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This assessment will cover the following questions which help in making the marketing plan for the business are illustrated below:
Marketing essentials refer to the process of creating, delivering and promoting types of goods and services that may fulfil demands of customers. There are various promotional and marketing activities which are performed by the organisations to grab the customer’s attention so that they may expand their business (Schlenker and Roth, 2013). Taste and preferences of customer’s changes with time hence it is very important for the service or products providing business enterprises to consider their actual need and demand. This may help to increase profitability and set a positive image of company in minds of customers. This report is based on Burberry's marketing essentials. Headquarter of the organisation is in London, England which is a British luxury house.
Various topics are discussed under this assignment that are key roles and responsibilities of marketing functions, the way in which all of these are related to wider organisational context, different manner in which organisations are applying marketing mix to marketing planning in order to achieve business objectives. A detailed marketing plan has also been discussed under this booklet.
Marketing functions can be defined as the activities that are performed by the research team of an organisation while promoting products or services. It is very important for the marketing teams of the companies to perform all the marketing functions effectively so that goals can be attained. As Burberry is a large business enterprise which is established in London and now the organisation is willing to launch a new product in the market. For all the concerned persons of marking team of the company have to perform all their duties effectively so that a good marketing plan may result in favour of the company and also help to attain the goals that are profit maximisation and customer satisfaction (Functions of marketing, 2018). Detailed explanations of functions are as follows:
Marketing planning: While an organisation is willing to launch a new product or want to target their prospect customers than it is very important for the marketers of the company to make effective plan so that it may help to market the product. It is very important for the company to plan all the marketing activities effectively so that it may result in achievement of all the business goals. If marketers are not able to form an effective market plan and the planning is not very effective than this may create issues for organisations in implementing it. All these issues reduced the customer interests, increase market competition and so on.
Exchange functions: It includes the buying and selling of goods and services. These functions are very helpful for company as they help to assure that the products that are offered to customers are available in sufficient quantity and are able to satisfy the needs to them. All of them are supported by various activities such as advertising, sales promotion and personal selling (Rudden, 2016). If marketers are not able to perform these functions effectively than it results in decreased sales and number of customers because exchanges are directly related to customers.
Product distribution: It can also be defined as the method which is used by the organisation to provide products to the customers. These types of functions are related to storing and transporting activities of organisation because it is essential for the company to make effective plan for product distribution as this may help to expand business in different regions. Such functions are required to be performed with higher involvement because a small mistake can affect negatively
Customer support: Customers are considered as the king of the market and for every company it is very important to grab their support because this may help to acquire higher market share. If any company having higher level of customerâs support which is because of its product quality which is very good and organisation also consider the demand and needs so that it may offer products that they are willing to buy. Changes in customer's demand are natural because when one needs is fulfilled than another take place which is for a new product or service. It is essential for company that customer should support them as it is considered as a main sources to gain funds (Proctor, 2014).
Market information: Marketers of a company have to collect market information which is required to formulate a marketing plan so that the company may aware customers about their product or service which has been launched in the market or already available. It is very important for the company to follow current market trends that may help to increase the sales and profits and also lead the organisation toward success. Right market information can help to formulate effective strategies for all the promotional activities and to select the market segment where it is required. In situation of improper marketing information companies may have to face issues like reduced sales and profits (Mueller and et. al., 2015).
Packaging, labelling and branding: These are the three main functions that are done to make the product attractive. Packaging is the process of designing package for product, labelling refers to add a label to the product that may describe it in one word. Branding is the process of giving a particular name or symbol to product. All of them are performed effectively by the marketers which helps the company to be in list of priorities of customers. Main responsibility of packaging function is to make the product attractive so that it can grab attention of customers. It helps to enhance market share of the organisation.
Product designing and development: These types of functions are used to make the product more attractive for the buyers. If any firm having various competitors in the market who are trying to acquire market share of the company. Effective performance of these functions can help the organisation to be more competitive in market (Larson and Draper, 2015).
