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1465 : marketing esentials to increase productivity and profit of business

Organization Selected : Beauty Giant

INTRODUCTION

Marketing defined as tools which is essential to increase productivity and profit of business (Cavusgil and et.al., 2014). It creates good brand image by performing various functions such as product planning and strategy etc. Marketing is very affective way to increase business, through all the process they want to give better customer satisfaction. Marketing research is very important to developed a new business in marketplace (Baker and Magnini, 2016). This project discussed about Beauty Giant, which is among the top beauty and cosmetic supplier.

Beauty Giant, is a private company in Fayetteville, establish in 2009 North California. They offer the best beauty salon products to customer. But they never produce any products of their own, so they decide to launched a new anti ageing product called ' Forever Young'. The company made marketing plans which is very essential for there business. Further, this project is discussed about the marketing plans and there role and responsibilities to attract customer toward the products, and also explain marketing mix elements to achieve the business goal (Brady, 2014). At the end of this project they discuss about the marketing plan of organisation.

TASK

P1 Role and responsibilities of the marketing function

Marketing played an important role in business success. This is the best way to promote the product and services of company, through this process it makes a strong relationship between the buyer and seller (Baker and Magnini, 2016). This process is very important for any company to attract customer and make profits. 'Process' is marketing key word, it also defines the points which has been included in marketing process, such as marketing research, promotion, distribution of products and selling. All these process will help to increase profit in business (Cavusgil and et.al, 2014). Marketing concept is based on production, product, selling, marketing, societal and selling and marketing concept difference. Beauty Giant, is a beauty and cosmetic selling company, they have 50 branches in all over the UK. They sell beauty products for men and women and also offer the best salon products to there customers, they have a variety of different hair products. Recently, the company decided to launched a new anti ageing product called 'Forever Young'. They used all the marketing functions to promote there business in marketplace.

The concept of marketing is based on customer satisfaction and according to there needs. Beauty Giant adopt this idea to make there customer satisfy with their products. The first element of this concept is production, based on quality and inexpensive products which company want to provide there customer. The whole concept is based on the production, product and there selling. The company launched there new product which is anti ageing 'Forever Young'. They followed the hole marketing concept regarding the current and future trends. The firm has to make marketing research and get to know all information about the like and dislike of people in current trend and then make a product which gives impact on the future trend. They also make products according to quality and some other innovative features. The impact of there new anti ageing product on current and future trend is highly effective, because the company made there products according to the demand and need of people. It will help for making success in there business and also for the growth of productivity. They also make marketing plans to increase profit. The organisation used digital marketing concept to attract there customers.

External environment influence and impact upon marketing activity: External environment define all the factors which has been come from outside. This environment has divided into two types Micro environment and Macro environment. The new product of company impact and influence on the external environment which is based on Political, social, legal, technological, economical etc. They have to follow all the rules and regulation according to the government policies and strategies. Political factors impact on there marketing activities because for some reasons' government rules has been changed in some countries, where Beauty giant supply there cosmetic products according to these changes' government increase tax on products. This process impact on there prices and growth of productivity. Social factor show the trends and preference of society. Media is the main source who reflect the society interest (Pike, 2015). Company provide there product by identify the preference of people, it gets impact on their marketing activities such as promotional and advertisement. Technological factors highly effect the business growth, in this process the people need innovation according to there needs and requirement. Organisation made those products which is different from there competitors and also make innovation in it. New technology attract new customer more than now. The technique is always unique and different. Beauty Giant include various from to make there product attractive and innovative from the others. All these external environment impact on there marketing activities such as promotion and advertising of 'Forever Young.

Role and responsibilities of marketing: Marketing helps to established a new business or relationship between the organisation and there customers. This function also help to interact customer throughout the feedback reviews. Marketing role is to promote business and advertise there product in marketplace to attract customers. Beauty giant use this function to make profit and established there business or good brand name in market. Through this process they promote there new product within the source of Television, magazine, holdings etc. after watching product promotion people attract toward and have a desire to used it in there daily life routine. They want to build a strong relationship with people on the bases of trust and understand of there products. Advertisement is the best process to make organisation better and popular then the others. Marketing helps company present all the basic information in front of people which help them to understand product making process and there quantity. And also the benefit of this product. Above all the process impact on the growth of business and profitable for the organisation. Buying, selling, pricing, distribution, financing, promotion, product and service management is the function of marketing. Company also follow marketing research process to know about the position or place of business in marketplace.

P2 Role and responsibilities of marketing related to Beauty Giant

Marketing functions is divided into many steps: pricing, product and service department, distribution, financing department, human resource department, selling and promotion department and production department. All these functions increase business and productivity of products.

