You are required to answer the following questions:
- Discuss about the role of marketing in business along with its interrelation with other functional departments.
- Distinguish the ways in which businesses use marketing mix (7Ps) to achieve business objectives.
- Discuss both positive and negative impacts of macro environmental factors on business operations.
Marketing is considered as an important tool according to the modern business organisation. It includes demands of the customers, understanding of marketplace, market strategies for establishing their business and many more. According to the current market situations if the company wants to remain in the market for a longer period of time that they must work as per the customers needs and wants (Anderson and et. al., 2014). Other than this, it is essential that firm maintains a good relations with consumers. Company that is been taken in this report is McDonald, which is a big food chain and operates its business all over the world. In this report the roles and responsibilities of marketing functions in context with the selected organisation is mentioned in this assignment. Along with this comparison between different companies and how they have applied marketing mix to the marketing planning process for achieving business objectives. Lastly, evaluation of basic marketing plan of McDonald.
P1 Roles and responsibilities of the marketing function of McDonald
Concept of marketing is one of the important element in which organisation tries to identify the needs and wants of customers so that they can manufacture products accordingly. Thus, McDonald is using various marketing concepts so as to give effective services and facilities. Therefore, it is assisting them in delivering best quality products to its end customers. Some of the marketing concept is mentioned below that is being used by McDonald in order to improve their business:
The Production Concept: This is the concept in which company tries to optimise all the resources that are available to them so that they can make best quality products. This will enable them in enhancing their revenues and sales as well. Other than this, McDonald is making certain strategies in which they are interoperating laws by which they can minimise wastage (Brychkov and Domegan, 2017). This is enabling them in making large number of profits and also helping them in sustaining better position at market area.
Product Concept: In this, most of the company tries manufacturing goods as per the choices and preferences and it is assisting them in gaining customer's value. For making quality products McDonald is taking feedbacks and reviews form their customers. Therefore, it is essential that managers of the company monitor the market situation on a regular basis for analysing and performing the task in a better manner.
Selling Concept: This is the factor that is important and helps an organisation in increasing sales and for this company use different marketing concept for selling the products and commodities (Bryson and Daniels, 2015). Apart from this, McDonald is using various tools and technologies like internet, social media, online websites etc., therefore, it is enabling them in increasing their revenues.
Concept related to marketing: Marketing is considered as an essential part that helps an organisation in gaining competitive advancement. Company provides all the information related to the products to its customers so that they can have an overview regarding the commodity. For this, it requires that organisation makes effective strategies and plan of action which they can use for marketing purpose. Managers in this, focuses more on providing better services so that they can fulfil the demands and wants of customers.
Concept related to society: To sustain a better position at market area it is required that they consider all the factors that are available in the market area and society as well. By conducting surveys McDonald can make out the the choices and preferences that of customers in particular area.
Role of marketing
Marketing is determined as one of the important element for an organisation as it helps them in generating more revenues. This assist them in maintaining a a good relations with customers. In context with McDonald they are using different marketing strategies for pulling attention of maximum number of people. It will gradually increase the sales and profitability, in respective areas where they have established their business (Cornwell, 2014). For this, company is using different tools of marketing and it is assisting them in providing better services to its customers.
Functions of Marketing
There are various functions that are to be performed by the department of marketing and these are mentioned below:
MIS(management Information System): The department of MIS helps an organisation in optimising all the gathered information so as to improve business operations. Prime role of this department is to manage the entire activities so that they can get effective results. Managers take help from the data that are provided by them so that they can make appropriate decisions. As a result it assist the organisation in achieving the goals and objectives in specific time frame.
Pricing: In context with McDonald it is important that they considered all the factors for fixing the cost of the commodity (Durham, 2018). As it is one of the essential element so company must set prices that customers can pay by their will. Managers can determine the pricing strategies that are adopted by other company as well so as to have an ideas about current market situations.
Product and services management: In this company tries to make improvement in their designs and food items so that they can attract more and more customers towards their organisation. In context with McDonald is making alteration in their products for example: they are giving food stuffs along with interesting flavours.
Distribution: Under this, company tries to look out the places where they can establish there business and from where firm can gain maximum benefits. For this, McDonald has set up their company in those areas which have a decent network.
Finance: For giving effective services it is important that company have huge amount of money which they can invest for providing better results. Appropriate funds are used for purchasing raw materials which can be used for production process. If firm don't have adequate resources than it can have a negative impact on its customers and decrease in sales can be seen.
Selling: Marketing can be directly linked with sales and for this, company optimise various tools and technologies in order to reach to maximum number of people. Therefore, by providing better services and facilities they can increase their sales and profitability. Other than this, it is assisting them in establishing a better communication with its customers.