Marketing Report: ThirdWay Group - Concept, Process, and Interrelation

This report provides an overview of the marketing concepts and processes within the ThirdWay Group, a UK-based organization specializing in architecture, real estate, and design. It begins with an introduction to management and the importance of marketing, followed by a company overview. The report then delves into the core concept of marketing, emphasizing customer needs and competitive analysis. It details the marketing process, including situational analysis, strategy formulation, marketing mix decisions, and implementation. The role and responsibilities of the marketing function are thoroughly examined, covering strategy formulation, product development, and communication. Furthermore, the report explores the interrelation of marketing with other functional departments, such as production and finance, highlighting how marketing influences and coordinates with other departments to achieve organizational goals. The report concludes with a summary of key findings and the overall importance of marketing in organizational success.

Introduction to
management

Table of Contents
INTRODUCTION ..........................................................................................................................1
Overview of the organisation......................................................................................................1
Concept of marketing..................................................................................................................1
Marketing process.......................................................................................................................2
Role and responsibility of marketing function............................................................................3
Interrelation of marketing with other functional department ....................................................4
CONCLUSION ...............................................................................................................................5
REFERENCES ...............................................................................................................................6

INTRODUCTION
Management is basically a goal oriented process that combine and establish a
coordination among individual efforts and other activities to direct them towards achievement of
organisational goal. With the enhancement in level of competition the necessity and importance
of marketing function is growing as it plays a crucial role in success of organisation through
establishing an effective communication with customers and facilitating better promotion of
organisation (Fill and Turnbull, 2016). This assignment is based on concept of marketing and the
organisation selected for this purpose is ThirdWay Group which is small to medium size
organisation of UK and includes architecture, real estate investment, technology, furniture,
workplace consultancy and design-and-build practices. This report includes a brief about concept
of marketing and an overview of different marketing processes together with explanation of role
and responsibilities of marketing function. Beside this, a n explanation of influence and
interrelation of marketing with other functional department is also included in this report.
Overview of the organisation
The ThirdWay group is basically a London based organisation deals in designing and
building a range of furniture, architecture, property development, interior design, consultancy,
property technology and asset management (The ThirdWay Group, 2020). This organisation is
having a blend of brightest and best property service specialist which makes it able to deliver a
end to end property solution together with flexibility in individual working to enhance there
creativity innovation level of organisation. At present the ThirdWay group organisation is owned
by Ben Gillam and its core tenet is Team, Trust, Commitment and Fun.
Concept of marketing
The concept of marketing emphasis on the belief that every organisation must assess and
should gain information about the needs and expectation of its consumer and all the decisions
and strategies should agreed and parallel to these expectations and desires of customers (Fritz,
Sohn and Seegebarth, 2017). Thus, the main focus of marketing is on evaluation and identifying
the needs and of target consumers with the aim of creating products and services as per the
desires and demand of customers. Concept of marketing also ensures that the product and
services of an organisation are better than its competitors through continuous and timely market
analysis with the aim of earning higher and better profit. Apart from this, marketing concept
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includes maintaining and retaining the customers of organisations for a longer period of time
through establishing an effective communication with consumers and also facilitates better
promotion of product and services together with improvement in overall brand image and
goodwill of organisation (Folinas and Fotiadis, 2017).
Marketing process
The various stages and activities associated with the marketing process of an organisation
that are particularly engaged with marketing function are described below in context of
ThirdWay group organisation:
Situational Analysis- This step or process is mainly associated with the analysis of
prevailing situation and conditions of the market which provides a basis for identifying possible
opportunity and makes an organisation aware about the contingent threats. Timely situational
analysis is conducted by marketing function of ThirdWay company in order to identify
customers needs and to get a better understanding about its own capabilities and prevailing
conditions in business environment to make best use of its strength to produce and deliver a
suitable product and service in the market (Kwak, Lee and Chan-Olmsted, 2018). The main aim
of situation analysis conducted by ThirdWay organisation is to get information about the
prevailing situation and current trends and of business market. Use of various tools and methods
are made by ThirdWay organisation for effective situational analysis that includes use of PEST
analysis, SWOT analysis, etc.
Marketing strategy- This process is based in the findings of situational analysis. Once the
information about the taste and preference of customers is evaluated and analysed the next step is
to formulate effective marketing strategy based on such findings and demands to produce most
suitable and superior product in the business market. In ThirdWay organisation, marketing
function makes marketing strategy that are base on the prevailing situation and latest market
trend to get and obtain a optimal and strong position in the business market (Alves and Galan-
Ladero, 2019). An effective marketing strategy of ThirdWay organisation includes a proper
segmentation, targeting and Positioning of product and services in most suitable target market.
Marketing Mix Decision- The next step of marketing process includes the most tactical
and critical decisions regarding the controllable parameters and component of marketing mix.
The marketing function of ThirdWay Group is having effective action plan that includes
planning about all the factors of marketing mix. ThirdWay group yield significant emphasise on
