New Look's Marketing Strategies: Unit 2 Assignment

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UNIT 2: MARKETING ESSENTIALS
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INTRODUCTION
Marketing is a very essential function for the business organizations it significantly helps
the organization to successfully achieve business goals and objectives and help the
long-term stability of the business organization. In addition, marketing effectively helps
the business to attract more and more customer which can increase business sales that
ultimately increase revenue for the business (Baker, 2016). The business organization
generally things marketing are of non-priority activity however; it significantly impacts
the growth of the business organization. The assignment shows the significance of
marketing for business organizations as to how this particular business function affects
the business process and what are its various aspects. Furthermore, the assignment
presents various marketing strategies and techniques that increase the effectiveness of
the marketing function of a business organization.
The assignment chooses New Look Company for the study. The new look is a British
fashion retailer chain deals in clothing products; the company was founded in 1969.
New Look is a well-known brand name in the UK as well in other countries too (Baker,
2016). The company provides its services all over the world, the number of location in
which business has its retail shop is 1160 approx. as the nature of the business, the
business needs effective marketing tools to compete with the other rivals of the
organization which makes New look very suitable for the assignment purpose as new
look wants to improve its marketing strategies and techniques.
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P1 ROLES AND RESPONSIBILITIES OF THE MARKETING FUNCTIONS
Marketing Functions has many roles and responsibilities, the marketing manager
effectively fulfill these duties and drive forward the business activity of the new look. The
marketing manager uses various strategies and techniques for promoting the products
of the organization and attracts customers as much as they can. The marketing
functions play a critical role in order to devise strategies and techniques for the
promotion of the product (Branch, 2014). The main roles and responsibilities of
marketing functions of the new look include market information, market planning,
exchange functions, product designing & development, product distribution,
standardization and grading, financing, risk taking, packaging, labeling and branding,
and customer support. These functions cover all the areas which are required for
effective marketing and benefits new look to achieve their business goals and targets.
Figure 1: Functions of Marketing
Source: Branch, 2014
It is important that the marketing manager of new look understands each and every
function as each function and its different roles and responsibilities. Each marketing
function impacts the growth of the business organization (Butscher, 2017). Effectively
understands these functions benefits marketing manager to understand the market
situation, understand the customer's demand and needs.
Market information
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It is really important to have accurate information about the market situation. The
marketing manager of new look responsible to assess the market situation and able to
find out the needs and demand of the customer as well as the latest market trend that
influence the market (Christopher and Peck, 2012). Market information helps managers
to devise an effective strategy for future perspectives.
Market Planning
Marketing planning includes the techniques and strategies used to attain a business
objective and aims. Furthermore, the manager is responsible to devise a strategy that
helps the business to achieve its goals, the strategy uses information collected through
market information function (Eagle et al., 2014). The strategy includes the aims and
objectives of the new look, target market area, intended or target customers of the new
look, etc.
Exchange Functions
Exchange function of marketing includes sales and purchase activity of the new look
business enterprise. In addition, the marketing manager of new look needs to ensure
that the business has enough resources to fulfill the demand and need of the
customers. The exchange functions of marketing well supported by the advertisement,
individual selling, etc.
Products Designing & Development
The manager is responsible to assess the needs and demands of the customer and find
out the trend of the market. The competition in the market is very intense as it is really
important to provide customer new designs as well (Kotler et al., 2015). Managers of
new look need to find out what product should be developed that satisfy the needs of
the customer more effectively as well as looks attractive.
Product Distribution
Product distribution refers to the process through business delivers the product to the
customers. It is very important that customer can reach to the new look and get their
desired products easily. With the current pace of the world, marketing manager needs
to use all the distribution techniques such as online delivery, selling through a retail
outlet, etc. effective distribution effective benefits new look to gain competitive
advantage. Also, to effectively supply products business should consider of good
storage option as well (Molthan-Hill, 2017).
Standardization & Grading
This function of marketing refers to maintain the quality of products within the
organization. The manager of the new look needs to ensure that the products delivered
to the customer is of good quality and meet the expectation of the customer in terms of
quality. Standardization and grading help new look to improve the brand image and
attracts more customers (Palmer, 2012).
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Financing
Finance is the function that refers to the financial activity that used for marketing such
as advertisement cost, budget for marketing strategies, etc. the manager of new look
also includes the credit transaction for selling and purchase in the finance function in the
market according to their suitability.
Risk Taking
Risk-taking the function of marketing shows the process where business takes the risk
of introducing new products and services into the market which never seen before.
