Marketing Essentials Sample Assignment
With the advent of a competitive market in the world, the term marketing got different views from a different perspective in the business realm. Marketing is the soul of a particular organization to make a position in the target audience mind. It is a process through which the company shares value and get written by using the values from a big target customer. The following study emphasized on the concept of marketing. The reader will get a sense about the different marketing tools used by the organization to make itself a popular brand. The study has covered about the different marketing tools under 7p. Reader will get the explanation of marketing concept and how a company can constitute marketing strategy to institute a new product in a market.
What is the concept of marketing, including current and future trends?
According to Philip Kotler and Gary Armstrong, "marketing is the process by which company creates value and build strong customer relationship in order to capture return from present and potential customer. In the border sense, marketing refers to creating a big buzz among the target audience by using different types of tools and technique to sell the idea of an organization. the prime objective of marketing is to inform the target audience that the new initiative taken by the organization exists market or a new service comes in the market. Marketing is instituted in such a way that attracts the target audience to buy the product offered by the organization through different kinds of marketing tools.
The current trend of marketing is social media including Facebook, YouTube, Twitter, Video marketing, Content sharing, TVC, etc. By using that promotional tools company deliver its message toward the target audience. On the other hand, the future trend of marketing maybe come with a new dimension to deliver what organization wants to say about its new product or service.
Overview of SAINSBURY’S
With the slogan ‘Quality perfect, prices lower’ Sainsbury's was established as a partnership in 1869 inHolborn, London. Sainsbury'sis now the third largest chain with a 16.9% share of the supermarket sector in the United Kingdom. It operates with 186900 employees. It offers different types of the product under hypermarket, Superstore, supermarket, convenience shop forecourt shop. The company hits approximately £28.456billion in revenue in 2018. Currently, it is serving as Public Limited company,
Different marketing process of SAINSBURY’S
Situation Analysis: Situation analysis provides statuesque regarding any situation before taking a decision. Suppose the organization wants to promote its new product in London. The first important thing is to analyze the situation. Using different types of tools like SWOT, PESTLE, etc. the company can identify what it should do before promoting its idea in London.
Marketing strategy: SAINSBURY’S designs its marketing strategy is such a way, where they offer those products in the market which are preferable by customer. Firstly they analyses the market properly, then they try to understand the demand of the customer, finally, they design their marketing strategy to offer the most unique product in the market.
Marketing Mix: Here SAINSBURY’S uses 7p to promote its soul idea. Using 7p. marketing manager delivers all messages of a particular product in the market in such a way that creates super value, attention to the product.
Implementation and Control: The last stage of SAINSBURY’S where the marketing manager institutes its plan practically in the market. Under this stage manager goes step by step according to their previous plan execute the marketing strategy properly. It defines at what time marketing manager will which kind of promotional tools for creating an attraction of customers.
Role and Responsibility of Marketing Function
Make a Brand Position: Continuous massive promotion and providing accurate information create a unique brand. When people will see, a new product offered by any particular company on different types of sources again and again, they will buy the product subconsciously. Once they will realize the product as needy product, they will start buying the product frequently. In this way, company can sustain for long period of time.
Introduce New Product/ Service though Promotion: An important objective of marketing function is to establish a product/ service in market. The continuous promotion of any though in market makes a good brand for the product. People gradually become used to purchasing the product due to promotional effect.
Reduce the knowledge gap of a product among customer: SAINSBURY’S with instituting a proper marketing strategy helps the potential customer to know the details about the product or services through its marketing function. The customer knows all the detail information of a particular product from the marketing function of SAINSBURY’S.
Identify the most unique product and services: with the heavy analysis of resource and development sector, the manager comes to a conclusion to find out an influential product or service that holds distinctive characters to attract customer.
Analyzing How Marketing Influencers and Interrelate with Other Functional Departments of The Organization:
Being a large organization SAINSBURY’S has so many important functional units to carry out its entire activities. Marketing is considered as one of the most influential functional activity of SAINSBURY’S. The application of marketing tools almost brings impact on all significant functional departments of the SAINSBURY’S. It is to be like that if the marketing manager can successfully institute its marketing activities, it enables another department to perform very well.
