Marketing Essentials Case Study: Forever Young (UBC)

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MARKETING ESSENTIALS ( UBC)
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Contents
Introduction...................................................................................................................... 4
Part A- Essay................................................................................................................... 5
Essential role of marketing............................................................................................5
Key roles and responsibilities of the marketing function...............................................5
Roles and responsibilities of marketing relate to the wider organizational context.......6
The roles and responsibilities of marketing in the context of the marketing
environment.................................................................................................................. 7
Significance of interrelationships between marketing and other functional units of an
organization.................................................................................................................. 8
The key elements of the marketing function and how they interrelate with other
functional units of an organization................................................................................8
Part B – Case study of “Forever Young”........................................................................10
P3 Ways in which different organizations apply the marketing mix to the marketing
planning process to achieve business objectives.......................................................10
M3: Evaluate different tactics applied by organizations to demonstrate how business
objectives can be achieved.........................................................................................13
P4: Produce and evaluate a basic marketing plan for an organization.......................15
M4 Produce a detailed, coherent evidence-based marketing plan for an organization.
.................................................................................................................................... 16
D2: Design a strategic marketing plan that tactically applies the use of the 7Ps to
achieve overall marketing objectives..........................................................................18
Conclusion:.................................................................................................................... 20
References.....................................................................................................................21
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Introduction
Marketing is the necessary activity for an organization to promote its products in the
market. An effective marketing strategy can promote the products on a grand level and
can make the people aware of them. Marketing is a process of business that can be
done for making better market relationships. The marketing strategies focus mainly on
consumers. In other words, marketing is a process of management that is responsible
for recognizing, expecting and making a consumer satisfy in a perfect way. Valuable
marketing is also a concept of marketing that helps marketing strategies to increase
stakeholder’s value.
In the below assignment the marketing strategy of a leading cosmetic brand
organization “beauty Giant” will be explained. The organization produced a new product
named “Forever young” and they want to promote it on a better level in making people
aware of it. The below assignment would explain different marketing strategies and
planning that can be used by Beauty giant to promote their new product “Forever
Young”.
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Part A- Essay
Essential role of marketing
Marketing is an important function for the organizations and the marketing strategies are
helpful for implementing better relationships with the consumers. The effective
marketing strategies can become impactful for the organization Beauty Giant to improve
the promotion of their new product “Forever Young”. By the help of effective marketing
strategy, the respective organization can take an idea about the needs and demands of
their potential consumers. They can change and modified their product according to the
needs of their customer. Better marketing strategies ensure an organization about its
success, enlargement, and reputation. By making better marketing decisions the
organization Beauty Giant can satisfy the consumers for their new product “Forever
Young”.
Key roles and responsibilities of the marketing function
As per the view of Seimiene and Kamarauskaite (2014), the marketing strategies have
many roles and responsibilities that can help the organization to listen about the needs
of their consumer. It is an essential task for the marketing department that they collect
all the feedbacks of their consumers knows about their needs. The marketing
department of Beauty Giant is launching the new product “Forever Young” and before
launching it they can create a survey to know about the makeup trends of their country.
The better searches can provide them better information that can become helpful in
many ways to them. By the help of these searches, the needed actions can be taken by
them.
The organization is launching the new product “Forever Young” and better marketing
strategies will make them aware of their competitors and their marketing strategies. It
will become very beneficial for them to differentiate the products from their competitors.
The marketing department of Beauty Giant needs to know about the strategies of their
competitors before launching the product “Forever Young”. They are responsible for
implementing the positive image of their organization in the global marketplace. The
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marketing department of a respective organization is responsible for the identify new
marketing tools for organizational success.
There are various types of management tools and product management software which
can be helpful for the marketing department of the respective department in making
better marketing planning for the new product “Forever Young”. The customer
feedbacks are also a marketing tool that can help the respective organization to know
about the effectiveness of their marketing strategy. The analytical tools like Google
analytic are very impactful marketing tools and help to determine any product’s success.
It also analyzes the web areas for the better interaction the product. Besides this, the
marketing automation tools maintain control of the different processes of marketing in a
well-organized way. These types of tools provide better creation of content, landing
pages, marketing through e-mails and CRM. The organization can use these tools for
making effective marketing strategies (Seimiene and Kamarauskaite, 2014).
Roles and responsibilities of marketing relate to the wider organizational context.
