marketing essentials assignment

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Unit 2 Marketing Essentials Assignment Solution

Introduction

Marketing is the crucial tool in the modern business organizations; it involves understanding of marketplace, demands of consumers, building profitable relations, customer driven market strategy and provide quality among the customers. The business organizations have realised the importance of customer relationships and they are trying to get an innovative approach towards marketing strategy in business . The awareness regarding marketing essentials is too high in the current market scenario around the world. This assignment is based over a mini case study which depicts a business organization named Coconut Bliss, which is situated at Eugene, Ore. It is a food based company which has B2C market structure, the company holds only 11 employees with annual revenue of about 5,000,000 £ per annum. The reason behind the high revenues of a small company is due to the customer focused approach of the company towards the market.

This homework help report focuses over the marketing essentials in business organizations which belong to modern era of globalisation. It depicts the roles of marketing initially with the roles of marketing functions and their interrelations with the other functions of business organization. Secondly, it compares the ways of application of marketing mix in the company to achieve organizational goals and objectives. Also, this assignment develops and evaluates the basic marketing plan for Coconut Bliss (Howell, 2015).

Task 1 Role of marketing and interrelations with other functional units of organization

A) key roles and responsibilities of marketing function and their relation with organizational context significance of interrelationships between marketing and other functional units.

Marketing function can be defined or explained as the roles of the business organization which helps it to identify and source potentially successful products for market and then helps in its promotion as well. These functions are common in business organizations and involve marketing research, product plan, development process, promotion, sales, finance,customer service etc. The marketing functions involves various responsibilities of the business organization, these functions are responsible for the growth of company. The marketing functions consist of strategy management, marketing research, sales support system, product developments, finance team, distribution systems, human resource department etc. These marketing functions have different roles to promote growth in the business organization. The key roles and responsibilities of marketing functions are market research, finance, product development, communication, distribution, planning, promotion, selling etc. The marketing functions have a crucial role in the business organization. There is a close link between marketing functions with other organizational functions in an organization.

The interrelationship between marketing functions and other organizational functions can be explained as, the marketing functions are part of a business organization and thus other departments and functional units are connected with each other. This can be explained as marketing functions are needed to back up by the other operational departments of the company as well to perform effectively. If a business organization needs to plan and implement a marketing plan , then they require support of financial department of the company, human resource department, sales department and production department. Further, if the marketing team of Coconut bliss wants to offer a discount offer on the bulk purchase of the product such as buy 2 get 1 free scheme, then the marketing team needs to communicate with finance and production department of the organization initially. The marketing functions are separate entities in business organization but every department and function in an organization I linked together for increasing the profitability of the company. The main function of marketing is to increase the profitability by increasing the sales of the company, thus it can be achieved with the participation of all the departments of the organization simultaneously. The finance department provides appropriate budget to the marketing department for the planning and implementation of marketing plan. Production department communicates with logistics department to fulfil the demand and supply of product and services. Human resource policies are generated according to the market trends, sales and target consumers. Thus, all the functional units of the company correlate with each other to bring a successful marketing plan among the organization (Lewis, 2013).

b) Concept of marketing, including current and future trends, overview of five elements of marketing process

The marketing concepts are divided into five major concepts which depict the core of marketing at Coconut bliss. These concepts of marketing involve the current as well as future trends for a successful marketing planning. The concepts involve in marketing are: production, product, selling, marketing and societal respectively.

Production concept: This concept is based over the perception of consumer, which depicts that the consumers are inclined towards the products which are easily available in good quantities in market at inexpensive price. Thus the operational capacity of the organization must focus on increasing the production rate.

Product concept: The consumers relate and choose the products which have value for money, quality and innovative approach. This concept derives that the consumers can be retained through the products and services which are beneficial for the consumers.

Selling concept: The mind set of modern consumers attracts through promotions, the consumers tends to focus over the products and services which are aggressively promoted in the market.

