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Key Topics
Requirement
Task 1
Describe the role of marketing in the identification and prediction of stakeholder needs. Explain the difference between a marketing function and marketing orientation and how the latter is likely to satisfy customer demands and therefore achieve organisational objectives.
Solution
The process in which marketing act as a management process involves the various opportunities which typically also involves the potential and viable considering environmental approaches. It leads to the development of strategies that affect utilization of many possibilities which evolve around marketing strategies and also helps in supervising the implementation of efforts of marketing strategy. The process gives many ways which created the needs and wants which satisfy the customer satisfaction. It’s the continual direction of action of marketing and the series of reactions among or between the organization and the customers and create value for them so that one can meet their respective requirements. It ‘s the way of bringing the opportunities to the market which formulates the proposition of its value and decisions. It’s the term that defines the management where every individual, group, public and private activities will have to make use of resources and services. The user base is so enlarged that enormously it makes a potential attraction to all the clients. Marketing touches each and every part or the key points to make insurance of their services, their consistency, and the clarity also defines the product. It also promotes new sales ideas to study their customers responses as well to manage the management process.
A strategic marketing plan is the most significant implementation of any marketing plan (Bolton, 2016). So, but as far as implementation of a plan it's the easiest way first to develop it. By doing this, all one can achieve the organizational goals, objectives, gives an identity to an organization, present the current and future scenario in all fields of work at all levels. Efficient and productive investment ensure the proper utilization of marketing activities.
It is the application of marketing management which helps in tracking and reviewing the company’s activities and resources. In the industry where the business operates towards the scope or achievement of the enterprise. Through this, it increases the customer base and also improves the opinions of many other customers towards the company's product and services, and also, it increases the perceived value of the business units.
In an organization, there is a group or individual stakeholder who is very much affected by the success of an organization. And also with this effect, it also affects other members as they possess a significant role in the company's decisions and also deals with financial sounds of an organization with their logical aspects.
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This corporate reputation influences the stakeholder interaction within the group, as there is no framework which helps in capturing the business aspect in decision-making processes for building various relationships with the firm.
For an effective and efficient communication skills among the stakeholders must follow the following steps: firstly identify the stakeholders, this can be done through a broad analysis. Secondly, speakers who were the grid with power/interest must attain priority. And even also, might be not every stakeholder show interest in an organization. (Bolton, 2016).Next, deeply understand the primary stakeholders who understand the importance of effective communication plan and also determine from the other stakeholder that what is to be needed. And also reads and identify the message, so that can be easily recognized to convey one's action.
Financial impact
Business is here to make money. This interest of commercial owners, partners are subjected to make a balance of social responsibilities. Stakeholders have to make a wise decision which is in benefit of company's position i.e. its revenue, costs, and production. Involvement of other stakeholders may not vary with their colleagues and can have this effect on the business line.
Social impact
This involves the use of technology in powering the social aspect of the enterprise according to the customer needs and wants. Nowadays, this social impact on customer might make business with more profits as any organization in the market display all the products and services on the count or reach of the client. This generates a smooth advantageous chain of the business with the connectivity all around covering a large market area. (Kokemuller, n.d.)
Task 2
Applying suitable analytical research models, evaluate the current and potential future marketing environment. Evaluate current organisational objectives and determine a future market or sector position and identify how other departments in the organisation will be involved in and influenced by a marketing plan.
Answer:
To understand the value of the company, first analyze its financial position. It's economic situation deliberately defines its assets and liabilities. It also includes the shareholders equity for making their business financial situation strongly verified. So, these were presented to the shareholders in its balance sheet, as examined the fictitious statements of retailers. There is the outlet in which all the evaluation of its financial position is displayed. To review the company's financial situation, a company must compare its market value to its book value whether the stock is going under-or-over-priced. To plot a growth course, so the business must set up a metrics. The crucial measure of each company is its metrics performance. Among all the metrics of the enterprise, the most considered parameters are the money related which helps in customer metrics and also the product development.
Conduction Environmental scan
Each and every business needs to conduct an environmental scanning to operate their activities of an organization. PEST analysis, i.e. Political, Economic, Social, Technological. All these trends play a vital role in determining the business as a whole.
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Political: It includes the legal and the regulatory concepts such as election, votes, law and order, environmental regulations, terrorism, government taxes and trends, etc.
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Economical: It includes the economic taxation policy, level of income, employment offers, tariffs and trades exchange rates, grossly domestic index, production capacity, ratios of import and export policy.
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Social: It includes the demographic trends like age, gender, sex, caste, religion, etc. it might also show one's lifestyle, qualification level, emerging trends, attitude towards work, a standard of living, etc.
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Technological: It includes innovations, ideas, discoveries, resources, level of communication, manufacturing facilities through the way of technology, agro-based farming, recycling of waste, etc. (OnStrategy, n.d.)
And even every business needs its SWOT analysis –
Strength, it refers to organizational strength as well as its need to focus the target market. A broad analysis of the market demand to be recognized as for the success of an organization. Company's profit and loss, its competitiveness must be enhanced to strengthen the substantial asset for business.
Weakness, it refers to the developing strategy of operations. It is something which needs to avoid in every market as it shows the fall of the company.
Opportunities refer to the situation in which the corporation needs to grab it with the full force so that the firm revenues also improves rapidly in both ways as potentially even also financially in the benefit of company's resources.
Threats, it refers to the barriers which might be internal as well as external. A company must go through their objectives to avoid their risks and prevent themselves from the upcoming destruction and the threats. (OnStrategy, n.d.)
