Qualification - Higher National Diploma in Business
Unit Name - Marketing Essential
Unit Number - Unit 2
Assignment Title - Marketing Planning Report
Learning Outcome 1: Explain the role of marketing and how it interrelates with other functional units of an organisation.
Learning Outcome 2: Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall business objectives.
Learning Outcome 3: Develop and evaluate a basic marketing plan.
Avail Trustworthy Unit 2 Marketing Essential - Higher National Diploma in Business Assignment Help From Best Academic Tutors!
Assignment Brief
You are appointed as the Marketing Manager for an organisation of your choice.
This will be presented as a report to the Marketing Director and should include the following:
1. Introduction to the concept of marketing, including current and future trends.
Solution:
Introduction
There are several ways of achieving a corporate success while trying to further the corporation's objectives. The management may need to have such functions as personnel, financial, accounting, and manufacturing and marketing in their strategy. Marketing is thereby considered to be of the utmost importance since it enables the business to promote and grow its business in order to achieve competitiveness in a dynamic marketplace. The contextual study develops emphasis on the context of Jaguar Land Rover, which has been selected for its established standing and to give attention to its marketing activities. The Jaguar Land Rover Automotive PLC holds the British multinational car company Jaguar Land Rover Limited, which is an Indian car manufacturer Tata Motors Limited affiliate (Lamb and Crompton, 2017). Jaguar Land Rover Limited's principal activities are the preparation, manufacturing, processing and selling of Jaguar Land Rover vehicles bearing the marques of the company.
In process of understanding the essentials of marketing this report sheds light into the diverse marketing roles and responsibilities that inhabits a manager. It will also be discussing how marketing roles and responsibilities help to achieve corporate goals. The contrast between Jaguar Land Rover and Audi would also be used to evaluate how various organizations apply marketing mix components. Finally, a specific marketing plan will be built to help Jaguar Land Rover to compete with competitors in the industry. Through this measure, this report emphasizes key marketing essentials aspects of business concerns, which are currently seen as crucial by many as the new frontier (Paley, 2017). While the context discusses the roles of marketing functions and how they relate to corporate organizations, the study shows the various organizational functions within marketing and how they interact.
2. An overview of the different marketing processes.
Solution:
Evaluation of concept of marketing stressing the current and future trends
The marketing concepts are grouped into five main concepts that reflect Jaguar and Land Rover's core marketing. The current and future trends in effective marketing planning are part of these marketing concepts, since Jaguar Land Rover primarily use these traditional range of concepts which has the potential to bring success to the business both present and future contexts (Bai and Chang, 2015). These concepts are elaborately conceptualised in the following:
Concept of Product: The key orientation of the product concept is to ensure that buyers prefer goods that deliver cost, efficiency or creative characteristics. This idea is focused on managers creating and refining superior goods over time. They take for granted that shoppers admire well-produced goods and can evaluate quality and efficiency. However, often the bosses get in obsessed with their product and end up misunderstanding what the consumer wants (Arnett and Wittmann, 2014). This concept is primarily focused on customer perceptions, which indicate that buyers are inclined to purchase goods that highly attractive on the market in ensures elegance and charm. Thus, Jaguar Land Rover forecast industry dynamics and introduce the most creative and attractive products ideas that offer them a boost on the market with the use of their operational capability.
Concept of Bringing in Production: Consumers attach and select products which are value-effective, high quality and innovative. This principle results in the fact that customers are able to maintain their value by products and services, within which the business brings substantive and quality esurient production for its developed product idea (Armstrong et al., 2014).
Concept of Selling: The concept of selling is another traditional orientation of business. It notes that if left alone, consumers and businesses typically do not purchase enough of the goods of the selling firm. Serious marketing and advertising have to be carried out as consumers appear to be reluctant to purchase goods and have to be compelled. The company tends to market what it has instead of producing desirable goods. The company must use suitable sales tools and tactics. It also means that the organization has an array of efficient sales and advertising resources to boost more purchases (Baker, 2014). Since the mind-set of modern consumers are drawn by promotions, and consumers prefer to rely on intensely market-focused commodities. The company in this manner features its engaging and innovative promotion that connects and persuades the consumers for larger purchase interests.
