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Unit 2 Marketing Essentials

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Unit 2 Marketing Essentials

 

Task 1 

Unit 2: Marketing Essentials

 


 

Pearson BTEC Level 5 HND Diploma in Business

London School of Science and Technology

 

 

Date: 08 June 2018

To: CEO, Marks and Spencer

From: Marketing Manager, M&S

Dear Sir,

Today, Globalization makes the competition harder among the business organization. Organizations need to take different marketing strategy to sustain in the market. So the roles and responsibilities to well understand. 

P1: Explain the key roles and responsibilities of the marketing function

Definition of marketing

Marketing is the process of creating awareness among the customers about the product of the organization through commercialization and advertisement(Kress, Still and Cundiff, 2015). Marketing is also the information exchange with the customers by effective communication and attracts the customers to certain products and services.

Key roles for the marketing function 

Marketing plays different roles through different marketing function, they are;

Marketing strategy: marketing strategyis the introducing innovative ideas in marketing products and services in the market to reach the customers easily with the product and services of the organization.

Market analysis:market analysis is the market exploration to search targeted customers for the organizational products and services (Harris, 2004). Market analysis enables the organization to take competitive advantage of the market and attract the customers. It enhances the organizational development and employees improve the targeted customer’s satisfaction. Market analysis also consists of SWOT analysis which is the strength, weakness, opportunity, and threads in the markets against the competitors.

Market segmentation: Market segmentation is the separation of the different market for organizational growth and development. The organization needs to find out certain market which will help the organization with its resources of targeted customers and the suitable business environment. The organization needs to segment the market according to their specialization of different products and services delivered to the customers. 

The four targeting strategies there are four strategies for targeting, they are; an undifferentiatedmarket which means without creating difference among different markets provide products and services to the mass population. 

Concentrated marketing where an organization provides its products and services to a single market (Blythe, 2010).

Micromarketing whereorganizational products or services provided at basic of individual need.

Differentiated marketing where an organization has different products and services for the different segment of customers for their satisfaction.

Customers analysis: customers analysis is the search for the customer's demands and satisfaction. Customers analysis is to survey the internal customers for sales information, customers support and customers feedback and external customers through social networks for understanding the customer's needs and way of satisfaction.

Product development: product development plays a vital role in the market for the marketing of the organization and organizational development. Marketing department helps the internal and external employees to develop the organizational products and services according to the customers demand found from the customer's analysis and market analysis.

Competitors analysis: competitors analysis is the process to find out the others organizations activities in the markets and their products and services to the customers and their feedback from the customers (Farese, Kimbrell and Woloszyk, 2012). Competitors analysis helps the organization to identify the market trends and customers demands and give the competitive advantage for organizational development.

Brand promotion: organization needs to attract the customers and create awareness about the organizational brand image among the customers to promote the organizational products and services to the customers and gain their loyalty and reliability in the organization brand.

Positioning: Positioning is the settlement of the organization for targeted markets and targeted customers for its products and services. Perfect positioning helps the organization for future development.

Marketing mix

The marketing mix is the 4P of marketing they are; product, price, place, and promotion.

Product: Product is the intangible and tangible services which an organization produces for the satisfaction of the customers (Lamb, Hair and McDaniel, 2012).

Price: price is the means of exchange value for the customers to buy the organizational products and services.

Place: Place is the position of the organization and its branches ensure the availability of the organizational product and services to the customers

Promotion: promotion is the commercialization and advertisement of the product and services to the customers to inform the advantage of the products and services by means of physical and media.

4Ps of the marketing mix

Figure1: 4Ps of the marketing mix (Harris, 2004). 

Communication: communication with the customers face to face or through social media helps the organization to develop marketing and create awareness of the product among the customers.

Customer feedback & market monitoring: marketing function survey the customer’s feedback about the products and services of the organization and their experiences. Marketing management will inform the operation management to take the action to develop the product and services according to the customer’s feedbacks and market monitoring.

After sales support: after sales support plays important roles in products and services marketing to the customers. It will make the organization trusted to the customers’. 

Implementation and control: Implementation is the process of enforcing the marketing strategy and control is the monitoring of the development of marketing activities. Implementation and plan include the allocation of resources like manpower, budget, and process of product development .it helps to find the actual results of the marketing plan.

P2. Explain how the roles and responsibilities of marketing are related within the context of M&S.

Marks & Spencer is one of the leading multinational retailer in the United Kingdom with 979 retail stores in the United Kingdom. Provides its products and services in 55 countries through effective marketing and its function. 

Roles and responsibility of marketing of M&S

Market analysis:M&S do the market analysis to find an appropriate market for the organizational products and services. It will provide a competitive advantage of the market (Marksandspencer.com, 2018).

Product development: M&S do product development through marketing. Marketing gives the organization feedback of the customers and according to that feedback, the product is developed.

Sales support: M&S provide after sales support to the customer to make them loyal to the organization and become trusted to the customers. 

External environment influence

External environment refers the external factor who influence the organizational marketing. Some of them are as follow;

Competitors: competitors cause M&S to change its marketing strategy. To get the competitive advantage organization introduces new marketing plan.

Consumer taste:customer taste change the organizational marketing strategy. M&S Organization produces develop product and improve marketing plan (Hidalgo, 2015).

Regulation:government imposes different regulation for the organization. According to regulation, M&S change its marketing strategy in different countries.

Technology:technological change also cause the organization to change in marketing. M&S now doing marketing social marketing and online shopping. 

Marketing mix

The marketing mix is the 4P of marketing they are; product, price, place, and promotion.

Product: The M&S Company provides luxuries food products, Home products, footwear and clothes for young and old customers. Top brand for food supply.

Price: The M&S Company keeps the products price nearer to the competitors’ products through competitor’s strategy.

Place: The M&S Company has over 979 stores for selling the products within the United Kingdom and 1433 retail stores in 55 countries(Kress, Still and Cundiff, 2015).

Promotion: the M&S provide different promotional campaign for advertisement of its foods and clothes. It also promotes its product through advertisement in print and electric media, social media and billboard etc. 

Explain the role of marketing within B2B context

B2B is the business to business marketing strategy. The business organization needs to buy raw materials or semi-raw materials which is the product of another business organization (Hollensen, 2012).

The products or services of an organization goes to another organization is known as B2B marketing. 

The role of marketing within B2B context is as follows.

Creating long-term relationship: In B2B marketing both organizations are dependent on each other for their product and services which emerge the improvement of the long-term relationship with each other’s (Hollensen, 2012).  Long-term relation ensures the continuous the effective business activities for both organizations.

Creating value: B2B marketing creating value for both organizations. This value causes further development of the products, quality, quantity, and price and expands the anticipated market. Values develop the awareness of the product within the markets.

Serve small market: The B2B marketing serves small markets due to the buyers and customers are specific in this market. Seller has only the buyer organization as their customers for products and services.

Marketing of M&S through B2B contest: M&S contributing to B2B business context by providing the whole sell to the small organization of different countries to extend the brand image and values to the global customers. B2b help the M&S organization to serve a small market where establishing a retail store is not profitable.

Explain the role of marketing within B2C context



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