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its product development that includes specifying, designing and producing a best quality product
together with effective pricing decisions, distribution contracts and promotional campaign to
attract larger section of customers.
Implementation and control- It is the last step of marketing process that includes close
monitoring of all the activities with the aim of ensuring effective implementation and control of
the planning and marketing strategy (Iyer and Reczek, 2017). In ThirdWay organisation, use of
various control measure like KPI (Key Performance Indicator) are made to ensure effective
implementation and execution of marketing strategy together with a continuous check and
control over various activities to achieve the targets of organisations.
Role and responsibility of marketing function
The marketing functions plays a crucial and vital role in success of an organisation
through better communication and promotion of product and services of organisation. The other
key role and responsibility played by marketing function in ThirdWay organisation are as
follows:
Strategy formulation- It is the responsibility of marketing function of ThirdWay
organization to conduct regular market research and analysis to get information about prevailing
trend and conditions of market. The business environment is highly dynamic thus, it become
necessary to conduct regular market analysis to become aware about current opportunity and
taste and preference of customers together with information about the strategies of competitors.
Thus, marketing function of ThirdWay organisation plays significant role in formulation of an
effective strategy to provide maximum satisfaction to its customers and keeps it superior and
ahead of its competitors in business environment (Dobscha, 2019).
Product development- Marketing function of ThirdWay organisation provide crucial
information about the latest trends and demand to the production department to facilitate
manufacturing and building a product and interior design that suits the demand and taste of
customers thus, plays an important role in product development (Di Benedetto and Kim, 2016).
Beside this, marketing function also provide knowledge about pricing and other strategy of
competitors thus, creates an opportunity for organisation to have an effective pricing strategy to
remain ahead of its competitors.
Communication and promotion- To make customers aware about the best features and
advantages of products and services of ThirdWay organisation is the responsibility of its
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marketing function. Through making use of various digital and online media the marketing
function plays an effective role in establishing an uninterrupted and effective communication
with the customers that facilitates effective promotion and increase in the sales of organisation
(Fill and Turnbull, 2016). Thus, marketing function of ThirdWay organisation lead to
enhancement in customers base through effective promotional activity which facilitate better
profits and success for organisation.
Interrelation of marketing with other functional department
Marketing creates an influence and interrelate with other functional units to facilitates an
coordination and directing all functional units in one direction of achieving organisational goal
and objective. The interrelation of marketing with other functional unit within the ThirdWay
organisation are provided below:
Marketing and production- An influences is created by marketing on production
department of ThirdWay organisation as marketing makes it aware about the ongoing changes
and current trend of market and preference of customers thus, lead to development of better
product and services (Fritz, Sohn and Seegebarth, 2017). Thus, an interrelation between
marketing and production department of ThirdWay organisation ensure manufacturing and
delivery of most suitable product which ensure better satisfaction for customers thus, cater and
attract larger number of customers.
Marketing and finance- Marketing creates an influence over finance department as the
amount of sales revenue are dependent on the efficiency of marketing function. An effective
marketing strategy and promotional tool yield better sales and profit for finance department thus,
ensure availability of adequate amount of funds for finance department to meet its day to day
expenses. In ThirdWay organisation a close interrelation and coordination is established between
finance and marketing department to have a check and control over the wasteful activity and
unwanted expenses of marketing to make it more effective and useful (Folinas and Fotiadis,
2017). An effective marketing strategy and promotion tool of ThirdWay organisation attract a
larger number of consumers for its product thus, ensure adequate amount of profit and sales
revenue for its finance department to meet the expenses and production cost of organisation.
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CONCLUSION
On the basis of above assignment it can be summarised that marketing plays an important
role in success of an organisation through establishing a coordination up with the dynamic and
fast changing environment. It can be summarised that, the regular market research conducted by
marketing function of ThirdWay organisation lade to development of better product thus,
important for an organisation to cater more customers and make its product superior than its
customers. Beside this, effective communication and promotion lead by Marketing function is
also important for ThirdWay organisation as it retain customer for a longer period and also
enhance consumer loyalty therefore, yield better profits and sales revenue for an organisation.
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REFERENCES
Books and journal
Alves, H. M. and Galan-Ladero, M. M., 2019. Theoretical Background: Introduction to Social
Marketing. In Case Studies on Social Marketing (pp. 1-10). Springer, Cham.
Di Benedetto, C. A. and Kim, K.H., 2016. Customer equity and value management of global
brands: Bridging theory and practice from financial and marketing perspectives:
Introduction to a Journal of Business Research Special Section. Journal of Business
Research. 69(9). pp.3721-3724.
Dobscha, S., 2019. Introduction to the Handbook of Research on Gender and Marketing.
In Handbook of Research on Gender and Marketing. Edward Elgar Publishing.
Fill, C. and Turnbull, S. L., 2016. Marketing communications: brands, experiences and
participation. Pearson.
Folinas, D. and Fotiadis, T., 2017. Marketing and Supply Chain Management: A Systemic
Approach. Routledge.
Fritz, W., Sohn, S. and Seegebarth, B., 2017. Broadening the perspective on mobile marketing:
An introduction. Psychology & Marketing. 34(2). pp.113-118.
Iyer, E. S. and Reczek, R. W., 2017. The intersection of sustainability, marketing, and public
policy: introduction to the special section on sustainability. Journal of Public Policy &
Marketing. 36(2). pp.246-254.
Kwak, D. H., Lee, J. S. and Chan-Olmsted, S., 2018. Athlete scandals and endorsement
marketing: Research trends and introduction to topics. Journal of Global Sport
Management. 3(2). pp.99-106.
Online:
The ThirdWay Group. 2020. [Online]. Available through: <https://www.b.co.uk/company-
profile/?thirdway-group-103480>.
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