Marketing Essentials Regent College Level 4

LO 1

P1 Key roles and responsibilities of marketing function in TK-MAX :

Roles and responsibilities of marketing functions in any organisation is vital and broad. Marketing functions help in to the process of planning and execution of various concepts. Roles of marketing functions are as follows:

• conduct campaign
• marketing information system
• analysis of market environment
• brand evaluation
• develop promotional channels
• evaluate social media channels

marketing functions are the combination of buying, selling, transporting, storing, standardization, grading, financing, risk taking and market information(Baker, 2014).. To develop an internal communication is also a role of marketing department. To evaluate the best social media for developing a plan is a core function in any organisation. To promote products and services of a company, marketing department should conduct a campaign. Marketing department helps in to find out the resources to develop a plan.  It interrelates with all other department before going to make any strategy relates to the campaign. Marketing department is responsible to create websites. It conducts campaign to focus on sales cycle. Responsibilities of marketing department such as : 

• product planning
• price fixation
• evaluate the distribution channel
• sales forecasting
• communications
• sales support
• market researches

To develop marketing strategy is a main responsibility of marketing department. The main component of market strategy is to develop and grow market share. Marketing strategy can be built on market research. Market research is another responsibility of marketing department. It can be done through various techniques or methods such as primary research or secondary research. Market research helps in to provide informations related to the customer's preferences and requirements(Baker, 2014).. To identify the target market is a process of market research. It also analyses the strengths and weaknesses of a company and analyse the opportunities and threatens as well. Roles and responsibilities can be varied upon the variation of structure of an organisation.  Develop a product as per the needs and requirements of a customer is necessary. Because if a company is not producing a product as per the customer's requirements then it will decrease the efficiency of productivity. Just making a strategy of a product is not enough. After making a strategy, it necessary to implement the strategy as well. Gather informations related to the target market. Roles and responsibilities in the context of marketing environment plays an initial role for any organisation. Marketing information system gives the data related to the product, planning, implementation and monitoring. Marketing department builds the brand equity among the customers. customers prefer the product of only branded companies. It makes the reputation and loyalty of the company among the customers.

P2  analysis of marketing role relate to the wider organisational context :

Marketing plays an important role in implementing and successfully managing the whole market. It also managing the companies marketing policies. The market oriented and market functionally are depended upon to each other. The basic aim of TK-MAX is to manage the whole market functionality. It also improves the business performance and finding the new firm should be re allocate the power between marketing strategies and their functionality(Baker, 2014).. There are different ways to reflect the strengths of your product and responsibilities:

Market segment: the basic role of the members of your sale and marketing team assumed and depend upon your product. How can you offer product in markets is very important.

If some times our  product is technically strong so that it is very effective for industrial purpose. The role of marketing team member is very responsible for an industry and it will be expert for your product.

Marketing Strategy : sales and marketing team know about the market segment and they make sure the marketing strategies and apply for the profit. Each team member has responsibility to manage the whole sales department. The strategies will provide the valuable guidance and succeed the market environment. The strategies build a realistic possibilities and that will be measured the research.

Marketing planing: marketing team developed the overall strategies, each member has responsibilities to manage the whole sales department and implementing the marketing plan for the responsible areas. The whole team has to work together to preserve the overall company image and identifies the requirement of market segment(Baker, 2014).

Marketing tactics:  this is important role of sales and marketing because tactics are  short and small term plan that will be used in marketing which are implemented and that can be attracted to the target consumers. They have limited time offer which provide the incremental boost in the marketing plan. It will help the initial pressure from one competitor to other and that will boost the sales and marketing.

Marketing Outcome: Team member does not meet the same objective of a particular segment, the role of other team support  and improve the performance. Each member has own responsibilities for his own work if all target has been completed it defines as success of effective team member. The main aim to achieve a common approach that will balance the sales and marketing team.

