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Unit 2 Marketing essentials with 7Ps Assignment
Diploma in Business (Marketing)
Unit Number and Title
Unit 2 Marketing essentials with 7Ps
This Unit 2 Marketing essentials with 7Ps assignment is about the marketing elements that affect the growth and success of the organization. It is important that company uses correct market approach to leads the company to the path of success. In this, a company called EE limited wants to make necessary changes in the marketing aspects of the company. This is done by importance of marketing implantation in the company. for this purpose a presentation is made for the formulation and implication of marketing principles in the organization that enhances the interrelationship among deep[garments of the organization. apart from that marketing mix are discussed in details in the report by comparing EE and O2 company. atlas a marketing plan is formulated for the growth of the organization and its success in the long run.
Marketing is the techniques or the way through which big & small business can earn success and growth. Marketing helps the company to work towards the goal to increase its sales as with better sales the more profit can be taken into account by the company. This marketing is about the company called EE limited is the telecom company and Mobile Phone Company. Marketing helps to maintain the relationship between different departments as well as interpersonal relationship also. This relationship is based on the exchange relationship as all the sales of the company decide the future of the company. Good marketing strategy helps the company to stand itself in the market and make necessary decisions for the growth of the company.
Marketing is performed by the a systematic process through which an effective marketing can be accomplish. There are four steps in the marketing process they are situation analysis, marketing strategy, marketing mix decision and implementation and control. Situation analysis helps the company to determine the current scenario of the market that enables the analyzing the condition in a proper manner. Another step is formation of marketing strategy so that no problem may arise on that regards in future. An effective market strategy can leads to accomplishing the goals that can be helpful for the organization. Another step is the marketing mix decision that is depended on 7P’s. If they are used properly then there is less chance that any complication may arise in future. Last step is the implementation and control. It must be effective so that no problem can hamper the marketing strategy.
Marketing manager is appointed who looks after all the details of the marketing and make necessary decision in that regards. He develops the marketing plans that can be useful for the organization and for marketing team. He is the person who coordinates with the other department so that no miscommunication may occur that leads to defaults and non-functioning of the company. He has to make marketing decision so it is important him to analyze all the market condition so that decision be effective and efficient. A good marketing manager can lead its team to the great heights.
Marketing department helps functional department in all the necessary working and operation of the company. It also affects the working of those departments like human resource department will have to hire more employees if the marketing department is performing. This department also keeps that track on marketing personal. Another department is the finance department who makes budget for the marketing plan. And is marketing is not conducted properly then there are chances that loss may be suffered by the department. Another is the production department that has also impact of the marketing department as if marketing departments fails to sell its product then overstock situation arises that causes problem for the department.
Marketing must be effective as good marketing leads to the success of the company and company may be able to focus on the growth on long run. It also increases the goodwill of the company as an effective marketing increases the sales that enhance the reputation of the company. A good marketing manager also creates a good relation with other department that helps the organization. There is the imperative need for interrelationship among department as it helps the company to work in harmony and with effectiveness. It also increases the work culture and work environment of the organization that leads to smooth working of the company. If there is harmony among departments that goodwill of the company will also increase which is beneficial for the long run of the business. It also helps in effective decision making that can solve all the problems. It can be concluded that an effective and efficient marketing can solve many problems that hamper the growth of the company. Marketing manager of the company called EE limited is required to make necessary changes for better inter departmental relationship and better communication. It can be concluded that EE limited should follow marketing elements effectively.
Compare ways in which organizations use elements of the marketing mix (7Ps) to achieve overall business objectives.
Marketing mix is the concept that serves as a base to the success of the company. A business cannot run without the profit and it can only be earned by the suitable and appropriate marketing strategy and process. One such technique or tools is marketing mix. It is the concept in which suitable product is served at the right time and right place so that it can be easily approachable to the market and sales and profit of the company may increase. Marketing mix has four parameters that are place, price, product and place. But with the changing scenario and the nature of business, there is extension in the aspects such as process, people and physical environment. The 7 P’s are used in service marketing.
These 7 P’s are compared by in accordance with the two mobile phone company. One company is EE limited that is British based mobile company whose headquarter is situated in Hatfield, UK. In relation to 4G services it is the largest operator in the Europe and largest mobile operator in UK. Another company is O2 which is the second largest telecommunication service provider after EE limited. This company is famous for its mobile worldwide and is highly acceptable in UK. These two company marketing mix is compared and provided below-
- Product- Product forms the basic essential for any marketing success. There is the difference between product and services as product is the thing that you buy it and have it and services are available over a period of time. These two companies sell their product i.e. mobile phones to the customers and they both provide sufficient effort in that process.
- Price-Price is the factor that affects the choice of most of the customers as customer payment capability to buy that product is important. Price is required to suit to customers to increases its sales. Due to increasing competition companies has to decide their prices with low margin on profits to increase its sales. EE limited is one of the largest companies in this term as mobile phones are sold with effective price that can be affordable by the customers. O2 also provide wide range of product with prices that are high. Prices also depend from handset to handset (Khan, 2014).