Concept of Marketing: The marketing concept outlines the need for the distribution of their goods and service to concentrate on the target consumers. In addition, corporate organizations need to improve the reliability of goods and services to confront the global environment. The marketing concept shows that the company's brand identity has to be increased to communicate with the target audiences. As the appeal of the company is increased, buyers select the brand immediately over other competitions in the market.
Concept of societal engagement: This concept focuses on the wants and needs of target buyers, which ensures that consumers choose the brand over others on the market. For Jaguar and Land Rover this involves reaching out to the wider communities, hosting events and persuading consumers for making purchases (Chen, 2014).
Overview of different marketing processes
Based on the key concepts of marketing, it is vital for businesses to conform to effective marketing processes as well. In this measure there some key processes through which successful marketing implications are being made. These processes are the practical summarisation of the wider marketing concepts which companies from diverse fields such as ASDA, Samsung and Jaguar Land Rover uses to instigate extensive marketing accuracy and success. In the following the framework of these key marketing processes are contextualised (Correia and Mårdh, 2013).
Evaluation of Market: It involves competitor analysis, market trend evaluation and assessment of key initiatives taken by the businesses. The market evaluation helps to check, measure and determine the key marketing dynamics, external and internal influents as well as social and cultural determinants affecting the sales and demands.
Predicting Customer Needs: This process involves the assessment of target consumers, their social standings and most importantly needs and demand involving psychological requirements. Based on this assessment the businesses design and develop their products and persuade the target consumers to make purchase (Cummings and Worley, 2014).
Integrative Marketing: It is the key phase, in which advertisement, production and sales are initiated. The idea is that in delivering quality goods, in communicating to consumers, in availability of products, and in pricing, the firm must beat its rivals. The king is the consumer here. The four pillars of this process are customer expectations, target group, profitability and marketing communication (Feng, Morgan and Rego, 2015). This is the latest marketing orientation theme followed by most businesses.
Ensuring satisfaction and relationship management: This is the last and most defining phase where organisation engages their service users, accumulate their feedbacks and measure their level of satisfaction based on the product provided (Germann, Ebbes and Grewal, 2015). Upon these checks further modifications or customers support and services are provided and key aim becomes creating as much consumer satisfaction that can be made and coherent relationship can developed and managed.
3. Explanation of the role and responsibilities of a marketing manager in the context of the organisation.
Solution:
Explaining the roles and responsibilities of marketing manager within an organisational setting
Marketing is a corporate function alone, which interlinks other corporate functions such as manufacturing, R&D, finance, etc. Jaguar Land Rover can achieve its corporate goals only if its marketing manager fulfils the roles and obligations in a broader organization. Simply put, the execution of marketing roles and responsibilities will allow other departments to achieve their priorities and objectives (Lamb and Crompton, 2017). As follows, Jaguar Land Rover's major roles as marketing manager are:
Prediction of potential market: To survive in a competitive environment, it is extremely important to recognise current developments in the market and growth prospects that may contribute to a high degree of success and growth for a marketing manager. Currently, both firms seek to recognise consumer demands and opportunities to more effectively and systematically serve their target client (Paley, 2017). Jaguar and Land Rover marketing managers centre their attention on the fusion of consumer demands that draw most customers. The automotive industry can effectively gain strategic advantage by responding to these needs.
Development of marketing plan: In order to accomplish its business goals, the Jaguar Land Rover Marketing Manager creates efficient business strategies that help the company boost its organizational performance and competitiveness. During the preparation of a marketing campaign a brand manager must take into account a number of important factors, including targeting, segmentation and positioning, which lead the organization to business success. Currently, corporations spend heavily in their publicity strategy, as it lets them analyse their present position in the market (Cummings and Worley, 2014). It also provides the organization with strategic guidance to produce appropriate outcomes.
