The Importance of Marketing in Business
Marketing is the core area of every business. The profitability ratio of the enterprise is largely depends on the marketing tactics explore in the business enterprise. The sale of the product helps in developing good and healthy relation with the public by satisfying their requirements.
The development of the marketing plan depends on the analysis of the current situation of the business with relation to competitors and marketing segments. The information should be collected with regards to the requirement specified by the stakeholders in relation with education
The information should be collected with regards to the requirement specified by the stakeholders in relation with:
- What is the requirement of stakeholders?
- What are the goals of the organization?
- Understanding the clear concept view of the customers and consumers
- Review of internal working of the enterprise according to the working of the competitors
- The step by step procedure should be used for identifying the operational working and quality of product provided by the competitors to the competitors.
The core objective of indulging marketing policies and procedures within the working curriculum of the organization is to promoting the sale of product among the potential customers.
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Specific |
The objectives and the new opportunities should be clearly defined |
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Measurable |
The creation of metrics on the basis of qualitative and quantitative attributes |
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Actionable |
How to improve the organization behaviour |
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Relevant |
Problem domain should be clearly specified |
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Time Bounded |
The pre-defined targets should be completed within the allocated time |
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Demographics |
Geographic Location |
Psychographics |
Behaviour |
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It focuses on the age group of the customers who are appealing for the product |
Planning of the marketing strategies for urban and the rural areas |
The lifestyle of the consumer is the major point of focus for the designing of the advertisement |
The problem faced by the consumer in previous products should be undertaken |
Marketing tools are the medium which are used for the promotion of the product such as Facebook, Instagram, twitter, and others. Marketing tactics are the strategies used for developing digital marketing schemes for the promotion of the product.
Customers are the audience who buy the product from the enterprise such as wholesaler, retailer, Merchandise, and others. “Consumers are the audience who uses the product to predict the quality of the goods provided by the firm” (Saludin, 2011). The increasing sale of the product depends on the increasing demand placed by the consumers.
Marketing of the small business is required for knowing the requirement and the need of the target audience. “The quality services helps in attracting large amount of consumers towards the organization for enhancing the profitability ratio of the enterprise” (Davies, 2011).
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Marketing Laws |
Description |
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Codes of Practice |
“Ethical laws and regulation should be followed in designing the marketing plans for the company” (Johnston, 2014). |
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Anti-discrimination legislation |
Advertisements should be designed on the basis of anti-discrimination law |
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Competition Legislation |
The company should follow the anti-competitive law |
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Consumer Legislation |
“The good practices should not violate the consumer protection act” (Lorette, 2011) |
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Environmental Issues |
Sustainability of the product should be undertaken with respect to the depletion of the natural resources |
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Ethical Principles |
Ethical laws and regulation should be followed in designing the marketing plans for the company. |
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OHS legislation |
“Safe business premises should be undertaken by the organization” (Siriwangsanti, 2013) |
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Privacy Legislation and ethics |
Ethical laws and regulation should be followed in designing the marketing plans for the company. |
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Trade Practice Legislation |
Unfair marketing practices should not be used for trading |
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Particulars |
Regular customers |
Seasonal customers |
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Overview |
The customers who regularly use the beauty products for taking care of their skins |
They are not keen interested in using the beauty product. They make use of the product for trial. |
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Range of age |
20-35 |
35-55 |
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Requirement |
Quality and price of the product |
Only quality |
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Marketing strategy |
Use of digital marketing schemes |
By making use of small videos which clearly defines the results of the product |
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Marketing Channels |
Facebook, Instagram, Twitter, YouTube, and other |
Through YouTube |
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Marketing Goal |
Tools and Tactics |
Required Resources |
Actioned By |
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To increase the global awareness of the product Modernizing the company with the new Logo and enhanced features in the product |
Marketing digital schemes on Facebook, twitter, Instagram, and others Use of Interactive video on YouTube |
Medium for information sharing Consistency in checking the feedback provided by the social media marketing campaign |
Project Marketing and sales Manager, Project controller, and Project manager. |
The use of digital market plans should be monitored regularly for getting feedback in terms of likes, comments, shares, and views of the consumers. The negative and positive
comments of the customers should be taken under consideration while designing the advertisement for the marketing of the product.