However, it is a gamble whether the product is liked by the customer or not (Pantelidis
and Stogias, 2015). With the competition increasing day by day the risk for the business
is increasing as well. The managers of new look need to ensure that the actions taken
by them benefit the business as it is very risky to try new things.
Packaging, Labeling & Branding
It is important for the marketing manager of the new look to consider the packaging,
labeling and branding factors of marketing as it made a significant impact on the
mindset of the customer and affect the brand image of the new look. The priority should
be the safety of the products first as it should deliver to the customer properly
undamaged (Rowley, 2016). Another thing the manager can consider that to make
packaging attractive that helps to increase brand value as through packaging customer
can differentiate new look product with others.
Customer Support
Customer satisfaction is the main priority for the business organization as it increases
sales for the business as well as helps to attract more customers. The manager needs
to use effective strategies for customer support such as provide after-sales services,
easy return, and exchange policies, no questions asked returns and effective return
payment solutions.
Above marketing, functions benefit new look to achieve its goals and objectives and
help business in its growth (Talpau, 2014). The combine these functions increases the
efficiency and productivity of the enterprise that ultimately increases sales that results in
an increase in revenue generation.
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P2 EVALUATION OF HOW MARKETING ROLES AND DUTIES RELATE TO THE
WIDER ORGANIZATIONAL CONTEXT
Generally, marketing roles and duties are interlinked with other departments of the new
look. All the departments are assisting others in their work that shows the effectiveness
of their working department. Co-ordination is very important to achieve business goals
and objectives effectively (Christopher and Peck, 2012). The activities of marketing also
interlinked with other functions as well such as expenses in marketing is affects the
finance department, hiring for staff for marketing affects HR department, sales increase-
decrease is directly impacted by marketing functions, etc. The relation between
marketing roles and responsibilities with other function of the new look is presented
below:
Figure 2: Other departments related to marketing
Source: Daoud, 2016
Finance Department
Marketing functions significantly affect the finance department of the new looks as the
expenses occur in the process of advertisement, market research, packaging,
distribution is all recorded by the finance department of the new look (Daoud, 2016). All
the financial transaction which occurs for the cause of marketing function affects the
finance department of the new look. Marketing and finance department both
communicate effectively and work as a team to effectively manage the business activity
within the new look.
Research and Development Department
To find accurate and actual sources for the needed things for the benefit for the new
look is done by the R & D department. The marketing functions provide the leads to the
R & D department in which they take the initiative (De Jong et al., 2015).
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Human Resource Department
The HR department of the new look is influenced by the marketing functions as to
higher employees somewhat affected by these functions as the promotion and
advertisement of recruitment is done through these. Also, hiring of marketing executives
is a work of HR department but hiring conducted for the marketing department that’s
also marketing is influenced HR Department (De Mooij, 2018).
Sales Department
Marketing functions significantly affect the sales department of the new look like the
main task of the marketing functions is to increase the sales for the business
enterprises for which the effective techniques and strategies of marketing functions is
conducted to increase sales for the enterprise (Akter, 2012). Also, the marketing
department and sales department is interlinked to each other as both significantly
benefit each other.
Thus, it shows these departments of the new look is influenced or affected by the
marketing functions in a positive way. Marketing is essential for the new look and for
any organization, its functions and roles affected the whole business activity. Effective
marketing activity can guide the business towards success.
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LO2
P3 COMPARE THE WAYS IN WHICH DIFFERENT ORGANIZATIONS APPLY
MARKETING MIX TO THE MARKETING PLANNING PROCESS TO ACHIEVE
BUSINESS OBJECTIVES
There are various marketing strategies use by business organizations to enhance their
business activity and achieve their business goals and objectives. In those strategies,
there is one strategy, marketing mix which is widely accepted in business organizations.
The marketing mix is a very effective marketing strategy used by the new look business
enterprise to enhance their business activity (Akter, 2012). This strategy covers all parts
of marketing which are needed for the business enterprise also it benefits business to
increase business sales and gain more profit. This strategy significantly helps the
business to effectively promote business products properly and ineffective manner.