Marketing concept: The marketing concept explains the requirement of focus over the target consumers for the delivery of their products and service. Moreover in order to face the competitive market, business organization needs to deliver better value of products and services. The marketing concept depicts that the brand value of the organization needs to be enhanced in order to connect with the target consumers. If the brand value is enhanced, consumers will automatically choose the brand over other competition in the market.

Societal Marketing concept : This concept shows the major focus over needs and requirements of target consumers, so the consumers will prefer our brand over the other contemporaries in the market (McDonald, 2013).

c) Roles and responsibilities of marketing with respect to marketing environment

The major roles of marketing in the context of marketing environment can be explained below:

The marketing management is defined as the process of planning and execution of the various different concepts of marketing. These marketing concepts involve pricing, promotion, distribution, sales etc. which compliments the target audience of the company. The roles of marketing can be explained as:

Market strategies: The initial role of marketing depicts the development of marketing strategies and planning for the business organization. The managers of the organization needs to recognise the needs and requirements of target consumers and provide their products and services accordingly. The development of marketing strategies brings out a balance between organizational objectives and opportunities of market.

Marketing information system : The marketing information systems or (MIS) provides the information regarding various factors such as product, planning, and implementation, controlling of marketing strategies. For example MIS depicts the information regarding the logistics on a real time basis which helps the distribution network work effectively.

Monitoring of marketing environment: The marketing process have crucial role in the identification of new developments in the marketing environment, these developments provide constructive response for the development of product and services of the company. These new developments involve changing market traits, socio-economic forces, internal and external changes of market, political and legal changes etc.

Marketing research:  Marketing research is considered to be the major role of marketing. The research involves specific knowledge of product, price and consumers in order to communicate the best products and services of company in the market.

Market segmentation:  In the modern era of globalisation market is volatile, thus business organizations requires accurate segmentation which are provided by the marketing. The marketing manager of organization helps in the identification of customers in the large diverse markets and promotes the goods and services of the company among them.

Brand Equity: The consumers are tends to be inclined over brands or the organizations which provide added value to their products and services. Thus, marketing provides a reputation and builds strong brand value of the company among the consumers. This process directly helps business organization to increase their sales volume .

d) Key elements of marketing functions and interrelations with other functional units of organization

Marketing functions encloses various different functions such as advertising, finance, distribution system etc. but these are the activities which come under the process of marketing process. The key elements of marketing functions are explained below:

Research: In the business organization market research plays a crucial role. It is considered to be the most important marketing function, as without a successful market research, business is near to impossible. Research helps in getting the valuable information regarding all the factors concerning business process. Not only market information but logistics, finance, raw materials, resources and other business prospects can be achieved through research only. Thus, it is considered to be a crucial key marketing function among business organization.

Strategy: After the collection of all the information and data from the research, it is processed to judge all the possible strengths and weakness among the business operations. This processed data allows us to make an idea for strategies which can be utilised in the organization. The strategies provide valuable guidance for competing with the strong market and succeed in the market environment. The strategies are built over all the realistic possibilities and outcomes which are measured through research.

Planning: After successful completion of research and strategy procedures, the next key function of marketing is planning process. The marketing department involves financial planning, forecasting of sales figures, distribution, communication and other factors of business. The planning department utilises a specific timeline to plan the major strategies for converting organization goals into success.

Tactics: The fourth key role of marketing function is tactics; these are the small or short term plans which are implemented in order to attract the target consumers. They involve limited period offers which provides promotional boost in the marketing plan such as Buy one get one free offers. It helps in cornering the initial pressure from the competitors and boost in the sales.

The above mentioned is the analysis and evaluation of key elements of marketing functions. The interrelations of the key marketing functions with other functional units of organization are explained by the following:

The marketing functions are closely linked with the other functional units of business organizations. It can be explained with an example of finance department connection with marketing department. The marketing functions require economic resources for the implementation, planning, research and evaluation of marketing strategies and planning among business organization, it is provided by the finance department of the company. Marketing functional cannot work without proper communication and sorting with financial team in the company. Similarly, in the business organization, the marketing functions are closely linked together with other departments of the company. The marketing functions require accurate description from the production department regarding the products and services of the organization to provide a marketing plan. Secondly, they require human resources from HR department, economic help from finance department, logistics from distribution network etc. The operation of marketing needs to be communicated and backed by the other departments of the company. For example the HR policies must be aligned with the marketing department to increase the sales, side by side the production team must convey the information regarding the product and services to build an accurate marketing plan for the company. If marketing functions are unknown regarding the inventory of raw materials or production capacity of the company, then marketing plan will result into blunder and losses. Thus, the marketing functions are interrelated with all the other functional units of the business organization (Pike, 2015).