Corporate operation supervision: The marketing manager has an enormous responsibility for supervision of corporate operations in order to increase both the productivity and efficiency of the company (Wrenn and Mansfield, 2014). The supervisory process helps marketing managers acquainted with your destination's internal and external operations, including manufacturing, acquisition and service delivery.
Marketing Information Systems: The Information System for Marketing (MIS) offers information on different aspects such as inventory management, strategy and execution, and marketing campaigns regulation (Hardy, 2017). For example, MIS displays real-time information on logistics that allows the delivery network to function efficiently.
Observation of external environment: The marketing process has a vital role to play in discovering emerging marketing trends, which provide a positive solution for the production of the company's goods and services (Davis, n.d). These trends include improvements in industry characteristics, socio-economic competencies, and changes to the domestic and external markets, legal and political shifts, respectively.
Market Segmentation: In the contemporary age of globalization, the marketing sector thus needs a specific segmentation (Paurva, 2019). The Jaguar Land Rover's marketing officer helps to identify clients and sells the products and services of the business between them in a wide range of markets.
Launching products: The brand manager thoroughly analyses the positive and negative aspects of the product in advance of product delivery, to prevent harm to the consumer. Business facilities meet the final clients by passing various measures of newly developed automobile models.
Brand Equity Development: Consumers tend to be more drawn towards brands or organisations that offer their goods and services an added value. This gives ads a reputation and creates a high customer brand value. This method allows Jaguar Land Rover directly to maximize the rate of sales (Lancaster and Massingham, 2017).
Hence, there are some of the main functions or duties of the marketing manager who co-ordinates with other corporate divisions such as manufacturing, finance, etc. to achieve the intended business objectives properly (Falát and Holubcík, 2017). The tasks which the marketing manager of Jaguar Land Rover coordinates are as follows:
Finance department: The marketing manager cannot create a viable business strategy without using the financial portion because it requires more resources for scheduled operations. During the preparation of a campaign strategy, the planner consults the financing committee to assign financial resources appropriately (Falát and Holubcík, 2017). This helps to ensure alignment between company functions and helps to build a productive campaign budget that satisfies all the planning criteria.
Production Department: The manager's most powerful marketing role is to investigate and detect current industry trends. After gathering demand information, the manager of production must consult so that improvements in the production process can be made if necessary (Laczniak and Murphy, 2019). Marketing and distribution will make required modifications to a product through shared communication, which can enable the organization to increase its profitability and productivity.
Research and Development Department: This segment focuses on the investigation of emerging consumer demands and the development of premium goods which can achieve and produce a high degree of benefit and success for an organization. The R&D section analyses in depth the knowledge gathered from the marketing section in order to increase the number of buses. The collaboration of marketing and R&D lets the destination achieve the target aims and objectives.
4. An explanation of how marketing influences and interrelates with other functional departments of the organisation.
Solution:
Analysing how different functional departments influences and interrelates to each other
Marketing functions have diverse components such as advertisement, financing, delivery, etc., but they are tasks in the process of marketing. The below are the main components of marketing functions:
Market Analysis: The analysis of the market plays a key role in the business. It is considered the most important marketing function, because without effective market research enterprises are almost impossible. Research helps gain useful awareness of all aspects of the business process (Paley, 2017). Analysis achieves not only the understanding of production, but also transportation, financing, supplies and resources. It is thus considered a key marketing function by business entities.
Market Strategy: All the potential benefits and disadvantages of the company activities are assessed after collecting all the research evidence and statistics. This processed data help to get a sense of the strategies that the enterprise should use. The strategies offer practical advice to succeed and prosper in the heavy competition. The techniques are founded on all the practical tests and findings.
