with the
population to boost their satisfaction and loyalty resulting in achieving success and
enhancing the goodwill of the business (Blythe and Martin, 2019).
MARKETING FUNCTION- ROLES AND RESPONSIBILITIES:
The marketing team is responsible to perform various functions in an organization to
promote the goods and services of the company and increase efficiency. The role of
marketing can be explained as:
Research of the market: It is the role of the marketing manager of the company to
undertake the research of the market to identify the needs of the target population,
strategies of their competition, problems faced by the existing customers, etc. to
provide best services to the customers to enhance the number of satisfied customers
(Blythe and Martin, 2019).
Development of the product: The responsibility of the marketing manager in an
organization is to make an effective plan for the development of the new product and
the planning includes the allocation of resources, designing, packaging and labelling
of the product and introducing innovated products in the market keeping in mind the
choices of the target population.
Promotion of product or service: The marketing professional of the company is
engaged in promoting the goods and services offered by the company by applying
various tools of promotion such as advertising, sampling, personal selling, branding,
etc. that grabs the attention of the population and increase the sales (Blythe and
Martin, 2019).
Offering after-sales services: The marketing team plays a major role in offering the
best services to the customers even after the product is sold or the service is being
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offered. In modern organization, the satisfaction of the consumer is of utmost
importance to the business, thus, they provide services like repair, maintenance,
warranties and exchanges to maintain the goodwill of the company.
MARKETING- RESPONSIBILITIES IN WIDER ORGANIZATIONAL CONTEXT:
Marketing with HR department: The marketing professionals are responsible to
communicate the requirement of estimates of workforce providing the details of the
job description and personal specification to the HR team that helps in seeking the
most suitable candidates to fulfil the vacant position (Cacciotti and Lee, 2016). For
example, the marketing department of Vaseline requires skilled personnel for
researching the market thus, the marketing manager should inform the HR team
about the requirement to gain efficient candidate.
Marketing with finance function: The marketing team works with the accounts or
finance manager for developing a budget plan to carry out the allocation of funds
effectively for all the activities to be performed by the marketing department to
achieve desired goals. The finance department helps in arranging funds from various
sources and fulfilling the needs of the marketing department by managing funds for
the marketing of the product (Cacciotti and Lee, 2016).
Marketing and operating function: The coordination between the marketing and
operations team is necessary to communicate the entire product development plan
to production team that helps the operation department to work effectively as per the
plan and develop the new product effectively that increases the satisfaction of the
target population.
Marketing and customer relations department: It is the duty of the marketing
team to cooperate with the customer service department for listening to the problems
faced by the consumers associated with the products or services offered by the
company and resolving their issues quickly and effectively to satisfy them and
maintain the image of the company (Cacciotti and Lee, 2016).
DUTIES OF MARKETING IN MARKETING ENVIRONMENT:
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The marketing department has to consider the internal and external environment of
the company while taking the decisions in the business. The factors of the
environment to be considered are as follows:
Customers: The ultimate aim of any business is to increase the satisfaction of its
customers by fulfilling their needs, solving their problems and providing the products
and services that meet their requirements and thus increases the revenues of the
business. The satisfaction of the consumers is necessary for maintaining the
goodwill of the business (Kotler et al. 2015).
Competitors: It is the duty of the marketing manager of an organization to conduct a
research about the products or services offered by the competitors and the
strategies applied by them in the business so that the company can formulate new
strategies or alter the existing ones to provide better services to the consumers and
offer new and innovated products to the consumers that helps in increasing the
market share of the company and boost competitiveness.
Suppliers: The marketing department of an organization is responsible to select the
most reliable and appropriate supplier for the company that provides the raw
materials at low prices compared to others and makes timely deliveries. The
marketing managers must assess the effectiveness of different suppliers to select
the best one for the organization (Kotler et al. 2015).