Task 2 Ways of using marketing mix for achievment of business objectives

A) comparison of application of marketing mix in marketing planning process in different organizations.

The marketing mix is applied in the marketing planning procedure to achieve organisational goals and objective. The business organization utilise various different methods for the application of marketing mix among their organization. Mostly, it is based over the market demographics, products and services of the company, market size and company’s size. The marketing mix is the tool which helps marketers to understand the product. The common applications of marketing mix involve 4 P’s of marketing which involve product, price, placeand promotion. This approach was later extended to 7 P’s of marketing with product, price, place, promotion, people, process and physical evidence.

Coconut Bliss is a small company with 11 employees but the customer focused efforts helped the company to evolve and make its impression in national market in initial years. This was due to the application of extended marketing mix by the company and genuine passion of customer centric approach. Various business organizations big and small spends large sums of money overt the marketing process, advertisement and promotion , research and development but they are unable to get a response such as Coconut Bliss. The sole reason behind the success of Coconut Bliss is the understanding of customer and market through marketing essential tools and building the organizational goals and strategies with customer satisfaction approach. The application of marketing mix in a marketing planning process is focused over the product dimensions, place of selling the product, pricing structure and promotional activities of the company. The extended marketing mix utilise importance of delivery processes, providing physical evidence to the consumers and most importantly focus over people (Kotler, 2012).

b) Different tactics applied by the organizations to achieve business objectives

The business organizations with their different organizational culture apply the tactics to achieve their respective business objectives. The small and successful company such as Coconut Bliss utilise 7P’s of marketing mix in their marketing planning process to achieve the organizational objectives. Other organization such as Marshfield Ice creams of UK which is a contemporary to Coconut Bliss utilise a marketing segmentation process to achieve their organizational goals. The market segmentation process of Marshfield Ice creams involve following process:

• Initially they define the market for organization, for example target market.
• Secondly, creation of market segments takes place.
• Evaluations of the different segments are done for specific criteria.
• Segment process is constructed.
• The attractiveness of the segments is evaluated.
• The target markets are selected.
• Positional strategy of the organization is developed and implemented.
• Evaluation and feedback process of segmentation.

The Coconut Bliss utilise extended marketing mix in its organization for the achievement of goals and objectives, the process is as follows:

Product: the product must be appropriate to the consumers’ needs and demands. The main objective of product is to satisfy the customers.

Place:  The availability of the product and services of the company must be easier for the consumer. For example the store must be located at near or approachable location for the target consumer. The delivery must be prompt in the case of e-commerce shop.

Price:  The price of the product and services must provide a value for money experience to the consumer. This is a crucial strategy which must be representing the value to consumer and also compete with the contemporaries with better offer.

Promotion:  The promotion process includes advertising, sales promotion, social media promotions etc. Coconut Bliss is a B2C company which is focused over personal selling apart from advertising and sales promotions.

Process: The process includes the services of the company, it represents how the services are consumed? For example Coconut Bliss delivers its products to the consumers with a smile to create a better buying experience for the consumer.

People:  The people involve management, employees, organizational culture and customer service of Coconut Bliss are essential part of organization. Physical environment: It includes the facilities, run-down, comfort and user interface in the organization (Lilly, 2014).

TASK 3 Developments and evalution a basic marketing plan

A) basic marketing plan for coconut bliss.

