Task 1Discuss the role ofmarketing management functions of manufacturing company Based on yourknowledge about marketing theory and concept.
Marketing “Marketing is ahuman activity to satisfy needs and wants, through an exchange process. Ademand is a want for which the consumer is prepared to pay a price.A want is anythingor service the consumer desires or seeks” (Kotler, Philip and Armstrong, Gary, 2007). Role o f marketing As we’ve seen the keyobjective of an organization’s marketing efforts is to develop satisfyingrelationships with customers that benefit both the customer and the company.They are the marketing to work for the main part in our society.
Marketingis the essential business function that is needed in almost all industries wherethe company works for a profit or a nonprofit. Marketing is accountable formost duties that bear proceeds to an organization, for the profit organization.For the nonprofit organization,marketing is accountable for enticing customers wants and needed to provide thenonprofit’s mission, such as fund-raising or aiding a case.
These organizationscan vital indeed of marketing effort.Marketing is also theinternational business area that interacts most frequently with the public and,consequently, what the public knows about an organization is determined bytheir interactions with marketers. For example, customers may believe a companyis dynamic and creative based on its advertising message. Marketing includessome activities that support a business to sell services or products. Butmarketing is not for selling.
Marketing is like a management process whichprovides customer need and want. Marketing always try to know the customerbehavior and what they need.Task 2Do you accept that customer isthe King today? Based on this proposal, discuss the value of customers andstages in consumer decision making process of a product with suitable example.Consumer “Any individual who purchasesgoods and services from the market for his/her end-use is called a consumer” (Kotler, Philip and Armstrong, Gary, 2007).Customer is the king Nowadays, customer is theessential part in business area because of the competitive business environmentall over the global markets.
Customer gratification is a good way to close thecustomers that can be specified as the level of satisfaction by the customersafter buying or consuming a especially product or service from a business. Byknowing customer satisfaction, helps to develop the business models andbusiness strategies to raise customer satisfaction and to supply the qualityproducts or services to the customer. “For example, Hill et al. (2007) havedescribed that customer satisfaction is considering the most significantprospect inside a business to focus profits of the business through customersatisfaction, staff satisfaction by virtue of customer satisfaction, returns toshareholder by customer satisfaction, impacts of customer satisfaction onmacro-environment and so on”.Customer’s satisfaction is the keypoint in a business and become a business concern, especially for fast foodbusiness. It has been taken into consideration by highly significant index for the measuring oforganizational performance of a business.
For example, Michman and Mazze (1998)have mentioned that customer satisfaction is considering as vital issue for abusiness, like fast food business because product quality and diversificationof business is essential to influence customers’ buying patterns and thus tosatisfy them. As an example, they have mentioned that McDonald’s hasdistinguished itself with superior customer service and product consistencywhile offering low prices and high value to customers. However, Burger King hasnot developed a clear strategy, like McDonald’s; nevertheless, Burger Kingappears to have followed a strategy of being second best. So, we can say thatboth companies have been focusing on customer services with quality products inrelation to increase customer satisfaction.Khan (2012) has noted that thesuccess and failure of fast food industry depends on several key aspects, priceof the products, quality of products, services to the customers, promotions,customer expectations, brand, physical distribution and location of the store,and taste of the product and other related things. This research projectis based on the comparative analysis of customer satisfaction at McDonald’s andBurger King, leading fast-food chains in the UK as well as in the internationalmarkets.
McDonald’s is one of the world’s leading and largest fast-foodbusinesses throughout the international markets. Burger King also leadsfast-food business throughout the international markets. Thus,customersatisfaction is becoming an important issue and concern for an organization,particularly for fast-food businesses.The researcher isself-motivated to carry out such type of research project. The selection ofresearch topic is based on the importance of academic, organizational andpersonal point of views. In fast food industry, customer satisfaction becomesthe key issue to success for the business through customer loyalty.
So, the comparative study ofcustomer satisfaction at McDonald’s and Burger King has academic importance.The researcher will develop valid recommendations to the case studiedorganization in accordance with identified issues and concerns from review ofliteratures and primary research. So, this research project has significancefrom organizational perspective. The research project is designated in such away that will improve knowledge and understanding of the business managementthrough analysing customer satisfaction (Customer/www.essayandreportwriting.com). Task 3Nowadays,successful company segments their products or services to get more marketshare. If you are marketing manager, what do you segment your products orservice to enter the target market and effective positions for them with yoursuitable examples.
Market Segmentation “High-growthcompanies succeed by identifying and the needs of certain kinds of customer,not all customers, for special kinds of product and service, not all productsor all services. Business academics call this market segmentation.Entrepreneurs call it common sense” (Kotler, Philip; Armstrong, Gary, 2007).
Market segmentationsupports the marketers to prepare a suitable marketing strategy. The mostimportant aim of marketing is to understand and satisfy the customers and theirwants and needs better than the competitors. As no two individuals are same,they have different requirements and should be treated differently.