Developing market plan is interrelates with many other functions and departments of TK-MAX such as :

• With operations management
• With finance department
• With human resource management
• With production department
• With procurement
• With research and development
• With personnel

marketing and finance department is interrelated as :

marketing and human resource management is interrelated as :

it includes sales team, production target, research and development. It is necessary for marketing department to interrelate with human resource management as well.

marketing and production department :

marketing and procurement:

marketing and research & development :

LO 2

P3 Comparison of ways of using Elements of marketing mix in TK-MAX and WAHACA :

            Marketing mix is a main part of market planning. It covers all the factors from manufacturing to the end of sale process. All organisations are using this tool to make strategies of marketing. Primarily it includes 4Ps but now it includes 7Ps of marketing. 7Ps of marketing are :

• Product : the product of company have quality, customer service provided, availability of branding properties. They must full fill the requirement of consumer and their product, services. The product should complete the task when the customer wants and it should work on that product.

• Place : the product should be available from market where the consumer easily find the shop. It is very high performance that will be available on the market and online you will order the product many options are available as e-commerce or an online shopping. If our product is available in the markets so that it is important for company growth. The location of online store must be approachable  and the product delivery part must be good in online e-commerce website.

• Price : the product should be available on online market with affordable prize and it should always be seen as a representing as a good value. It should be available on cheapest prize. The main motive of online marketing is to provide a good product and customer satisfaction and usually customer are happy to pay more for something that work really very well.

• Promotion : promotion is process when we are communication with the consumers by using marketing selling advertising, sales promotion. Social media is the biggest communication tool for an organization with the help of social media we promote the product and quality of product. it is the best way to used in organization(Armstrong, and et.al.,  2014). .
• people : it includes all the human force which are directly or indirectly connected in making a strategy or a product. This factor is important in any organisation because without human resource, company can not produce any product.
• Process : it includes all the activities which are accomplished in an organisation to achieve goals. This factor mainly consider the flow of activities such as human activities and financial activities.
• physical evidence : physical evidence includes logo, brand name, signs or labelling and packaging of a product.

Comparison of marketing mix :

LO 3

P4 Evaluating and developing of marketing plan in TK-MAX

Every plan requires a systematic method to be followed. Market planning is a complex process as it is a process of understand the level of customer's satisfaction. To reach to the customers with the right approach is essential for successful marketing strategy. For this, there are some stages which should be followed such as :

• analysis
• planning
• implementation
• control
• marketing strategy

analysis of marketing situation :  To develop and evaluate the marketing plan, it is necessary to find out internal and external factors. Which can be done through internal analysis and external analysis. Internal analysis means the examining of internal factors which affects and influence the functions of a company. These factors include financial analysis, swot analysis and value chain analysis. Internal factors can be controlled by an organisation because it happens within the business. It helps in to improve the plans and improve the position and in to gain competitive advantage.

Value chain analysis : it is also an internal analysis technique. This tool presents the relative value of activities which are accomplished in an organisation. By this method, company get knowledge about those areas which has to be improved. It includes inbound logistics, operations, outbound logistics, marketing and sales, service. It involves four activities such as firm infrastructure, human resource management, procurement and technology. If these all activities and factors will be in value chain, then a company will get profit margin(Armstrong,  and et.al.,  2014). .

External analysis :

this analysis includes the factors that belongs to outside of the business but affects the internal functions. This analysis can be done through pestle analysis and porter's five force model. Before starting a marketing process, it is necessary to do pestle analysis. It consists internal and external environment. Pestle refers to political, economical, social, technological, environmental and legal factors. Political factors include government position and policy on the economy, view of government on culture, political system, protection law, service tax, income tax or political systems. Economic factors includes bank financing, restrictions for imports, incentives for exports, interest rates, bank financing and inflation rate. Avenues for capital creation is also a part of economic factors which covers size of the capital market, role of the regulator, nature of the investors and types of the instruments. Social and cultural factors includes demographics, consumerism, social mobility, educational level and distribution of income. Demographic and distribution of income includes division of population, age group and disposable family income. Lifestyle changes and consumerism includes attitude of living such as availability of media resources, joint or nuclear families or different age groups. Technological factors includes advancement of technology, rate of obsolescences, innovations, new discoveries and cost of transformation.

