Qualification - BTEC Level 5 Higher National Diploma in Business
Unit Name - Marketing Essentials
Unit Number - Unit 2
Unit Level - Level 5
Assignment Title - A market plan
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.
As a newly appointed Marketing Executive of a reputable organization, you are required to carry out a detailed marketing analysis of your organization and the industry, in order to formulate an appropriate marketing plan for the selected organization. You can use the external and internal analysis in marketing and carry out analysis at both micro and macro levels. You will investigate on the key roles and responsibilities of the marketing function and its linkage with the other functional departments of the organization. You would also focus on the additional elements of marketing mix. This would further lead you to apply the marketing mix to the marketing planning process to achieve business objectives
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Marketing is the process of promoting and introducing of the product and the services to the prospective customers. Marketing process is the most major section for every organization. It helps to analyze the opportunities for any organization in the market (Hollensen, 2015). Marketing process focuses on the methods, techniques and as well on the application of marketing orientation within the organizations.
At the initial stage, your boss has assigned you a task to produce a detailed report and explain the key roles and responsibilities of the marketing function.
Solution: The roles and responsibilities of the marketing department are given below (P1)
Marketing segments refer to a group of people who can share their common characteristics (Solomon, 2014). The market segment can be categorized with their unique sections. The responsibilities to create the market strategy are taken by the senior member of this department. Different criteria are used by the markets for setting up a target for their service and for their product as well.
Strategy is one of the key elements in the marketing segment. The tenure members of the marketing department need to create a marketing strategy along with the company objective. The strategies will help to identify where they should represent. Strategies will also help to increase the share in the specific sector. Strategies are very important for expanding the business or the market, for entering into a new sector as well (Babin and Zikmund, 2015).
Market research is one of the major responsibilities with the marketing segment. An organization should research the market to identify or to find the opportunities (Malhotra et al., 2013). The organization can understand the expectation of the customers as well through the market research. Market research helps the organization to identify the strengths and weakness of their rival companies (Wirtz et al., 2014). This will help the organization to build some innovative strategies to survive.
Based on the marketing responsibilities stated in the report, you need to explain how roles and responsibilities of marketing relate to the wider organisational context. (P2)
Responsibilities of marketing in organizational context (P2):
The man role and responsibility of marketing in context of wider organization is that to establish and develop a good relationship between the organization and the customer to retain them (Dawson, 2014). They must provide the necessary information about the organization by means of giving ideas, presentation and improve the transparency regarding the process taken in the organization (Jüttner and Christopher, 2013). In an organization, the main role of marketing is to increase the profits and revenue of the organization that helps in the development and gain popularity in the competitive market. Marketing function also includes the task of branding the organization and its products and conducting activities so that people may come to know about the products of the organization. The marketing function include various analysis and measurement needed for making good marketing structure of the organization so that the organization can face the critical situations such as recession or crisis. An organization's success depends on marketing strategies in other terms and needed to be determined to maintain a good relationship with the clients and customers.
Analyse the roles and responsibilities of marketing in the context of the marketing environment. (M1)
Responsibility of marketing regarding marketing environment (M1):
In context to the marketing environment the role of the management team is to build a marketing strategies and planning to identify various customer's needs and requirements from the organization (Rice, 2013). Strategic planning has to be made in according to balance the organization's objectives with their customer's requirements. The marketing management team must obtain all kind of information and data regarding the marketing situation and analyze this information to implement the correct planning on the concerned organization. It is important to control the responsibilities of marketing management in an organization to achieve the great success. Monitoring and researching is a part of marketing role and responsibilities in an organization (Armstrong et al., 2014). The management team must determine the current trends in the market and identify the opportunities so that the organization can enter the market competition. Apart from this, the research has to be done in order to identify the environment of marketing and the products and services that are required to be delivered to the customers.
Analyse the significance of interrelationships between marketing and other functional units of an organisation. (M2)
Relationship between marketing and other functional units in organization (M2):
Apart from marketing unit, there are other functional units in an organization that are very important to run a business. Some of them are operation management, finance department and human resource department. The marketing department focuses on the valuation, promotion of the products of the organization to retain customers and achieve profits for the organization. Likewise, the operation or production management department handles the production of the organization. The marketing department works with the production department to fulfill the customer's need and requirements for the organization's development and success. They verify the validity of the products that their customers need and act on that mater. The production team manufactures quality products by implementing the designed that are of interest of their customers. They deliver the products in required quantity and quality to their consumers. The finance department does one of the important jobs in an organization. The department makes the appropriate budget for the organization to determine the possibilities of the organization's growth and development (Bogsnes, 2016). They make policies regarding all the expenditures in an organization and expect the work would be done according to their budget allocation. The finance department mainly focuses on the volume of sales and market share building in the organization. They manage the flow of cash of the organization along with cost covering and payback investment of the organization (Piercy, 2014). The human resources have the most vital role in sustaining the organization because they provide the adequate talent and skilled personnel to the organization. They recruit and select proper people for the organization and train them accordingly and order to make them capable to perform the job properly. They develop new ideas in the work place. They motivate the people working in the organization and build targets for the employees for their growth.
