Marketing Report: Analysis of VISA Marketing Strategies and Trends

This report provides a comprehensive analysis of VISA's marketing function, exploring its key roles and responsibilities within the organization. It delves into various marketing concepts like production, product, selling, marketing, and societal marketing, highlighting their relevance to VISA's operations. The report examines the current trends in marketing, including social media and content marketing, and forecasts future trends such as AI and virtual reality. It also discusses VISA's brand management, market analysis, and strategy development, emphasizing the importance of adapting to market demands and customer preferences. Furthermore, the report outlines the interrelationship between the marketing function and other organizational functions, providing insights into how VISA can leverage these connections to achieve its marketing objectives effectively. The report also includes a detailed comparison of how various organizations apply the marketing mix and suggests a strategic marketing plan for VISA. This analysis offers a thorough understanding of VISA's marketing environment and strategies, providing valuable insights for students and professionals alike.

Marketing
Essentials

Table of Contents
INTRODCTION.....................................................................................................................2
TASK 1.....................................................................................................................................2
P1 Explanation of Roles and Responsibilities of Marketing Function...3
P2 Analysis of roles and responsibilities of marketing in context of
marketing environment and interrelationship between marketing and
other organisational function..................................................................................5
INTRODCTION
Marketing is a functional area within an organisation which is responsible
for communicating an organisation's products as well as services to the
public. Furthermore, all the activities conducted within an organisation
which are performed in relation to addressing the needs and preferences of
customers are referred as marketing. It is a crucial activities which
emphasises on identifying as well as evaluating the size of market as well as
profit and growth potential. Additionally, it is responsible for appropriately
identifying those techniques and methods which prove out to be most
contributing in relation to market a firm's new offering “Visa-Wear” within
the market and acquire maximum attention and response from the people.
The report below is based on Visa, which is an American financial
services organisation operating globally and situated in California, United
States. The organisation ensures facilitation of transfer of electronic funds all
over the world. Along with this, firm has its own debit, credit and gift cards
under its personal brand. Incorporated in 1958, throughout the years, the
company has built effective trust globally and established itself on a
competitive position globally. The report covers a detailed explanation of
key roles as well as responsibilities of marketing function and how these
related with wider organisational context. It also covers analysis of roles and
responsibilities of marketing in context of marketing environment and
interrelationship between marketing and other organisational functions.
Furthermore, the report also covers a detailed comparison of how various
organisations apply marketing mix and a detailed coherent and strategic
marketing plan for VISA.
TASK 1
5

P1 Explanation of Roles and Responsibilities of
Marketing Function
Marketing function is a crucial element of an organisation which
enables firms to ensure and establish long term business relationships within
the marketplace. In context of Visa, this function could ensure the same as
marketing requires the firm to perform market research using effective
methods to determine preferences and wants of customers as well as
potential customers of the firm. This, in turn, allows the firm to develop their
offerings with respect to these demands of the market.
Various marketing concepts are quite important to be effectively analysed to
acquire effective knowledge related to the marketing trends prevailing within
the market. The concepts of marketing are discussed as under:
Production Concept:
As the oldest concept of marketing, the ideology which is supported
by this concept is that preference of products as well as services in the
market depends upon the extent to which they are affordable. This means
that if an offering is highly affordable, it would be highly demanded within
the market. However, a major risk is associated with organisations adopting
this concept is that they emphasise too narrowly on their company's function
and tend to deviate themselves from the main goal. Moreover, another threat
associated with the same is marketing myopia.
Product Concept:
According to this concept, only those products and services would
be preferred by the marketplace, which are innovative, provides effective
performance and offer highest quality to its customers. Organisations
adopting the same effectively ensure continuous development as their
marketing strategy. In addition to this, these companies focuses on the
performance, features as well as product quality to attract customers within
the market.
Selling Concept:
As the name suggests, this concept effectively emphasises on large-
scale promotional as well as selling efforts as a strategy to get the products
sold within the marketplace. In this concept, rather than establishing
customer relationships, firms focus on development of sales transactions. In
simpler words, market demands are not taken into account and the firm
focuses on selling what is developed by the company, regardless whether it
meets the market demand or not.
Marketing Concept:
Within this concept, organisations tend to focus on determining
wants, needs and preferences of their respective target market along with
producing the offerings and delivering all the services and products which
satisfy these demands within the market. Customers are provided utmost
importance within this concept.
Social Marketing Concept:
As for this concept, the ideology followed within the same focuses
on delivering appropriate and essential customer value in ways which
manages as well as improve well being of both the customer as well as
society. Sustainable marketing, along with environmentally and socially
responsible marketing is adopted and implemented within this concept.
Out of all these concepts, the best marketing concept which would
help VISA in effectively attracting more customers as well as ensure proper
marketing of their offerings is through marketing and societal marketing
concepts.
These concepts are the basis on which several trends on marketing are
formed and implemented within the current business scenario. Some of the
present and future trends of marketing are described below:

