Marketing and Its Application: A Comprehensive Report

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MARKETING AND ITS
APPLICATION
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Table of Contents
INTRODUCTION............................................................................................................................. 2
PART A....................................................................................................................................... 3
LO1 THE ROLE OF MARKETING IN MODERN ORGANISATIONS..................................................3
PART B........................................................................................................................................... 7
LO2.............................................................................................................................................7
INTRODUCTION..........................................................................................................................7
P3 comparison between the marketing mixes...........................................................................8
LO3 Basic Marketing Plan........................................................................................................ 11
Executive summary-.................................................................................................................11
CONCLUSION............................................................................................................................... 16
REFERENCES.................................................................................................................................17
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INTRODUCTION
The aim of this assignment is to understand the principals and importance of marketing in the
modern world. The effect of the changing modern environment on the business and how it let
the marketer thinks to change their marketing strategy. As all know the quotation that change
is only constant in the world, it defines the importance of change in each field whether it is
business, marketing, life or academics (De Mooij, 2019). Change is necessary everywhere. In
today’s world marketing is much more than just selling the products, it is about maintaining the
relations with your customers by providing them with the latest technology and trends. As
technology is changing, the ways of marketing are also changing. New skills and new
technologies are much needed to compete with other companies in the market. Marketers
need to develop a proper marketing plan and should understand the elements of the marketing
mix in order to survive in this changing business scenario.
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PART A
LO1 THE ROLE OF MARKETING IN MODERN ORGANISATIONS
Marketing plays a vital role in today’s world. As the scenario is changing rapidly, marketers also
need to change their marketing strategies accordingly. In this competitive scenario where large
and small every firm is competing for the same market; marketers need to make their market
strategy very carefully. Today marketing doesn’t only mean ‘to sell goods and services’, it is
much more beyond that. Companies are continuously tracking each step of consumers,
marketers have all the information about the consumer like their choices, preference etc. The
consumers are also becoming smart too they are changing their preferences according to the
trends and technologies (Huang and Sarigöllü, 2014). To deal with all this marketer should have
the overall knowledge of the market as well as the technological changes and consumer taste
and preferences.
The global economy has also realised the importance of the small organization and that is why
they are giving them huge support to sustain in the market. The no. of the organization is
increasing day by day so as the competition, in this type of Condition Company’s survival solely
depends upon their marketing strategy as well as the customer base and the services company
is providing to them (Kotler et al.,2015). When the company relations are good with their
customers or when the customer trusts the brand, they use each product of the company or at
least try it once. The image which is carried by the customer about the company is built by the
branding; branding is the subpart of the marketing. Every product journey (launch) starts with
marketing and end also with marketing. Marketing is the core part or more specifically it is the
heart of any company, it is the base for building customer loyalty.
Marketing is base for every organization or it is the heart for the organization. Marketing is
interrelated with all the other department of the organization. In every organization there are
departments as follows;
Production –
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The production department is responsible for making sure that there are enough raw materials
for the needed products and they are converted in the finished good. The marketing
department is interrelated with the production department in order to provide the customer
with the quality product and satisfy their needs (Kotler et al.,2015). The survey is done by the
marketing team and according to the survey, they convey the production team that what our
customers' needs and wants.
Finance department –
Finance department takes care of the entire financial or money factor within the organization.
The financial department is responsible for taking care of the budget of the company. The
financial department supports the marketing department in many ways, it gives funds to the
marketing department to produce commercials as well as for the different campaigns to
promote the product (Kotler and Armstrong, 2010).
Human Resource Department –
Human resource department is the one who hires and fire then employees as well as takes care
of the employee-related query. It is the main department for the productivity of the company
because it is responsible for hiring the product candidate for the work. It is also responsible for
hiring the marketing team.
The key roles and responsibilities of the marketing function
To handle the different marketing situation and manage the business successfully there are
various functions within the organization these functions are as follows;
1. Pricing
2. Marketing information management
3. Selling
4. Distribution
5. Promotion
6. Product
7. Financing
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8. Risk-taking
9. Transporting
marketing these functions are very important in the context of maintaining a business, the
various functions of marketing are selling, promoting, transporting, financing, risk-taking etc.
these functions are very important in order to generate a successful business in the
organization and are common everywhere but the efficiency of the organization depends on
these functions (Moran and Gossieaux, 2010). These functions are responsible for;
 The growth of the company,
 Maintaining an image in the market,
 Making the brand image and brand equity,
 Making a brand strategy in order to sustain in the market etc...
Roles and responsibilities of marketing-related with the wider organisational
The roles and responsibility of marketing are related to the wider organization as well as
maintaining the brand equity. The main role of the marketing department is to maintain the
brand equity of the company (Kotler et al.,2015). Brand equity refers to the brand image and
brand awareness among the customers or in the market, in the different business scenario; it is
the responsibility of the marketing department to handle the brand equity. As well as
marketing is also responsible for conducting the market research in order to find out what are
the latest trends in the market and what are the customer needs and wants (Lamb et al.,2011).
In different marketing environment, it is very necessary to regularly monitor the brand
performance in the market so that the strong and weak points of the organization could be
found. Market segmentation and finding out the prospects and target audience is also the
responsibility of the marketing team (Levens, 2010). These are all the different roles and
responsibilities of marketing in the changing business environment.