As per the words of Gende et. al., (2014) the wider organizations having the marketing
strategies in a broader level and it is not easy for them to make a better collaboration
between all marketing processes. It becomes hard for them to manage all the marketing
strategies in a perfect way. The marketing strategies are important in the wider
organization to know about the situation of their competitors. The marketing strategies
in the wider organization make better customer understandings. The wider organization
becomes able to receive better economic growth through effective marketing strategies.
According to the enlargement of an organization, the strategies of marketing also
increases and becomes broader. If the organization Beauty Giant will enlarge its area
the marketing strategies would also become big and broad for the organization. The
management of the respective organization will enlarge its marketing strategies for the
rapid growth of their organization. The management of a wider organization used to
make a broader marketing plan as per the business image of their organization.
In the context of Beauty Giant, the organization needs to enlarge the marketing
strategies and the various functions. The respective organization must try to include
better information system in their organizational environment. It will make a better
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collaboration between all activities of the organizational marketing strategies. The broad
organization includes a better information system in order to link the various functions in
an effective manner. The better information system will make better use of their
information system and reduce the level of confusion from their activities. In the wider
organization, the information system plays a vital and essential role in making effective
collaboration between all the functions of marketing planning.
The organization Beauty Giant is launching the new product “Forever Young” and they
need to make it efficient by using a different type of researches and marketing
strategies. The organization can recognize the potential market and potential customers
that are able to purchase the product of the organization. The marketing department of
Beauty Giant can improve the needed information to make better promotion of their new
product in the various marketplace of UK (Gende, et. al., 2014).
The roles and responsibilities of marketing in the context of the marketing
environment.
As per the view of Londhe (2014), there are various departments in an organization that
plays an important role in the organization but the marketing department is like the
backbone of all the departments. The most important responsibility of the marketing
department is to analyze the market situation and provides information to the production
department. This information helps the department of production to improve the quality
and quantity of their product. The marketing department of Beauty Giant can use two
types of strategies and these are online and offline activities that can help them to
interact with their consumers. They can find a better customer base for their new
product “Forever Young”.
In their online marketing strategies, the managers of the marketing department can use
social media platforms to make better interaction with the customers. The better uses of
search engines also can provide them better consumer base. A particular department
can regulate the day to day online activities in a better way. The online Survey can be
conducted by them and the social media platforms like Facebook, Instagram and Twitter
can become helpful as they contain many of their followers. In their offline marketing
strategies, they can use posters, banners, and the newspaper and magazine
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advertisement. The advertisements that are regulated on the television also included in
the offline marketing strategies (Londhe, 2014).
Significance of interrelationships between marketing and other functional units of
an organization.
As per the Wernerfelt (2014) the department of marketing related to an organization
also related to the other department of the respective organization. The marketing
department of Beauty Giant also interrelates with the other functions of this
organization. The various researches which can be conducted by the marketing
department create help to the production department in managing the quality and
quantity of the products. The strategic department of the respective organization can
also use this analysis for making the effective future strategies of Beauty Giant.
The production department of the respective organization can increase and decrease
the quantity of the products according to the researches and needs of the consumers.
The marketing department also relates to the HR department of any organization. The
managers of the marketing department make better collaboration with the HR managers
and provide them help them in hiring the exact candidates which can become beneficial
in achieving the marketing and organizational goals. The marketing department also
creates and effective relationship with the finance department of the organization. All
the marketing activities are based upon the budget which the finance departments were
created for the particular activities of them. Thus, It could be said that the department of
marketing of the respective organization interrelates with the other department of this
organization (Wernerfelt, 2014).
The key elements of the marketing function and how they interrelate with other
functional units of an organization.
According to Yuan (2014), the most important elements of the marketing process are
people, promotion, place, and price and they are essential for the marketing strategies
of Beauty Giant. The organization needs to remember these four elements in order to
promote their new product “Forever Young”. The 4Ps marketing mix can increase the
benefit for the promotion of the new product. The four factors can be controlled by the
different department of an organization. The price of a product can be decided by the
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static department of the organization. The price can be fixed by them as per the
capability and ability of their potential customer.
The research department provides help regarding the product demands in the market
and the distribution of products could be developing according to the market situation.
On the other hand, the quality assurance team also related to the production
department. It provides a guarantee about the product quality. They measure the quality
of the product before launching it into the global market. The marketing department also
makes their searches regarding the better places where they can promote and sell their
product. They research about the areas where they can found potential customers and
in the 4 Ps marketing strategy, the organization also includes better promotional
strategies for making people aware about the new product “Forever Young” (Yuan,
2014).