- Place-Next criteria is the market or place where product or services be sold. It is also the important aspects as it determine the customer’s availability. Both company has extends its business to the UK effectively. Apart from that it also sell its product via e-commerce websites which is currently the best suited way to attract customers for this concern supply chain management technique is used to get the desired result in relation to availability of place. EE limited has spread its wings worldwide in this concern. O2 has also made various provisions to sell its product worldwide. This company has achieved this target by selling its product online to its customers by creating market base in that concern.
- Promotion-With the excessive competition it has become obligatory for the users to promote its product in the market with correct strategy and tools. Company uses various advertisement means to promote its product. Print and electronic media is widely used in that concern. Other than that company also launches various schemes to attract the customers for effective sales of mobile phones. EE limited has launched its first advertisement via electronic medium with correct approaches to increases its sales. It also uses the concept of sponsorship to promote its brand like sponsoring British Film Academy Awards in the year 2013. Similarly O2 also make promotional advancement to increase its sales. It prefers to sell online so most of its advertisement is on social media and e commerce websites with attracting offers (Enache, 2011).
- People- Human resource is essential while conducting any business as no business can run on machines without the help of human resource. Business staff includes all the employees working within the organisations behaviour for the betterment of the company and its long run sustainability. Interaction with the customers and enable them to buy the product require compatible marketing and sales staff. Even strategy for better marketing is done by marketing managers and his team. Both the company takes into consideration the best employees to perform that task. EE limited staff are selected with accuracy same is applicable on the employees of the O2 Company. Marketing expert has to learn and study the behavior of the buyers for the purpose of selling its product without any difficulty.
- Physical evidence-It refers to the area where services are served or product are sold. Only planning cannot leads to the success of the company. Marketing is performed in the dynamic environment so it is important that a proper implementation of the services be made to satisfy the needs of the customer as services are provided in the physical environment. EE limited work as the largest mobile operator in UK so there are chances that it may suffer certain difficulties due to its vast empire that results in sometime problem in marketing but with effective management techniques it has made his landmark in this field of business. Similarly, O2 has also some issues but it has also created its own brand image in the market with effective management techniques (Festa et.al, 2016).
- Process-It is the way through which business make certain criteria in which product or service be performed in the market. Services and products are required to be delivered on time so that no problems may arise in relation to the quality as well as quantity of services. Both the company provides the services in relation to the efficiency in its services and the quality in which it is provided. Like EE limited always try to deliver services on time with optimum quality so that no hurdle may arise in the future of the company marketing. Similarly O2 also focus providing online services on time to increase its goodwill in the market.
With the changing scenario company is required to take corrective actions in relations to the its marketing strategy due to which it is integrating three more aspects in the marketing. This is the best approach for effective growth of the company get itself anchor in the tough competition. These extended P’s are more profitable as it provides management a wider platform to make decision for the company market value. This is also beneficial as process, physical environment and people cannot be ignored to accomplish the task. Both the company is working towards its goals by applying best marketing mix for the betterment of the company (Lee et.al, 2016).
Develop and evaluate a basic marketing plan
Executive-This is the outline of the company new plan for marketing that can enable it to diminish or reduce all its problems that is affects or may affect its market growth in future. This consist of all the analysis of its past performance, its objectives that is required to be achieved in future along with its strategy that it would implement in future for better growth of the company in long run. Apart from that tactics and actions to accomplish its task along with the budget in which it will be accomplish is mentioned properly. Measures to make certain controls are also present that would help in better growth of the company.
Company Overview-EE (Everything Everywhere) limited is the British based telecom company with the market spread throughout United Kingdom. It is also in the field of internet service provider along with joint venture with Deutsche Telekom and Orange S.A. It is the largest mobile network operator in Europe and largest 4G service operator in the whole UK. This company succeeds O2 UK mobile company in terms of network operator. For effective marketing, company has taken much initiative like sponsoring in academy awards and many others. But then also it lacks in certain aspects that leads to customer dissatisfaction which impact on the market value of the company. So for this purpose a new market plan is designed for effective growth of company.
Current Marketing Situation Analysis-An analysis of the current market structure and functioning of the company is made so that the shortcomings are overcome by the company. For this purpose internal, external and SWOT analysis of the company is conducted that is shown below-
- Internal analysis -Analysis was conducted in which employees’ performance was evaluated and it was discovered that some employees has emerged with some rude behavior that causes the unsatisfied customers which ultimately leads to bad reputation of the company. Another aspect that was analyzed that some issues are present among some employees that leads to ineffective working m marketing team apart from that marketing team is making various efforts to improve the market base of the EE limited(Wong et.al, 2011).
- External analysis-There is many external factors that affect the marketing performance of the company. These factors are the competitors who create a tough situation for the EE competition as various companies are planning to bring 4G services that would drastically affect the market for the company. Apart from that company also has suffered problem of unsatisfied customers due to the rude behavior of some sales employees. Company certain strategy in recent time has not being that effective compared to its competitors.
The basic objectives in this concern are listed below-
- To maintain its market value for better growth of the company.
- To implement better plan for customers redress.
- To focus on individual consumer along with the business segments.
