Unit 2 Marketing Processes and Planning Assignment Sample

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Unit 2: Marketing Processes and Planning And TNA67 Pearson BTEC HND in Business

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Part A: The Marketing Concept Webinar

1. Concept and role of marketing in the 21st century

To increase brand awareness in the twenty-first century, marketing incorporates both digital and traditional methods. With the advent of the internet, the notion of promotion shifted from outbound to inbound marketing. Through internet and social media sites, and email and content techniques, inbound marketing enables two-way interactive connections between businesses and their customers. Organizations make substantial use of social media platforms to interact with and influence target audiences in 21st century (Gbadamosi, 2020). Marketing in twenty-first century is focused on providing value to clients through education and entertainment via digital platforms. Email marketing is an extensively employed method of communicating with clients and convincing them to purchase items.

 Content is king for marketing in the twenty-first century. Small and medium-sized businesses make heavy use of digital marketing tactics to connect with prospective clients online. In the twenty-first century, content marketing strategies assist firms in achieving objectives such as engaging clients, encouraging them to make purchases, and building brand identification. To attract clients, large-scale enterprises continue to rely heavily on television and print advertising. Combining traditional and digital marketing tactics aid to develop a brand image that is appropriate for the products and services of any company.

2. Roles and responsibilities in marketing, and the competencies required to succeed

The roles and responsibilities interlinked to marketing are-

  • Planning and handling premieres, marketing, email campaigns, conferences, and online networks.
  • Creating marketing tactics.
  • Executing marketing plans (Di Gregorio et al., 2019).
  • Managing marketing campaigns.
  • Developing new products.
  • Managing the brand.
  • Managing marketing staff.
  • Budget marketing
  • Managing company's marketing activities.
  • Advertising
  • Internal communication production
  • Analyzing the marketing strategy's success

To work in marketing, one must be able to effectively communicate information about companies, products, and services to the public (Bird, 2019). Marketers must convey their ideas to supervisors, board members, coworkers, and clients to enhance their analytical work and make it super creative. Along with specialized skills linked to using data collecting and analysis technologies, marketing professionals must be able to generate innovative ideas to target customers, attract and persuade them to choose their brand over another.

Professionals must be able to adapt, learn new things, and stay updated with the latest developments. Tech-savvy marketing professionals tend to obtain the best results and advance in their jobs.

3. Marketing interactions with other departments and connection with vision, mission and purpose

Marketing guides and leads other departments in conniving, manufacturing, fulfilling, and servicing client needs (Jain and Yadav, 2017.). Marketing comprehends the market and consumer needs better than product innovation or customer service, that is why while deepening new products or other customer-related activity of the organization, marketing is involved.

Other departments of a firm benefit by understanding and supporting marketing initiatives, and useful insights into what consumers want through marketing. The mission and vision statements serve as a focal point for the business, guaranteeing everybody is working toward same goal. This improves the organization's efficiency and productivity. The vision statement sets the company's direction. It works with the mission statement to establish the business's organizational strategy and the purpose of a business is always to deliver value to its clients – and, this should be the primary emphasis of your business. Marketing channelizes the three aspects in terms of customer engagement so that the firm can achieve success.

Part B: Process Benchmarking

1. Extended marketing mix of M&S and Boots

Company

Product

Place

Price

Promotion

People

Physical evidence

Process

Boots

Boots is a multi-brand retailer. It has health and beauty items (Ramli, N.D.)

UK, Thailand, Ireland, and Norway have almost 2000 boots beauty and health shops.

Boots provides a wide selection of products and thus a wide pricing range.

Simple and inventive advertising. celebrities and hairdressers’ collaboration.

Out of 20,000 healthcare providers, 6000 are pharmacists. They employ almost 50,000.

Boots has more than 2500 outlets in the UK and Norway.

Boots is a cosmetics and healthcare shop (Hammad, 2015). The goods are bought from producers and stored in warehouses.

M&S

M&S’s product range includes things for men, women, and children of all age groups. And shoes, bags, sunglasses, etc. (Esoimeme, 2020).