Market Planning: The preparation process after efficient completion of research and campaigning is the next key element of marketing (Wrenn and Mansfield, 2014). The Marketing Group is comprised of financial forecasting, income forecasts, scheduling, logistics and other facets. The Strategy Department uses a set timeline to schedule main conversion methods.
Market Tactics: Tactics play the fourth major position in marketing; they are the short-term plans for achieving the target customer. These have limited time sales to promote the campaign strategy. It contributes to curb the competition's initial pressure and increase revenue.
The study and assessment of the most functional marketing components is discussed above. The interrelationships between the main marketing functions and other organizational units are explained in the following:
The marketing roles are connected with the other operating divisions directly. This can be shown from an illustration of a finance department with a marketing service. Roles in marketing involve economic capital, which the financial department of a corporation provides, to execute, prepare, research and evaluate marketing campaigns and planning among companies. Without proper coordination and sorting with the company's finance staff, marketing functionality cannot work (Lancaster and Massingham, 2017). Likewise, the publicity roles of the corporate organisation are tightly connected with other group divisions. For a marketing strategy, the marketing functions provide a precise description of the production products and services of the company. Secondly, the personnel of the HR department, financial department financial assistance, delivery network logistics and so on are required. The marketing operation must be shared and supported by the other business divisions (Falát and Holubcík, 2017). For example, HR activities need to be synchronized with the marketing department in order to increase the sales. In order to formulate a precise marketing plan, the production personnel must share the product and service information jointly. If the marketing position for the brand is unclear, the marketing effort leads to a loss and buggering Inventory or Production Capacity. The marketing functions are therefore connected to the other operating units of the organisational department and being in conjunction to each other they ensure efficiency and success for the corporate marketing activities.
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5. The value and importance of the marketing role in the context of the organisation
Solution:
Assessing the significance and value of marketing role within an organisational setting
Marketing is known to be the business function that interacts with other corporate functional units such that expected performance priorities and objectives can be achieved properly. The production, research & development, development, etc. are some of Jaguar Land Rover's most significant functional units (Laczniak and Murphy, 2019). The marketing section co-ordinates its operations with other operating departments in order to perform the most efficiently. In order for financial resources to be appropriately distributed, for example, the planner of the publicity budget needs to work with the financial manager (Boone and Kurtz, 2013). In addition, the marketing segment includes emerging consumer demands and industry dynamics in order to generate goods or services according to customer desires. Both these activities change market success positively and help the destination reach its predetermined mission and goals.
Baker (2014) notes that marketing is the basic role of business companies, and assists them in the promotion of commercial goods and services in order to attract the greatest number of consumers. Two main marketing aspects are product development and market analysis. Based on analysis carried out, a marketing staff gathers useful information about industry dynamics and consumer expectations to be incorporated for improved product or service creation in production functions. Customers are currently interested in moving to businesses with the new industry developments (Bai and Chang, 2015). The best functionality of the components mentioned above is to interrelate. In market analysis, for example, R&D team aims to determine market demands, and allow for required improvements to the manufacturing process and organizations to provide their target consumers with high-quality industry goods or services.
6. Compare two organisations use the various elements of the 7Ps marketing mix. You are required to explain the marketing mix and marketing process used to achieve business objectives, relating to the two chosen organisations. This research will inform your situational analysis and enable you to formulate marketing goals and objectives for your organisation based on the comparative findings.
Solution:
Comparing the use of 7Ps marketing mix elements among two distinct organisations
The marketing mix is a business concept which allows the company to achieve its desired results. Seven marketing mix components are available, but they are implemented in various ways, both by enterprises like Jaguar Land Rover and Audi. In the following a comprehensive comparison between the marketing mix practices of both the organisations are contextualised.