- To maintain the brand value of the company.
- To increase its profit and wealth.
- To enable more planned strategies and market plan for better control of business.
- To control the wrong means that are followed and implemented by the management and organization to increase its market share.
Strategy-It is important that objectives of the organization achieved within specific time limit so that success of the company be attained. For this purpose an effective strategy is required to be made so that company can performed its task more accurately. A strategy in this concern is formulated below-
- Horizontal integration- In this type of integration existing company combines or merges with its competitor or the organization of that level to increase its market base and market. This is effective to create its own market and also it reduces the competition of the organization. Similarly when two large organizations combine then it increases the goodwill of the organization and increases its customer base in that regard. EE limited is a telecom company which wants to create a new marketing strategy so that a broad market base may be increased. This company has also previously joint venture with Deutsche Telekom and Orange S.A that has increase its market base. Similarly now again company require to either merge or joint venture with its competitors or large organization for effective marketing (Guido et.al, 2011).
- Training-Apart from that company also requires training its staff to solve redressed on time and all the other problems that may hamper the reputation of the EE limited. It also required motivating its employees and marketing personal to use all fair means in relation to the interaction with its customers and avoid techniques like hard selling.
- Market P’s – Organization required to revised its strategy in relation to market P’s for the effective growth of the company. EE limited is lacking in its working in few P’s that increases the customers base for its competitors so now company will revise its existing P’s for effective growth of the company and also helps it to increase its sales (Pastan, 2015).
Segmentation, targeting and positioning (STP)
- Segmentation- There are various ways in which segmentation can be done for effective marketing process as all the work in relation to marketing is required to be performed in the systematic and accurate manner. So to accomplish this purpose segmentation is used so that no problem arises to the company for effective marketing. Segmentation can be performed in respect with geographical region, demographic and psychographic. Even by the way of
- Targeting- When the market is segmented in accordance with geographic, demographic and psychographic manner then the next step is to make considerable decisions to target the customers of that aspects. So, in accordance with the demographic region company requires to concentrate on the old age people by ascertaining new schemes so that a greater control can be available to company with large customers’ base. In respect to geographic region EE limited has to extend its region beyond the cities and spread more to countryside side region so that new market can be created there. Apart from that company also planned to inclined customers to use 4G services for effective growth by changing the attitude and behavior in this respect by providing knowledge in that concern (Doole, 2016).
- Positioning-After the segmentation and targeting the next step is to make various efforts in relation to approach the targeted customers for marketing of the product or services. This can be done by product attribute strategy. Company is planning to promote the attribute of the product to its targeted customers. By this manner company would be able to promote its 4G services and mobile phones importance to its target customers to increases its sales and enhance its market for effective growth (Westwood, 2013).
Tactics & Action-The next step in planning is to form certain tactics and then actions so that goals are achieved in the proper manner. This can be done by following a good tactics to target customers by promoting the mobile phone with 4G services to increase the customers’ base. Apart from that advertising to reach its customers at regional location can be effective way. Another way is to position its product on the e-commerce websites to increase its sales. Actions in this regards will be to study the market in the proper manner along with its pros and cons. various forces that affects the market be analyzed by the analyzer so that no problem to be suffered by the company while implementing the plan. Each strategy will require at least three to five actions so that if one is not being able to be implemented then another can be used in that respect. Actions are made as per the attitude of the customers of that area. Like regional regions customers requires good connectivity so actions to promote the products will be by showcasing the effectiveness of the product that can enable better market base for the customers. Another thing is to tackle the competitors that can be done by good advertising policy and avoiding wrong means that increase the goodwill of the company (Luke, 2013).
Budget-It is the estimation of the expenditure required to be made in the new marketing plan. It is required to made with accuracy so that after its implementation no financial loss suffered by the customers. This can be done with the help of financial manager of the company. It is estimated that around £ 15 million would be require for this project. Apart from that £5 million is to be remained in the contingent account in emergency (Albanese et.al, 2010).
Control-When this plan will be implemented then it will be scrutinized and check at regular time interval so that no default may arise in that respect. Controlling is required for avoiding any flaws or default that would cost a fortune to the company. Managers would be required to give reports at regular time interval so that if any amendments are required to be done can be completed in the proper time period without damaging the working of the organizations. Also a fair check is done so that all the wrong means is avoided by any employee of the organization as it can harm the reputation of the company (Hawkes et.al, 2013).
Conclusion-A new management plan can be helpful for the company to diminish all its flaws so that no problems are arise and market base of the company be enhanced in proper manner. Apart from that company also required to use all the fair means to conduct its business operation. If company uses any wrong means in this regard then plan formulated will not effective and may cause serious trouble to the company image.
This report is about the marketing aspect and principles that are used in the company for better management technique so that no problem may arise in future. Here a company called EE limited is taken to performanalyses the marketing mix used by the company. Company is using a good method but require certain measures for better growth of the company. For this purpose company is required to make necessary changes in the marketing mix as there are certainflaws in it. For this purpose a marketing plan is formulated to get the desired result for the company.If company follows the market plan then there are chances that growth of the organization is taken into account.
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