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The assignment is about Marketing Essential detailed analysis of the different prospects of marketing

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Marketing Essential

Introduction

The assignment provides clear understanding of the different aspects of marketing and marketing essentials and their role of significance within the company. Through the detailed analysis of the different prospects of marketing and the how they contribute to the organization will be critically analyzed through detailed analysis. The significance of marketing tactics in effectively utilizing the marketing essential for the purpose of marketing that is determines the ability of the company in achieving the organizational objectives. The roles of marketing with its functional units are discussed with reference to the chosen organization for the exemplification of the same. An intense and detailed critical analysis of the relationship between marketing of any organization and the other functional units of the same organization will be discussed as well.  In order to provide detailed information, the comparison between the elements if marketing in achieving the organizational objectives will be carried out within this assignment. Further a marketing plan of the chosen company and its critical evaluation in terms of achieving the organizational objectives will be done. This is going to provide a clear view about the different ways through marketing essentials can be utilized for efficiency in developing strategies that is well aligned in the achievement of the organizational goals. This is how the clear concepts of the marketing can discuss hereafter.

Task 1

LO1

P1 Elucidating roles, objectives and duties of the marketing unit

Marketing as we know it is a concept that is often misunderstood (Hill, 2017). It is many a times considered synonymous to shopping which it is not. Marketing in an organizational context is a much broader term and comprises of various stages and functions. It is not only a role played by the department of management but it rather is a significant tool for achieving success and all managers need to adopt it. Marketing is a philosophy which helps multinational companies like KFC to understand the external market and the competitions and frame their strategies in an appropriate way (Burns et al. 2014). It incorporates the basic principles which it carries and designs a set of rules for the company to follow for proper marketing of the brand and the product. These are as follows:

•             Marketing allows a company to define the brand name and qualities. It helps a firm like KFC to deliver to people its aims and objectives but also succeeds in informing the target market about what they stand for and why do they exist (Hill, 2017). The brand is managed by the marketing schemes in order to have a positive interaction with the consumers as well as partners by letting them have the experience the brand has envisioned for them. For KFC it is a ‘finger licking good’ food.

•             As stated above KFC have managed to promote them as a brand who successfully sells food items which is ‘finger licking good’. They have campaigned about their brand using proper tools of marketing and thus have been able to open  stores and restaurants all over the world. Campaigning involves everything from producing the good to selling it. Them through proper communicating channels words regarding the product or the service is spread in the market (Burns et al. 2014).

•             The companies need to use promotional tools in order to expand their market. The tools that a company uses needs to be current and have contemporary qualities to ensure success. Marketing resources are significant for any organization.

•             Multinational companies like KFC needs to focus on their web content (Leeflang et al. 2014). Any client who hears or have to order from any of the restaurants of KFC will first visit the company website to look for details regarding the brand and its products. The website therefore needs to be attractive enough and needs to produce exact and essential information regarding the food items available. Also the company needs to opt for search engine optimization for their respective site.

•             The social account of the company has to be regulated and monitored on a daily basis to ensure quality. It is also to ensure the competitions are dodged. It is important to acquaint one with all the available technological advancements.

•             The employees of the organization from the chef to the managers and the workers at the counter need to feel one with the company (Feng et al. 2015). They have to welcome and adopt all the policies, rules and regulations of the firm in order to obtain suitable results. They need to understand the company aims and goals before trying to achieve it. Communicating internally with the employees through newsletters or by using intranet is important.

•             If and when media gets involved with the marketing schemes of a company it gets enough coverage to promote itself further. A spokesperson has to be appointed with the media to answer questions and promote the firm.

•             To obtain evidence based on market researches and tests and to perform based on those researches is what a successful organization does. It is crucial to understand the market trends, be informed of the competitors and also for economic stability (Leeflang et al. 2014).

•             The stakeholders and shareholders associated with the company like the PR people or print agencies or advertisement and web content associates needs to be looked after by the marketing team.

P2 Enlightening how responsibilities and objectives relate to broader administrative setting

The marketing department of any organization serves as a significant team for the efficient and productive creation of a brand name and it helps the brand or the company gets recognition in the world market (Baker, 2016). KFC has an effectively functioning marketing team who ensures success even after the scandals and legal trouble that the company got into. It has thus been able to promote the brand name to such a level that it has opened stores and restaurants in countries like United Kingdom, Middle East, Indonesia, China, Japan, India, Pakistan, Mexico, etc. the functions it plays are:

•             Providing the company with channels to distribute properly.

•             Providing the company with budget and finances at the right times.

•             Conducting thorough market survey and research.

•             Creating products and tagging them with fair prices (Baker, 2016). The price of the food items in KFC differs according to the economic stature of the country.

•             Managing regularly the goods and services.

•             Promoting the brand name positively.

•             Locating appropriate consumer for a specific product to ensure profit and returns of huge amounts.

M1 Inspecting roles and duties of marketing and marketing environment

The roles played by the marketing team have been stated above already. But it has other aspects to look after like the work culture and the maintenance of proper work ethics (Feng et al. 2015). This could be done by the following steps:   

•             As stated above marketing as a concept involves providing fair prices, promoting the brand, distributing products and selling them, etc. (Johnson, 2014). All these can be made possible by applying proper plans and strategies in the operating management. From targeting the appropriate consumer to selling their desired product all requires elegant planning.