M&S is a global brand.

Marks & Spencer uses competitive pricing in its marketing mix.

The corporation also uses a seasonal pricing strategy, offering larger discounts (Bernon, 2018).

The brand uses digital marketing, social media promotions, and online ads to promote.

M&S has roughly 70,000 employees.

It has 1000 stores in over 50 countries.

Malls and suburban regions have M&S outlets. Unlike other stores, these are elegant and well-organized.

2. Tactical APPROACHES adopted by each business to succeed

Marks & Spencer's key brand principles of reliability, value, services, innovation, and confidence have never changed resulting in success. Marks & Spencer has created an impressive business, operating in thirty countries and having over 300 locations in the UK alone (Esoimeme, 2020).

Boots aims to be the consumer's first option for pharmacy-led beauty and health, delivering high-quality products and services at low prices (Ramli, N.D.). It leverages client data from the benefit card and database to drive company strategy and understand customer purchase habits which play a big role in accomplishing success. The corporation uses these tools to sell its items and find out which areas prefer particular products. Boots' revenues surpass others as they have a variety of products in health and beauty.

3. Conclusions and recommendations

Based on the above discussion, it can be understood that ABC company must make use of the effective tool of social media and digital media as this aid immensely in customer pulling and retaining. Along with that, conventional media such as print media and televisions could be used for enhancing customer reach. For the luxury product line, the ABC company can internalize the ideas of effective branding, selecting high symbolic value as it is integrated into luxury products to appeal consumers. To showcase symbolic value, ABC must determine their target niche demographic and develop their offering accordingly a d build strong ties with important middlemen in the luxury goods business. These traits necessitate that luxury brands' level and type of distinctiveness be stronger, more diverse, and more focused. Among other things, ABC’s exclusivity must be big a deal. Price, geographic availability, possession limitations, and even supply need to be perceived as exclusivity (Ahn, Park and Hyun, 2018). They must attempt to make their clients feel special. As a result of these, the brand would appear more desirable to the spectator and provide clients with a sense of special status.

Part C: Marketing Planning

1. The Link between the strategic marketing plan and the overall organizational mission, corporate strategy and objectives

Considering these facts mentioned about the ABC Company’s mission, corporate strategy and objectives, The strategic marketing strategy, it can be argued, will assist ABC Company in defining clear, realistic, and quantifiable marketing objectives for its firm, profiling its customers and competitors, describing its new product range, and explaining its position, role, and value in the market.

2. Marketing Objectives

The strategic marketing will make an attempt to accomplish the following objectives:

  • To help the company widen its target audience by at least 33%
  • To convert at least 50% of the viewers of the marketing content into customers
  • To increase the net sales volume of ABC Company by at least 30%
  • To help the company occupy at least 20% of the luxury food market of the UK

3. Market Research to support the new product line launch

For many years, the luxury food business, which is a subset of the larger luxury products industry, has been on an increasing trajectory. In 2010, the global luxury goods industry – which encompasses “beverages”, “fashion”, “cosmetics”, “fragrances”, “watches”, “jewellery”, “luggage”, and “handbags” – was close to $170 billion and expanded at a 7.9 percent annual rate (Elena-Iulia, 2020). The United States has long been the greatest regional market for luxury goods and is expected to remain so in 2013, with a value of 62.5 billion euros. Numerous markets have a luxury component, including luxury “autos”, “yachts”, “wine”, “bottled water”, “coffee”, “tea”, “food”, “watches”, “clothing”, and “jewellery” etc. For many years, the luxury goods sector has been on an increasing trajectory. China, Japan, Russia, Italy, Brazil, the United States, Germany, France, the Spain, Switzerland and United Kingdom are the top ten markets for luxury goods, accounting for about 83 percent of total sales (Kang et al., 2021).

4. Situational Analysis

4.1 Marketing Audit

4.1.1 SWOT

Strengths

Weaknesses

· The luxury food range will appeal to the senses of the customer who prefer such food options over the regular ones.

