Marketing Essentials PDF

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Marketing Plan and & P's of Marketing mix...

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Marketing Essentials Assignment LO1 QUESTION P1) Explain the key roles and responsibilities of the marketing function. Answer A widely used and accepted definition is been given by the Chartered Institute of Marketing, defines it as “The management process involved in identifying, anticipating and satisfying consumer requirements profitably”. This is mostly used because it covers the various roles and responsibilities of marketing functions as we will discuss it below. Role of Marketing Functions • As marketing is a management process and so it needs employees to take responsibilities for their decision making. • Marketing process involves in taping the right market to understand the needs and wants of the customers which can be achieved through market research and data analysis • It also involves in forecasting or predicting what the potential buyers may need or demand in the future. To put it into perspective through market research, pilot project and ,research and development of new products. It has has created markets for things like Smart T.V, laptops etc. • And at last marketing is all about earning profits for the organisation or in other words for NGO’s that is surplus. Therefore it is assured that the prices cover all the cost.

Responsibilities of Marketing Functions The departments duties/responsibilities is to identify and satisfy the needs of the customers. And also make them buy your product as they are one(marketing department) who has ultimate power ensuring the sales and so on, one more thing is responsibilities towards, can vary in the context which it is used in, for example enterprise, customer etc. and so the responsibilities are discussed below: • Being Customer centric which means being close to your customer and understand their needs or in some cases work with your customer to tailor their needs to the perfection. E.g. ROLEX watch company usually does work with their customers to create one unique watch. Market Research for business is very crucial because this helps in identifying the needs of the customers or what they want and knowing your customers, this also opens opportunity for business and helps in the survival of the restaurant. In todays current scenario the markets have become more dynamic in comparison to few years earlier and new trends are easily picked up by the market and the things are now more accessible. It is also important to for the company to gather customer Feedback so that they can be better in achieving their needs. • So the duty towards Enterprise of marketing department is to create interest resulting in sales, generate revenue, create plans for advertisements in different platform(social media) and different form of advertising and promotions techniques (can be ATL and BTL) and also bringing is cost saving methods for overall profitability.

Promoting the product or the service on basis on budget allocated to the marketing department. The promotional activities will be again according to the needs for eg leaflets (if small business) and hoardings (for big business) etc. (Promotion on a budget which allows the managers to carry out their promotional activities which are usually short term plannings to boost their sales by offering discounts and promotional offers etc. to attract customers.) Strategy Formulations for organisations in terms of price for the products(in this scenario restaurants with a variety of cuisine). And is also depends of how many factors are considered. Strategy formulation in term of price should be done on a “DRASTIC” basis that is Demand, Rivalry, Aims, Supply, Time, Image and Cost of productions. Which will help the restaurant to set a optimum price level for the customers so that they gain more customer base. • The duty towards Society of marketing manager is provide them with commodities that are needed by the society and at a particular point of time and really making it accessible to the society by optimum flow of their commodities in the market at a price level which is suitable for both the parties.

Also, now marketing is not just limited to sell product anyhow, in todays time it has gained a huge meaning and importance to it. Now marketing is also about planning, organising, directing, coordinating, and controlling their day to day business activities. And also in-

volvement with their customers (involvement can be direct or indirect) to identify and satisfy the needs.

Communication with the rest of departments is must because a slight communication gap can create conflicts and losses and so every need of each departments needs to communicated well internally within them. As we know that,“Team work is the key to victory” all departments should work with cooperation to achieve their ultimate goal. And further on is discussed just below. Marketing is one of most important process in the organisation as it generates sales and profit for the organisation. However its not possible on its own. In an organisation responsibilities are shared and so, everyone is key part and the ones who by proper co-ordination make it happen. So the relationship with other business processes/functions should also be considered.