Risk taking: It is one of the essential marketing function and marketers have to take risk on different level to get good results of actions. If an organisation is willing to be successful than it is very important for it to take risks because risks may result in achievement of goals. This is possible with the help of proper research of market in which all the information is available which is required to make decision to take risk or not. If Marketers of company take risks and then it results positively for them because they gather proper and effective information of market which guides them throughout the way of success.
Financing: It is very important for the organisation to have proper funds to perform all the activities. If company is willing to launch a new product in the market it is essential for them to have sufficient funds and have good sources of funds that may help to acquire finance for the new product. If the company is not having sufficient funds than it is not possible to operate the business as all it can be executed with proper financing that may be acquired by shareholders, investors and loans. While the new products are introduced by the organisation than the marketers have to arrange funds for the launch because it requires high promotions and also need to attention of customers (Kladou and et. al., 2016).
Standardisation and grading: In marketing activities standardisation is also done for the products in which all of them are predetermined according to their specifications. It ensures the quality of the product or service which is going to be introduced by the organisation in market. If any company is going to launch a new product in the market that may help to it to acquire higher market share. It is very important for the business entity classify the goods by providing it grades so that customers may buy them according to their specifications. The company is offering high quality products that are mainly for the upper class customers because of their price which is very high in grading various things are decided for the product like size, weight, material and other. (Khan and Adil, 2013).
All the above mentioned roles and responsibilities of marketing functions such as: marketing plans, collecting market information, grade the product quality to help an organisation. This would then specify what types of resources are required at the time of introduction of a new product in the market. If marketers of the company are able to form the decisions appropriately than it may help them to accomplish all the goals successfully that are related to the new launch of the organisation.
Marketing is related to different other functions of the company because it may help the organisation to make effective plan in order to enhance effectiveness of the organisation. Burberry is now willing to launch a new product in the market then it is very important for all the marketers of the organisation to gather proper information of market so that they product may get attention of customers (Illing and Anders, 2016). All the different divisions of a company are related to marketing in different ways. The relations of the departments can be understood with the help of following description:
Marketing and finance department: Both the subdivisions are related to each other because marketing department gets funds from finance division of the company. All the promotional activities are performed by marketing section and all the finance related operating is executed by finance department. In Burberry the marketing manager is responsible for acquiring funds from finance divisions as all the records of monetary resources are recorded by this department. For the new product launch Burberry's finance and Marketing managers will coordinate by assigning a team leader for both departments that would have to look after the budgetary requirements related to promotional activities so that it may attract more and more customers and increase the sale and profitability. If this department is not having sufficient funds to perform all the promotional activities than it is not possible to acquire higher market share. For all the concerned persons of Burberry is vital to manage all the funds that are provided by the finance division (Caragher, 2016).
Marketing and human resource department: Human resources department has many responsibilities such as to appoint skilled employees within their organisation so that they may help to attain organisational goals, provide training programme and so on. All the selected workers have to go to the field with the field to market the product in order to increase the sales of the company it is very important for human resource department to appoint or hire skills and knowledgeable employees in the organisation so that they may contribute in organisational development. In Burberry the human resource division is also focused to hire such staff members who are able to handle work load and also able to overcome the critical problems by finding solutions for the same (Brooks and Simkin, 2012). As the company is launching a new product in the market, it is very important for the organisation to delegate responsibilities to all the employees who may formulate effective strategies for the marketing activities. They are also liable to grab attention of customers with the help of attracting marketing plan.
Marketing and research department: Functions of marketing and research department are mainly related to each other because research team gather information of market by researching for a long period in the market. Now the marketing division use the data of research department to formulate effective strategies that may result in favour of the company. Burberry is now willing to introduce a new product in market as it is very important to get exact information of market and trends. For this purpose, the research team can collect information from the market and then marketing division can formulate effective strategies to make the new launch successful in the market and also result in higher market share. In Burberry and all other organisations these departments are related to each other because a good marketing plan requires accurate data that can be gathered with the help of effective research.
