Marketing Assignment Sample

Marketing Assignment Sample

Introduction

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Marketing is the set of activities and processes that aids in creating awareness about the product and services. This report will highlight the role of marketing in an organization and the interrelation of marketing with other functional units of an organization such as human resources, finance, etc. Further, the report will include the 7Ps of the marketing mix and the strategies used by different companies to decide the marketing mix.

Marketing.

Marketing can be understood as an activity, a synchronization of institutions, and processes to create the means of communication, deliver, and exchange offer that adds value to the customer's life, partners, and society (Griffin et.al, 2013). The marketing department plays varied roles in promoting the business among the customers. The specific role of the marketing department is enlisted below.

Creating awareness: Marketing plays an important role in creating awareness about the brand. It reflects the core values of the organization. The reflection of the company’s values highly impacts the behavior of customers towards the business organization. The company makes the customer aware of the experience they can expect from the offerings of the brand which would define the interaction of the customers with the company.

Market Research: The marketing department understands the customer's insights and the changing opportunities that would help the company to understand the challenges and overcome them to gain a competitive advantage in the market. The marketing department continuously monitors the changing environment and trends in the market.

Social Media: social media is a platform immensely used to make a social presence and target the audience. The social media is monitored and managed by the marketing team, the members of the team manage the positive and negative reviews about the company and try to reduce the negative comments by implementing changes in the strategies of the company about the products or services based on reviews (Kachersky and Lerman, 2013).

Outsourcing: sometimes it is required to outsource activities such as advertising, web providers, print vendors. The function of selecting the outside vendors and agencies is performed by the marketing head of the company.

Website content: website is often the first point of interaction between the customers and the company. The marketing department created the content for the website as well as maintains the search engine optimization for the website to create awareness through the electronic media. Search engine optimization means ensuring the visibility of the website as an option in the browser searches.

Marketing initiatives: The functions performed by the marketing department are proactive. The departments continuously identify the changing trends and opportunities through surveys, questionnaires, social media, etc. The material for communication such as advertisements, content on the website, etc is updated by the department.

An organization is like a human body and the various departments are the essential organs, the organs must work harmoniously with one another for a healthy functioning body. Similarly, marketing is the department that represents the face of the organization. The marketing department must work in harmony with all other functional departments to ensure the growth of the organization. The interrelation between different departments and marketing is discussed below.

Research and development.

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Marketing and Research and Development are two different departmentsthatare highly dependent on one another. Research and Development cannot function properly to provide new products without the input of the Marketing team about the market trends, customer’s preferences, and the feasible opportunities. Similarly,the marketing team depends on research and development to advertise new products and services to increase the profits of the company. The marketing department also helps to test the innovations of Research and development and provide insights about customer choices.

Productions/ Operations department.

The product-based company defines the core business as production whereas the service-based company defines the core business as operations. The departments are similar in function, it consists of machines and human capital. Operations/ Production departments are less concerned about marketing needs. However, the two departments mostly disagree on certain issues such as operation/ Production focus on attaining average quality whereas the marketing department is focused on tight quality control.  The Production/ Operation department prefers to keep the functions similar due to the technicalities in changing the procedure of activities or products whereas marketing insists on changing the products and services for innovation.

The disagreements between the departments can have a huge impact on the success of the organization. Hence the two department analyses the requirement to change, cost and benefit analysis, and the takes the decide the changes be implemented.

Finance/Credit department.

Finance is the basic requirement for all the activities of an organization. The company has to maintain profit and loss for growth. Usually, the marketing and finance department disagree with the pricing standards. Marketing requires flexible payment cycles, lavish expenditure, and flexible budgets. On the contrary,the finance department prefers fixed budgets and fixed payment cycles with minimum expenditure. It is important for both the departments to understand the requirement and complexities of each other to ensure the growth of the company. Effective coordination is required from the marketing manager to analyze the marketing requirements and the finance manager to understand the need and evaluate the marketing plans and its impacts on the growth of the organization.

Human resource department.

The marketing department requires a large number of sales and marketing people. It is important to have creative and efficient people in the department which is the responsibility of the human resource department. The areas of conflict are minimum between the human resource and marketing department. However, the efficiency of human resource choice, recruitment, and training puts a significant impact on marketing functions.

Marketing Mix.

Marketing includes strategies and tactics to promote the products or services of the company. These set of tactics, strategies, and actions constitutes the marketing mix of a company. There are generally 4Ps of marketing Mix that are Price, Place, Product, and Promotion, now there are 3 more Ps added to the marketing mix making it 7Ps of the marketing mix that are packaging, people, and positioning. There are continuous and significant changes administered in the customer’s preference, needs, wants, markets, and products which impact the marketing strategy of the companies as well. Therefore, the marketing strategy of the company must be continuously evaluated and evolved to be on track and competitive in the market. The elements of the marketing mix are discussed below.