Competitive analysis

it can be done through porter's five force model and swot analysis. Porter's five force model includes :

• threat of competition
• threat of new entrants
• bargaining power of consumer
• bargaining power of suppliers
• threat of substitutes

swot analysis includes strengths, weaknesses, opportunities and threats of a company. STRENGTHS  : this is one of the most well known company over the world. The strong point is its dominating position in the competitive market. It has a huge strong network of outlets. Increased professionalism, the fastest delivery of products and cost savings are the strengths of this company(Armstrong,  and et.al.,  2014).

WEAKNESSES : there is higher amount of customer's complaints and brand and quality of the product is also not good.

Strengths and weaknesses are controllable factors. But threats and opportunities are the uncontrollable factors. By focusing on strengths, company can get opportunities and by overcome the weaknesses, company can get advancement of its threats. Strenghts and weaknesses are the internal factors and opportunities and threats are external factors.

            After analysing the environment as internal and external of the company, company has to focus on  achieving smart goals and objectives. There are several objectives of a company which should be focused ;

• improve customer base
• improve number of satisfied customers
• improve communication such as internal and cross functional communication
• increase customer relationship

market should be divided into different parts to more focus on all activities of all the departments. It can be divided into following parts :

• segmentation
• targeting
• positioning

segment can be done on the basis of demographic, behavioural and geographical. Targeting means to target the customers to whom product should be sold. By segmentation and targate, company can maintain its position in the market. The last stage in the development and evaluation of market planning is market control. This is the basic and fundamental process in every market planning. Controlling is a statistical; tool by which company can compare the actual performance and standard performance. Standard performance is made on the basis of past facts and data. By controlling, company can correct the wrong activities. It is a process of matching the objectives with the result. To find out that why objectives are not achieved ? What are the reasons behind this situation ? Identify these situations' ans solve these situations are the responsibility of marketing department in market planning process.

CONCLUSION

From the above report, it can be concluded that there are many roles and responsibilities of marketing function in TK-MAX. But this is varied according to the organisation structure. Marketing function includes all the functions of an organisation such as buying, selling, branding, advertising and so on.  If there is no intercommunication in the organisation, then efficiency of productivity will be fall down. There are chances of decreasing level of satisfaction as well. Marketing department should communicate with production department and financial department before making or implementing strategy. Market planning includes analysis, planning, implementation, control and marketing strategy. The process of marketing planning includes goal setting, analyse current and recent trends of competitive environment, create and make market planning and allocation of resources and the last but not least is to control and monitor. There are different ways to apply marketing mix strategy. Marketing mix strategy \is also known as 7Ps of marketing which covers product, price, place, promotion, people, process and physical evidence.     

REFERENCES

• Armstrong, G. and et.al.,  2014. Principles of marketing. Pearson Australia.
• Armstrong, G. and et.al., 2015. Marketing: an introduction. Pearson Education.
• Babin, B. J. and Zikmund, W .G., 2015. Exploring marketing research. Cengage Learning.
• Baker, M. J., 2014. Marketing strategy and management. Palgrave Macmillan.
• Baker, M. J., 2016. What is marketing?. In The Marketing Book (pp. 25-42). Routledge.
• Burns, A. C., Bush, R. F. and Sinha, N., 2014. Marketing research (Vol. 7). Boston, MA, USA: Pearson.
• Kotler, P., 2015. Framework for marketing management. Pearson Education India.
• Kumar, V., 2015. Evolution of marketing as a discipline: What has happened and what to look out for. Journal of Marketing, 79(1), pp.1-9.
• Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.
• McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.
• Mix, M. and Brand, C. B., 2017. Marketing management.

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