MARKETING CONCEPTS AND INTERNAL RELATIONS (PART-1)
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Marketing is one of the most important task for businesses as it is having an significant impact on sales of company. This part of assessment focuses on exploring regarding concept of marketing and marketing processes. Also, the report will focus on explaining interrelation among marketing and other functional departments of company.
Concept of Marketing
With increasing competition in business environment it had become essential for firms to develop effective marketing strategies which can help them in gaining competitive benefits over others. Marketing is defined as process of promoting the products and services offered by company. In competitive business world the organisations needs to effective marketing tools and latest technologies for attracting customers (Chernev, 2020). If company is having effective marketing strategies then it would help them in increasing sales and also have an positive impact on profitability of company. It is important to promote the products and services in an appropriate manner. Marketing helps businesses in identifying potential customers and reaching to them. Along with this it also helps the organisations in understanding their customer pReferences, making pricing decision and ensuring better growth of company in market.
Trends In Marketing
In recent decades due to technological advancement marketing sector had changes a lot. Now businesses focus on using digital tools and effective technologies for promoting their products and services. Current and future trends in marketing are discussed below:
In the present world businesses focus on using marketing tools such as digital marketing, content marketing, voice search optimization, virtual reality, augmented reality, google ads, social media marketing and video marketing as well. Due to digitalisation these tools are more effective in attracting the customers and helping the firms in expanding customer base and promoting their products.
With the ongoing technological advancement in upcoming decades marketing will become more advance (Alalwan et. al. 2017). Artificial intelligences and virtual reality will take advertisements and marketing to next level. In upcoming years the entire marketing would be based on data and this will help business in attracting customers in more effective manner.
Different Marketing Processes
Businesses needs to focus on having a systematic marketing process which can help them in doing marketing in a well-defined manner. Marketing process is required for understanding the needs of customers and meeting those needs with developing better products (Goryacheva et. al. 2020). Marketing process consists of five elements that are explained below such as:
Figure 1: Marketing Process
- Mission: in this step company focus on developing the objectives for marketing plan based on their mission.
- Situational Analysis: in this stage organisations focus on analysing market position of company. Usually in this stage PESTLE and SWOT analysis being done for analysing the internal and external business environment. This analysis helps in identifying opportunities for company so they can work according to them only.
- Marketing Strategy/ Planning: in this stage businesses focus on defining their target customers and set measurable goals. Planning for marketing is done in this stage only and the company focus on making all the resources available and developing overall budget as well (Fomin, 2018).
- Marketing Mix: in this stage company focus on different elements of marketing such as product, pricing, place, promotion, people, process and distribution.
- Implementation and control: this stage is about putting the plan into implementation and monitoring the results of marketing plan.
Roles and Responsibilities Of Marketing Manager In Organisation
Marketing manager holds an better position in company as they are planning an major role in the business practices associated with growth and development of firm. The marketing manager is responsible for all activities and management of marketing department. It can be said that marketing manager needs to develop effective marketing strategies which can help the businesses in attracting potential customers and enhancing sales of company. Also, the manager needs to ensure that their department should focus on using latest technologies for making marketing practices more effective (Deversi et. al. 2020). Along with this manager needs to develop better cooperation among employees and sharing all information related to their products and services with their customers. Thus, it can be said that marketing manager is responsible for all different task associated with attraction of customers, promotions of products and their better advertisement as well.
Interrelation Of Marketing With Other Functional Departments In The Organisation
For better functioning of business, it is important for them to have better interconnectivity among all the different department. Marketing department of company needs to have better interrelation with all other functional departments. The marketing department should have better interrelation with finance department. As they will be getting all the fund for marketing through them only. Along with this the marketing and HR department should also have better interconnectivity among them. The HR department is responsible for recruiting better employees for the marketing department (Morgan et. al. 2019). Along with this it is important for the marketing department to have better and positive relations with the operational management sector of firm. For successful implementation of the marketing plans it is crucial for them to have this relation as it would help them in managing all the operations in an effective manner. The R&D department and the marketing also needs to have better interrelation as the R&D department needs to bring innovation in the marketing which can help them in doing effective marketing. From the examples it can be said that all the different functional departments are having an better interconnectivity among them. Interrelation among the marketing department and all the functional department is crucial as it is having an impact on the roles of the department.
