Marketing Fundamentals Analysis and Evaluation: A Prada Case Study

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Marketing Fundamentals Analysis and Evaluation - Assessment 2
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Introduction
The term marketing fundamental is known to be a process, through which, groups and
individuals can obtain whatever they need by exchanging and creating products as well as values
with the other people. Marketing is generally considered as the delivery for satisfaction of
customers to make profit. Hence, the present study focuses upon the concept of marketing
fundamentals upon the organization of Prada. This organization is considered as a fashion house
of luxury that is based in Italy. The respective organization specializes in travel accessories,
leather bags, shoes, perfumes and similar other fashionable accessories. Based on the identity of
the respective company Prada, it is known to be Italy’s best manufacturing tradition and design
organization, comprises of outstanding quality and sophisticated style as well.
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Discussion
TASK 1A
Processes and stages of marketing including the role of the marketing mix
According to Armstrong (2018), there are certain processes as well as stages of marketing that
are used by most of the larger organizations. Marketing process is considered as the process for
analyzing any opportunities within the market and the selection based on the target markets
along with the development of marketing mix as well as management of marketing efforts. There
are certain steps for a marketing process that are followed by most of the companies along with
the organization of Prada.
Defining the opportunity
The main part for the process of marketing research is known to be the defining of problem. In
case of a marketing research, a process of solving a problem can determine whatever information
is needed and the process through which, the information can be obtained. This helps the
organization for clarifying the opportunity or rather problem. This includes the addressing of loss
for the market share and the process that can be followed for launching a specific and innovative
product (Ottley and Bechwati, 2018). Hence, this step can enhance the power of analyzing a
market through its research that can depict the kind of customers preset over there along with
their choices and requirements. This allows an organization to study a target market. For
instance, the present organization of Prada identified the Italian market as per the customer’s
needs and wants before entering.
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Developing the plan of research
After the examination of potential causes based on the opportunity, a research plan needs to be
built. Therefore, for developing a plan of research, certain techniques need to be conducted.
Based on the views of Simon and Fassnacht, (2019), these techniques are interviewing the
customers and prospects as, this is the best technique through which, effective results can be
obtained by getting the feedback from the prospect customers. This can include the focus group
and face to face interviews as well. A survey can be conducted after this, through the use of
Survey Monkey or similar other tools. This is considered as a free online tool of survey for
capturing the opinions and voices based on the target customers. These can be applied in case a
new product or service is being offered. This helps in identifying the behaviour of the users.
Hence, through this plan, the data can be gathered, which may help in conducting a market
research.
Figure 1: Marketing process
Source: (Nordin et al., 2018)
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Collection of relevant information and data
In case of a marketing research, as stated by Martell, (2018), most of the collected data are of
quantitative level versus qualitative level that can be observational as well as descriptive. Hence,
both the types of data can be gathered for a market research. For instance, an A/B test can be
performed for the website for any new pricing of a product within the business. Hence, for the
respective research study, seven customers can also be interviewed for ensuring the new pricing
of the particular product. Through this process, a qualitative and hard data can be collected that
can provide more insight. While the collection of data, the answers should be unbiased as well as
valid.
Analysing the findings of report and data
After collecting and gathering all the relevant data, the information needs to be analyzed. In this
case, it is significant to oversee the trends that are opposed by the specific information of the
customers. This also undertakes the review of survey and recommending the source as well. This
would lead to form a hypothesis for the assumption of the market research and the requirements
of the customers. This eventually helps in the process of decision making for the organization.
Taking action
After the completion of the research, the findings need to be presented along with taking the
respective actions. As per the constant change of business environment as well as trends, the
market research allows to analyse and determine the recent changes within the customers’
requirements (Singh et al., 2019). The analysis of the data should be performed in a regular
manner for overseeing the areas of improvement. This can also help in knowing the persona of
the buyers along with the perception of other companies and industries. This can be done through
more efforts of marketing for the company.
Hence, as per the views of Day, (2018), these steps can help to monitor a market and identify the
current trends of the people along with their needs and wants and also can help in detecting the
pricing strategy of the products that are to be launched for an organization.
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Apart from these there are certain stages of marketing that needs to be focused upon. These
stages comprises of introduction, maturity, growth and decline. These four stages are known to
be the product life cycle which is essential for launching a new product for marketing.
Figure 2: Stages of marketing
Source: (Maravilhas, 2019)
Introduction
After conducting the research and doing the development, time comes for launching a new
product and to begin the lifecycle. This stage based on the life cycle of the product is known
when, the team of marketing emphasises upon the promotion along with initial distribution of
product (Negoiţă et al., 2018). The product often can have no competitors during the respective
stage. Hence, at the specific stage, the sales can remain lower as time is required for conducting a
process of marketing and accepting a new product. Thus, in case of the particular stage, the
organization generally undergoes through loss of money for the specific product. For example, in
case of the concerned organization that is Prada, when it first provided the service of backpacks
along with the totes in the year of 1979, the company faced a lot of loss over the products and for
marketing the same but gradually, it increased and turned into profit.
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Growth
Based on the views of Pabian, (2018), in case of the particular stage, the market accepts the sales
of the product that increases. In this stage, the organization can make improvements over the
respective product for staying or rather sustaining in competitive market. Hence, in the specific
point, there may be certain competitors. For example, in case of the organization of Prada, after
producing the backpacks, it was sought out for the wholesale account within the department
stores along with the boutiques across the whole world.
Maturity
In this stage, sales are known to reach their peak. The other competitors seem to enter within the
market place consisting of alternative solutions and also making the competition within the fierce
of market. Hence, in this stage, the company who produced the respective product may face
difficulty for beginning to compete within the market.