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Part B – Case study of “Forever Young”
Executive summary
The below report will illustrate about the marketing strategies of a respective
organization for the new product “Forever Young”. As it can be seen that marketing is
important for them to know about the market situation and the below report would
become able to provide the importance of marketing in the context of Forever young.
Introduction
The marketing strategies of a respective organization providing help to them in
increasing the important information regarding the market policies. Beauty Giant is a UK
based organization which manufactures beauty products for the population of the UK.
They are launching the new product Forever Young and developing a better marketing
strategy for it. The below report will explain about the different abstracts that can be
used by Beauty Giant to promote their new product “Forever Young”.
P3 Ways in which different organizations apply the marketing mix to the
marketing planning process to achieve business objectives
The marketing strategies can be converted by the organizations according to their
needs and targets. It is important for the respective organization to mix marketing
strategies with different factors like people, price, promotion, and places. For Beauty
Giant, it is important to promote their new product forever Young on a better level. The
organization is focusing on the people who are running in the 30s and making their
beauty production according to the need of them.
SWOT analysis for the new product “Forever Young”
Strength: They have a positive point that the marketplace of the UK wants to include
cosmetic and beauty product in their retail chains. For making a great sale of new
product “forever young” they can use it in a proper way.
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Weakness: In the marketing strategy of Beauty Giant there is a weakness that they are
focusing only on the marketplace of UK. For creating a better brand image the
respective organization can focus on the potential market all over the world.
Opportunities: The population of the UK wants to explore new cosmetic products and it
is an opportunity in front of the respective organization. The new product “forever
Young’ can become famous in the UK market.
Threats: The huge use of plastic surgery can become a barrier in front of organizational
promotional strategies. Because of the new trends, the sales revenue can be affected
by this new product (Aghaei, et. al., 2014).
Pestle for Forever Young
By the help of Pestle analysis the organization can understand about the external
factors on the development of their product
Political: Political factors like rate of tax, security, and safety, and the policies made by
the government are the factors that can influence the marketing strategy of forever
Young. The factors can influence revenue.
Environmental: These aspects are also important and make a fixed percentage if the
employee can be issued which need to take care of by the organizations.
Social factors: The behavior and attitudes of consumers towards a product is a social
factor and the price of consumers is a few factors which influence the marketing
planning of the organization. In the marketing strategy of “Forever Young,” these factors
need to be remembered.
Technical factor: Including new technologies are important in the marketing planning of
Forever Young. The better innovative products can increase the effectiveness and could
make a positive impact on the consumer’s mind.
Economical factors: The rate of the economy, rate of interest the rate of labor and
capital can affect the productivity of an organization.
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Legal factor: tariff and taxation are the factors that can affect the import and export of
the new product “forever young”. The policies of beauty product are a little bit different
and that’s why it is important for them to remember these factors in the marketing
strategies (Vargo and Lusch, 2014).
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M3: Evaluate different tactics applied by organizations to demonstrate how
business objectives can be achieved.
Different organizations use different tactics in order to achieve the objectives of the firm.
To attain the business objectives of the organization the Beauty Giants also
implemented various tactics for achieving the goals and objectives of the organization.
The initial target of the firm is to reach to maximum number of peoples and explain them
the positives of the product and then the next step is to sell the products in the market at
in order to get the most number of positive feedbacks about the product. To develop
and sell a product in the market there are various tactics the organization uses such as:
 Increasing the market shares: The Beauty Giant is needed to increase its
market shares by aligning with various other organizations in the market this
would help the organization to increase the market share and profit as well as
the organization would be able to grab attention of the people at a very large
range and it would be very easy for the organization to sell the product in the
market.
 Brand awareness: The Beauty Giants is needed to increase the brand
awareness and for that the firm is needed to advertise their products much more
with the help of hording, banners and advertisements online are also better
options to increase the brand awareness of the product developed by the firm.
The promotional activities are needed to be good and also it is essential to be
recognized and thus the firm has decided to hire film stars in order to promote
their product and attract the customers.
 Customer satisfaction: Whenever an organization develops a particular
product the most important and the main thought they have is to develop the
product in such a way that it could satisfy the needs and demands of the public.
Thus the organization is needed to maintain good quality of the product as well
as it is very essential for the organization to make the product effective so that
the users could avail outputs from it and thus it could easily grab the attention oif
the public.
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