  1. Pricing: company set there price according to product and services. Setting the right price of products attract customer and also make interest to others through communication. Beauty Giant set there new product price according to people affordable situation. Low pricing with good quality attract customers. Company pricing department set price which is valuable for there customer. Pricing effect marketing functions of company. For example: if the substitute product of different company is selling their products at lower price then beauty giant company, than it will affect the popularity of the product.
  2. Product and service management: this department is worked for managing product and their services. In the organisation they manage the process of product making and focused on there packaging, designing, developing etc. Marketing is used to promote the right product at right price level in front of society. This department work on providing there better and best quality product.
  3. Distribution department: In beauty giant the distribution department provide product to customer's according to there demand, needs and requirement. Right distribution at the correct location to the right people are there main motive. They want to satisfy there customer offering good distribution service. Moving product from one step to another is distribution. It gets impact on company marketing.
  4. Financing department: financing department played an important role to make business successful. In the organisation they make budget for doing such marketing activities such as promotion, advertising through television, magazine, holding, distributing templates etc. they collect funds for operating all the work of company. And also provide financial assist to people who buy there product and services. Financing runs business effectively. It also focused toward inflow and outflow of money and assure that all price of marketing activities is covered. Finance department in company has prepared budget for promotion, research and distribution in order to face any strategy in of there competitors.
  5. Human resource department: Human resource department played an important role by selecting capable workers who perform task effectively. In above points, company launched new product in market, for this they research programs before developing new product. This is a technical process and they required capable, skilled and good behaviour able staff who help in making there product attractive and innovative then other company. Human resource department hire people who have highly qualified and had great skilled knowledge. They are responsible for give training and development session to their employee for motivation. This process also impact on the growth of business.
  6. Production department: the work of this department is to manufacture products and maintain relationship between the buyer and seller. Production is based on marketing research, the company create a report according to research on marketplace. Beauty Giant provide there products according to need and specification of their client requirement. They get assure that the quantity of goods is delivered to client within a decided time frame. They also made product which is good for skin and make them younger or healthy.
  7. Selling and promotion department: this is the last step of all the function in marketing. After the process of production, the department focused on selling and promoting there new product through advertising. Communication directly or indirectly with people to find there needs and requirement help organisation to sell there products. Promotion is the strategy to sell company product in marketplace. It helps to achieve business goal and provide customer better satisfaction regarding to the product which they want. Promotion source is adverting, personal selling, through publicity and society and public relation. Selling product in right price attract people. For example: Beauty Giant can do television advertising in the cities where their products is known which will improve the popularity of the product.

The whole marketing structure is based on business needs. High level executive manage and organise the work of low level executive. High level executive make plans and strategies and order low level employees to follow them. In organisation they create planning and innovation to attract customers. The role of marketing within business to customer and business-to- business impact on the growth of organisation. Business to customer is a direct connection for the products. The interrelationship between the marketing function and department of company impact the growth of business all these function work effectively in making profit.

P3 Marketing mix elements to the marketing planning process to achieve business objectives

To developed marketing strategy in business the company used marketing mix elements to achieve business objectives and goals. Product, price, promotion, place, physical evidence, process and people are the seven elements of marketing.

  • Product: product is the base of marketing, the company made product according to the need of customer. They made physical product which is tangible and intangible in form. Products is mentioned in tangible form and service of product is intangible which the company offered to there customer. Beauty Giant made the best beauty products for clients. Good product increase customers rating in positive manner, it will increase profit in business and also help to achieve organisation goal (The Marketing Mix 4P’s and 7P’s Explained. 2018). Good brand name is important in business market. This company has a good brand image in marketplace by providing reasonable price product. They developed great quality product and also make innovation in them.
  • Price: Price is the second element of marketing. Right pricing strategy developed organisation success. This is the main stage which affect customer choice. Pricing is cost which company charged for product. Beauty Giant make different price strategies such as premium pricing, penetration, economy and price skimming pricing strategy. They premium pricing policy to introduce new product which has clear competitive advantage in same products. Thus, this element help to achieve business objectives.
  • Place: the third element of marketing is place. This is very important for business growth, after discussed on product and price element, place is the main part of organisation. Beauty Giant choose the right place for establishing there business in marketing place. They choose the place where people get noticed there organisation and products. It impacts on business and productivity. Changes in place affect the sales increasing.
  • Promotion: promotion is the best way to attract people toward the company products. Beauty Giant launched new anti ageing product 'Forever Young' through using promotional strategy for marketing. This process helps in introducing products detail in front of people by advertising in magazines, newspapers, television, holdings etc.
  • People: people is the main target of business. This is the fifth step of marketing elements. They effect business and productivity of product. Company create product according to the requirement of public. They make those products which attract the people more than there competitors. People satisfaction and feedback impact the goal of company, and also effect the business objectives.
  • Physical evidence: Physical evidence proof that the company is authorities in marketplace. Good brand name is the example of physical evidence. The base of this process is advertising through digital marketing. Company used digital marketing for proof the authority in marketplace.
  • Process: this is the final step of hole marketing mix elements. After following all functions process of marketing products is very important in achieving business objectives and goals. Organisation follows the step of process one by one to make a good brand image in market and also promote the product in proper way which attract the customer.