· It will expand its target customer segment

· The net sales volume and the profit margin of the company will improve

· The company will be able to create a distinct identity of its own as an organization specializing in the luxury range of food products.

· The company will be able to cater to the needs of customers of different national and cultural backgrounds.

· It will require a huge investment.

· The success of the move is uncertain.

· If the customers do not appreciate the new move, it will not just cost the company financially, but also in terms of its reputation in the market.

Opportunities

Threats

· The company’s financial performance in the industry will rise big time.

· It will be able to earn the loyalty of a whole new, customer segment

· If it fails, the company may not be able to venture out with another innovative product range.

· The financial costs may lower the company’s rank in the industry and it may take much more time to recover.

4.1.2 PESTLE

Factors

Analysis

Political

Following Brexit, new restrictions increased the costs and lengthened the time required to get goods into the UK from the EU, impeding business.

Economic

High property rents, local government levies, and tax rates increase the operational costs of supermarkets, which results in an increase in product prices. In many economies, 2020 was a challenging year; however, things are likely to improve in the next years, which is excellent news for the grocery industry.

Social

Shoppers from different ethnic origins may now find goods from a wide range of merchants in the United Kingdom and other countries, like the USA. As a matter of fact, experts expect the worldwide market for ethnic cuisines to grow rapidly over the next five years. Similarly, the market for luxury “vegetarian” and “vegan” products is growing rapidly, giving supermarkets a great opportunity to profit from the situation.

Technology

Technology has helped the companies to enhance their marketing operations. Moreover, it has also helped supermarkets to extend their reach through their e-commerce platforms.

Legal

Supermarkets are required to pay at least the UK's minimum wage. Similarly, the country's "Equality Act 2010" safeguards citizens against employment discrimination. Businesses will almost probably face fines in the UK for failing to comply with standards governing waste management, food hygiene, and the sale of out-of-date goods.

Environmental

The environmental impact of supermarkets is substantial. When it comes to environmental concerns like pollution and landfill overpopulation, food packaging is a major contributor. A lot of energy and greenhouse gases are emitted during the manufacturing process of frozen meals, as well. Because of this, supermarkets are required to make every effort to reduce their negative influence on the environment.

(Sources: Kiviharju and Sotiriou, 2021; Moult et al., 2018; Hughes, Hocknell and Roe, 2019; Hart et al., n.d)

4.1.3 5C Analysis

Company

ABC Company began 30 years ago and has developed significantly since then. It has grown fast into a supermarket chain with a total of 4,200 locations throughout Europe. Since 2000, the firm has established a strong presence in the UK, becoming one of the largest "discount" food supermarket chains in the country, with a branch network of 800 locations. The UK holding corporation reported £4 billion in revenue.

Collaborators of Company ABC

ABC Company maintains relationships with large numbers of suppliers and strategic partners. It sells products under its own label as well as those that are branded. "Coca-Cola," "General Mills," "Kellogg," "Nestle," "PepsiCo," "Princes," and "Unilever" are just a few of the company's top branded suppliers.

Customers of ABC Company

ABC Company believes that listening to customers and meeting their needs and expectations is critical to providing the best service possible.

ABC Company’s Competitors

The ABC Company confronts tough competition in the United Kingdom from "Tesco," "ASDA," "Sainsbury's," "Morrisons," "Co-op," "Lidl," and "Aldi." As a result, it has developed a number of measures, one of which is the creation of a luxury food selection in order to compete with competitors, such as matching "Aldi" prices.

Climate of ABC Company

With its customer centric attitude and its commitment to the well being of the environment, and its clear reputation, the company draws the support the people in whichever region it operates.

4.2 Competitor Analysis including market segments and sub-segment

ABC Company's competitors include "Tesco," "Sainsbury's," "ASDA," and "Morrison's," which are frequently referred to in the United Kingdom as the "Big Four." These brands are also ABC Company's primary competitors in the luxury food segment.

4.3Value-proposition of the New Product

The worldwide luxury food industry, which is also a subset of the broader luxury products market, is concerned with the complex preparation and presentation of gourmet cuisine created from premium ingredients. Global demand for gourmet foods has increased as disposable income has increased, consumer awareness of the value of nutrition has increased, and taste has been globalised. As a result of the new product, ABC Company will be able to capitalise on this growing opportunity and further strengthen its position in the industry in which it works by increasing financial profit and extending its target customer segment.

5. Development of the marketing strategies (Marketing Mix)

Element

Analysis

Product

The product range will include ten important luxury food options of superior quality from different nations across the world including: “Saffron”, “White Alba Truffles”, “Oysters”, “Caviar”, “Kobe beef”, “Lobster”, “Black Densuke Watermelons”, “Edible Gold Leaf”, “Angulas” and “Fugu”.

Price

The strategy of “premium pricing” will be followed.

Place

The products will be available at the physical stores of ABC Company and also on their online platforms.

Promotion

Various digital media platforms will be chiefly used for promotion. A certain portion of the promotional activity will be done through conventional maketing channels as well.

6. Estimated Overall Budget

Activities

Cost (in £)

Conducting Market Research

10,000

Seeking Assistance from an Advisory Team

15,000

Formation of a Marketing Plan

 25,000

Launching the Marketing Campaign

50,000

Total

100,000

7. Tactical Actions

In this situation, tactical marketing efforts will include “generating leads”, “developing websites”, “placing advertisements”, and “following up”. It will encompass practices related to “advertising”, “sales promotions”, etc. which contribute directly to the strategic marketing plan's success.

8. Identification of appropriate control and monitoring measures

The following KPIs will be utilised to govern and monitor marketing activities:

“Return on Marketing Investment (ROMI)”: a technique for calculating the financial value attributed to a certain set of marketing efforts (net of marketing spending), divided by the marketing 'invested' or risked for that set of initiatives (Jönsson and Zahn, 2018).

“Client lifetime value (CLV”): a business term that indicates how much revenue an organisation anticipates earning from an average customer over the course of the relationship (De Marco et al., 2021).

9. Media Plan

9.1 Media Budget

Marketing Channel

Cost (in £)

Social Media

20,000

Print media

10,000

Television

10,000

Websites

10,000

Total

50,000

9.2 Recommendations and rationale for selected and integrated multi-media activities

To ensure that the strategic marketing plan reaches a large portion of the consumer population, it is critical and advised to combine multi-media activities, as specified previously in the budget plan. The objective is to leverage numerous marketing channels to guarantee that communications reach target consumers irrespective of the devices, groups, technology, or platforms they utilise (Payne et al., 2017).

9.3 Digital, offline and social media channels to be used for communication

Social media, print media, television, and the company’s website contents will all be utilised as part of the strategic marketing plan to introduce the new line of premium meals.

Businesses can monitor their customers' or potential purchases' behaviour on social media networks because of their distributed nature. This allows marketers to have a deeper knowledge of the target audience's preferences, dislikes, and interests, allowing them to create a more successful marketing plan to acquire such consumers (Jacobson, Gruzd and Hernández-García, 2020).

Print advertising has a stronger emotional connection with readers than internet advertising. It provides readers with an opportunity to ponder your product and message in a manner that other platforms do not (Amin and Priansah, 2019). Print advertising enables prospects to interact with your business message on a more physical level.

In terms of key performance measures, television advertising clearly surpasses all other media outlets (KPIs). Despite the fact that the internet appears to be the most active media, adults spend around 13 times as much time viewing video on television than what they do on the internet and 23 times as much time on their mobile devices (Correa et al., 2019).

An excellent website represents a company's brand, provides high-quality information, and is simple to use. Since all the other digital marketing components drive guests to the site, which might effectively convert guests, a well-developed organizational website is the cornerstone to an effective digital marketing plan (Kaur, 2017).

The preceding facts clearly demonstrate the importance of each of the selected channels, and it is reasonable to assume that combining these four highly effective channels will almost certainly result in the desired results for ABC Company by establishing a market foundation for its brand-new line of luxury food products.

