UNIT 2 - Marketing Essentials Assignment Sample

Rolls Royce's marketing strategies, current trends, and the adoption of the 7Ps model to enhance customer service and competitive advantage.

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UNIT 2 - Marketing Essentials Assignment

Part - 1

1. Introduction of Marketing Concepts according to current and future trends:

The marketing concept refers to a general term that focuses on customers. It indicates how a company will be able to flourish its business. The main job of a company is to satisfy the needs of the customers. It determines what the marketer wants or the customer needs then implements different kinds of plans to improve its product to match the customer's needs according to the match. It is associated with various kinds of concepts such as the Production concept, Product Concept, selling concept, Marketing concept, societal marketing concept, etc. “Rolls-Royce” is a selected company where the roles of marketing would be analyzed.

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Rolls Royce

Figure 1: “Rolls Royce”

(Source: rolls-royce.com, 2022)

Trends of the marketing concept help in evaluating and controlling the situations as the future trends help in ensuring that the company would not take wrong decisions and judgments. There are different kinds of current and future trends that enhance the concept of marketing. Marketing moves very fast and analyzes how to implement the trends to attain strategies in according to keep the business on track (Erkin and Muborak, 2022). Some trends are AI in marketing, Technology, Influencer marketing, and personalization. Artificial Intelligence is becoming a best future trend and a very famous marketing trend to enhance its marketing positions. It not only helps in providing useful data but is also useful in making predictions.

Technology helps in strengthening the marketing concept by finding what a customer wants or what is going on. Technology helps in assessing the overall data and making strategic decisions that help maintain the company's marketing position. Influencer marketing helps in evolving and connecting with a large platform. It helps in enhancing the market with the help of influences that help in reaching a large number of consumers. Social media helps in improving the concept of marketing as it is current trends that mean many marketers are using these trends (Saleh and Miah, 2019). The next trend is personalization, personalization helps in assessing the product by improving it into a better version. It creates a good impact in the mind of consumers that they are going to use a creative and varied product. Personalization signifies any business towards improvement with the help of analyzing various data.

2. A critical overview of different marketing processes :

Different Process of Marketing

Figure 2: “Different Process of Marketing”

(Source: Bartov et al, 2021)

Marketing involves different kinds of processes that help any business firm to go according to the plan and achieve the goal of the business. Marketing involves the first process to find out the main objective of the business because all marketing strategies should revolve around the plan. Marketing managers evolve by analyzing the mission and implementing strategies. The next process is to Analyse the situation as it helps in analyzing whether the plan is good or not and is in accordance with the situation.

The next process is to make a strategy for evaluating marketing tools. This helps the business firm in making strategies that will enhance the market. The next process is related to the marketing mix, as it creates various kinds of tools that will help in implementing marketing strategies (Rutz et al, 2019). The last step is implementing and controlling the overall mission through the implementation of strategies. The marketing process helps in analyzing the overall procedures and controlling it with each and every step. It helps the firm in utilizing the resources to the optimum level and also creates a good impact through completing its target level as it increases the morale of the business.

3. Role and responsibility of a marketing manager in “Rolls Royce” :

The Marketing Manager has the responsibility for developing, making, and implementing the strategies for a marketing plan for the organization. Marketing managers develop some strategies that help in attracting a wide range of customers. Marketing managers are responsible for making the plan and strategy implementation. Reaching the target of the organization manager helps in creating a budget that will cover all the expenses. A marketing manager generally manages the targeted plan that will help the company in performing better. It creates informative content for the media that help in reaching consumers.

A marketing manager helps in building a good relationship with other kinds of agencies and vendors that helps in connecting as per the need of an organization (Bartov et al. 2019). The Marketing manager of Rolls Royce helps in analyzing the needs of the customer and analyzing the trends as to what kind of design and innovations are demanded by the public. It helps the company for controlling overall estimated plans and also develops some strategies to get through that. Marketing managers can also change some strategies according to the situation. Therefore marketing managers help the company for completing the goal and implementing strategies for the business organization.