Policies of the government: It is the responsibility of the marketing managers to
follow the laws and policies formulated by the government of the country in which the
business is being operated. The marketing team must consider the changes in
taxation, employment, pricing, etc. policies at the time of decision-making to increase
the efficiency of the operations.
Technological advancements: The marketing team must focus on the adaption of
the new and advance technology that helps in reducing the wastage of time and
efforts of the workforce and improving the procedures of the company. The
marketing manager must also use advanced technology to promote its products and
services online using the social network to increase the number of customers (Kotler
et al. 2015).
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IMPORTANCE OF MARKETING INTERRELATIONSHIPS WITH OTHER
ORGANIZATIONAL FUNCTIONS:
The interrelationship between the marketing and other departments of an
organization are very important in accomplishing the set targets and gaining
success. These interrelationships provide the following benefits:
Consumer satisfaction: The coordination of marketing department with the
research and development department helps in introducing a product that satisfies
the needs and demands of the customers and attract a large target population. For
example: the research team of McDonald's identified that the customers are shifting
to different brands in search of healthy food and communicated the situation with the
marketing team so that the marketing team solves the issue by adding diet food in
the menu to satisfy the needs of the consumers that are health-conscious (West, et
al.2015).
Improving productivity: An effective coordination between the marketing and
production team helps in the development of the right product in the right quantity at
the right time that reduces the wastage and increases the business productivity.
Arrangement of funds: The interrelationship maintained by the marketing and
finance team helps in preparation of an effective budget for the allocation and
application of funds in performing all the planned activities of the business. The
finance manager helps in offering the required amount of finance to the marketing
team so that all the tasks can be accomplished timely and effectively (West, et
al.2015).
Efficient marketing team: The coordinated efforts of the marketing and HR team
are beneficial for the marketing team in gaining the best candidates according to
their needs. The HR professionals focus on the training of the new employees to
increase their skills and efficiencies that result in developing a strong team (West, et
al.2015).
Thus, it is concluded that marketing is a major element in an organization and the
roles and responsibilities of the marketing function must be performed effectively to
make right decisions considering the factors of the micro and macro environment
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and work in coordination with other departments of the organization to achieve the
predetermined objectives.
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PART 2 – APPLICATION
A marketing plan can be defined as a document prepared by the managers
considering the analysis of the internal and external situation of the environment,
elements of the marketing mix, formulating strategies and tactics to promote the
products or services produced by the company and increase the attraction of the
customers (Chernev, 2015).
The marketing manager of Beauty Giant can develop a strategic marketing plan for
the marketing of its newly developed product ‘Forever Young’ by setting objectives to
be achieved within a specified period of time by applying various strategies and
implementing the plan and evaluating the performance to increase the efficiency of
the plan (Chernev, 2015).
The marketing professionals must produce a marketing plan for its new product
‘Forever Young’ to analyse the surroundings of the company and analyse the
marketing mix elements that helps in attaining the desired goals of the business.
STRATEGIC MARKETING PLAN FOR THE NEWLY DEVELOPED
PRODUCT- ‘FOREVER YOUNG’
EXECUTIVE SUMMARY:
The development of the plan is undertaken to plan all tasks to be performed in the
marketing of the newly introduced product of Beauty Giant that is ‘Forever Young’.
The marketing plan comprises of the mission, objectives, internal and external
environment analysis, strategies and budget, evaluation and control, etc. that are
useful in attaining the desired aim and objectives of the company (Wrenn and
Mansfield, 2014).
COMPANY OVERVIEW:
Beauty Giant is a large company having more than 50 outlets in various cities of the
United Kingdom. The Company offers beauty products such as cosmetics, toiletries,
etc. for the public and has maintained a good image amongst its customers. The
Company offers products of different brands instead of developing products under its
brand name. But, recently the company has developed an innovated product
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targeting the customers above the age of 30 years. The product is named ‘Forever
Young’ that is an anti-ageing cream focused on enhancing the company’s market
share.