The structure of an organization is very well organized in the areas of the accountability which undertakes the members of the group, even also individuals, and the co-ordination of many other different parts of the workspace which is must be effective and efficient for organizational performance. This also includes the resources for utilizing or monitoring the various activities of an organization. This also creates the flexibility in work for a changing environment and also for the satisfaction of the organizational members. Each and every organization must possess a right time for a strategic planning. It is always easy to explain others what the business needs from their employees. Depending upon the size and complexity of the organization, a developing plan will take a few weeks to draft it on business units. Who so ever involved in this process might take the time to implement the planning process, this also may take the time to complete the work. For making a company unique and valuable, it must know their vision and mission clearly to be successful in the market. For example, if the business or the business concerned with the selling of the product which is a consumer right includes weapons, heavy machines, etc. Then the marketing plan for any business needs to be focused correctly in the context of a broad organization. It's the roadway for each company to conduct the project to elaborate the opportunities, threats, strength and weaknesses in an organization with the brief financial strategy and the projections. In this vertical integration means for instance that the manufacturer might purchase a supplier i.e. backward integration or a forward integration i.e. retailer.
Task 3
Construct a marketing plan which takes account of current and potential customers and markets through the identification of segments and marketing mix in line with organisational objectives. Explain how you would implement the marketing plan. Assess the plan’s progress and evaluate its implementation against the meeting of organisational objectives.
Answer:
For any business planning is crucial aspect when it includes the marketing planning. The plan involves the understanding of core requirements and the needs of the customer about the awareness of their brand (Mahea, 2016). Marketing plan elaborates many goals to accomplish its features. It is used to complete the particular milestones.
Target Market
It the key success of any marketing plan to make their target market. It includes the potential customers for a particular demographic, geographic and socio-economic team. For each and every product and services it is necessary to target the potential clients. For example, like when NIVEA FOR MEN brand relaunched its brand, then the company did not limit its target market only to men, then it will come up with the product's users and used by women too.
Objectives of Marketing Plan
The plan should consist of precise, proper, and with the quantifiable objectives. The program must determine the simple language and measurable data considering market share, market data, sales volume, investment rate and success determination. To achieve the objectives, the company should limit their milestone of time.
Marketing Strategies
It includes the details of each and every method that company intends to use it to fulfill the objectives of the business. This strategy consists of four “P’s” of marketing: product, promotion, price and place. The product specifies the brand, quality, naming. Price includes the costing of the product according to its quality and the quantity. Promotion includes advertising, hoardings, banners, etc. and place includes what and when and how and where the product will going to be distributed.
Evaluation and Control
It involves the implementation of the business and the execution of its goals. Following are the steps:
a. Performance standards and financial controls
It shows the full analysis of its research product and the resultant of their survey via potential customers in promoting the product in their assigned budget. Allocation of work helps in achieving the work on time and with the updated new product implementation. Each and every business project needs to be responsible for its financial expenditures and all the direct expenses (Mahea, 2016). In this, the marketing director is all responsible for the project and will have to cover all its weekly basis work of the company. In this, it is also important to see the profitability via new product offerings. It also includes many other expenses which generated during all this procedure need to be considered.
b. Monitoring procedures
This tool is to analyze the efficient and effective software for the marketing plan to make a comparison between the actual and the performance based activities and the objectives. To facilitate the whole analysis of the procedure, some essential activities needs to be considered for the fruitful men of the business marketing plan. It includes the following as under:
The management of project needs to evaluate the marketing plan by implementing the human resource management and the financial expenditures.
Comparison of actual and planned objectives need to be considered on the monthly basis and according to it may perform the phase of the plan, and the resultant of the comparison should be delivered directly to the president of the company.
Each and everyone who involved in this project team must be entirely responsible for whatever the changes it needed or any requirement wants to make at any point in time, so in this case, a group should act like a team for its further achievement in all fields of work or area.
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BOLTON, R. and O. TARASI, C. (n.d.). MANAGING CUSTOMER RELATIONSHIPS. [online] Available at: http://ruthnbolton.com/Publications/01Malhotra-V3-Chap1.pdf [Accessed 15 Feb. 2016].
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Kbmanage.com, (n.d.). Marketing Management - What is it? Definition, Examples and More. [online] Available at: https://www.kbmanage.com/concept/marketing-management [Accessed 15 Feb. 2016].
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Kokemuller, N. (n.d.). The Impact of Stakeholders. [online] Yourbusiness.azcentral.com. Available at: http://yourbusiness.azcentral.com/impact-stakeholders-4315.html [Accessed 15 Feb. 2016].
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Kokemuller, N. (n.d.). What Effects Do Stakeholders Have on Your Business?. [online] Small Business - Chron.com. Available at: http://smallbusiness.chron.com/effects-stakeholders-business-53361.html [Accessed 15 Feb. 2016].
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MAHEA, T. (2014). The Role of Marketing in Organizations. [online] Available at: https://www.linkedin.com/pulse/20140915080650-84228363-the-role-of-marketing-in-organizations-by-timothy-mahea [Accessed 15 Feb. 2016].
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OnStrategy, (n.d.). Evaluate Your Strategic Positioning. [online] Available at: http://onstrategyhq.com/resources/evaluate-strategic-position/ [Accessed 15 Feb. 2016].
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TOMAS, G., and Ferrell, L. (2011). Stakeholder marketing: a definition and conceptual framework. [online] Available at: http://e-businessethics.com/wp-content/uploads/Stakeholder-marketing-a-definition.pdf [Accessed 15 Feb. 2016].
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