• The basic marketing plan for Coconut Bliss can be developed with the following specific tasks:
• The company needs to develop a clear understanding of the potential customers. Being a small company, Coconut Bliss must take a clear research in the market and then understand the main objective of the company’s product and services. The most important question is why would a consumer use its service? This must be figure out initially, and then what is the main important feature in company’s product? The product must deliver customer’s requirement in order to sustain in the market.
• Identification of target consumers is the second most important thing in marketing planning process after research. The organization must be clear on their final consumer, to create and plan accordingly.
• The organization must identify their competitors which are going after their target consumers. The competitor analysis also helps the business organization to learn about market trends and pros and cons of market effectively.
• Evaluate the research and make strategies according to the needs and requirements of market. Propose a budget for the marketing activities and create well defined goals and objectives using a specific timeline.
• Using effective channels for marketing activity, such as Coconut Bliss serves organic ice creams and its target audience is urban people. Thus company must use digital media channels to promote its marketing plan.
• Evaluate the marketing plan and monitor the results to check the effectivity of marketing plan (Dibb and Simkin, 2013).

b) Coherent marketing plan which tactically applies 7P’s to achieve marketing objectives

The marketing mix is a group of interrelated variables which involves 7P’s to satisfy the target consumers over the contemporaries of business organization. The coherent marketing plan of Coconut Bliss using 7P’s of marketing mix is as follows:

Product: The product of the company must have quality, customer service, availability and branding properties. Coconut Bliss needs to fulfil the needs and requirements of their consumers with product and services of the company.

Promotion: The effective communication with the consumers using marketing communications, personal selling, direct marketing and advertising is called promotion.

Price: The pricing is the most crucial part of marketing mix, Coconut Bliss needs to use a pricing method which can counter its competitors and provide value added element to the consumer.

Place: The availability of the product is important for the growth of the company. The store location must be approachable for the target consumers and delivery part must be good in the case of e-commerce platforms.

People: The individuals of the company such as management, employees, customer representatives etc.

Process: The processes of the organization must have customer focused business operations. The main objective of the company is to provide a customer focused effort to excel in the business.

Physical Environment: The user experience must be good such as on delivering the goods to consumers, company’s representatives must behave professionally (Baines, et al. 2013).

This assignment successfully depicts the role of marketing function and interrelationship of other organizational functions. The overall marketing mix 7P’s are compared in the business organizations to achieve business objectives. Also, the development and evaluation of marketing plan is explained briefly.

Howell, R., (2015). Market segmentation: the importance of age cohorts. The Neumann Business Review. pp.21-54 Lewis, B.R., 2013. Customer care in service organisations. Marketing Intelligence & Planning. McDonald, M.H., 2013. Ten barriers to marketing planning. Journal of Product & Brand Management. Jain, M.K., 2013. An analysis of marketing mix: 7Ps or more. Asian Journal of Multidisciplinary Studies, 1(4). Kotler, P., 2012. Kotler on marketing. Simon and Schuster. Pike, S., 2015. Destination Marketing: Essentials. Routledge. Dibb, S. and Simkin, L., 2013. Marketing essentials. Cengage Learning. Lilly, M.C., 2014. Content Marketing Essentials for Small Business. Baines, P., Fill, C. and Page, K., 2013. Essentials of marketing. Oxford University Press. Gerhardt, S., Hazen, S. and Lewis, S., 2014. Small Business Marketing Strategy Based on McDonald's. ASBBS Proceedings, 21(1), p.271. Jefferson, D.A. and George, B.P., 2014. Standardized and Localized Strategies and the Role of Culture in Marketing and Consumption. McDaniel Jr, C. and Gates, R., 2014. Marketing research. Wiley Global Education.

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In this course, students will learn the basics of marketing to better serve customers inside and outside. They will discover the forces that influence buying, how to conduct customer research, and…

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Harvard ManageMentor helps students develop the skills they need to thrive in the workforce. These online courses combine the latest in business thinking from management experts with interactive assignments to empower students with the skills employers seek.