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Implementation of Marketing Plan schedule |
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Activities |
Duration |
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Above the Line Advertising (ATL) |
20 Dec, 2017 |
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Thematic TVC |
– |
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Below the Line advertising (BTL) |
– |
|
|
– |
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Questions |
– |
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Campaign Feed |
– |
|
|
– |
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Follow up of Conservation |
– |
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YouTube |
– |
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Launching of Interactive Video |
– |
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Branding of the Website |
– |
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Promotion by bundle pack advertisements |
– |
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Stress Testing |
– |
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Deployment of the web application |
20 March, 2017 |
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Activities |
Budget ($) |
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Total Budget |
4,500 |
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Gross Profit |
4,500 |
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Expenditure |
|
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Web portal |
450 |
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Interrelation with Facebook |
100 |
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Interrelation with Twitter |
100 |
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Interrelation with Instagram |
100 |
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Interrelation with YouTube |
200 |
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Collecting information |
250 |
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Total |
1200 |
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Net Profit |
3,300 |
- The products related with the women’s beauty are dominated in the market.
- Monitoring the feedback reports collected through the social media platforms in terms of likes, comments, views, and share.
“The Nivea Company want to use the passion and excitement shown by the football players for the promotion of its product” (Chaffey, 2017).
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Strength |
Weaknesses |
Opportunities |
Threats |
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The skin care product for men gain advantage in getting awareness of the brand |
Is the correct marketing campaign is used for the promotion of the product? |
The use of social platform helps in gaining advantage for increasing the sale of the product. |
Consumers are getting more conscious towards the price and quality of the product. |
“The implementation of digital promotion of the product helps in increasing the sale of the product globally all over the world” (Bose, 2012). “The marketing campaigns should be involved with the small videos of advertisements to attract the consumers towards the product” (Linton, 2014). The launching of the digital marketing scheme with the involvement of football team for the promotion of new Nivea products for men helps in raising the number of target audience through the medium of Facebook, twitter, YouTube, and etc.
The development of this paper helps us in getting aware of:
- Use of research method in designing of the marketing operation
- Collection of relevant information with regards to target audience
- Development of the implementation schedule
- Addressing marketing issues faced by the previous marketing policies
- Designing of marketing practices on the basis of marketing concept, planning process, marketing mix, and segmentation of the consumers.
- Complete recognition of the legislation laws which should be followed in the development of the marketing schemes.
- Complete recognition of organization policies and procedure
- Collecting specific knowledge required for the marketing schemes of the product
- Identification of the need to renovate the marketing plans
- Development of the marketing profile for the segmentation of the target audience
- Analysis of the work activity plan and expected outcomes
- Determining the resources required
- Review of marketing plans
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Demontration |
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learning skills to: Ø select and use appropriate research methods Ø review and learn from marketing activities to contribute to the organisation’s marketing operations |
C ? Use of research method in designing of the marketing operation NYC ? Nil Initial: Qualitative and quantitative approach Date: 19 Dec, 17 |
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literacy skills to: Ø prepare general information and papers for a target audience Ø read a variety of texts Ø write formal and informal letter |
C ? Collection of relevant information with regards to target audience NYC ? Nil Initial: Date: 19 Dec, 17 |
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planning and organising skills to develop implementation schedules |
· C ? Development of the implementation schedule NYC ? Nil Initial: Date: 19 Dec, 17 |
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problem-solving skills to address issues that may affect plans and their implementation |
C ? Addressing marketing issues faced by the previous marketing policies NYC ? Nil Initial: Date: 19 Dec, 17 |
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basic foundations of marketing practices: Ø concept of marketing Ø marketing planning process Ø marketing mix Ø segmentation Ø targeting and positioning |