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Elements of Marketing Mix
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Jaguar Land Rover
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Audi
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Product
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The name Jaguar Land Rover stands for smooth, fast and luxury vehicles. The brand is luxury all over and has no confidence in the way of masses, as the BMW has low-cost models. It is for the classes only (Baker, 2014). The Jaguar land rover is favoured by people who invest a lot on their vehicles and demand high-tech, high standards and product exclusivity.
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The Audi image of its products as a premium brand is unmistakable. The brand sells the industry various goods and its vehicles evolve as the technology changes. With exceptional strength, Audi makes beautiful cars.
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Price
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The prices of Jaguar Land Rover cars vary by demography, markets, goods and venue. This aims to cover a greater range of buyers who can comfortably access their vehicles (The marketing mix, 2015). On the basis of the product, products such as engine use varied considerably - where there is an initial component of the engine they use penetration pricing, so as the engines or other pieces improve, or new developments develop, they apply a higher cost, which is often known as glamorous prices.
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Audi uses the high price approach to reclaim its brand identity. The Audi marketing mix' product strategy focuses mostly on competitive price volumes for car manufacturers, as it is a diverse sector. Brand stock is strong for Audi.
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Place
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Jaguar Land Rover is worldwide, as can be reflected in its marketing mix from its good position & delivery approach. Land Rover has created a channel consisting of a diverse extensive network and more than 2000 franchise distributors, to avoid post-purchase issues for customers, such as operation and repair.
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Audi is one of the world's largest brands that serve its customers. In Germany, the headquarters of Audi are located (Wrenn and Mansfield, 2014. The corporation has manufacturing facilities internationally at nine locations.
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Promotion
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Jaguar Land Rover, the vehicle of choice for many celebrities and premieres all over the globe, has been linked to beauty and quality since it was launched in its 40s and 50s. The car brand customers talk a lot about the cars' consistency (Falát and Holubcík, 2017). The firm offers selected TV ads, but spends the most of its publicity expenditure on billboards and magazines.
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The secret to its promotional activities lies in Audi's logo. The four overlapping rings of Audi would immediately create a consumer brand profile. Audi is instrumental in sponsoring a large number of sports enterprises. Audi also invites actors to support the label, as well as TV, print media and internet marketing.
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People
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The company has employees who play a key role in its promotion activities under its sales staff. This convincing people have been educated but still show their love for business customers taking their needs into account.
It also has customer support staff (Falát and Holubcík, 2017). In case of any problems in the product, these clients are approached and direct clients through the process of resolving the problems. This employees are qualified to support the customers and make an effort to solve their problems.
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Similar to Jaguar Land Rover Audi also features extensive employee base in its business. The brand has recruited about 90,640 people and ranged them across various departments and outlets.
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Process
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Processes include the pre-sale term, sell sentences, and after-sales sentences customer service. Jaguar Land Rover also delivers online personalized services, with the exception of an offline option. Consumers could purchase an online product that is most beloved. They also have the opportunity to select a car design style and engine specification (Falát and Holubcík, 2017). Once buyers are informed of the buying decision, Land Rover provides the dealer with the authority and the closest dealer is responsible for processing the orders.
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The key processes involves product endorsing, pre-purchase verification, post-purchase customer support etc.
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Physical evidence
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In order to develop a premium physical evidence, the brand adopted technological innovations. These innovations include interior design with lavish leather furniture and a choice of thrones for handling extreme weather conditions, new levels of ambient finery and personalization and an automated doorway. In contrast it can reduce risk and make customer purchasing decisions easier if tangible proof of the services promised can be provided.
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The brand uses its unique logo, brand name and sleek design to create its physical evidence and create distinction in the market (Bai and Chang, 2015).
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7. Produce a marketing plan to meet marketing goals and objectives. The marketing plan should include all elements of the 7Ps marketing mix, with an action plan and measures for monitoring and evaluating progress and meeting of goals and objectives.
Solution:
Development of a marketing plan to meet marketing goals and objectives
In order for Jaguar Land Rover to further their competitiveness and elevate the standing of their brand compared to Audi, and extensive marketing plan will need to be implemented. In the following an exemplification of a coherent plan is formulated.