For example, the sales department heavily depends on marketing activities. The more unique way marketing manager will follow to capture large customer attention, the higher sales effect will come. It means the sales department will identify that their selling performance begins to rise due to strong promotion done by the marketing department. When SAINSBURY’S will see that their profit is rising from sales report then another department like production will be asked to produce a little bit higher production than the previous time they have produced. This is how marketing is related to another functional unit of SAINSBURY’S
Analyze the Value and Importance of Marketing Role in SAINSBURY’S
The marketing department of SAINSBURY’S takes so many effective marketing strategies. The effective strategy helps to create a large customer base and make a good value by establishing a relationship with the customer. As a consequence of taking an effective marketing strategy, the sales department of SAINSBURY’S gets an immense response from the customer. The entire process creates strong value for SAINSBURY’S. the primary objective of marketing strategies to create a good run position in people's mind. The adventure role of marketing helps to attain to create a good value and make it sustain for a long period of time. On the other hand, another important role of marketing in SAINSBURY’S is that it enables the internal function to work very effectively when the marketing manager takes the right decision on the right time to promote the entire idea to sell in the market. It gives the sense that there is a positive relationship between marketing and other functional departments within SAINSBURY’S. Marketing department connects different stakeholder when it operates properly.
The significance of having effective interrelationships between different functional departments:
Effective interrelationships between different functional departments mean that the company is connected to each department very strongly. Having such interrelationship chain different department provides SAINSBURY’S the way of implementing any kinds of activities very smoothly. Because when all the department has good communication with each other there will be no information gap, the company can take the decision very fast and it can generate effective decision as well as. Thus, the overall performance of SAINSBURY’S will rise due to the positive activities taken by functional department within SAINSBURY’S.
For example, before setting a price for a new product, the manager will communicate with another functional department to accurate information. all functional department will provide the update information to the manager so that the manager can give the best price range for the potential customer.
Task 2 (Part A)
Explaining How the 7P's Marketing Mix and Marketing process used to achieve business objectives
This part we will discuss the marketing mix and the marketing process of SAINSBURY’S and Pfizer UK to analyses how they perform their marketing effort.
Being separate business identity, they follow the same marketing strategy to render outstanding performance from the market.
the company is based on the research approach to producing quality product that they will offer in the market. The heavy demand for their product helps themselves to be stable in a competitive market.
It also follows a research-based approach to render a unique product for its customer to sustain in the market for a long period of time.
The company gradually offers a price that suits all types of the consumer across the nation. People can easily afford the product offered by the organization.
the company follows multi-step pricing strategy. It gives a price based on the features of a particular product.
It operates its business operation in UK only. It almost operates its business at 1415 (2017) shop in UK. Based on its convenient place, it further takes decision to expand its business.
The company has almost its operation in 190 countries with its strong organized sales channel. It has also manufacturing plant around the different nation for attaining cost advantage
Its different type of promotional tools provides the message about its product. The organization creates awareness, use newspaper to publish content marketing, goes for social media to inform people, etc.
the company heavily depends on electronic media to promote its product. It also seeks advertisement as TVC to create buzz. Sometimes it initiates activation plan to boast of promotional strategy
the organization has a strong distribution channel, personal website, pages in different social media, strong brand value as physical evidence
The company uses colorful packaging strategy for increasing customer awareness about their product when a customer enters a retail shop
An employee who is associated with the organization are highly trained. Even the organization takes initiative to make themselves efficient by arranging different types of the workshop
the organization communicates with the suppliers in such a way that helps to get the best raw materials at a reasonable cost and it ensures that people are utilizing raw materials at their level best.
The company follows both online and physical order to deliver its product. When it gets an order, it sends the product to its respective selling. And from where the final consumer gets the product.
The company also follows an online inventory management system by using that company take orders from its customer and send the product to the consumer.
Explaining how the marketing processes used to attain the business objectives:
As this study talked earlier about the marketing process of SAINSBURY’S include situation analysis, marketing strategy, marketing mix decisions and implementation and control of marketing plan. Now it is analyzed actually how it works properly
Situation analysis and formulating marketing goals and objective: Situation analysis provides s the details picture of a particular fact before taking a decision. Its analysis both the internal and external situation of a company by a manager before implementing a decision. It is mostly undertaken by three important factors which are the company, its product, and the target market.