C ? Designing of marketing practices on the basis of marketing concept, planning process, marketing mix, and segmentation of the consumers NYC ? Nil Initial: Date: 19 Dec, 17 |
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key provisions of relevant legislation and industry-specific regulations that may affect aspects of marketing, such as: · anti-discrimination legislation · codes of practice · competition legislation · consumer legislation · environmental issues · ethical principles · OHS legislation · privacy legislation · trade practices legislation |
· C ?Complete recognition of the legislation laws which should be followed in the development of the marketing schemes. NYC ?Nil Initial: Date: 19 Dec, 17 |
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organisational policies and procedures relating to marketing |
C ? Complete recognition of organization policies and procedure NYC ?Nil Initial: Date: 19 Dec, 17 |
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specific product knowledge related to products and services being marketed |
C ? Collecting specific knowledge required for the marketing schemes of the product NYC ?Nil Initial: Date: 19 Dec, 17 |
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Research the concept of marketing as it applies to the organization |
C ? Identification of the need to renovate the marketing plans NYC ?Nil Initial: Date: 19 Dec, 17 |
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Identify and analyse organisation’s marketing plan and relevant policies and procedures |
C ? Development of the marketing profile for the segmentation of the target audience NYC ?Nil Initial: Date: 19 Dec, 17 |
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Identify need for marketing activities from the established marketing plan |
C ? Development of the marketing profile for the segmentation of the target audience NYC ?Nil Initial: Date: 19 Dec, 17 |
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Investigate previous marketing activities for relevant information |
C ? Analysis of the work activity plan and expected outcomes NYC ?Nil Initial: Date: 19 Dec, 17 |
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Identify profile of the market segment |
C ? Determining the resources required NYC ?Nil Initial: Date: 19 Dec, 17 |
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Identify positioning and market mix for each target segment |
C ? Review of marketing plans NYC ?Nil Initial: Date: 19 Dec, 17 |
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Identify outcomes expected from marketing activities |
C ?Increasing sale of the Nivea Product NYC ?Nil Initial: Date: 19 Dec, 17 |
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Undertake analysis of collected basic marketing information |
C ?Monitoring of the feedback system incorporated in the digital media platform NYC ?Nil Initial: Date: 19 Dec, 17 |
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Develop and document work activity plans for marketing activities |
C ?Synchronizing and sequencing the activity schedule NYC ?Nil Initial: Date: 19 Dec, 17 |
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Obtain approval of plans from relevant enterprise personnel |
C ?Providing authority to different employees. NYC ?Nil Initial: Date19 Dec, 17 |
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Determine and access resources required for work activities |
C ?Digital social media platforms are required NYC ?Nil Initial: Date: 19 Dec, 17 |
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Undertake marketing activities within job role |
C ?Defining role and responsibilities of the working employees. NYC ?Nil Initial: Date: 19 Dec, 17 |
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Assist with assigning responsibilities and functions to relevant personnel performing specific marketing functions |
C ? Defining role and responsibilities of the working employees. NYC ?Nil Initial: Date: 19 Dec, 17 |
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Monitor marketing activities, and review and amend activity plan as required |
C ?Monitoring of the activity schedule plan NYC ?Nil Initial: Date: 19 Dec, 17 |
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Measure and record outcomes of marketing activities |
C ?Outcome of the social media should be recorded NYC ?Nil Initial: Date: 19 Dec, 17 |
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Review marketing activities against expected outcomes and record identified improvements |
C ?The positive feedback should be compared with the expected outcomes NYC ?Nil Initial: Date: 19 Dec, 17 |
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Prepare reports of marketing activities and communicate to relevant enterprise personnel |
C ?Development of reports for proper communication NYC ?Nil Initial: Date: 19 Dec, 17 |
References:
Bendekovic, J. (2013). The importance of marketing strategies for the achievement of competitive advantage. 1st ed. [ebook]. [Accessed 19 Dec. 2017].
Bose, W. (2012). How to define SMART marketing objectives . 1st ed. [ebook]. [Accessed 19 Dec. 2017].
Chaffey, D. (2017). Nivea for Men- The great football experiment. 1st ed. [ebook]. [Accessed 19 Dec. 2017].
Davies, T. (2011). Market Research and developing a market plan. 1st ed. [ebook]. [Accessed 19 Dec. 2017].
Johnston, K. (2014). Target market profiles. 1st ed. [ebook]. [Accessed 19 Dec. 2017].
Linton, I. (2014). How to create a target market profile and positioning statement. 1st ed. [ebook]. [Accessed 19 Dec. 2017].
Lorette, K. (2011). The importance of marketing for the success of the business. 1st ed. [ebook]. [Accessed 19 Dec. 2017].
Saludin, M. (2011). Deriving consensus rankings via multi-criteria decision making methology. 1st ed. [ebook]. [Accessed 19 Dec. 2017].
Siriwangsanti, S. (2013). Marketing communication analysis. 1st ed. [ebook]. [Accessed 19 Dec. 2017].
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