•             An information system based on the marketing tool has to be oriented to plan, implement and control the strategies.

•             Research has to be done on the current market and it needs to be monitored regularly.

•             As KFC survives in a volatile market, proper segmentation has to be done of the organization and through this the diverse desires of various clients can be met (Johnson, 2014).

•             Equity strengthens the brand value as well as the value of the goods and services associated to it.

M2 Assessing importance of collective working between marketing and other units

Through utilization of proper strategies, plans, research and tactics a marketing team can grow (Lovelock and Patterson, 2015). But it needs help and association of other departments too. The finance team gives it budget for research, development and promotion. The production department uses the research to create the products desired by the market. The HR department helps to increase sales by controlling and managing the employees in a positive way. This is how the organization runs on a interrelated basis (Lovelock and Patterson, 2015).

LO 2

P3 Comparing the ways used by different organizations while applying the marketing mix in the process of marketing planning process in achieving the business objectives

The marketing mix is one of tool that is used by the marketers in order to achieve the organizational objectives but with different purposes. The 4Ps of marketing is used by the organization primarily for the selling products and services for the organization.

Products: This is used by the marketers either for improvising products like in case of KFC or developing new products like in Burger King uses this strategy may include introducing any new product in any new market or introducing improvised products within the existing markets (BURGER KING®. 2018).

Price: The prices of products are used by the marketers in two ways either by increasing the price of the products for increasing the value of the product that is done by KFC ofe=ten. Burger King uses this to decrease the price for attracting the customers and increase the sales of the products and the services.

Place: The place is the market where either the marketers plans to introduce a new product that is new within the target market that is done by Burger King  or introduce new product within the existing the market that is done by KFC (BURGER KING®. 2018).

Promotion: The promotion is diversely and innovatively used by the marketers through which the competitive advantage of the company is aimed at. The product diversification is done by Burger king recently and KFC has been promoting the partial diversification where both use the social media for promotion actively.

Physical Evidence: The physical evidence is used by the KFC through more outlets and active interaction with customers. Burger king uses through more active online transaction since its outlets are lesser.

People: The training of the employees is taken periodically by KFC but in case of Burger King the company is not very prominent due to which high turnover rate is evident.

Process: In KFC this is carried out with the approach of quality based operations and in Burger King this is done with the approach of increasing sales through offers (BURGER KING®. 2018).

 

M3 Evaluation of the different tactics in demonstrating the business objectives

The above comparison of KFC and Burger King in relation to the organizations reveals that it is the marketing mix and the strategies that determine whether the company is going to achieve the organizational objectives. Through the comparison, it is found that Burger king has still few drawbacks due to which the presence and the brand image of KFC is more prominent than Burger King (Huang and Sarigöllü, 2014). The brand image and brand loyalty of the customers helps the company indirectly in achieving the organizational objectives through which is dependent on the effective marketing plan.

 

 

Task 2

LO3

P4 A basic marketing plan and its evaluation for KFC

Introduction

As marketing manager of the chosen company that is John Lewis Partnership, the marketing plan as part of the marketing strategy constitutes of this presentation. This includes basic marketing along with the evaluation behind the essentialities of the marketing plan.

Marketing planning

Marketing is one of the significant functional part of any business organization that constitutes of the marketing strategy, business plans that constitutes of different essential factors, elements as per which the business is going to be well process that is aligned with the organizational objectives and the process for its achievement (Khan, 2014).

Importance and value of marketing plans

The purpose of the marketing plan makes it very important to any business organization through which any organization irrespective of the industry. Importance of any marketing plan lies on the fact whether the plan is a detail marketing plan. The importance and the value of marketing plan are discussed hereafter:

•             Gives clarity about the market: While preparing marketing plans, market research is done that provides huge information which is analyzed. This analysis provides the clarity of the market demands, wants, competitiveness and other information (Bahadir et al. 2015).

•             Developing unique marketing message for the generating the expected results: The marketing message and the mode of marketing is very important that is decided through the analysis of the market. This analysis of the market helps in identifying the demands and the wants of the organization as per which the products and the services will be delivered (Marketing91.com. 2018). This is how marketing plan is important for the companies to meet the demand along with the achievement of competitiveness.

•             Provides focus and direction: The value of the marketing plan is highly traced through the fact that it works as guidance that provides direction to the other functional sections of the organization in order to execute the process that is beneficial for the company, the marketing pan decides the mode of connectivity with the stakeholders and primarily with the customers (Bahadir et al. 2015). These includes the use of social, determining the different ways of marketing, advertising and promotional operations, the related budgets for the marketing and how that is going to pay back benefits for the company on the other hand (Marketing91.com. 2018).

