Essay on Detailed Marketing Evaluation

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 objectives.

Executive summary

The current research report pays attention on designing a strategic marketing plan for the introduction of new product in more than 30 target markets. Beauty giant is a cosmetic selling company that has more than 50 branches all across UK. They are engaged into selling of men and women toiletries from various renowned brands. Till yet they have not produced any product of their own and now they have decided to launch new anti-ageing product in the markets of UK. For this, detailed analysis of both internal and external marketing environment will be done along with various marketing strategy and marketing mix will be used to achieve the objectives.

External environmental analysis by PESTEL tool

Porter’s five force analysis (Competitor analysis)

• Threats from new entrants – Talking in reference with the cosmetic industry, the threat from the new entrants is quite low. This is because of various factors such as huge costs of entry, requirement of lot of resources and ingredients, huge manufacturing process, less funding options and high level of competition. All these factors discourages the entry of new firms in the market. Companies such as Revlon, Clinique, Avon, Mac etc. have large share in the market which reduced the profitability of the companies in the industry (Brooksbank, 2013).
• Bargaining power of buyers – the bargaining power of the buyer is too high because of rising level of competition and availability of range of cosmetic products from different manufacturer. All these products have high number of substitutes it is possible for the customers to compel their producers to decrease the prices of the products by purchasing the products form their competitors. This is the major challenge being faced by the producer of cosmetic products all throughout the world.
• Bargaining power of suppliers – In the cosmetic industry, the bargaining power of the supplier is quite low. This pertains to the fact that there is high number of players in the market and there is huge supply of different products to the market. Numerous cosmetic products are being developed by both large as well as small manufacturers and because of this large supply the customers enjoys the power to impact the prices of the market in contrast with the suppliers (Hutt and Speh, 2012).
• Competitive rivalry – Further, in this industry, the degree of competitive rivalry is too high. There are many competitors such as Revlon, Clinique, Avon, Mac etc. which are competing with each other. Further, number of Spas are limited and they have their own products and thus, supply is greater than the demand in the market. Additionally, the exit barriers is also high.
• Threats from substitute products – There are numerous competitors in the cosmetic industry and thus, threat from the substitute products is relatively high. For instance, if the producers sells their products at increased prices and the products are too of low quality than it is more likely that the consumer will go for substitute products. Therefore, it is vital for the cosmetic players in the market to innovate their products if they want to manage the challenges of the threat of substitute (Hutt and Speh, 2012).

SWOT analysis of the Beauty Giant

Marketing objectives for new product “Forever Young”

Marketing strategies

• Product – The beauty giants has decided to launch new anti-ageing product called “Forever Young” in 30 markets of UK. The product will support the target group in eliminating their appearance of defects. It will also help in cleaning as well as moderating the sebum in the surface of skin (Davids and Newcomb, 2015).
• Price – Market penetration pricing strategy is being followed by the firm for this product. At the initial level, the firm will charge lower prices and afterwards they will increase the price.
• Place – Forever Young is being launched for 30 markets of UK. Further, it will be able in varied outlets, shopping sites and company’s online website.
• Promotion – For promoting the product different social media sites like Facebook, Google and Twitter will be utilized. Sales promotion technique will also be used such as free samples, discounts etc.
• People – This involves learning about the target audience and finding out how the new product will fit into their lifestyle. Thus, the employees of the firm will engage in determining the needs of the target group and will design the best-selling product so as to develop a perfect sales pitch (Borden, 2011).
• Physical evidence – Physical evidence is nothing but the psychical element being involved in the product such as brochure, pamphlets, flyers, packaging etc. Further, record of all past experience of customer group about their buying behaviour is also a part of physical evidence.
• Process – This involves processes being involved by the business to manufacture the product as well as to deliver the product to the customers. Beauty Giant makes use of effective process that it succeeds in minimizing the costs, maximizing the profits and satisfies the customers as well.

STP

Segmentation

• Geographic – In this type of segmentation the firm is segmenting its product on the basis of region, nation and area. They are segmenting the market of UK.
• Demographic – It includes segmentation by age, gender and income group. For the new product of the firm, upper and upper middle class income group is being approached
• Psychographic – It divided the market on the basis of Lifestyle, attitude as well as motives (Blythe and Megicks, 2010)

Targeting

It means forming a groups of individual having similar needs and wants. The main target group of the company is men and women of the age between 30 to 55 years both professional as well as non-professional. They will target 30 markets of UK especially the urban market. All the targeted group of the company is willing to spend extra pounds to look better (Belsch and Belsch, 2005).

Positioning

This is being regarded as the final level of the whole marketing process. This is the stage where the firm decides about the strategies that can be adopted to position themselves in the desired market. Since the customer of beauty giant falls in the higher income group and thus it will be considered as a high end brand. It is vital to position the new anti-ageing product by feature, values and beliefs. The firm can also make use of campaigns with celebrities that showcase the advantages of “Forever Young” such as plummeting the appearance of defects, reducing darkness and wrinkles and balancing oily skin (Duncan, 2011).

Market control

This is being regarded as the major component of the overall marketing plan. This is the level, where each and every activities and tasks are controlled by the way of effective matching of marketing objectives with the results being obtained. Further, drafted activities are also taken into account so as to have proper checking. With this, it becomes easy for the managers to take corrective actions if any type of deviation is being found within right time ().

CONCLUSION

Consequently, from the current research report it can be said that it is essential for the companies like beauty giant to understand the significance of customers and their relationship. Innovative as well as extra-ordinary products should be delivered to them by adopting appropriate marketing strategies, tactics, procedures and plans.

MARKETING ESSENTIALS

INTRODUCTION

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 objectives.