Till now we have seen that what are the roles and responsibilities of marketing function/department. And how they works interrelate to the wider organisational context. Now we will see how the organisation inculcate the use of marketing mix to the marketing plan to achieve the business objectives. Before directly coming to the core of the questions asked we will first talk about the marketing plan. In general marketing plan/planning is systematic document that describes the organisations marketing objec-

tives and the Strategies, analysis tools, marketing audits and evaluations, used to successfully achieve the organisational objectives. The marketing objectives should be “SMART” that is Specific, Measurable, Accurate, Realistic, Time constraint. E.g. Expected sales turnover over a particular period of time. Still, this does not fully guarantee 100% success as external factors are bound to change. But this helps managers to identify the threats/problems that can be considered before making marketing plan. So, marketing mix is a mix various factors that are and should be considered while making a marketing plan or when bringing in new products or services in the market. P2) Explain how roles and responsibilities of marketing relate to the wider organisational context. ANSWER The author also focuses on the other business functions which makes it successful and are discussed below. The three departments that work closely with the marketing department or the interrelationship with the marketing functions are 1) operations management 2) Finance 3) Human resources Even though, they work closely its not necessary that they have to be separately working. Operations management

Operations management or production management team closely work with the marketers so that they can take decisions on the basis on the sales forecast according to the market research. This further helps the in the preparation of production schedule so that the things go as they are planned. All the departments also wok all together so that they can meet the dynamic/changing needs of the customers. Their maybe some conflicts between the managements regarding time as marketing managers wants to quickly launch the product in the market to boost the sales and start acquiring the market share for the product whereas the production managers may want some more time for the production to be carried out after the test and developments to be made with the product. Finance The Marketing department especially works closely with this department to set appropriate budget. Yet as like any other organisation there are conflicts within and in this case, the finance department would not like their budget to get exceeded and make profits and cover all the costs within the given budget. On the other hand, the marketers would not concern much (as to cover all the necessary cost) but on the establishment side so that they can gain more customers and as if the cost is concerned they can make use of other offers to cover it. However they have to work collaboratively with the department to create a balance. Human Resources The data provided by the marketing department helps the human resource to identify and appropriately plan for the staffing needs.For example if the marketing department is planning to launch a new product or the in-

crease the production in the future, the HR’s can accordingly recruit the staff needed at the correct time. Author says, Now we will see how this works within the organisation that has been working with. Gold Coin Restaurant & Bar Gold Coin Restaurant & Bar is a casual dining and economical place located in Vasai West, Virar and stands nearby Parvati Theatre. It is a must-visit place. The menu mostly encompasses North Indian and Chinese cuisines paired up with an alcohol section. The lavish bar takes you by surprise. The ambiance of Gold Coin Restaurant & Bar is also inviting. And other organisation chosen for the comparison is FARMHOUSE RESTAURANT FARMHOUSE Restaurant has spread its aroma in this industry over the past few years. Known as 'the' place to go in Vasai , with different cuisines and delicacies from around the world. FARMHOUSE caters to customers who turn into delighted guests with the flavour of novelty.

FarmHouse has been around for 5 years and is renowned for its commitment to authentic and hygienic food, along with really good service The specific branch chosen for the comparison is the FARMHOUSE Global restaurant which comprises of multi cuisine food and is the closest competitor to the in terms of the location.

LO2) P3) Compare the ways in which different organisations apply the marketing mix to the marketing planning process to achieve business objectives.

The main objective of Gold coin restaurant is to retain new and new customers and for some will conduct a Marketing mix (7P’s) in one specific department that is Vegetarian Food in comparison with the competitor.

Marketing mix

Gold Coin Restaurant

Farmhouse Global cuisine

Price

Lets take a example of the dish that is served at the restaurant. “Panner Tikka” Priced at 220/-

“Panner BBQ Tikka” Priced at 250/-

Place

Situated near Parvati theatre and there is a big customer base in the location

They are situated in the same location which is also near to them and serves as the closest and best competitor.

Promotion

Use social media platforms like Instagram and promotion and ordering apps to promote their Rest. Like Zomato and food panda

They heavily rely on social media platform whichever are available like Facebook, WhatsApp, Instagram, Zomato and they even have their

Marketing mix

Gold Coin Restaurant

Farmhouse Global cuisine own website.