4. Analysis of marketing influences and other functions in “Rolls Royce”:

“Rolls-Royce” is an automobile manufacturer company. It is famous for making the best car globally. The marketing mix signifies about the sum of brands and products that took over the market. It includes with price, product, place, and promotion strategies of the company and how they can be used to utilize the company's goodwill. The price strategy of rolls royce targets mainly the upper class and rich people. The company has created the price according to the affordability of rich and upper-class people as keeping the price high-premium strategies. The product strategy of the company plays a vital role in attracting people with the help of providing a front bonnet finish of metal which looks very rare and royal. The place strategy of the company is also the best as it operates around 50 countries globally. The highest sales are taken from various countries such as the UK, the Middle Eastern countries, etc. The promotion strategies of the company have succeeded as it builds its overall goodwill through promotion (Ebrahim et al, 2020). It promoted the techniques such as organizing events or conducting marketing through advertising. Therefore, Rolls Royce has succeeded in the market by implementing a good strategy that helps in developing its market globally. It helps in analyzing the overall things that took the business to greater success as it is one of the best automobile manufacturing companies globally. The marketing strategy of the company is good for conducting various kinds of strategies.

5. Value and importance of marketing role

Marketing plays a crucial role in enhancing the sale of the company and is also important in attracting new customers to the business. However, the company Rolls Royce is one of the famous luxury car brands in the country UK which operates its business worldwide. In addition, the company operates its business in different countries for which the proper identification of the preferences and needs of the customer must be analyzed first for customer retention. Along with that, there are some basic importance of adopting a proper marketing strategy for the company which are,

Customer engagement: Marketing is the most valuable part of an organizational practice for attracting customers and also to develop customer loyalty to the business (Varadarajan, 2020). However, the company Rolls Royce's marketing strategy is totally based on targeting high-profile customers and giving them high-end service.

  • Market reputation: Building a market reputation is not easy as it requires better practices in improving the company's performance. Further market reputation depends on the company's preferences in a change in current business practices to deliver better service to the customers.
  • Sales boost: The connection between marketing and selling can be defined as a positive connection between the two variables. Accordingly, if a company adopts the best marketing strategy then it can positively impact the sales of the company (Olson et al. 2021). Further, with the help of marketing a company can build a strong relation in between the company and the customers which is also effective in boosting the company's sales.
  • Decision making: Marketing give the opportunity to a company to analyze the change in the market and the requirement of changes in the current business p[artce based on the perspective of customers. Accordingly, marketing is also valuable in identifying the required changes in customer services which helps an organization to deliver better service to its customers.
  • Competitive advantages: Market competition can arise from the side of customer engagement, product pricing, or product development, however, marketing is important in creating competitive advantages in the market. Accordingly, with the help of marketing a company can easily deliver its product information to its customer.

6. Conclusions

Marketing is the most valuable part of an organization that is coherent with the growth of the company in both market and financial ways. However, the 7Ps marketing strategy gives identification of the importance of the proper analysis of the product, price, people, place, promotion, process, and physical evidence. Accordingly, to the company Rolls Royce, the pricing strategy of the company is the most effective in enhancing its market sale. Along with that, the company's practice of marketing mix with top-class branded cars company such as Phantom and Dawn is also an appropriate decision in delivering quality products to its customers. In addition, the adoption of the 7Ps marketing strategy is also valuable for the company to give its competitive advantages. Besides that, by identifying the promotion strategy of the company it can also be said that the company is following a proper marketing plan which is valuable for the sales growth of the company.

Part-2

Section A

The marketing strategy of Rolls Royce (primary company)

Rolls Royce flows a 4-ps marketing strategy in the company. The first P is “Product mix” Rolls Royce is a globally recognized passionate jeep brand located in the British Commonwealth. Rolls Royce is a professional car builder that supplies engines to elite customers. Rolls Royce has some prominent brands such as “Ghost, Dawn, Demon, Ghost, etc”. Rolls Royce Motors offers custom convertibles to customers, and customers have no rush to go with the Rolls Royce brand, another corporation with the same name.

The second P is the “price strategy” Rolls Royce engines are great value trucks and they are only available to extremely wealthy and wealthy customers. The value of the participatory buying appeal is kept to the maximum as it offers top-notch fruit, support, and refinement while providing the ability to customize to the customer's needs.

The third P is “place or market mix” Rolls Royce has a great closeness in common. The brand has divisions spread over 50 countries as a whole. Families from 150+ countries like USA, UK, India, Middle East, Australia, China, etc. using a Rolls Royce machine. Rolls Royce has its headquarters in the British Empire, where they have a comfortable management system and results for their customers. Because Rolls Royce has a small customer base, they have worked hard to maintain a strong liquidation network of glamorous jeeps. Because Rolls Royce is made to order, replacements and upgrades are identified individually and they are made when the consumer opens the door.