Also, the marketing mix is really helpful to increase the brand values of the new look as
well attracts more and more customers. This is a really effective tool to understand the
different aspects of marketing for the business. The marketing mix strategy adopted by
the new look is as follows:
Figure 3: Marketing mix strategy
Source: Amiri, 2016
Product
The product element of the marketing mix refers to the products and services that new
look offers to its customers. New look business needs to makes sure that the product is
of good quality and satisfied the needs of the customer. The product delivers to the
customers is properly packed (Amiri, 2016). the product element of the marketing mix
covers all the factors which show the quality and uniqueness of products such as
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quality, design, style, features, etc. having unique and rare product increase the brand
value of the business and it is really recommended that new look try and provide good
quality of product along with effective design.
Price
The next element is the price; price refers to the cost of the product that customer
willing to pay to use to buy. Price is very important elements as it is the deciding factor
in attracting the customer. It is important for the new look to assess their pricing strategy
so that customer is afforded that product in his price range also, the product is worth the
price for which customer is willing to pay for it (Armstrong et al., 2015). In addition to it,
the new look provides facilities such as credit sales, various mode of payment to ease
the transaction process.
Promotion
Promotion is the process where a business tries to attract new customers and retain
existing customers as well. Promotion is a very important element of the marketing mix
as it focuses on to reach their target customer and persuade them to become their loyal
customers. The new look should find effective promotion techniques such as digital
marketing to reach out to customers and persuade them (Eagle et al., 2014). Promotion
is the main element as well for an increase in sales for the business.
Place
Place refers to the where customer can reach to business to buy products. The new
look should make easy for customers to reach out to them for business activity. As new
look already have a physical retail outlet they can try and open an online website as in
modern times the online store is most benefits the business (Fotiadis and Folinas,
2017).
People
People refer to the human resource of the new look. In any organization, human
resource is the ultimate asset for the business. the new look should understand the
importance of HR in their business as they directly related to the customer as they are a
mediator of business who persuades customers (Gillespie and Riddle, 2015). It is
important that to satisfy their needs for effective work along with customer retention,
staff retention is also important.
Process
Process refers to a set of plan that tries and ensures the success of the business. In the
new look, process refers to the activity of using strategies that benefit the business such
as through hiring, delivery of the product, mode of delivery, etc. In addition to it, the
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process is also the activity of monitoring the performance of the employees (Goworek et
al., 2015).
Physical Evidence
Physical evidence refers to the presentation of the business such as the infrastructure
of the business, equipment’s and facilities they provide to their customers. Physical
evidence is very important to attract the customers as famous saying continue running
the impression first thought by the customer is last. If the outlet and business design
and infrastructure attract the customer then the customer does take an interest in the
business (Kotler et al., 2015). So it is important that new look trying and enhance its
physical evidence elements of the business.
The above 7 elements of marketing mix adopted by new look ensure that the business
has effective marketing activity as all the areas of marketing are covered through this
strategy. This strategy is very effective to attract new and retain old customers as well
as increase the sales of business and achieve business goals and objectives and
increase the performance of the new look.
Tools of Marketing
Mix
New Look ASOS
Product The business provides the
latest fashion for all the
generation such as for kids,
teens, men, and women but
new look mainly focuses on the
women fashion trend (Kotler et
al., 2015).
ASOS is the main rival of the
new look and provides all
products for all and covers all
type of customers.
Price The pricing strategy is very
effective in new look they also
provide exchange services
where customer can bring old
products and in return
enterprise give them vouchers.
In addition to it, the company
provides lots of discount on
their products.
ASOS is an online fashion store
in the UK their products price is
according to the region so the
price may vary and charge a
delivery fee to deliver the
product. Asos also provides a
discount on their website
(Molthan-Hill, 2017).
Place The new look is mainly a retail
store and it having many
outlets throughout the UK to
serve their customers better
(Palmer, 2012).
ASOS is the online business;
customer can reach to them
through their website and
mobile apps.
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Promotion New Look mainly uses
hoardings, flier and some
amount of digital marketing to
promote their products and
mouth of work is the main
promotion of business.
ASOS is an online fashion store
for that they mainly use digital
technology to attract their
customers (Palmer, 2012).
People As having retail outlets
throughout in the UK the HR in
new look is very skilled as they
use effective hiring strategy
focuses on retail sales.
ASOS HR department mainly
focuses on the people who
have knowledge of digital
technology. As having an online
business they need to deal in
digital technology.
Process The new look doesn't
manufacture products but sells
products from different brands.
They provide products of all
brands (Amiri, 2016).
ASOS manufactures its own
products as well as list other
brand products in their online
store.
Physical evidence New Look has very attractive
outlets in all the UK as well as
they provide various facilities.
ASOS focuses on site
optimization to ensure that
customer can easily access to
their site and don’t have any
problem.
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