Product: the organization needs to understand the value of the product in the customer’s life in the current market scenario. It is often found that the company is not selling enough products as it would have targeted to, this is where the question arises that if the product or service is appropriate in the current market scenario. Are there any changes required with the product or services? Also, the organization must address the question that is there any specific feature of the product or service which is superior that the products/ services offered by the competitors? Or is it possible to develop such features to make the product or service viable for the market in the current scenario?

Price: The price of the product or service is evaluated by the utility it offers to the customers. The price must be appropriate with the utility as well as competitive in the market. It is essential to continue examining the prices of the products as the market conditions changes rapidly which affects the prices of the product (Davcik and Sharma, 2015). Sometimes, it is justified to lower the prices whereas sometimes it is appropriate to level up the prices. While lowering the prices it is important to maintain a quintessential balance between the expenditure and revenue whereas while increasing the prices, it is important to understand that the company may lose some of the customers but remaining customers can provide percentage increase in the profit of every sale, would this condition provide overall profit?

Sometimes, the company provides free items with the product which are less expensive to produce but makes the offer attractive for sale and pricing, special offers and promotions are also offered with an effective pricing strategy. The company must be open about the analysis of pricing strategy continuously to revise the pricing and thrive in the ever-changing market place.

Promotion: It is the process of creating awareness about the products and services offered and how it is offered to the customers. It is a continuous process that helps to generate a new consumer base as well as increase the existing consumer base of the companies. Small changes in the promotion strategies can lead to drastic changes in the result of the marketing campaigns. There are different methods used by different organizations and industries to promote the products. But the promotion strategies must be continuously evolved as sooner or later the promotion strategies become outdated and stop providing desired results. Sometimes the reason would be known and sometimes it wouldn’t be. It is the time to evaluate the generate new sales, marketing, and advertisement approaches to the customers.

Place: It is defined as the actual point of sale where the product or service of the organization if offered. The place where the customer and the product eventually meet must be reviewed continuously to analyze effective selling. A large number of places are available where the products can be sold such as telemarketing, e-commerce websites, direct selling, trade shows, retail stores, etc. The companies use more than one method to achieve the desired sales. It is important to make the right choice of place so that the product reaches the customer. Using an effective combination of the place to sell the product can drastically change the result. The companies must evaluate the point of sale and be open to change the method if required.

Packaging: It is the first thing that customer notices about the company. The packaging reflects the values of the company. Packaging includes a lot of factors such as offices, waiting areas, the way employees are groomed, brochures, etc. Small changes in the packaging can reflect drastic changes in the customer’s confidence in dealing with the products and services of the company (Lee et.al, 2014).  A new trend of customization is seen in the cosmetics industry for the packaging which has resulted in increasing sales (Jain, 2013). The hospitality industry puts a major focus on the grooming of the employees as it impacts the views of the client about the services. The salesperson of any company must represent the confidence and professionalism in the behavior as it reflects the value of the company.

Positioning: It is the sentiments that the customers have with the product or services offered by the company. It can positive or negative, depending on the services or product attributes. How a customer defines the product reflects the positioning of the product in the market. The positioning strategy of the organization starts with creating an ideal impression of the services and later by improving the services to reach the ideal position. For example, Mercedes Benz is known for its “quality engineering” and the BMW is known for its “ultimate driving machine” (Boonpradub and Thechatakerng, 2015). The positioning is the feature that defines the superiority of the product from the products offered by the competitors.

People: This element of the marketing mix is the most important of all as the human resource is the mind behind all the activities executed to conduct the business. It is people who create, and manages the strategies. It is important to hire and recruit the right people for the right job at the correct timing. Similarly, it is also important to remove the wrong people from the business who can negatively impact the process of growth. After the hiring of the right people, it is important to make them sit and work at the right position with the skills and abilities.

Several industries in the market use the elements of marketing mix differently as explained in the table below (Chan et.al, 2012).

Basic Marketing Plan for a new social enterprise

In this part of the report, a basic marketing plan will be presented for a new social enterprise “Proud-to-be” which willprovidethe support and advisory services to the LBGT Community in Swindon. Following is the marketing plan:

Introduction

The marketing plan is an important document creating a path for the marketing activities and strategies for any business. Proud-to-be is a new social enterprise that is looking forward to starting its business in Swindon, United Kingdom in a peaceful and safe environment. The basic elements of the marketing plan for Proud-to-be are given as follows:

Mission

The mission of Proud-to-be is to create provide help and support to the LBGT community and providing them educational, mental health, and self-health related advice.