P4 Marketing plans for Beauty Giant

Executive summary- executive summary is a brief introduction of the process followed in marketing plan. It incudes marketing objective, tools using for situation analysis like SWOT and PESTLE, financial arrangement and budget allocation, marketing mix strategies and evaluation method and correction action model use for minimise the variation.

Marketing goal and objectives

Marketing goals are the standards that any organisation want to achieve by its marketing efforts. Marketing goal help in achieve the ultimate organisation goal. Marketing plans objective varies with nature of organisation like manufacture and service organisation. For example Beauty giant marketing goal for its new product is spread awareness in particular segment, announce innovation in ageing cream, or no side effect of the product etc.

Situational analysis- situational analysis is a data gathering process about external and internal environment that can affect an organisation. SWOT analysis use for company capability evaluation and PESTLE is used to know external factor affecting business environment.

Strength

  • brand image and positioning
  • established distribution channel
  • regular product innovations
  • Collaboration with beauty experts.
  • Use organic ingredients
  • Affordable price range of products.

Weakness

  • Small targeted group.
  • No product differentiation
  • Product requires animal ingredients as well.
  • Cavusgil, S.T. and et.al., 2014. Weak online distribution.
  • Weak position in Asian market.

Opportunity

  • Expansion opportunity in Asian market.
  • Country having middle age demographic dividend have high chance of product acceptance like china and japan.
  • Build strong social media presence.
  • Product differentiation opportunity like provide free skin check before buy the product etc.

Threat

  • Other brand also provide same product for very long time.
  • Cavusgil, S.T. and et.al., 2014.Change in trend
  • easy entry for new player
  • small market target can increases price for an individual
  • social and cultural barrier

PESTLE of Beauty giant

  • Political factor – in beauty industry government control the product process and ingredients for health and safety of public. Beauty giant follow personal Care Product Safety Act clauses. It uses more hand on process to make product.
  • Economical factor- economic factor like available disposable income, employment rate, labour cost, raw material cost, tax rate, exchange rate also affect the beauty industry. Beauty giant use differentiate pricing policy with different level of income, it also provides the cream with different size.
  • Social factor- social factor are the by which a person get influenced or make his belief. These this include family, social status, friends and peers etc. Beauty giant done its social factor evaluation for their new product FOREVER YOUNG.
  • Technological factor – technological factor include the latest technology availability for production, distribution, marketing. FOREVER YOUNG have micro dermabrasion property.
  • Environmental factor – environmental factor include availability of natural resources, waste and recycling policy,
  • Legal factor – legal factor are the rules and regulation set by government authority in which a business has to work within. Labour law, health and safety law.

Segmentation, targeting and positioning: Segmentation is based on age, gender, demographic, behavioural, psycho graphic and geographic. Organisation divided people in different group at same level. They target people according to segmentation and then distributing product according to their positioning. All these process highly effect business growth and also help in achieving business objectives.

Segmentation

Beauty- Giant will use Demographic and geographic segmentation for forever young as it targets middle adult people in 50 location across the UK.

Targeting

Company will opt differentiated marketing with Product differentiation marketing approach. Company want to tell innovation and product improvement to the buyer, so it is the best strategy for product.

Positioning

Young forever's advertisement will communicate product quality, uses, and Convenience. Also, product differentiation promotion will be use in promotions.

Marketing mix for young forever

Product

Young forever anti ageing cream in different size dispenser.

Price

Premium pricing will be use as company render innovation in product.

Place

Customer can avail product in malls, supermarkets, beauty stores and franchises. Company will use indirect distribution channel, which follows the conventional wholesaler- retailer and buyer chain. Apart from It product is also available on company website, apps and third party website.

Promotion

As, beauty giants targets middle adult people, it will relay more on print advertisement. Firm will put their promotions on fashion & beauty website and on social media.

Marketing budget

Particular

Amount (£)

Promotion

15000

Commission to intermediates

10000

Salary to staff

10000

Utilities

5000

Other expenses

5000

Total

£45,000.00

Monitoring and Controlling

Manager will use sales KPI indicators, ratio analysis, sales reports and budgetary control to measure the total sales generate. In case manager finds variance in standard and actual sale amount, various controlling method will be used to lower the gap. For controlling purpose manager can make change in leader style and offer incentive and benefit to sales personnel, so that they will put their efforts to maximum extent.

CONCLUSIONS

Above all the study it has been concluded that marketing essentials help in increasing growth of business and product. By making marketing plans and strategies company make profit with some innovation. The role and responsibilities also (Cavusgil and et.al., 2014). help organisation to increase productivity and decrease employee turn over. All the function work effectively in achieving business goals and objectives. Marketing mix elements help to established b (Cavusgil and et.al., 2014).business and make it success in marketplace. The company used these elements to get all the correct knowledge and also set the right price of product and give better quality. They give better services to their clients according to their needs and requirement. All the study give impact on business growth and help in achieving all the objectives of company.

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