Critically analyse and evaluate the key elements of the marketing function and how they interrelate with other functional units of an organisation. (D1)
Key elements of marketing function in relation with other organizational units (D1):
There are some key functions of marketing functions that are in relation with the other fictional units of the organizations. Every function in the organization is interrelated with one another for the development off the organization and its development. The marketing department works closely with every department to organize every function (Turnbull and Valla, 2013). They work with the production team to verify the requirements of their customers and clients so that they may meet the qualities and quantities of the products. The marketing management works with the finance team for developing a proper budget for the organization. They inform the finance team about the market environment and the present status of the market competition in the region and provide the type of customers they are going to face and determine the target customer. With collaboration with the marketing management, the finance team makes a budget where they can forecast the possibilities of their success and pre-determine their expenditure within the organization so that they can minimize the risk of capital loss of the organization. The marketing team works with the human resource team for the promotion of their organizational products and represent their organization in front of the market. This will help in attracting people to join their company. This collaboration also helps in knowing the terms of their customers and what they need from the organization and act accordingly by developing strategic plan to train their employees to work accordingly.
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As your organization is expanding the business and operating in highly competitive environment, you need to :-
Compare the ways in which different organisations apply the marketing mix to the marketing planning process to achieve business objectives. (P3)
Ways to apply marketing mix in the planning process (P3):
Various organizations use different ways to achieve their objective in an organization for their development. Basically, an organization mainly uses the 4Ps marketing mix in their marketing process to achieve their objective (Patil and Bach, 2017). The 4Ps comprises products, price, place and promotion (Ke and Li, 2015). The organization uses these processes to excel in their works where they focus on various aspects of the organization. They work on improving their product qualities in terms of goods, services and various ideas in the organization. They plan their production rate and their manufacturing to meet their customer's need and requirements. The organization focuses on the prices of their products based on their customer's interest. The organization determines how much their customers and clients are ready to pay for their products in the market and be satisfied with their services. The organization gives price to their products with the help of the marketing and finance team in order to sustain their products in the competitive market. To make a stable organization the authorities select a suitable place to open the organization in order to start it in a positive way. The environment of marketing must be analyzed in order to do a good business and achieve their objective efficiently. The promotion of the organization is the vital part to do for an organization so that they can attract new customers and provide good service. The organization makes planning and develops various ways to promote their business such online promotion and conducting promotion events to spread the information about their company and organization in the society. These marketing mixes help the organization in achieving their goals and objective in a proper way and minimizing the market risk.
Produce and evaluate a basic marketing plan for your organisation. (P4)
Basic marketing plan for an organization (P4):
For an organization, the basic planning of marketing starts from market analysis. It determines the status of competition I the market and the determining the competitors and their capabilities regarding the market competition (Perreault Jr et al., 2013). The evaluation of the analysis depends on the marketing department of the organization, so the team must work efficiently in gathering the data and information about the market condition. The interest of people and customer must be determined before moving forward with any strategic plans in the organization. Proper planning with the finance team should be made in order to make the budget of the organization and proper implementation should be made accordingly. The organization's HR team must be active in recruiting the people in the organization and making the policies of the organization.
Evaluate different tactics applied by organisations to demonstrate how business objectives can be achieved. (M3)
Tactics to achieve business objectives (M3):
There are certain methods to achieve business objectives and increase their productivity. The organizations have to monitor every process taken place in the organization. The organization must focus on their market research and their analysis to develop good strategic plans to implement on their process.
Produce a detailed, coherent evidence-based marketing plan for your organization. (M4)
Coherent marketing plan for organization (M4):
The organization can use 4P or 7P market mix process for their development and to achieve their goals and objective in terms of productivity and efficiency in the competitive market. The organization must observe their outcomes and develop plans to improve their strategies accordingly to meet their customer's requirements.
Design a strategic marketing plan that tactically applies the use of the 7Ps to achieve overall marketing objectives. (D2)
Strategic marketing plan to apply 7Ps (D2):
To achieve several marketing objectives; the organization can apply 7P mix in their marketing process where the 4Ps are extended to another 3Ps in the process. The extra Ps denoted the people, processes and the physical evidence. People are focused as the employees that are working in the organization for the development; the processes are the quality services delivered to the customers and the physical evidence means the elements for which customers are paying in bulk to get the proper service from the organization.
From the above article, it has been concluded that the marketing department need to very significant to process the business for every organization. It has been also defined that the marketing department should cooperate with the other departments to make the better strategies for the organization.