The fourth P is “promotional mix” Rolls Royce has a great heritage and is an exciting brand. It is not a fruit that ordinary people would buy and therefore Rolls Royce does not attend the normal announcement game plan as part of the in-store shopping

Marketing strategy of Toyota plc (Competitor Company)

Toyota Motor flows a 4-ps marketing strategy in the company. The first P is “Product mix” Toyota cars are the ultimate standard in this cargo fork area. Favorable cars are a device for holiday enthusiasts. In other words, the gratifying order is about reducing the number of Toyotas for retirees and limiting escorting crowds. The party also manufactures yachts, power plants, and auto and seafood parts and accessories. This small purchase shows that Toyota is achieving more unusual advertising and reducing information exposure risk. Through a combination of different brands (Artanti et al. 2022).

The second P is the “place or market mix” Toyota dealers are the place where business projects take place. However, some retailers such as auto supply stores still hawk the goods, like parts and accessories. This part of the sale shows that Toyota relies heavily on dealers to sell glamorous devices to targeted retail stores.

The third P is “promotional mix” The association also uses the accumulation of various types of news, such as television, regular and ongoing publications containing information, and websites. In addition, the company promotes attractive products through image promotion, and to some extent the Toyota Together Green program that supports physical drives.

The fourth P is “price strategy” These image promotion projects establish a certain brand image for Toyota. This approach to pricing is noticeable in the vast majority of Toyota merchandise, to some extent sedans and trucks. However, the company also uses a profit-based pricing game plan, setting prices based on a real and tangible advantage of the money. The group uses a fixed in favor of an exclusive amount or more expensive, to some extent Prius and Lexus cars (Dewi and Ayuningtyas, 2019).

Figure 3: 7Ps marketing mix

(Source: Altay et al. 2022)

Compression between The marketing strategy of Rolls Royce (primary company) and the Marketing strategy of Toyota plc (competitor company) with the help of 7-Ps

7-PS Rolls Royce Toyota plc
Product Rolls Royce makes a luxury product, this company's main target is rich people in the world they make the product by hand, and the main selling the car is “Ghost, Dawn, Demon, Ghost, etc.” Toyota plc manufactures mid-range cars in the world market they target middle-class people. In other words, the gratifying order is about reducing the number of Toyotas for retirees and limiting escorting crowds (Komari et al. 2020).
Price The price of the car is too high because of luxury cars in the world the brand name is built on that particular market The price is mid-range because the company wants to target middle-class people. The company also uses a profit-based pricing game plan, setting prices based on a real and tangible advantage of the money.
Promotion This company prompts the car on social but it's less as compare to Toyota because of brand value this company spent low cost on promotion or advertisement (Paurova and Nadanyiova, M., 2020.) This company spent more on promotion; the company promotes attractive products through image promotion.
Place Sales support of this company is very effective they give after-sales services, in this sales services customer don't need to come to the services center, the company mechanic comes in the place of the customer to service the car as per the requirement Sales services of that company are good they provide good survives. The customer goes to the services center to service their car
People This company mainly targeting to rich people in the whole world This company mainly focuses on middle-class people
Process The process of the car-making of Rolls Royce company is hand making every part of the product is assembled by hand. The process is machinery, Toyota company car manufacturer by machine in a particular plant in the UK.
Physical evidence If the company flow this P strategy, the Sales of this car company is good as compare to Toyota, because of the reputation of the company is high as compare to Toyota. All the time the product of that company is out of stock due to high market demand. The look of the car is very fan site. If the company flows this P strategy, the sales of the company is also increasing. The middle-class consumer is the big audience in the world.