In this course, students will learn the basics of marketing to better serve customers inside and outside. They will discover the forces that influence buying, how to conduct customer research, and how to create an effective marketing strategy. They will have the opportunity to learn strategies and best practices from business leaders, authors, and coaches like Leslie John, Neil Gaydon, Robyn Bolton, Rob Markey, Rohit Deshpande, Kamaline Ramdas, Simone Ahujha, Eddie Yoon, Kate Sweetman, and John McDonnell.

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Marketing 101: The Ultimate Guide for Beginners

Updated: October 23, 2023

Published: July 28, 2023

If you're new to marketing, you might have a skewed perception of it. You might imagine a multimillion-dollar Super Bowl ad or a glowing billboard in Times Square.

Marketing is much more than that. It encompasses a variety of channels, tactics, and formats — and can work for any business at any budget.

The key to getting started is knowing the fundamentals. Here, I'll walk you through some beginner-friendly marketing channels and how to build your first marketing strategy.

Cost-Effective Marketing Channels

Building your first marketing strategy.

If you're just getting started with marketing, here are a few cost-effective channels to consider:

Content marketing

The entire premise of content marketing is to provide valuable content to your audience. This can be blog posts, videos, podcasts, e-books, and more. Unlike a pop-up ad, this type of marketing isn't disruptive. It's supposed to feel natural, organic, and helpful.

Consider this: you want to market your product, a productivity app. On your blog, you publish articles brimming with tips and tricks for staying productive at work.

To take it one step further, you include a sign-up form for a free trial of your app at the top of every article — giving readers a chance to convert into customers.

Content marketing is a long-term investment. But with patience and the right strategy, you can drive brand awareness and nurture customer relationships without significant financial strain.

Email marketing

Email marketing is relatively affordable compared to other marketing channels. Many email service providers offer free plans or tiered pricing to appeal to different budgets. For example, HubSpot's email marketing software is easy to use, secure, and free.

With email marketing , you‘re reaching people who’ve already expressed an interest in your business. This puts you in a great position to build relationships, promote your products, and share offers. You can also set up trigger emails when someone completes an action, such as making a purchase or downloading a content offer.

Looking to bulk up your email list? Check out this helpful guide .

Social media marketing

These days, consumers expect brands to have an online presence — so if you haven't already, sign up for a business profile on a few social media sites.

Once you're up and running, you can begin to share content. Experiment with different types of content until you have a better idea of what gets the most traction. Remember that social media is all about connection, so interact with customers, initiate conversations, and leverage user-generated content . These tactics can help you ​​foster relationships and build loyalty around your brand without spending a dime.

However, if you decide to run paid ads, social media offers incredible reach that can generate immediate results.

Platforms like Facebook, Instagram, Twitter, and LinkedIn provide advanced ad targeting, enabling you to narrow down your audience based on demographics, interests, and behaviors. And with flexible budgeting options, you can allocate your budget strategically and maximize your ROI.

Online advertising

One of the biggest benefits of online advertising is that it's often cheaper than traditional advertising. Consider TV ads, which cost anywhere from thousands of dollars to even millions .

Now, think of an ad running on social media for $1 a day, and you can see why online advertising is a great option for small businesses.

Online advertising encompasses a few areas, including:

• Display ads : these include banner ads, images, and videos that you can buy on Google Ads.
• Pay-per-click : PPC is an advertising model that falls under search engine marketing . These ads appear at the top of search engine results, and you only pay when people click them.
• Social ads : these are ads that appear on social media platforms like Facebook and Instagram. You set a budget and specify your target audience.
• Remarketing : this involves tagging your website visitors and targeting them with content after they leave your site. Think of an email from an e-commerce store reminding you of your abandoned cart.

Unlike traditional advertising, online ads offer powerful analytics. You don't have to wonder if an online ad is effective since you can track metrics like impressions, click-through rates, conversion rates, and more.

Search engine optimization (SEO)

The goal of SEO is to boost your website's presence in search engines like Google. While SEO trends come and go, the key principles stay the same:

• Create and publish valuable content on your website
• Strategically insert keywords in the content
• Improve your website's page speed
• Offer a great user experience to website visitors

Like content marketing, SEO is a long-term game. But when you consider 95% of search traffic goes to the first page of search results, it becomes a critical strategy for driving traffic and generating leads.

