Unit 2 Marketing Essentials
Unit 2 Marketing Essentials HND Business Management
Aim of Unit 2 Marketing Essentials
In this particular session, the importance of the principle of marketing and the techniques to develop the basic marketing plan and also discussed in the session. In this assignment, internal as well as external operations of different multinational business firms such as “Apple”, “Google”, “VISA”, “Burberry”, “Zara”, “Cadbury”, “Nestle”, “Unilever”, “Coca-Cola”, “Unicef”, “BP” are also discussed for better understanding of the present module.
LO1 Explain the role of marketing and how it interrelates with other functional units of an organisation
The term marketing can be described as the internal and external operations that are followed by the business firms for advertising products that are manufactured by the company. Moreover, the term nature of marketing consists of various stages such as managerial operations, operations of the human being, goal orientation, consumer orientation, utility creation, and others.
The entire process of “marketing concept” is divided into various components such as trend marketing, the concept of selling and product, relationship marketing and others. The term “external environment” in any business firm refers to the political, environmental, consumers-oriented factors. If the company is unable to meet the consumer’s expectations then it can affect the business performance. Apart from that, economic and political instability also influence the business activities of an organisation.
The marketing department of the company made of the departmental head, product manager, human resource manager, customer relationship executives, research and development head and others. Moreover, the entire process of the marketing department is divided into various components based on their list of activities such as vision and mission setting, analysis of the situation, make a strategy based on the situation, develop marketing mix and finally execute all the operations and manage the situation.
B2B marketing is a relationship-driven approach and B2C is a product-driven approach. B2B focuses on the small market whereas B2C focuses on the large market. Different roles of business units refer to the promotion or advertisement of the product, selling, competitor analysis, and others.
LO2 Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall business objectives
Seven elements of the “marketing mix” refers to the “product”, “price”, “place”, “promotion”, “physical evidence”, “people”, “packaging” and “process”. All the elements are equally essential in order to perform business operations in a proper manner. There are two types of marketing mix are 4P and 7P’s. One is product-based and another one is service-oriented.
Business enterprises need to manufacture the best quality products at a pocket-friendly price for attracting the needs of the consumers. Moreover, to grab the attention of the consumers marketing department of the firms needs to package products properly and apply or initiate unique promotional techniques.
LO3 Develop and evaluate a basic marketing plan
“Marketing planning” assists the marketing department of the company to develop goods and services within the business which accomplish the basic requirements of the consumers. Marketing plans assist the marketing cell of the company to accomplish the business goals without any hassle. Without proper objectives marketing plan cannot be implemented. Another essential part of the marketing plan is strategy or tactics. It is essential for implementing all the operations correctly. There are various components of the marketing plans are “sales analysis”, “market-share analysis”, “efficiency ratios” and “cost-profitability analysis”. Different tools are also used for analysing marketing operations.
Learning Outcomes and Assessment Criteria
Learning Outcomes and Assessment Criteria
|LO1 Explain the role of marketing and how it interrelates with other functional units of an organization||D1 Critically analyse and evaluate the key elements of the marketing function and how they interrelate with other functional units of an organisation.|
|P1 Explain the key roles and responsibilities of the marketing function. P2 Explain how roles and responsibilities of marketing relate to the wider organisational context.||M1 Analyse the roles and responsibilities of marketing in the context of the marketing environment. M2 Analyse the significance of interrelationships between marketing and other functional units of an organisation.|
|LO2 Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall business objectives||LO2 & 3 D2 Design a strategic marketing plan that tactically applies the use of the 7Ps to achieve overall marketing objectives.|
|P3 Compare the ways in which different organisations apply the marketing mix to the marketing planning process to achieve business objectives.||M3 Evaluate different tactics applied by organisations to demonstrate how business objectives can be achieved.|
|LO3 Develop and evaluate a basic marketing plan|
|P4 Produce and evaluate a basic marketing plan for an organisation.||M4 Produce a detailed, coherent evidence-based marketing plan for an organisation.|
This unit links to the following related units:
Unit 22: Product and Service Development
Unit 23: Integrated Marketing Communications
Unit 37: Consumer Behaviour and Insight
Unit 40: International Marketing