Current Trends of Marketing:
 Social Media Marketing:
One of the widely used marketing trend globally is using social
media marketing. Within the current business scenario, there is a high
preference of people using social media, especially millennials. Moreover,
there are various social media portals which are gaining momentum in terms
of usage and popularity. Thus, currently all the marketing strategies adopted
by organisations are associated within building a competitive image on
social media. Furthermore, this trend also ensures establishing direct and real
time communication channels to communicate with their customers in real
time, hence, developing long term customer relationships. VISA has a strong
social media presence and has a global reach through various social media
portals which are used by the company to interact with and engage
customers with respect to their products and services.
 Content Marketing:
Another current trend of the marketing is related to ensure
appropriate engagement of customers with their products and services
through content marketing. Organisations adopt this marketing strategy in
relation to influencing the buyer decisions and persuading them to buy the
company's products. Appropriate and informative content is developed and
presented within the market by Visa which educate customers regarding their
offerings and ensure that they get familiar with the products of the firm and
acquire the same.
Future Trends of Marketing:
 AI and Automation:
The world of marketing is experiencing advancements in relation to
technology and there are new and innovative methods which are used by
organisations to market their offerings within the public. One of the prime
trends which would be outshining in the future is Artificial Intelligence as
well as Automation as methods of marketing. Both these technologies could
be used by companies like Visa which would help them in automatically
adopting market research and determine customer preferences. Moreover,
these aspects could also be used by the firm context with developing those
marketing strategies
alternatives which would contribute the most to attracting and persuading
customers to buy their products and services.
 Virtual Reality:
Marketing through wearables is likely to increase in future. With
potential rise of Virtual Reality technology in future, companies are likely to
adopt this method to ensure appropriate marketing in the future. Visa could
also use the same in the future to enable customers of witnesses their
operations to ensure that their financial resources are safe with the money
and appropriate and effective methods are being used for facilitation of
financial services.
As for roles and responsibilities of marketing, its role in wider
organisational context is discussed below:
 Management of Brand:
One of the prime responsibilities of marketing function is that it
helps organisations in managing their brands. In context with Visa,
marketing function plays a crucial role in defining the brand, highlight its
philosophy and objective and communicating the customers in relation to the
functions and operations performed by the organisation. Furthermore, this
function brings forth all the necessary modification, innovation as well as the
new information related to the overall organisation and its offerings.
 Market Analysis and Research:
As for analysis and research, within Visa, marketing function helps
the company in performing appropriate market research as well as market
analysis. It appropriately helps the company in effectively determining their
prominent target market and also identify their potential customers. In
addition to this, marketing function also assists the organisation in
developing new products and services which fit best with the current market
scenario as well as according to demands of the people.
 Strategy Development:
Marketing strategies are very crucial for companies with respect to
the communicating as well as presenting their product ideology and other
offerings to the end customers. Furthermore, as one of the crucial
responsibilities of the organisation, this function helps Visa in developing
appropriate and relevant strategies which provides a competitive edge to the

firm within the market. This is accomplished by helping the organisation in
developing products and services that are required within the marketplace.
3

of the crucial responsibilities of the organisation, this function helps Visa in
developing appropriate and relevant strategies which provides a competitive
edge to the firm within the market. This is accomplished by helping the
organisation in developing products and services that are required within the
marketplace.
P2 Analysis of roles and responsibilities of marketing in
context of marketing environment and
interrelationship between marketing and other
organisational function
Marketing environment involves several internal as well as external
factors which influences the decisions taken by an organisation with respect
to marketing. However, it is of utmost importance that roles and
responsibilities of marketing are analysed against the marketing
environment. Discussion regarding the same is mentioned below:
 Management of Brand:
It is of utmost importance within the marketing environment brands
are appropriately managed. Regular communication is recommended with
the customers which would ensure the firm in consistently approaching their
target customers.
 Market Analysis and Research:
Within the market environment, it is important for an organisation
to take into consideration the internal as well as external factors which could
have an impact on the organisation as well as their products and services.
Thus, marketing would be helping the company in conducting in-depth
research in terms of analysing the viewpoints of all stakeholders as well as
preference of their target customers appropriately which would help them in
effective product development that would ensure maximum benefit to all the
stakeholders of the company.
 Strategy Development:
With this technologically advanced marketing environment, Visa
has to consider all the factors which might affect the firm and its product
development. Thus, marketing function would help this organisation in
appropriately ensure that the firm adopts different strategies which helps
them in ceasing each opportunity on their way.
Interrelationship of Marketing Function with other departments
In the business world, marketing function is one of a leading sector
in an organisation, which in reality involves promotion of a product just after
launching of any financial products or services in an effective manner. In
context of the Visa, marketing Dept. of this emerging firm is under role of
promoting their products or services in an effective period of time.
Marketing manager of the Visa is bounded by certain roles or responsibilities
such as generates business leads, keep continue profit earning capacity of the
Visa and maintain long term business leads for this leading financial
institution. This was realised that in every firm, there are different types of
the departments such as marketing, human resources, finance, research &
department etc., which plays their own specific roles or duties. In this
assessment, talk here will be on elements of the marketing function such as
research, strategy and and its relationship with other department such as HR,
finance, operation, research & development etc. Th inter-relationship of
marketing and other functional units are as follows: