When Rewarding Employees Let Them Bus 302

Posted By Admin @ Feb 26, 2022

Tittle: Assignment on Marketing Essentials

marketing

Chicago

LO1: Explain the role of marketing and how it interrelates with other functional units of an Organisation.

Defining the Marketing Concept

 There are various business activities which are important for an organisation, and one of such activities is marketing. It is a process that is used by organisations to grab the attention of their target or potential customers so that they are interested in buying the product. It is an activity that is used for the promotion of a product, and the message is reached to the target audience with different mediums. In a marketing process, there are various things are involved such as promotion of products, research about the target market, as well as the distribution of the product to the right market, etc. It is important to understand that overall the marketing concept may look to be a simple one, but in fact, it is a huge concept with so many elements to be covered. Every business organisation has to make sure that they have a great and well-planned marketing strategy as it is indispensable for their sustainable development and long term growth (Grönroos 2006). This report will analyze different elements of the marketing by keeping McDonald’s Company in context.

P1 - Explain the key roles and responsibilities of the marketing function.

 It is a fact that marketing function is critical for an organisation in so many ways as different important roles & responsibilities are handled by it. The changing landscape of business is also changing the trends in marketing function so that these functions can comply with modern business friends. The first major role of the marketing process is research in the market. It is actually referred to as marketing information management. It means that an organisation will have to gather data for its relevant market as well as potential customers so that they can derive a better marketing plan. The selling and distribution are two other critical functions, like products to be promoted for sale and then it is distributed to target customers so that they can get their relevant product. Promotion of the product is another key function as marketing strategy chooses different mediums to promote products so that the message can be reached to target customers. The whole marketing activity needs some financial support so that marketing strategy can be followed accordingly, so financing is another major function of the marketing process. The price of the product is another vital element to promote the product, as the price is always a major concern for the majority of customers. The organisation like McDonald’s has to make sure that they follow all of these functions in a proper manner (MADELEINE 2018).

P2 - Explain how roles and responsibilities of marketing relate to the wider organisational context.

 Earlier, some of the key roles & responsibilities linked with marketing have been discussed, and when each element is analyzed separately, it shows that marketing is not the only essential element in itself, but it is related to various other organisational contexts. The overall organisational structure can get considerable help from the marketing function, as it helps in so many different ways. For instance, if an organisation is looking to develop a new product, the role of marketing can be critical in this regard because a lot of market research is done by the marketing department, and their collected data can give great insights into the market. In addition, the data can be important to know the current trends in the market which are grabbing the attention of the customers. For instance, if McDonald's wants to know whether they should change the packaging of their products, then they can do it by looking at competitors and gathering data from the customers. Lice, they can use special packaging for meals, which are targeting the children. Marketing can have a great relationship with the production of a company. For instance, if McDonald's is looking to come up with an extensive marketing campaign for a new menu or meal in their list, then the production department will be asked to get ready for the demand so that supply is made sure. The supply and distribution of the product are crucial for long term success (THOMPSON 2019). The marketing department has to develop a considerable relationship with other departments so that they can handle things accordingly. For instance, if the marketing department is looking for a new marketing campaign to launch, then they will need financial resources for it. So, they will have to coordinate with the finance department to know how much budget is available and how much budget can be used for a single marketing campaign. This kind of relationship between other business units and marketing unit would always keep things on the right track (Mahea 2014)

LO2: Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall business objectives.

 It is vital for business organisations to realize that they might have developed a good marketing strategy, but they need to keep an eye on that particular strategy so that they can meet their business objectives. One good method to do so is the use of the marketing mix. There are 7Ps of marketing, which can be used by an organisation to evaluate its marketing strategy on a regular basis. It is a fact that market, customers and their requirements change on a regular basis so it is vital for organisations to revisit these 7