Table 1: Compression of two companies in terms of 7Ps

Section B

Developing a marketing plan for the company Rolls Royce

The marketing mix is the practice which adopts by an organization to the promotion of the brand or product to attract new customers and enhance the sale of the product. However, in the market mix, the 4ps model is the most famous marketing approach of companies which is basically based on the product quality, pricing strategy, place strategy, and promotion of the product. In addition, the introduction of the 7Ps marketing mix values the other factors in the market which are people, the process of selling, and physical evidence (Altay et al. 2022). However, the company Rolls Royce is operating its business in the global market for which changing the marketing strategy might be profitable for the company for enhancing its customer base. There are various advantages of adopting the 7ps model which might benefit the company from several aspects which are,

Improving customer service

The involvement of the 3ps in the 4ps model first prioritizes the customer service provided by the company to the customer. However, the term people in the 7Ps model implies that the people who are directly connected with the customers on behalf of the company need to be properly trained and knowledgeable about the importance of the delivering best customer service (Siripipatthanakul and Chana, 2021). Accordingly, by prioritizing customer preferences a company can easily hold customer loyalty and can also attract new customers to the business which is coherent with the market reputation improvement. On the other hand, giving proper service to the customer is also valuable in developing competitive advantages in the market.

Delivering proper service by following the steps

Customer always wants value for their money; accordingly, the customer also requires the best support from the company's end. However, the measurement of delivering a product or service to the customer in an appropriate way is important in valuing customers (Do and Vu, 2020). In addition, the company Rolls Royce needs to be more practicable in measuring the factors which are valuable in delivering proper service and products to the customers.

Change in the marketing style

The involvement of digital marketing is appropriate in connecting customers with the organization, however, email marketing and website development are crucial in demonstrating the existence of the brand to the purchase of the product. Accordingly, this factor in the marketing mix is valuable to a company for making changes in its current marketing practices.

The company Rolls Royce currently uses the 4ps marketing mix which the company might face challenges in delivering the proper service to the customers and also analyzing their perspective. However, the company might adopt the 7ps model which would benefit the company in valuing its customer. Accordingly, by giving proper training to the sales executive or the company's staff who rate direct related to the customers the company can also improve its current customer service style. On the other hand for minimizing the market competition and enhancing customer base this marking mix is also effective.

References:

Altay, B.C., Okumu?, A. and Ad?güzel Mercangöz, B., 2022. An intelligent approach for analyzing the impacts of the COVID-19 pandemic on marketing mix elements (7Ps) of the on-demand grocery delivery service. Complex & Intelligent Systems, 8(1), pp.129-140.

Bartov, E., Marra, A. and Momenté, F., 2021. Corporate social responsibility and the market reaction to negative events: Evidence from inadvertent and fraudulent restatement announcements. The Accounting Review, 96(2), pp.81-106.

Do, Q. and Vu, T., 2020. Understanding consumer satisfaction with railway transportation service: An application of 7Ps marketing mix. Management Science Letters, 10(6), pp.1341-1350.

Ebrahim, R.S., 2020. The role of trust in understanding the impact of social media marketing on brand equity and brand loyalty. Journal of Relationship Marketing, 19(4), pp.287-308.

Erkin, G. and Muborak, R., 2022. Modern marketing concept. Web of Scientist: International Scientific Research Journal, 3(8), pp.60-66.

Olson, E.M., Olson, K.M., Czaplewski, A.J. and Key, T.M., 2021. Business strategy and the management of digital marketing. Business horizons, 64(2), pp.285-293.

Rangaswamy, A., Moch, N., Felten, C., Van Bruggen, G., Wieringa, J.E. and Wirtz, J., 2020. The role of marketing in digital business platforms. Journal of Interactive Marketing, 51(1), pp.72-90.

rolls-royce.com,2022 2022 From: https://www.rolls-royce.com/~/media/Files/R/Rolls-Royce/documents/annual-report/2021/2021-full-annual-report.pdf

Rutz, O.J. and Watson, G.F., 2019. Endogeneity and marketing strategy research: An overview. Journal of the Academy of Marketing Science, 47, pp.479-498.

Saleh, H.M.Y. and Miah Said, S.E., 2019. Konsep dan Strategi Pemasaran: Marketing Concepts and Strategies (Vol. 1). Sah Media.

Siripipatthanakul, S. and Chana, P., 2021. Service Marketing Mix (7Ps) and Patient Satisfaction in Clinics: A Review Article. International of Trend in Scientific Research and Development, 5 (5), pp.842-850.

Tien, N.H., Phu, P.P. and Chi, D.T.P., 2019. The role of international marketing in international business strategy. International journal of research in marketing management and sales, 1(2), pp.134-138.

Varadarajan, R., 2020. Customer information resources advantage, marketing strategy and business performance: A market resources based view. Industrial Marketing Management, 89, pp.89-97.

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