Value And Importance Of Marketing Role In The Context Of Organisation
All marketing roles are having an significant impact on organisation. The different marketing roles along with their value and importance are explained below such as:
- One of the important task of the marketing department is to focus on proper positioning of the products in the market. This is crucial as it helps the firms in defining and managing the brand in an effective manner in the market place.
- Developing effective strategies for promotion and advertisement of products and services is also an important role of marketing. Effective promotional strategies helps the companies in attracting the customers and motivating them to purchase product or service. It can be said that this marketing role is having an influence on sales and profitability of firm.
- Marketing department needs to focus on doing effective research as it helps them in understanding the market trends in an effective manner.
- Market research also helps the organisation in developing the products as per the customer needs and preferences.
- Deciding proper pricing of the products and services is also an important marketing role which helps the company in having an effective pricing and offering the product at competitive price.
- When the businesses are using digital and social media marketing then it is crucial for them to manage social media accounts properly (Appel et. al. 2020).
- This department needs to focus on creating better content for getting attention of the customers and attracting them as well.
Significance Of Effective Interrelationship Between Different Functional Departments
The organisation is made up of all functional departments. It is important for the businesses to have better interrelations among these departments as it is helps in better management. When all the department work together then it is important for them to develop better cooperation and collaboration among themselves. It will help them in developing better information sharing which promote effective decision making in all functional departments (Beqaj and Hasimja, 2019). Along with this it better interrelationship is also important as it is having an significant positive impact on the productivity of the firm. Better performance of the all the departments and employees of the company are depended on better interrelations. It also promote better trust among all the employees and departments of company which is crucial for working in an appropriate manner. Thus, it can be said that businesses needs to focus on creating an positive relations and interconnectivity among all the functional groups for increasing the efficiency and leading the firm towards success.
On the basis of above mentioned report it can be said that marketing department is having an major role to play in the firms. All the employees working in this departments needs to have better and detailed knowledge related to the concept of marketing, different marketing roles and role of the marketing manager. This report had also highlighted that why the marketing department needs to have better interconnectivity with other functional departments. It can be concluded that it is an important department as it is having an significant impact on the overall growth and development of the company.
MARKETING STRATEGY AND APPLICATION (PART-2)
Marketing is playing an major role in the development of company and due to this reason it is important for them to have effective marketing plan and better strategies as well. In this report the researcher would focus on developing an effective marketing plan for Tesco Plc. For situational analysis the report include the comparison of the marketing mix of Tesco and ASDA which are operating in the retail industry of UK. On the basis of the situational analysis the researcher would develop an effective marketing plan which would help the case company in achieving their objectives and leading the firm towards success.
PART A: SITUATIONAL ANALYSIS
When the company is operating in any of the business environment then different factors of the external and internal business environment are having an influence on it. Businesses are having an different approach to manage these factors and on the basis of these factor only the company develops their marketing mix (Baines et. al. 2017). The comparison of the marketing mix of two companies operating in retail sector of UK is compared. This comparison will help in developing an effective plan for the case company Tesco.
Comparing the marketing mix of two chosen organisations
Marketing Mix of Tesco
Tesco is offering wide range of products to their customers which includes the food, clothing, financial services and electronics. They are offering both high quality and low quality products to their customers. They have classified their product range on the basis of the regional products, customer preferences and local market trends irrespective of the particular markets (Ibrahim et. al. 2017).
The company had employees the low cost strategy on all the products which are being offered by the company. Tesco focuses on reacting to the changing marketing condition and shifting customer preferences and this helps them in gaining pricing advantage over others. The company is also having price promotional strategy for their loyal customers and this strategy is helping them in increasing their sales in an effective manner.
The company is focusing on making their process more technologically advanced so that it can help them in offering more convenient shopping experience to their customers. Tesco had introduces the self-payment options in some of the stores so that it can reduce the long queue. Also the company is making efforts to speed up the billing services in both online and offline store. Tesco is making changing in their working process for making their business process more safe for both their customers and employees for reducing the risk of spread of covid-19.