You can think of a marketing strategy as a roadmap, helping you make the most of your marketing. Here are the basic principles of a strong marketing strategy:

1. Start with your goals.

Before you can build a marketing strategy, you first need to set clear goals. What does your business want to accomplish? Are you aiming to increase brand awareness? Generate leads? Or enhance customer loyalty?

Goals provide direction and purpose for your entire marketing operation. Plus, they determine the effectiveness of your efforts.

When defining your marketing goals, ensure they align with business objectives. For example, if your main business objective is to build brand awareness, your marketing goal might be to reach X-number of social media followers in the next six months.

Further Reading:

The 9 Goals to Consider When Creating a Marketing Strategy

Free Template: Determine Your SMART Marketing Goals

2. Know your target audience

Who is your customer? What are their challenges or pain points? Are they price sensitive? Do they shop online?

Knowing your audience is key to building effective marketing strategies. The more you know about your audience, the better you can craft compelling messages that respond to their interests, needs, or preferences.

Your target audience will also play a huge role in influencing which marketing channels you decide to leverage. For instance, suppose you sell home security devices and your target audience is adult homeowners. Based on this information, you might pass on Snapchat, where nearly half the user base is under 25.

Target Audience: How to Find Yours

How to Create Detailed Buyer Personas for Your Business

3. Decide your marketing mix

In a nutshell, marketing is about promoting the right product to the right audience at the right price and time. That's a tall order.

To nail this balance, you need to define your marketing mix. Your marketing mix consists of four key components (otherwise known as the “Four Ps of Marketing”): Product, Price, Place, and Promotion.

To state the obvious, your product is key to your business. But in order to market it effectively, you need to know what makes it unique. How is your product different from others on the market? What “problems” does it solve? What are the key features? These questions can help you formulate a unique selling proposition .

Landing on the right price for your product can be tricky. Price too high, and customers walk away. Price too low, and you leave money on the table. A good place to start is by looking at your competitors to see how much customers are willing to pay for a similar product. You can also conduct focus groups or surveys to determine the right price.

Where will you sell your product? Ultimately, you need to meet your customers where they are — whether that's an e-commerce store or a retail location. Consider where your competitors sell their products and how they differentiate themselves.

What tactics will you use to reach your target audience? And on which channels? This could be a billboard on a busy road or a promotional email sent to someone's inbox. The way you promote your product will depend on your budget and target audience. For instance, if your target audience skews younger, you might prioritize paid social ads over, say, television ads.

Further reading

The Ultimate Guide to Pricing Strategies

How to Write a Great Value Proposition [7 Top Examples + Template]

How to Launch a Successful Multichannel Marketing Strategy

4. Monitor the right KPIs

Establish a system for tracking and analyzing the results of your marketing efforts. If you're running an email marketing campaign, for instance, you might track open rates, click-through rates, and subscribers. These are known as key performance indicators (KPIs).

Your KPIs serve as benchmarks that reflect your progress toward your goals. By tracking them, you can pinpoint which strategies are working and which need improvement.

What is a KPI? How To Choose the Best KPIs for Your Business

Marketing Effectiveness: How to Measure It & Present to External Stakeholders

The marketing landscape is always evolving. Just in the last decade, we‘ve seen the rise of TikTok, artificial intelligence, and smart devices. All this to say, a good marketing strategy is one that’s adaptable. Be open to testing new ideas, experimenting with different tactics, and adapting your strategy.

The Top Marketing Trends of 2023 & How They've Changed Since 2022 [Data from 1000+ Global Marketers]

5 Marketing Trends That Might Not Survive in 2023 [HubSpot Research]

Back To You

While frustrating, there‘s no "one size fits all" marketing strategy. What works for one business may not work for another. That’s why experimentation is key, especially when you‘re just starting out. Don’t be afraid to test different marketing channels, tactics, and strategies to find what resonates best with your target audience.

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Introduction To Marketing Essentials

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