Process

The way of working has been changed except the new interiors and new dishes.

This is a very new and very contemporary restaurant which is targeting the younger audience with new cuisine to the overall demographics.

People

There is relatively is a good number of staff but are old people working ineffectively like the managers who are restricted to their powers, yet there are cleaners, security, captain, waiter, cashier etc. all other things are looked and handled by the owner

As they are young staff and also aims to serve the people with something new. Which is being further followed there handling staff with comprises of one senior manger of the branch and all the departmental heads looking after their work and

Marketing mix

Gold Coin Restaurant

Farmhouse Global cuisine

himself

working in harmony to serve their customers better every time.

Physical Envi- As also mentioned above ronment the tangible aspect of the hotel and service over the time has become more fine dine quality, providing good service and good food. Wifi is also their to provide their customer to stay connected to their social media and convenience of online booking is also provided.

In this case the theme of the restaurant of is made in a very in a very new style that is aimed to attract new audience(young generations. Also with this restaurant; services like free Wifi and online booking services are also provided.

P4) Produce and evaluate a basic marketing plan for an organisation. Answer The objective that should be the main focus of the business is expansion Product Inclusion of new cuisine like Italian and also try dishes that are trending in the market. This is open a new segment of the market that is the younger audience. Price As they have been in this industry for almost two decades in this business, the price should be more competitive. Place As the main focus of the plan that is about expansion and more branches should be opened in new location where there is good competition. Location that is Vasai West in current scenario has grown and developed a lot in the years and the food and restaurant business has been booming in the location, also adding to it that customer base isn’t a problem as said, the places near Va-

sai Fort, or in main centre has good business opportunities. Promotion Use of Newspapers, hoardings, through social media platform and discounts and offers should be offered as a promotion techniques to the customers. To differentiate it from other successfully also require a strong marketing to communicate the message and their products.

Place The most appropriate place for a possible expansion should be near the Vasai Fort as this restaurant that is Gold Coin will be tough competitor to their most important or closest competitor that is Farmhouse Restaurant group. The location will give competition to the two restaurants of the Farmhouse group. Also from the procurement point of view the markets and whole sale fish market are near the location which will ensure that there is no problem with the quality and they can further give their customer their quality food just like they have been doing since. People As they have been in this for long time and customer who have being going there, the customer services provide by them are good in terms of whether the food should less spicy for example; they will try to meet their customers needs. This helps develop reputation in the industry which can serve as advantage in comparison to their rivals. Processes

In todays scenario where there is digitalisation everywhere and also in India where everything is slowly drifting towards cashless economy and as government is supporting digital payment systems. And further on, almost all the restaurants have been accepting online payments, but to still stand out ; this business has been provide excellent service in terms of time taken to deliver a food and time taken to get the order is relatively lower than other rivals which is upper hand advantage for this business. Also the staff they have are very trained which also reflects their efficiency and effectiveness in their work flow.

Physical environment Their fine dine theme has been working very well till now but as now tapping into new segment for new type of people it is very crucial that the tangible factors should be unique that will them stand out from others. Also the location/physical location is important, as the location chosen by the organisation, which serves its advantage as now the their loyal customers don’t have to come a long way and can enjoy their food near to or convenient to them. To conclude this Marketing is all about how you distinguish yourself from the rest and attract new customers. Many marketing techniques like for Eg. AIDA etc which is based on attracting the customers and new retaining them. The possibilities of this could be endless and also said by Albert Einstein that “Imagination is more important than knowledge. For knowledge is limited.”

There is always rooms form imagination and using the techniques which are unique to one but should create impact on large basis.

Bibliography responsibilities-marketing-department-69931.html https://www.gktoday.in/gk/functions-and-responsibilities-of-marketing-manager/ https://restaurantsuccess.touchbistro.com/touchbistroblog/market-research-for-restaurants-101...