 

•             The marketing objectives and marketing strategies

o             Marketing objectives: The marketing objectives include the immediate goals that are aimed at the promotion of the products or services of any organization that is aligned with the achievement of the organizational objectives with long term objectives. The marketing objectives generally include increasing customized, sakes, reducing customer resistance and the like. The marketing objectives are developing with the SMART (Specific, Measurable, Achievable, Realistic and Time) approach as well in order make it result oriented (Khan, 2014).

o             Marketing strategies: Marketing strategy is the overall plan that contributors to the marketing plan for reaching mass and yielding potential customers into existing customers for the products and the services. The marketing strategy specifically includes the key marketing messages, information on the target customer, value proposition and other high-level elements

•             Techniques for monitoring marketing plan

The need to monitor the marketing plans to measure its capability of achieving the goals is required. This is the reason there are several analytical tools and techniques that are used for the purpose of monitoring the marketing plan.

•             Sales Analysis: The sales analysis can be used for identifying the variables in relation to the sale of the products and services as per which the marketing plan has to be created.

•             Market share analysis: This technique is going to indicate the performance of the organization within the market in comparison to the competitors (Khan, 2014).

•             Cost profitability analysis: This analysis is going to indicate the cist related efficiency of the marketing plan indicative of the profitability in relation to selling, storing, distributing, advertising and others.

•             Marketing mix: This is one of the tools that make the marketing plan more efficient in order to achieve the requirements in the different sections of the place.

•             Competitor’s Analysis: The competitor’s analysis helps in the identifying the competitors ion different levels as per which the preparation of marketing plan is done this is the standard for evaluating the efficiency of the marketing plan (Armstrong et al. 2015)

•             In order to the monitor the marketing plan on process, it is important to validate the customers feedbacks and carry out its analysis through which changes or improvisations can be taken while executing the marketing plans (Armstrong et al. 2015). 

M4 Producing detailed evidence-based marketing plan

In order to provide a detailed as well as coherent marketing plan the marketing plan of John Lewis Partnership constitutes of the following:

 

Market Segmentation and Target Market Selection

The market segmentation of LFC includes the following:

•             Demography: The marketing plan will include attracting the customers as per their gender, income, religion and family

•             Customers’ needs: These will include attracting the millennial, children, friends and families who often dine out.

•             Geographic segmentation: KFC operates in several cities worldwide in order r to cater the products that are mostly in the urban areas. 

•             Behavioral Segmentation: These include the customers that are inclined to different foods as per which the marketing of the different combos and other facilities is going to be done (Armstrong et al. 2015).

Goals and objectives

Organizational goal of KFC is includes:

•             Building organizational Excellence

•             Consistency in delivering quality and value added products

•             Innovation for continuous growth

•             Benefits and superior financial achievements

Marketing goals of KFC:

•             Increase inn percentage of share in fast food (Marketing91.com. 2018)

•             Improve profit margins

•             Return profit on investments to owners and franchises

As per these goals the marketing objectives includes the following:

•             Target new customers

•             Launching new products

•             Improving stakeholders relation

•             Enhancement of customers relationship

•             Increasing sales

Situational Analysis Tools and Techniques

The situational analysis tools that is going to crucial for KFC includes the following:

Porter’s Five forces: Through the use of this tools the condition of the market along with the competitive analysis in relation to buyers’ power, suppliers power, threats of new entrants and rivalry can be analysed through as per which the marketing mix will be prepared.

Marketing Strategy

The marketing mix is the strategy that is significant for this organization that includes

Product: The products will be developed as per the segmented customers. The products will constitute of diversity as per the following:

•             Quality conscious

•             Taste conscious

•             Offers and price conscious

Price: The price of the products will range from reasonable to relatively high price as per the following:

•             Great tasty chicken

•             Efficiency and Quality

•             Offers and discounts during off-peak seasons

•             “Halal” products for Islam oriented countries.

•             Product Differentiation

Place: New products will be launched but not I new market. Therefore, introduction of meals in the Asia pacific places is going to be target pace. Another factor relate to place is going to include the following:

•             Creation of Ambience

•             Ensuring cleanliness and Hospitality

•             Quality control in food and service delivery

•             Proper maintenance

Promotion: The promotional activities is going to include the following:

•             Offline advertisements for the outlets

•             Cross media platform for marketing

•             Email marketing for sales

People: The people will include the training and development of the employees.

Process: This will include instructions related to the delivery of the products as per the promotions and advertisements done.

Physical Evidence: In physical evidence, KFC is going to offer home delivery services as well through other portals of online food delivery.

 

Allocation of resources

This will include the classification of the costs based on the marketing as per which the financial department will develop the budget and provide the financial resources for training and development, innovating new food items and meals as per the segmented target markets.

Conclusion

The detailed analysis of the basic as well as diverse factors of marketing provides a clear conception that marketing plans of any company is very element that determines the execution of the other tasks to be done in different functional areas since marketing plans are going to be developed aligned with organizational objectives. Thus, the significance of marketing essentials and the tools that are discussed above is inevitable for the company. Thus, the organizations that are looking for sustainability of the organization with internal and external strength as well need to stress on the importance of the marketing essentials in order to achieve the organizational efficiency by meting the objectives as per which the other functional areas of the company is going execute the tasks that will contribute to the achievement of targets and goals. The marketing plans are one of the essential parts of marketing essentials which is clear from the above discussions.

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