MISSION:
Beauty Giant has a mission to provide value-added goods and services to its
customers to increase satisfaction and become the market leader in the cosmetic
sector.
VISION:
Beauty Giant has the vision to become a leading cosmetic brand in the market of the
UK.
OBJECTIVES:
 to increase the revenues of the organization by 20% till 2021
 to become the market leader of the cosmetic sector
 to increase the number of customers of the company by 15% until 2021
 to gain competitiveness by increasing the satisfaction and loyalty of the
customers
SITUATIONAL ANALYSIS:
INTERNAL ANALYSIS:
The marketing manager must analyse the internal environment to assess the
strengths and weaknesses of the business while taking marketing decisions by
identifying and grabbing various opportunities available in the market and taking
measures to reduce the threats by conducting a SWOT analysis as follows:
SWOT ANALYSIS:
Strengths:
 Beauty Giant has maintained a good image amongst its customers.
 The business is spread in many cities of the United Kingdom has more than
50 outlets (Gürel and Tat, 2017).
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Weaknesses:
 Beauty Giant sells products of different well known brands rather than
producing goods under their brand name.
 Marketing of new product launched by the company is difficult because of the
tough competition prevailing in the market.
Opportunities:
 The marketing manager can make an effective plan and use market
development strategy to promote its new product.
 Beauty Giant must promote its product effectively by using tools like
advertising, sales promotion, etc. for attracting a large target market (Gürel
and Tat, 2017).
Threats:
 The Company bears the threat of high competition in the market from famous
brands such as Unilever, Coty, Tesco, etc.
 It is difficult to enter the market using pricing methods like skimming or
penetration due to tough competition.
EXTERNAL ANALYSIS:
PESTEL ANALYSIS:
Political:
The policies framed by the government
of the UK must be followed by the
marketing managers of Beauty Giant to
maintain efficiency at the workplace and
build the trust among the employees and
the customers of the organization
(Kreutzer, 2019).
Economic:
While setting the price of the new
product, ‘Forever Young, the marketing
team must consider the factors like
inflation, the income of the target
population, rate of interest, price
fluctuations, etc. to charge an effective
price for the product that grabs the
attention of the consumers.
Social:
The marketing professionals must
consider the choices, needs,
Technology:
Beauty Giant must focus on coping up
with the advancement in the technology
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preferences, beliefs, attitudes, etc of the
consumers while developing a new
product or innovating an existing product
and introducing it in the market to
enhance customer satisfaction.
to increase the competitiveness of the
firm. With the development of
technology, marketing managers must be
able to increase the presence of the
company through online sources like
social media, etc. (Kreutzer, 2019).
Ecological:
The marketing team must formulate
strategies for coping up with the changes
in the internal and external environment
and take steps to protect the natural
resources and thus, utilize them optimally
and conduct business ethically (Kreutzer,
2019).
Legal:
The Company must consider the
practising of laws formulating in the UK
so that the activities of the company
could be performed effectively taking into
account policies regarding trade,
taxation, tariffs, import-export, etc.
COMPARATIVE MARKETING MIX:
PRODUCT: Beauty Giant offers different products like personal care products,
toiletries, beauty products, etc. for a large number of customers in the UK.
Comparatively, Unilever is a multinational organization selling a different range of
products such as food items, beauty products health care products, cleaning and
washing utensils, etc. (JAIN, 2017).
PRICE: In Beauty Giant, market penetration strategy is applied to offer good quality
products at a reasonable price to increase its customer base. On the other hand,
Unilever uses a competitive pricing strategy to promote and sell its products in the
market.
PLACE: Beauty Giant has up to 50 outlets in the UK where the company offers
products of various brands to its customers and achieves its objectives. Conversely,
Unilever has more than 6.3 million outlets spread all around the world in more than
190 countries (JAIN, 2017).
PROMOTION: Beauty Giant promotes its products with the help of promotional tools
like advertising and sales promotion. On the other side, Unilever uses different
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