References

Ahn, J., Park, J.K. and Hyun, H., 2018. Luxury product to service brand extension and brand equity transfer. Journal of Retailing and Consumer Services42, pp.22-28.

Amin, M. and Priansah, P., 2019. Marketing Communication Strategy To Improve Tourism Potential. Budapest International Research and Critics Institute-Journal (BIRCI-Journal)2(4), pp.160-166.

Bernon, M., 2018. Sustainable supply chains: Marks & Spencer’s Plan A. The Business & Management Collection.

Bird, B., 2019. Toward a theory of entrepreneurial competency. In Seminal ideas for the next twenty-five years of advances. Emerald Publishing Limited.

Correa, T., Reyes, M., Taillie, L.P.S. and Carpentier, F.R.D., 2019. The prevalence and audience reach of food and beverage advertising on Chilean television according to marketing tactics and nutritional quality of products. Public health nutrition22(6), pp.1113-1124.

De Marco, M., Fantozzi, P., Fornaro, C., Laura, L. and Miloso, A., 2021. Cognitive analytics management of the customer lifetime value: an artificial neural network approach. Journal of Enterprise Information Management.

Di Gregorio, A., Maggioni, I., Mauri, C. and Mazzucchelli, A., 2019. Employability skills for future marketing professionals. European management journal37(3), pp.251-258.

Elena-Iulia, V., 2020. Study on the personal luxury goods market. Acta Marisiensis. Seria Oeconomica14(2), pp.33-42.

Esoimeme, E.E., 2020. Using the risk-based approach to curb modern slavery in the supply chain: The Anglo American and Marks and Spencer example. Journal of Financial Crime.

Gbadamosi, A., 2020. Buyer behaviour in the 21st century: Implications for SME marketing. In Entrepreneurship Marketing (pp. 72-96). Routledge.

Hammad, A., 2015. Strategic Change and Its Management to Expand Business Through Implementation of Models: A Case Study of Boots UK. Available at SSRN 2676800.

Hart, M., Austin, W., Acha, S., Lambert, R. and Markides, C.N., Impact of a Warming Climate on UK Food Retail Refrigeration Systems: Recommendations for Industry.

Hughes, A., Hocknell, S. and Roe, E., 2019. Corporate food retailers, meat supply chains and the responsibilities of tackling antimicrobial resistance (AMR), ESRC. Impact2019(1), pp.17-19.

Jacobson, J., Gruzd, A. and Hernández-García, Á., 2020. Social media marketing: Who is watching the watchers?. Journal of Retailing and Consumer Services53, p.101774.

Jain, E. and Yadav, A., 2017. Marketing and technology: role of technology in modern marketing. IOSR Journal of Business and Management19(5), pp.49-53.

Jönsson, J. and Zahn, M., 2018. Decision makers' use of Return on Marketing Investment metrics in the decision-making process.

Kang, I., Koo, J., Han, J.H. and Yoo, S., 2021. Millennial Consumers Perceptions on Luxury Goods: Capturing Antecedents for Brand Resonance in the Emerging Market Context. Journal of International Consumer Marketing, pp.1-17.

Kaur, G., 2017. The importance of digital marketing in the tourism industry. International Journal of Research-Granthaalayah5(6), pp.72-77.

Kiviharju, E. and Sotiriou, A., 2021. Entry Plan for the Finnish Disc Golf Market–Case Study: Above Ground Level Discs.

Moult, J.A., Allan, S.R., Hewitt, C.N. and Berners-Lee, M., 2018. Greenhouse gas emissions of food waste disposal options for UK retailers. Food Policy77, pp.50-58.

Payne, E.M., Peltier, J.W. and Barger, V.A., 2017. Omni-channel marketing, integrated marketing communications and consumer engagement: A research agenda. Journal of Research in Interactive Marketing.

Ramli, M.N.A.M., HOW CAN MULTI-CHANNEL RETAILING FURTHER EXPAND THEIR PRODUCT RANGE WHILST SUSTAINING CUSTOMER EXPERIENCE AND SATISFACTION FOR BOOTS. COM?.

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