Targeting Classifying differentmarket segments is the first step in target marketing. Thus, marketsegmentation is the process of dividing the market into a number of groups thatare mutually exclusive, while individuals exhibiting similar traits fall underone group. With the help of segmentation firms can anticipate the requirementsof its potential customers to a greater extent, by determining the group ofpeople best suited for a particular product or service offering.
Markets can besegmented on the basis of following characteristics.Geographic segmentation is based on variables such as: Region: This kind of segmentation involves division of customer base by continent, country or state etc. Customer groups can also be formed on the basis of size of population of a particular region. Population density: urban, suburban, or rural Climate Demographic SegmentationDemographic Segmentationincludes: Age, Gender, Family lifecycle, Generation, Income, Occupation, andEducation Psychographic segmentation is based on customer’s lifestyle, activities, interests, andopinions etc.
Behavioral segmentation is based on actual consumer buying behavior for particularproducts. Customers are segmented on the basis of their attitude towards brandloyalty, or user status indicating the first time buyers, potential buyers,benefits sought etc.Since segmentationsegregates the market into a number of heterogeneous groups, it helps theorganisations to target specific groups by developing advertising programs foreach segment or develop new products to attract one or more segments.Growingly, with the increase in competition target marketing is a more methodas opposed to the mass marketing as it helps the organisations to reach greatercustomer needs.Market segmentation can beimplemented in three ways:DifferentiationIn this process thecentral focus is each segment’s individual needs wherein based on differentmarket segments companies market and develop products or services.
ConcentrationThis method involvestargeting a specific segment or niche which the main competitors of theorganization are not able to reach.Atomization This method involves dividing the market into verysmall segments, as small as one person segment in a few cases. This method ismainly adopted by companies offering expensive and highly customized productsor services. Task 4 Suppose that you are marketing manager of a manufacturingcompany, your company want to produce a new product or service. So, companyconfided you to make a marketing plan about a new product or service. And then,discuss the marketing plan for your company with your suitable product orservice example.Marketing Plan “A marketing plan is a plan that outlines your full marketingstrategy for the coming year.
It will include to whom you are marketing, howyou will market to them, and the strategies you will use to connect withcustomers and attract sales. The goal of the marketing plan is to outline howyou will present your products and services to your target market” (Kotler, Philip; Armstrong, Gary, 2007). Marketing plan is the most important part of a business plan. Itdescribes a detailed, researched and written report that a business uses in orderto outline the activity which might be taken to customers and taken to persuadethem to buy the product. It communicates to the customers on the value of goodsand services. Marketing personnel evaluate the results marketing decisions madein previous years and the market in which a business operates in order to makethe right decisions. They also set goals that provide direction on howmarketing should be carried out.
Coca-Cola Company success has been attributedby a well structure of marketing plan. Marketing plan prepared by themanagement determines how well it will exist in the market (Marketing Plan/www.slideshare.net).
The aim of themarketing plan is to control the entire business to developSWOT is a techniquespecifically designed to help with the identification of suitable businessstrategies for an organization to follow. It involves specifying and relatingtogether organizational strengths and weaknesses and environmentalopportunities and threats. In practice this is often an activity that is notcarried out well. It is all too easy, having identified all the importantpoints, not to know what to do with the data generated (Marketing Plan/www.ukessays.com, 2015).SWOT ANALYSIS 1.
StarSoftware’s product differentiation strategy is the result of a strong market-ing orientation, commitment to high quality, and customization of products andsupport services. 2. There islittle turnover among employees who are well compensated and liked bycustomers. The relatively small size of the staff promotes camaraderie withcoworkers and clients, and fosters communication and quick response to clients’needs. 3. A long-termrelationship with the primary supplier has resulted in shared knowledge of theproduct’s requirements, adherence to quality standards, and a common visionthroughout the development and production process. 4. The highpercentage of reorder business suggests a satisfied customer base, as well aspositive word-of-mouth communication, which generates some 30 per- cent of newbusiness each year.
Strengths1. Star Software’s product differentiationstrategy is the result of a strong market- ing orientation, commitment to highquality, and customization of products and support services. There is little turnover among employees who are well compensated and liked by customers.
The relatively small size of the staff promotes camaraderie with coworkers and clients, and fosters communication and quick response to clients’ needs. A long-term relationship with the primary supplier has resulted in shared knowledge of the product’s requirements, adherence to quality standards, and a common vision throughout the development and production process. The high percentage of reorder business suggests a satisfied customer base, as well as positive word-of-mouth communication, which generates some 30 per- cent of new business each year (Marketing Plan/college.cengage.com). Weakeness The highly centralized management hierarchy (the McLemores) and lack of managerial backup may impede creativity and growth. Too few people hold too much knowledge. Despite the successful, long-term relationship with the supplier, single-sourcing could make Star Software vulnerable in the event of a natural disaster, strike, or dissolution of the current supplier.