Marketing goals and objective of SAINSBURY’S (hypothetically assuming)
- To increase sales of its product and acquire 30000 new customers
- Increase the online order by 30%
- The shifting of 15% and customer to the paperless bill payment system
Above objective can be fulfilled in the following ways.
The Company will start affiliate marketing to enhance its selling ability. It will gradually to get a new customer and to sell its product. Advantages of affiliate marketing are to provide online transaction facilities for its new customer. Or the company can give incentive to those customers who will use an alternative transaction for purchasing product than paper bill payment. and continuous promotion and rating of the product may bring 15% order more.
Marketing plan for SAINSBURY’S to meet marketing objectives:
Assuming company wants to introduce a new healthcare product name Nutrition+. The company needs to rebuild its marketing strategy to attract the children and their parents for its brand-new product. This part will discuss how SAINSBURY’S can make a marketing strategy for Nutrition+ as child product
Keeping the organization set to conquer earlier aim and objective through new product. The objective was
- To increase online sales of its product and acquire 30000 new customers
- Increase the online order by 30%
- The shifting of 15% and customer to the paperless bill payment system
Now, SAINSBURY’S has to following task
Target Market: The company set first of all children as target customer as the new product offered by the company are related to children. Secondly, the company set only lower middle, upper middle and upper classes family as the target customer. Because the below lower-class family cannot afford to buy this product due to their financial restrictions.
The common analysis that is mostly used all type of marketing strategy which will tell about what are the internal and external situation of the product.
SAINSBURY’S has a strong value proposition, as a result, it can easily promote the product Nutrition+ product
It has a strong operational experience to operate in the new brand in the market.
peoples' demand and need can be changed anytime. As a result, the market is uncertain to generate value.
Upper class people may not suddenly choose the product
It has a huge market size around the Nation. Because children are continuously growing across UK. Even company can export the product
There is the risk of a substitute for the product.
The threat of Economic Crisis.
7Ps Marketing Mix with Details of Different Tactics With an Action Plan
Product: The company will produce Nutrition+ with different flavor keeping the standard of food agency. It will design the product in such a way that will contain all ingredients of product materials.
Price: The company will follow market skimming pricing strategy and it will charge from £25 per 2.5 kg items and £15 for 1.5 kg items.
Place: Firstly, the product will be available to the supermarket and hypermarket so that the people can easily find out the product. Secondly, the product will be available to different types of renowned who seller for massive available of product in the market.
Promotion: The company will heavily Depend online promotion especially in social media. Because today's global world is much more dependent on social. Apart from that, the company has to keep some sort of buzz among local market to promote its idea.
Physical Evidence: The company will use the catalogs and banner in different types of the retail store so that the customer can easily get detail about the product and its price.
Process: The organization will have an option of sending the product to the door of the customer with having a little bit of charge. This process will help to gain customer loyalty.
People: People who will be assigned to work with promoting this new product, bound to learn detailed information about the product. They have to ensure the high communicative skill to work under this team.
Above strategic can successfully help the organization to implement its new product in the market.
Overall Cost Budget Analysis:
Per unit production cost for 1.5 kg will be £9 with all type of cost. Expected selling will be £15. Profit margin is 6 pounds. But the production unit cost will be decreased if the company can successfully produce a maximum number of products utilizing its resources very efficiently.
Measures for Monitoring and Evaluating Progress Towards Global Marketing Objective
Whether the marketing aims and objective are fulfilled or not will be known from the analysis of revenue generated from the marketing effort. The total number of customers will be compared with previous statistics. For example, in earlier without any marketing strategy company get near about 10 lakh order in a month. But at present, with a new marketing strategy, company gets near about 2000000 order within a month. This will decide that marketing aims and objectives are fulfilled.
But If the company gets less than 10 lakh order or equal to 10 lakh order after taking a new marketing strategy, it is said to be that the objective and aim of marketing is not fulfilled. On that time, the organization will take the correct measurement to monitor such a great deviation. It can further check policy to obtain its objective.
Above analysis give the findings that the company has to come up with a solid marketing strategy to implement the new product in a competitive market. No matter how much good product a company can produce, without a proper marketing strategy, the company can never expect a good performance from the product. but with a sound marketing strategy in your organisation can successful implement its decision to sell the idea that it has produced from its operation. Using different types of tools and technique of marketing strategy, a company can install a superior marketing strategy which may help the organization to render outstanding sales performance.