Executive summary

The current research report pays attention on designing a strategic marketing plan for the introduction of new product in more than 30 target markets. Beauty giant is a cosmetic selling company that has more than 50 branches all across UK. They are engaged into selling of men and women toiletries from various renowned brands. Till yet they have not produced any product of their own and now they have decided to launch new anti-ageing product in the markets of UK. For this, detailed analysis of both internal and external marketing environment will be done along with various marketing strategy and marketing mix will be used to achieve the objectives.

External environmental analysis by PESTEL tool

Porter’s five force analysis (Competitor analysis)

• Threats from new entrants – Talking in reference with the cosmetic industry, the threat from the new entrants is quite low. This is because of various factors such as huge costs of entry, requirement of lot of resources and ingredients, huge manufacturing process, less funding options and high level of competition. All these factors discourages the entry of new firms in the market. Companies such as Revlon, Clinique, Avon, Mac etc. have large share in the market which reduced the profitability of the companies in the industry (Brooksbank, 2013).
• Bargaining power of buyers – the bargaining power of the buyer is too high because of rising level of competition and availability of range of cosmetic products from different manufacturer. All these products have high number of substitutes it is possible for the customers to compel their producers to decrease the prices of the products by purchasing the products form their competitors. This is the major challenge being faced by the producer of cosmetic products all throughout the world.
• Bargaining power of suppliers – In the cosmetic industry, the bargaining power of the supplier is quite low. This pertains to the fact that there is high number of players in the market and there is huge supply of different products to the market. Numerous cosmetic products are being developed by both large as well as small manufacturers and because of this large supply the customers enjoys the power to impact the prices of the market in contrast with the suppliers (Hutt and Speh, 2012).
• Competitive rivalry – Further, in this industry, the degree of competitive rivalry is too high. There are many competitors such as Revlon, Clinique, Avon, Mac etc. which are competing with each other. Further, number of Spas are limited and they have their own products and thus, supply is greater than the demand in the market. Additionally, the exit barriers is also high.
• Threats from substitute products – There are numerous competitors in the cosmetic industry and thus, threat from the substitute products is relatively high. For instance, if the producers sells their products at increased prices and the products are too of low quality than it is more likely that the consumer will go for substitute products. Therefore, it is vital for the cosmetic players in the market to innovate their products if they want to manage the challenges of the threat of substitute (Hutt and Speh, 2012).

SWOT analysis of the Beauty GiantMarketing objectives for new product “Forever Young”To enhance the sale of the new product of Beauty giant by 6 to 12 percent in the next 8 monthsGenerating more than 200 leads via websites in every two monthsSelling around 10000 “Forever Young” product in next 4 monthsIncreasing the market share of the company by 10 percent in next 1 yearTo increase the awareness of the product in 6 monthsMarketing trategies

Marketing mix

• Product – The beauty giants has decided to launch new anti-ageing product called “Forever Young” in 30 markets of UK. The product will support the target group in eliminating their appearance of defects. It will also help in cleaning as well as moderating the sebum in the surface of skin (Davids and Newcomb, 2015).
• Price – Market penetration pricing strategy is being followed by the firm for this product. At the initial level, the firm will charge lower prices and afterwards they will increase the price.
• Place – Forever Young is being launched for 30 markets of UK. Further, it will be able in varied outlets, shopping sites and company’s online website.
• Promotion – For promoting the product different social media sites like Facebook, Google and Twitter will be utilized. Sales promotion technique will also be used such as free samples, discounts etc.
• People – This involves learning about the target audience and finding out how the new product will fit into their lifestyle. Thus, the employees of the firm will engage in determining the needs of the target group and will design the best-selling product so as to develop a perfect sales pitch (Borden, 2011).
• Physical evidence – Physical evidence is nothing but the psychical element being involved in the product such as brochure, pamphlets, flyers, packaging etc. Further, record of all past experience of customer group about their buying behaviour is also a part of physical evidence.
• Process – This involves processes being involved by the business to manufacture the product as well as to deliver the product to the customers. Beauty Giant makes use of effective process that it succeeds in minimizing the costs, maximizing the profits and satisfies the customers as well.

STP

• Geographic – In this type of segmentation the firm is segmenting its product on the basis of region, nation and area. They are segmenting the market of UK.
• Demographic – It includes segmentation by age, gender and income group. For the new product of the firm, upper and upper middle class income group is being approached
• Psychographic – It divided the market on the basis of Lifestyle, attitude as well as motives (Blythe and Megicks, 2010)

Targeting

It means forming a groups of individual having similar needs and wants. The main target group of the company is men and women of the age between 30 to 55 years both professional as well as non-professional. They will target 30 markets of UK especially the urban market. All the targeted group of the company is willing to spend extra pounds to look better (Belsch and Belsch, 2005).

Positioning

This is being regarded as the final level of the whole marketing process. This is the stage where the firm decides about the strategies that can be adopted to position themselves in the desired market. Since the customer of beauty giant falls in the higher income group and thus it will be considered as a high end brand. It is vital to position the new anti-ageing product by feature, values and beliefs. The firm can also make use of campaigns with celebrities that showcase the advantages of “Forever Young” such as plummeting the appearance of defects, reducing darkness and wrinkles and balancing oily skin (Duncan, 2011).

Market control

This is being regarded as the major component of the overall marketing plan. This is the level, where each and every activities and tasks are controlled by the way of effective matching of marketing objectives with the results being obtained. Further, drafted activities are also taken into account so as to have proper checking. With this, it becomes easy for the managers to take corrective actions if any type of deviation is being found within right time.

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CONCLUSION

Consequently, from the current research report it can be said that it is essential for the companies like beauty giant to understand the significance of customers and their relationship. Innovative as well as extra-ordinary products should be delivered to them by adopting appropriate marketing strategies, tactics, procedures and plans.