Contingency plans for suppliers should be considered. The seasonal nature of the product line creates bottlenecks in productivity and cash flow, places excessive stress on personnel, and strains the facilities. Both the product line and the client base lack diversification. Dependence on current reorder rates could breed complacency, invite competition, or create a false sense of customer satisfaction. The development of a product that would make the software calendar obsolete would probably put Star out of business. Opportunities1. Advertising expenditures in the UnitedStates exceed $132 billion annually.
More than $25 billion of this is spent ondirect-mail advertising, and another $20 billion is spent on specialtyadvertising. The potential for Star Software’s growth is significant in thismarket. 2. Technological advances have not only freedup time for Americans and brought greater efficiency but also have increasedthe amount of stress in their fast- paced lives.
Personal computers have becomecommonplace, and personal information managers have gained popularity. 3. As U.S. companies look for ways to developcustomer relationships rather than just close sales, reminders of this relationshipcould come in the form of acceptable premiums or gifts that are useful to thecustomer. 3. Computer-based calendars are easilydistributed nationally and globally.
The globalization of business creates anopportunity to establish new client relation- ships in foreign markets. Threats1. Reengineering, right-sizing, andoutsourcing trends in management may alter traditional channel relationshipswith brokers, dealers, and distributors or elimi- nate them altogether. 2. Calendars are basically a generic product.The technology, knowledge, and equipment required to produce such an item, evena computer-based one, are minimal. The possible entry of new competitors is asignificant threat.
3. Theft of trade secrets and software piracythrough unauthorized copying are difficult to control. 4. Specialty advertising through promotionalitems relies on gadgetry and ideas that are new and different.
As a result,product life cycles may be quite short. 5. Single-sourcing can be detrimental or evenfatal to a company if the buyer- supplier relationship is damaged or if thesupplying company has financial diff iculty. 6.
Competition from traditional papercalendars and other promotional items is strong. Task 5 In practice, theconsumer orientation should permeate every part of a business if it is tosucceed. We have now seen what the four elements in the marketing mix are.However, the marketing mix is only one way of looking at marketing. Discuss them briefly.
Marketing Mix Marketing mix are basically some tools, which are used toenhance the abilities and strengths of a marketing strategy. The marketing mixhelps in supporting the marketing procedure and withstands it. The process ofmarketing becomes feasible and smooth to operate and also curbs the risk ofloss.
The main Marketing Mix “The marketing mix is the set of controllable, tacticalmarketing tools that a company uses to produce a desire response from itstarget market. It consists of everything that a company can do to influencedemand for its product. It is also a tool to help marketing planning andexecution” (Kotler, Philip; Armstrong, Gary, 2007). Marketing mix tools are:1 Price2 Product3 Place4 PromotionsNeil H Borden was the man who coined these marketing mixtechniques back in 1964. These tools have been applied everywhere in themarketing process since then.
Figure 1 Product,Place,Price,Promotion Marketing Mix tools can be explained with this:Price is an important factor of the marketing mix and refers tothe amount charged for selling a product. Price helps in determining the sourceof income for a business. Price of the product should be kept carefully, afterunderstanding fully about the market nature and consumer nature. The price mustcover the expenses incurred in making them and also garner much profit for thebusiness.
The profit margin should also be kept carefully.Some important decisions to be made for Pricing:• Volume Discounts• Suggested retail price• Cash and early payment discounts• Pricing strategy Product A business deals its operation with its product or a service.Products are the main thing of a business for which it strives and from whichit gains. Selling of that product is a necessary job.
Proper planning andstrategies should be laid out selling it. Target audiences and territoriesshould be considered well. The expense of making that product and qualityshould also be considered well before. Product comprises of three main levels:• Core product• Actual product• Augmented productSome important decisions to be made for Product:• Styling• Brand name• Functionality• Safety• Quality• Packaging.
Place The place of marketing mix is the place where the production anddistribution of the product is done. It involves storing and selling it both.The place is an important factor and should be chosen wisely.
The raw materialsproduction should be near the place, cutting extra transportation conveniences.Storages of products should be near the market to keep the retailing good. Thus, place is an important factor.Some decisions that should be taken for place are:• Distribution channels• Market coverage• Specific channel members• Warehousing• Order processing• Transportation Promotion The promotion factor of the marketing mix refers to theincreasing of various techniques to garner the growth of sales of the product.It aims to increase that need of the product in the market.
The business,producing high quantity high volumes of products needs a good promotion forselling those products in good numbers and keep the profit level up. Best promotiontechniques include, advertising, publicity, sales promotion and also personalselling.Some of the decisions to be taken for promotion are:• Advertising• Promotional strategies• Personal selling• Sales promotionThese four marketing mixes are the ones mostly used over. Theseare good and reliable factors to be kept in mind while making appropriatedecision sin marketing.
Apart from these four, there are three more tools ofmarketing mix, they are• Physical Evidence• Process• PeopleAs we have seen above, marketing mix is vital to stand with the success of the business (Marketing Mix/www.myassignmenthelp.net). REFERENCE Customer/www.essayandreportwriting.com.
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