The company is using the latest technologies for promoting their products and services in an effective manner. Tesco advertisements focuses on their low price and they offer promotional discounts for attracting the customers. In the present pandemic situation the company is looking forward to represent the safety measures taken by them so that it can help them in attracting the customers.
The company is offering their products through both online and offline modes. Both the channels of distribution are effective and helping the company in selling their products and services in an effective manner. Tesco is having different types of stores such as tesco express, tesco extra, tesco metro, tesco compact, tesco superstore and tesco compact. The different distributions channels are helping them in offering more convenient shopping experience to their customers (Rosnizam et. al. 2020).
The company is having highly skilled and trained employees who are offering best sales assistance to their customers and ensuring that the customers should have an better shopping experience with Tesco. It can be said that the human resource of the company are contributing in the success of the company (KRISAMUT and Sirikutta, 2019).
The physical stores of Tesco are clean and are well categorised so that the customers might not face much issues in finding the products. Along with this the website of tesco is also easy to use.
Marketing Mix of ASDA
The product range offered by ASDA includes the products such as fresh food, clothing, home leisure, entertainment products, beauty products and grocery. Along with this the company is also offering financial services such as personal loan, credit cards, insurance and many more (Bentham, 2018).
The company focuses on low cost strategy and offering the best value to the customers for their money. ASDA is being considered as the cheapest supermarket of UK.
For offering convenient services to the customers the company focuses on all the business processes in an effective manner. They open the stores early in the morning and some of the stores also offer 24 hours services.
The company focuses on using television, newspaper and social media for promoting their products and services. ASDA generally uses the price promotional strategies such as buy one get one free and price reduction as well (DRTINOVÁ, 2019).
ASDA is offering their products through both online and offline distribution channels. The company is having different types of offline stores such as supercentres, supermarkets, ASDA living, petrol filling stations and superstores.
The company is having large number of employees and they focus on offering effective training to the employees so that they can deliver better services to their customers.
ASDA focuses on making their stores for attractive and offer an effective physical environment to the visitors which can provide them better customer experience (Haleem and Jehangir, 2017).
On comparing the marketing mix it can be said that the case company Tesco is doing well and if they focus on developing better marketing plan they it can help them in growing.
PART B: MARKETING PLAN
This marketing plan is being developed for making the improvement in the existing marketing strategies so that it can help the company in doing business effectively in this pandemic situation also. On the basis of the situational analysis it can be said that the company is having effective market position and for maintaining the position even in this pandemic they need to make changes in their marketing processes.
- Increasing the online sales in the pandemic situation by 50%.
- Attracting the customers to make online purchase through the website and apps.
The company would focus on attracting the customers to make online purchase in the pandemic situation as it is more safe and secure in the present era. The company would increase the use of social media advertisements, televisions advertisements and will focus on collaborating with the social media influencer for promotion of their online apps and delivering the message to make online purchase.
Segmentation, target market and positioning
Segmentation: for this marketing plan the company will focus on market segmentation on the demographic segmentation in which they will focus on both middle class and upper class customers.
Targeting: in this marketing plan Tesco will focus on targeting the customers belonging to all the age groups.
Positioning: the company should focus on positioning their products and services as safe and hygienic to use in this pandemic situation.
Implementation and monitoring of the plan
For implementing the marketing plan the case company should focus on working effectively in their existing markets and attracting the customers to use online platform for making a purchase. For monitoring the plan company should focus on monitoring the increase in online sales after the implementation of the new marketing plan. Along with this the company should also focus on collecting the feedbacks and getting reviews from their customers which would help them in analysing the performance of their online stores.
Marketing Mix Program
Product: the company should focus on offering products with more safety which would help them in reducing the risk of spread of covid-19.
Price: the company should focus on offering high quality and hygienic products with the low cost strategy.
Place: the company will focus on doing effective business in the present business markets only.
Promotion: the company would use social media marketing, collaborations and TV advertisements for promoting their products.
In the above mentioned report the researcher had focused on explaining the importance of the situational analysis for developing an effective marketing plan. The report had found that Tesco needs to make changes in their marketing plan for attracting the customers to make online purchase in the covid-19 pandemic situation. . It can be concluded that if the case company effectively focuses on implementing this marketing plan the it can help them in operating properly even in the pandemic situation and doing business effectively.
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