Unit 5 Marketing Essentials in Business London School of Science & Technology

 

LO1 Explain the role of marketing and how it interrelates with other functional units of an organisation

P1 Explain the key roles and responsibilities of the marketing function for the chosen organisation.

Introduction to the concept of marketing, including current and future trends

Marketing is basically a strategy to promote a brand name in various ways in a particular segment and sometimes globally as well. Over the years marketing has seen multiple deviations. Previously marketing was limited to only News Papers and TeleVision. In the old people used to discuss about a certain product if they liked it and even criticize some products as well (Sheth,and Sisodia, 2015). This discussion itself is advertising. Building a rapport and good name for an organization so it can grow smoothly and increase its profits is the sole purpose of marketing. In the modern world, marketing has taken various turns and can be divided into multiple categories and subcategories.

An overview of the different marketing processes

As discussed above marketing could be of various types, to major classifications can be Online and Offline marketing. Offline marketing may include the distribution of fliers, the discussion between people regarding the positive points of a product and service. And the shortcomings as well. There could be free advertising as well. Let's take a practical example to understand what free advertising is. Let's assume there is a consumer who liked the product or service of a certain organisation or did not like it; the customer will go ahead and tell that to hi s family and friends. Going further the group of people he has introduced the brand to will go ahead and discuss that with their friends which in result will create a Domino effect (Tomczak et al., 2018). Then there are intangible resources as well. The amount of intangible resources a company owns which includes its huge brand name, the reputation all over the world and the frequent partnerships and collaboration also is a result of marketing and can be used for marketing as well.

Role and responsibilities of a marketing manager in the context of the organisation

Taking the example of Mc Donalds, one can study as to how they have used marketing to grow and prosper as a business. Mc Donalds has spread all over the world with its different branches and had marketing managers around the globe. The job profile of a marketing manager can cover a huge area of scope. As the branches are spread all over the world, the marketing techniques used by the managers are also very different. As the concept of marketing depends hugely on the culture and generally speaking the demographics of an area.

The job profile of a manager includes tasks such as "Market Research", which implies that a marketing manager is supposed to keep an eye on the competition. What is the competition doing now what are the price differences in the market concerning the service they are providing. What is the development graph of other competitors compared to the manager's organisation etc.?

One of the major job roles also includes the development and implementation of various marketing strategy. After doing research as to what is the status of the market and what competition is doing, a manager is supposed to invent and analyse new marketing strategies to withhold the reputation in the market (Bai and Chang, 2015). A very good example can be Wendy’s; Wendy’s is another fast food joint and directly competes with Mc Donalds in terms of business. The profit graph of Wendy's was slowly depreciating. But the organisation made correct use of social media and established their name once again in the market. The twitter handler of Wendy's started roasting other profiles and business and started making memes. Meme culture is the new trend in modern society; a meme is a visual representation of a funny statement that goes viral. And Wendy's marketing managers correctly used the ongoing trend for their own use and developed a new type of marketing strategy. Wendy was all over the internet, and that boosted the sales of the organization, and that is the result of proper marketing