Vision

The vision of the company is to create an equitable society where the LBGT community is respected and they have enough opportunities for education as well as employment.

Organizational and Marketing Objectives

• To provide training and development programs to the LBGT community for future employment and growth (Han, et. al.,2019).
• To educate the instances of the discrimination and support the LGBT community mentally
• To increase the market reach through opening community centers in a different part of the country
• To raise funds with the help of donations and charity every year for such community

Situational Analysis

In order to prepare the marketing plan, it is highly important to understand the internal and external environment for the organization. Following is given the PEST and SWOT analysis for Proud-to-be social enterprise:

PEST Analysis

Political Factors: Under this section, the political situation of the UK iscovered which has the ability to influence the operations of the company. The government is in full support of such social enterprises who are working for such issues and effective policies are also in place.

Economic Factors: The economic position of the United Kingdom is falling down. The people are not willing to spend much money due to lower-income levels hence it can have a negative influence on operations of the company.

Technological factors: The advancement in technology can prove to be very helpful for such social enterprise as it can utilize the digital marketing technique to promote the business for such noble activities (McGowan and Branche, 2020).

Social factors: Generally, there is a scene the discriminatory behavior towards the LBGT community but a gradual change in the mentality of people in the UK is seen which is a positive element for Proud-to-be.

SWOT Analysis

STP Analysis

Marketing mix strategy

Marketing Budget and controlling

In order to execute the marketing plan, there will be a requirement of funds that will be initially raised from the financial institutions and the grants from the government. After that, the funds will be raised through subscription charges and donations. The budget amount for this marketing plan is £50,000 which will be utilizing in the marketing activities and other expenses.

In order to control thebudget activities, there will be utilized the cost-benefit analysis and the deviations will be eliminated through using the effective measures (Mahmoud, et. al., 2016).

Conclusion

The above-presented marketing plan has been prepared for the social enterprise Proud-to-be which would be providing the support and advisory services for the LBGT community in Swindon. The marketing mix strategies for the company have been discussed after analyzing the internal and external environment of the company. The information about the budget has also been provided in the marketing plan.

The report has discussed the marketing and its roles in different organizations. Marketing plays a role in creating awareness about the product and services of the company. The marketing department is interrelated with other functional departments of a company as reflected in the report. Further, the report has discussed the marketing mix of the companies and how different industries use the elements of the marketing mix, differently.

References.

• Boonpradub, W., and Thechatakerng, P., 2015. Brand endorsement by celebrity in Thailand: 7Ps of marketing mix and the impact of brand alliance. International Journal of Trade, Economics and Finance, 6(1), p.8.

• Chan, K.C., Lai, P. and Liano, K., 2012. A threshold citation analysis in marketing research. European Journal of Marketing.

• Davcik, N.S. and Sharma, P., 2015. Impact of product differentiation, marketing investments and brand equity on pricing strategies. European Journal of Marketing.
• Griffin, A. et al.(2013) “Marketing's Roles in Innovation in Business-To-Business Firms: Status, Issues, and Research Agenda,” Marketing Letters, 24(4), pp. 323–337.
• Homsuwan, J. and Nanthapiwat, N., 2012. The Measurement of H&M’s marketing mix Toward Consumer repeat purchase intention.
• Jain, M.K., 2013. An analysis of marketing mix: 7Ps or more. Asian Journal of Multidisciplinary Studies, 1(4), pp.23-28.
• Kachersky L and Lerman D (2013) “Bridging Marketing's Intentions and Consumer Perceptions,” Journal of Consumer Marketing, 30(7), pp. 544–552. doi: 10.1108/JCM-06-2013-0624.
• Lee, C. H. et al.(2014) “Marketing Mix and Customer Equity of Spa Brands:cross-Cultural Perspectives,” Journal of Business Research, 67(10), pp. 2155–2163. doi: 10.1016/j.jbusres.2014.04.025.
• McGowan, M.M. and Branche, D.D., 2020. Developing a Social Marketing Plan to Address Wicked Problems: A Tool for Transforming Learning. The Journal of Health Administration Education, 36(4), p.373.
• Han, Y., Qu, S., Wu, Z. and Huang, R., 2019. Robust consensus models based on minimum cost with an application to marketing plan. Journal of Intelligent & Fuzzy Systems, 37(4), pp.5655-5668.
• Mahmoud, M.A., Blankson, C., Owusu-Frimpong, N., Nwankwo, S. and Trang, T.P., 2016. Market orientation, learning orientation and business performance. International Journal of Bank Marketing.
• Moodley, R., Chiclana, F., Caraffini, F. and Carter, J., 2019. A product-centric data mining algorithm for targeted promotions. Journal of Retailing and Consumer Services, p.101940.