Decline
In case of the respective stage, the sales are considered to begin for declining as the specific
product reaches to a saturation point. In many cases, most of the products seem too phased out
from the market place because of decrease within the sales and due to competitive pressure as
well.
Hence, it can be said that, there is not any schedule that are followed as per the above stages for
marketing, rather it depends upon the type of product that are launched. For instance, in case of
the present organization of Prada, it did not face any type of downfall as, the product was served
worldwide through which, and the organization was gaining profit.
Role of marketing in creating values for customers
In context of a business, the functions based on marketing is known to bring value for the
customers for whom, the organizations and the businesses seeks to satisfy, identify and retain as
well. As stated by Steinhardt, (2019), the ways based on operations of marketing helps to create
the customer values. Most of the companies are known to build different strategies for retaining
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the customers. In the present organization, a systematic way is followed for creating value for the
customers.
The modeler
The main domain of the modeler is predictive analysis for creating such scenarios related to
strategies of campaigns, segmentation of customers and the complex process of decision making.
This can help in specifying the real-time choices for customer management.
Conscience of the customers
The conscience of the customers can help the marketers to align to match the preferences of
customers (Fatehi et al., 2018). The conscientious efforts may help in assuring the mutual value
within the process of customer engagement. This can help the marketers to follow the way
customers think and can eventually help in achieving profit.
Strategic opportunist
This process is applied within the developments in marketing strategy along with plans and
engagement of the marketers and customers in both external as well as internal method. Most of
the organizations in this process seem to align the stakeholders that can help the organizations to
thrive for the best.
Other than these methods, certain steps are also undertaken by the respective organization such
as understanding the things that drives value regarding the customers; understanding the value
proposition; identifying the segments and customers where the marketers may create much more
value as compared with the other competitor organizations, and also focusing upon the
investment for the valuable customers (Kirkpatrick, 2018).
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Stakeholder engagement and their impact on the marketing activities of an organization
Stakeholder engagement is known to be the process through which, any organization can involve
individuals who can be affected through decisions that is made and can also influence the
implementation based on decisions. The engagement of stakeholder can also be management by
actively monitoring the expectations of stakeholders; addressing the concerns of the stakeholders
before they can escalate along with clarifying as well as resolving the issues within time. The
engagement of stakeholder can impact in a positive manner over the marketing activities for any
organizational culture if the company can manage the process of stakeholder engagement in a
proper way. There are certain benefits that are obtained in the present organization through the
process of stakeholders’ engagement.
Involving the stakeholders allows identifying the motivations, levels based on interest and the
influence of the stakeholders. This enables the managers of the project for moving forward. This
can also create a risk like conflicts of the interests can also occur within the process of
engagement (Pangal 2019). Involving the stakeholders at an early stage can establish the shared
understanding associated with the goals and objectives. Establishing some central assumptions
can also help in formulating the operating principles within the stakeholder engagement. Hence,
an effective stakeholder engagement can also allow the process of implementation planning
within the organizational culture. Hence, the concerned organization, Prada makes use of an
effective process of stakeholders’ engagement that allows the company to flourish.
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Conclusion
Based on the above discussion, the study has focused upon the concept of marketing
fundamentals for the organization of Prada. This involved the stages and processes of marketing
along with their roles for creating customer values and also the process of stakeholder
engagement along with their impacts were discussed in the above study. Hence, it can be
concluded that an effective use of marketing fundamentals can allow any organisation to sustain
for the long run.
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TASK 1B
In regard to the above study of marketing fundamentals, based on my perception, there are
certain essential techniques and processes that an organization must follow for undertaking a
systematic way of marketing. According to the views of Batra (2018), marketing is known to be
an activity and is also termed as the process for communicating, creating, exchanging and
delivering offerings, which consists of value for the clients, customers, society and partners as
well. Every plan of business, project and campaigns undertakes certain tools, tactics and
strategies for developing, conceiving and implementing the strategic plan of marketing within
the social media sites. This can lead to successful needs within the organizational culture
(Gowreesunkar et al., 2018). In my opinion, most of the companies make use of different tools
and techniques for implementing a business plan and also to launch any product into the market.
For example, higher level strategies are known to be the first step for developing a successful
marketing plan of social media that can lead to marketing campaigns as well. This can also help
in achieving the strategic goals of marketing for the organization effectively.
In case of the higher level strategy, it increases the awareness for developing plan; it also builds
the community while engaging the prospects as well as generates publicity through the social
media platform and direct marketing of the products (Score.org. 2019). The posts within the
blogs are also an essential communication tool that helps in building marketing strategy and
enhances to achieve the goals and objectives of the organization. For this communication tool,
mid level strategy is used such as, building the followings in twitter, increasing the fans of face
book through displaying innovative designs of the products, driving traffic for the blog, doubling
the list of Emails and generating the link of love and Google juice. Other than these, similar
other SEO enhancements can be used within the social media sites and blogs to retain the
customers. This also enables the delivery along with the operational teams to help in fixing the
expectations, responding to the issues and understanding as well.
Apart from these tools and techniques, certain academic theories are also undertaken by many
organizations such as the concerned organization that is Prada. The academic theories like
persuasion and confirmation. This helps in manipulating the customers through persuading them
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with an effective way of communication. This also helps in confirmation with the social rules of
the country. Hence, it can be said that the use of effective tools and academic theories enhance
the organizational culture to maintain their customers and to sustain within the market for the
long run. The effectiveness of marketing helps in measuring the efficiency of marketing plan for
achieving positive and long-term results. There might be certain challenges for following an
effective process of marketing through the digital attribution based on econometrics. But,
through the maintenance of a proper use of marketing tools and techniques along with addressing
the academic theories, organizations can gain profit and growth.
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