Marketing and management department: It is very important for the organisation to manage all the activities that are performed by its employees. For this purpose, management division has been established within a company. This department is mainly concerned to monitor the organisation and all the actions that are taken by all the staff members in order to respond difficulties and also the way in which they fulfil their duties. In Burberry management and marketing department work together so that the organisation can attain higher level of success in order to expand business all around the country (Baker, 2014). Management department can handle all the managing related activities so that it can be assured that companies going to get massive success with the help of new product which is going to be launched in a few time. It is very important for a company to manage all the activities so that it can be measured that all the jobs are performed effectively or not.
Marketing and sales department: Sales department is responsible to handle all the sales related information and matter in which employees communicate directly with the customers and then they sale products to them in order to achieve individual as well as organisational structure. The new product is going to be launched by Burberry which is a leading and established company in UK and providing good quality products to its customers. Now the company is launching a new product in the market so that it may target its prospect customers who may help it to expand the business globally (Aschengrau and Seage, 2013).
All the departments of a company are related to each other because they are dependent on each other for their activities because they are not able to perform all the activities alone. For example if Burberry is launching a new product in market than it requires proper research of market, sufficient funds for promotions and advertising, skilled employees who may help to enhance awareness of the products among customers. All these functions are performed by different departments like finance, marketing, research, management and sales but they work for a same purpose which a goal or objective of a company (Albright, 2014).
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Marketing is very important for a product because it helps to provide information and set an effective in the mind of the customers. It is very important for a company to formulate effective marketing plan so that the goals can be achieved easily and appropriately with the help of the employees who are working in the company. It is very important for a company to analyse marketing environment with the help of marketing because this may help to get information of current trends and also supervise while the product is launched in the market. There are various marketing functions that are the market of marketing activities. Marketing is conducted to analyse the market conditions in which it is determined that what customers are willing to buy and what they will pay for the same. Main function of the marketing is planning because it is a detailed plan for future sales. All the advertising, promotion and distribution activities are the part of marketing function. Standards and grading are also an important element of marketing as it guides the organisations to set standard for their products and provide them grade according to their value. Main objective of all the marketing functions is to gain customer support because it can help to establish a business successfully in market.
There are various departments in a company like marketing, finance, sales, management and research. All of them are concerned with different activities but they are working for a same purpose that may help to reach the predetermined goals of the company. In Burberry finance department provide funds to marketing and research division to perform their activities. Research department provide information of market to the marketing division. Human resource division hire and appoint skilled and knowledgeable employees in their organisation who may work effectively and have ability to find solutions for critical problems.
As an organisation is made up of every level, small or big,Â Â every organisational function is important element for its success or failure. The department is liable to perform all the activities that may help to make a product attractive for the customers. Burberry's organisational structure includes marketing, finance, human resources and research departments. Out of these, Burberryâs marketing functions include designing, developing, focusing on creative media developments, product development, digital marketing, and merchandising and planning apart from selling. This department is dependent upon finance, human resource and research division of the company because they provide funds, skilled employees and data of market. If one of them fails to perform their activities than all the other divisions get affected because they are interrelated to each other. Hence, every functional manager is responsible to coordinate, control and implement strategies so that Burberry is able to achieve its goal of providing authentic and distinctive products to its customers.
From the above project report, it has been concluded that marketing essentials are the set of plans that may help to create, promote and launch a product in market so that an organisation can achieve all its goals. If the marketers are not able to form effective strategies then it may affect organisationâs performance. Different types of policies are created by the employees and other higher authorities of an organisation so that all the activities can be performed effectively and also satisfy needs to customers by providing them such products that they are willing to buy from the companies. It is suggested to all the companies to conduct a SWOT analysis that all the strengths, weaknesses, threats and opportunities can be identified for the future period.
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