Today’s business environment is quite competitive and dynamic in nature wherein marketing has gained significant importance in almost every organizations. It encompasses comprehending the market place, offering quality products and services, adopting customer driven marketing strategy, developing profitable relations and fulfilling the demands of the patrons. In this modern world, the core principles of marketing needs to be re-evaluated so as to accelerate the marketing performance (Cravens and Piercy, 2008). Pertaining to this, the main focus of the present research study is to carry out detailed marketing evaluation. The report is divided into two parts wherein the first part is essay reflecting the role of marketing in modern organization and will evaluate the inter-relationship of marketing with other functions of the firm. The second part of the report is based on the case study of beauty giant engaged in selling cosmetics which has decided to launch a new anti-ageing product known as “Forever-young”. The main task here is to design a strategic marketing plan for the new product and apply marketing mix so as to achieve the marketing objectives.
PART – 1 (ESSAY)
As per AMA (American Marketing Association), marketing is a systematic process that helps the organization in disseminating their merchandise to the ultimate users. Marketing is mainly focussed towards distribution activity of products. With the passage of time, market conditions and upcoming trends in the market, the definition and core principles of marketing is re-defined and re-evaluated (Hooley, Saunders and Piercy, 2003). The present era is favouring customers as they are being treated as a king and when it is a retail business, there importance increased manifolds. Now, marketers have realized that selling products to the customers is just not enough and they are in need to offer other benefits to make them satisfied and loyal. The success of modern organizations lies in their tactics, strategies and processes. The major attention of the firms should be to offer quality merchandise to the clients with innovative features, stylish appearance, accessible and finally that offers value to them. Marketing function is thus defined as a role being performed by the organizations to determine and source possible product for the market and adopting strategies for upholding the same (Thompson, 2018).
Talking in regards with the roles and responsibilities of the modern marketers, it has now extended far beyond just selling the stuff. Now it often holds oversights of digital transformation all around the business that helps in shaping end-to-end experience of the customers and also takes remit for all brand touch points. Underpinning the discussion, Ashely Friedlein, the founder of marketing week has developed new marketing paradigm called “The modern marketing model or M3”. This model includes 10 components which is broke down into four major stages i.e. strategy, evaluation, planning as well as execution. Furthermore, it also blends, the major principles with skills being required so as to maximize the opportunities available in the new digital world (Thompson, 2018). Roles, responsibility and skills of a marketer is evolving to meet out this changing landscape. The core role of marketing in the modern organization are being defined in the subsequent paragraph:
- Identifying the possible new markets – In the current time, determining the new potential market for the product and services is the major task that need to be performed by the marketer. Here, maintaining relationship with the exiting market is also very necessary to increase market reach (Christian and Workman, 2010).
- Introducing new-fangled products and services – The main role of the marketer is to allure new customers and maintain the old ones. In simple words, marketing generally carry out research about the needs and demands of the market and as per the result, the products are being introduced in the market so as to offer maximum satisfaction level to their valuable customers.
- Evaluating the product – In this dynamic and digital transformation era, the preferences of people keeps on evolving and thus, it is necessary to evaluate all these upcoming trends meticulously for the purpose of having needed alteration in the product that pleases the target market (Hausman, Montgomery and Roth, 2002).
- Marketing Planning – It is vital on the part of Marketer to create an action plan so that marketing activities like distribution, promotion and sales forecasting can be performed effectively (Wind, 2005).
Focusing in relation with inter-relationship or inter-dependence of marketing function with other functions of the firms, it can be whispered that marketing function cannot exists in isolation and permeates all other functions within the organizations. Different functions are being performed within the firm such as production, human resource, operations, finance, logistics, research and development etc. and each and every function defined above is grouped into departments for better functioning and efficiency (Ruekert and Orvill, 2017). Throwing light towards human resource management function, it overlooks training, recruitment, selection, professional development, employee motivation, performance management and related legal aspects of human capital. So, a marketing manager is required to use HR department to support in recruiting a marketing assistant. The HR will organise interview and select best candidate so that marketing objectives can be achieved (Day, 2006).
As with the human resource management, the production, operations and logistics functions within the business is also require to work in collaboration with the marketing department. Operations generally encompasses activities like packaging, manufacturing, logistics, warehousing and distribution. Marketers are required to sell products and services which are presently in stock or can be manufactured in a reasonable period of time. However, there are unworkable scenarios as well within the business where marketers are making an attempt to increase the sales of the product and the concerned product is not supplied (Hausman, Montgomery and Roth, 2002). Thus, there coordination and relation is necessary for effective functioning.
Underpinning the discussion, research and development should also be driven by the marketing concept. The demands of the customers’ needs to be central to any new research and development so as to offer products that significantly contends the needs of the patrons. The marketers is required to communicate with the researchers as well as engineers so as to ensure that the needs of the customers are represented. Furthermore, processes related to manufacturing should be researched and developed on the basis of some aspects of marketing mix. For instance, logistics needs to be researched for the purpose of delivering products effectively to the clients (Lamb and et.al, 2008).
Consequently, from the above discussion it can be said that the role of marketing is valuable and vital for exchanging, transporting and moving the products and services to the ultimate users. It is complex mechanism but a real need of the time. It provides employment to numerous people and creates needs within the customers rather than identifying the needs (Schultz, 2004). Further, the functional units of the modern organizations are co-related with each other that significantly supports the firms in accomplishing their desired objectives, growth and success. Today, the focus of each and every firm is towards providing products to the clients that offers more value and therefore, they are adopting more focused approach in regards with their marketing activities (Strydom, Jooste, and Cant, 2008).
PART – 2 (REPORT)
As a marketing manager of Beauty Giant, the main tasks here is to design a strategic marketing plan for the launch of the new product called “forever young” which will be the first of its kid to be targeted in more than 30 markets. Further, the use of 7 P’s of marketing will be done to achieve the marketing o