Roles and responsibilities of marketing in the context of the marketing environment
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Marketing environment directly affects the organization working; marketing environment is of
three types’ internal environment, microenvironment and macro environment. Any
organization which wants to be successful needs to develop strategies which are suitable for all
type of environments. Marketing plays a crucial role in maintaining and growing the business in
the marketing environment. Internal environments include all the factors that are within the
organization and affect the work directly like labour, inventory, company policies (Moran and
Gossieaux, 2010). Marketing plays a major rule in the internal environment by managing
inventory and labour. The second type of environment is a microenvironment, which includes
all the factors which can influence marketing functioning. These factors can be suppliers,
employees, customers, the general public, government, shareholders and competitors. The
marketer first did the survey before making any marketing strategy for the business.
This survey includes all the factors of the microenvironment. The role of marketing in the
context of the microenvironment is that it manages the brand equity which eventually helps in
maintaining the customers, employees, shareholders etc. the macro-environment consists of all
the political, legal, social, economic and technological factors (Pike, 2015). By forming the
marketing strategies and keeping them following marketers maintain the entire macro
environment which can affect the organization. As well as marketer continuously monitor the
performance and find out, which factor is affecting the organization end usages the strategies
accordingly.
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PART B
LO2
INTRODUCTION
Beauty giant is a cosmetic company in the UK, which have 50 branches all over the UK. Beauty
giant is a company which sells the toiletries product in men and women category, they have a
good name in the market but they don't manufacture their own products. The company have
decided to launch a new product in the anti-ageing segment known as “Forever Young”. For the
product forever young the target customer is 30 plus age people (Pomering et al., 2011). The
aim of this case is making the strategic marketing plan for the launch of the new product,
marketing plan is very necessary for any organization; it defines the overall growth of the
company as well as through the marketing plan marketer gets to know about the competition
and according to the market situation and competition they plan their marketing strategy.
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P3 comparison between the marketing mixes
Competitor
As the company beauty giant is a cosmetic company in the UK and has over 50 branches. The
competitor of the beauty giant is the MAC cosmetics; MAC cosmetics have their headquarters
in New York, United States. MAC stands for Makeup Artist Cosmetics, the company was
founded in Toronto in 1984 by Frank Toskan when he realizes there limited no. of products in
the beauty segment. Mac produced a wider range of product for all the age groups. Some of
the products of MAC are as follows; Pro Longwear, Lightful C, Studio etc.
Marketing mix
The marketing mix is the set of actions or tactics which can be used to promote the goods and
services of the company, mainly the marketing mix includes the 4 p’s of marketing but in a
modern era it is extended to 7 p’s (Simkin and Dibb, 2013). This gives the overall information
about the company. Comparison between the marketing mix of Beauty Giant and MAC
cosmetics is as follows;
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Company Beauty Giant MAC cosmetics
Product  The wide range of products to satisfy
the needs of each and every customer.
 All the products which are delivered by
the beauty giant pass the international
standards of testing
 The products related to cosmetic,
skincare, hair care, makeup, perfumes
etc…(Pomering et al., 2011)
 Beauty giant never produces a single
product by their own but delivers all the
beauty product s to its customers.
 Here the product is anti-ageing cream
‘forever young’
 Wide range of products.
 Some segments are make-up for
eyes, face and lips, skincare and
primers, brushes and tools and
fragrances.
Place  Beauty Giant has more than 50
branches in the UK only.
 It has developed its own research and
development centres in 4 places
worldwide (Singh, 2012).
 The products of Beauty Giant could be
found on the various stores in the
country
 Have started their journey from
the departmental store in
Toronto and now they are in the
different parts of the world.
 The company owns 1000
independent outlets sped across
the world (Pomering et al.,
2011).
Price  Beauty Giant has chosen different
prices for different segments.
 As most of the product in Beauty Giant
belongs to the urban or high-quality
product group, they are following the
premium pricing policy.
 Premium pricing affects the brand
 Usages premium pricing
strategy.
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image or it is correlated with the brand
image. Premium pricing is putting the
price of the product higher in order to
keep the brand image high.
Promotion  Promotion can be by any medium like
advertising, campaigns, and CSR
activities etc… (Pomering et al., 2011)
 Online as well as offline both the
promotional strategies have
used by the company
People  The target customers for the company’s
anti-ageing product are men and
women both, the one who is of 30 plus
age.
 Target audience is young
women, who have a love for
fashion.
Physical
evidence
 The company have its headquarters in
the UK.
 Have more than 50 branches all over
the UK
 Have their headquarters in New
York, United States. (Pomering
et al., 2011)
Process  Used both online as well as offline
method to promote the product.
 The product is available online
as well as on the stores.
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LO3 Basic Marketing Plan
Executive summary-
A marketing plan is developed to understand the market as well as the company situation and
accordingly preparing for the next move. Here is a marketing manager I have developed a plan
after the proper research and done all the internal and external analysis.
Introduction
A marketing plan is prepared to achieve the objectives of the company. Here the objective of
the company is to increase the sales as well as launch a new anti-ageing product named
‘Forever Young’. The motto of this marketing plan is to successfully launch the product and
increase sales in the market (Song et al.,2017).
1. Internal Analysis-
Internal analysis tells about the situations within the organization, which can affect the business
such as the strength and weaknesses of the company. Internal analysis is comprised of SWOT
and financial analysis.
SWOT Analysis
STRENGTH WEAKNESSES
 Already have a reputation and name in
the market.
 Have more than 50 branches in the UK
only.
 Have cosmetic products in all the
segments.
 Pricing strategy.
 Tough Competition from the other
companies.
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