Marketing Mix
Product: The brand can develop affordable automobile as well, that way it will able to expand onto the mediocre market segments and increase their sales.
Price: The prices can be adjusted for mediocre level as well where people wanting affordable vehicle can be able to make purchase as well. Potential markets such India and Thailand, this strategy would be highly appealing.
Place: The brand can expand more into the Southern East Asian and African markets which new range affordable automobile products.
Promotion: Diverse use of television marking, celebrity endorsement, social media marketing can be adopted for more prolific results in brand awareness circulation.
People: The brand can recruit more people and seamless train them work with automation technologies and advance infrastructures, it will increase the production efficiency extensively.
Process: More extensive use of automation technology, robotics, AI can be carried out in manufacturing process (The marketing mix, 2015). Perfecting the customer support, improving the deals and discounts and leveraging the customer engagement would benefit in sales.
Physical Evidence: The brand can improve its elegant and sleek design in its developed automobiles, which will ensure its unique selling proposition in the wider market.
Action Plan
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Actions
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Practicalities
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Develop new affordable product range
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Develop new automobiles for moderate price segment.
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Expand into mediocre market segment
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Target consumers seeking affordable price ranges and expand into new geographic markets.
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Set new price range
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Set price moderate level price ranges for the newly developed products.
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Innovate production processes
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Enhance the use of automation, robotics and AI to streamline the manufacturing process.
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Progress monitoring and measurement
Monitoring: The organisation will have to use extensive feedback evaluation services, customer engagement protocols and social media consent evaluation to monitor the customer moods and complaints regarding the product and improve upon the problems found (Hardy, 2017).
Measurement: For measuring the progress, evaluation of some key KPIs would be highly beneficial, such are as follows:
• Achieve the sales growth by 40% in 6 months.
• Increase the positive customer feedback by 40% in 6 months
• Increase production speed by 40% in 6 months.
• Expand the brand into the southern Asian and African markets
• Ensure better customer satisfaction.
Recommendation
In order for Jaguar Land Rover to expand its reach on mediocre market segments, the company will have to develop new automobile vehicles that falls between the affordable prices ranges in the automobile price hierarchy which would be more suited for African and southern Asian markets. Apart from that, in aims of improving manufacturing precision, the business can also enhance its innovation on manufacturing infrastructure by investing more on AI Automation technologies along with 3D AR technologies (Hardy, 2017). For generating substantive market interest, adding new promotional features such as free accessories access, 3 years post purchase free servicing and royalty card programs would be some prominent choices for the business. Thus, considering the macro environmental concern of pandemic the brand can resort to dynamic price establishments as well, in which the prices of the automobiles can be adjusted depending on the economic conditions, so the price range of the product do not exceed the affordability range of consumers (Laczniak and Murphy, 2019). Thus, the use of the suggestion of these potent marketing tactics for the chosen business case of Jaguar Land Rover could very well be beneficial for the business, since with these prominent marketing strategies the brand will more effectively be able to engage and retain its consumers of the new market and achieve the set KPIs more efficiently.
Conclusion
In summertime above the discussion was concluded that marketing is a major feature of the company as it allows the company to promote its corporate reputation and to promote it on the competitive market place. Marketing functions and duties such as market analysis, brand administration, promotion, advertising, product creation and so forth are distinct. By performing these tasks, marketing management will make a significant contribution to achieving company goals like marketing companies, with all their corporate functions, for Jaguar Land Rover to improve organizational development. The marketing blend is a key principle that Jaguar Land Rover can pursue in order to achieve a sustainable market edge. Audi is Jaguar Land Rover's main market rival, while Jaguar Land Rover will improve its customer line and market shares by the successful use of marketing mix components. Furthermore, an organization should make use of a cohesive marketing strategy for the most efficient and comprehensive execution of its marketing goals.