Submission Format: The submission is in the form of an individual written report. This should be written in a course, formal business style using Arial, 1.5 lines spacing and font size 12 with Justify Text to enhance the legibility for markers. You are required to make use of headings, paragraphs and subsections as appropriate, and all work must be supported with research and referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. Any suspicions regarding plagiarism will lead to failure in results of the assignment. The recommended word limit is 2,500 words, although you will not be penalized for exceeding the total word limit. Unit Learning Outcomes: LO1. Explain the role of marketing and how it interrelates with other functional units of an organisation. Assignment Brief and Guidance: You are a new Marketing Executive of Company X (Choose a B2B company in Vietnam or UK to apply). The company has not had a Marketing Team since it was established as the Board of Director did not think Marketing department is important for the business development in the B2B industry. However, you need to build a strong Marketing team in order to achieve their business objective. A meeting is held next week to finalise this decision, your task is to prepare an individual report, which clarifies the important role of the Marketing function and its relationships with other functions of the company, in order to persuade the BOD to establish a Marketing department.
ASSIGNMENT FRONT SHEET Qualification BTEC Level HND Diploma in Business Unit number and title Unit Marketing Essentials Submission date Date Received 1st submission Re-submission Date Date Received 2nd submission Student Name Student ID Class Assessor name Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism I understand that making a false declaration is a form of malpractice Student’s signature Grading grid P1 P2 M1 M2 D1 r Summative Feedback: Grade: r Resubmission Feedback: Assessor Signature: Date: Internal Verifier’s Comments: Signature & Date: Assignment Brief (RQF) Higher National Certificate/Diploma in Business Student Name/ID Number: Unit Number and Title: Unit - Marketing Essentials Academic Year: 2020-2021 Unit Assessor: Dang Son Tung Assignment Title: Assignment – The role and responsibilites of Marketing Issue Date: Submission Date: Internal Verifier Name: Date: Submission Format: The submission is in the form of an individual written report This should be written in a course, formal business style using Arial, 1.5 lines spacing and font size 12 with Justify Text to enhance the legibility for markers You are required to make use of headings, paragraphs and subsections as appropriate, and all work must be supported with research and referenced using the Harvard referencing system Please also provide a bibliography using the Harvard referencing system Any suspicions regarding plagiarism will lead to failure in results of the assignment The recommended word limit is 2,500 words, although you will not be penalized for exceeding the total word limit Unit Learning Outcomes: LO1 Explain the role of marketing and how it interrelates with other functional units of an organisation Assignment Brief and Guidance: You are a new Marketing Executive of Company X (Choose a B2B company in Vietnam/ or UK to apply) The company has not had a Marketing Team since it was established as the Board of Director did not think Marketing department is important for the business development in the B2B industry However, you need to build a strong Marketing team in order to achieve their business objective A meeting is held next week to finalise this decision, your task is to prepare an individual report, which clarifies the important role of the Marketing function and its relationships with other functions of the company, in order to persuade the BOD to establish a Marketing department Essentially, the report will contain the following matters: (1) Definitions and the marketing concept; (2) The role of marketing; and (3) The interrelationships of functional units Structure of the Report: General introduction of the company and the report An explanation of Marketing to clarify the functions of Marketing with BOD Specifically, you need to explain the definition of Marketing and the Marketing functions, as well as Marketing management orientations Also, you should clarify how the Marketing environment (Micro and Macro Environment) influences the roles and responsibilities of Marketing in a B2B company An explanation of the role of marketing and how this department helps the company to overcome issues and achieve the business objectives Also, explaining the different roles of marketing within both a B2C and B2B context Demonstrate the interrelationships of Marketing with other functional units Determine how Marketing department supports other departments and what are the potential conflicts between Marketing department and other departments of the organisation Also, critically analyse and evaluate the importance of the marketing function and sort them base on the level of importance in B2B context Good examples, statistics or data should be provided to justify the analysis A conclusion to summarize all the key findings and analysis must be presented Learning Outcomes and Assessment Criteria: Learning Outcome Pass Merit Distinction LO1 Explain the role of P1 Explain the key roles M1 Analyse the roles D1 Critically analyse marketing and how it and responsibilities of and responsibilities of and evaluate the key interrelates with other the marketing function marketing in the elements of the functional units of an organisation context of the marketing function and marketing environment how they interrelate with other functional units of an organisation P2 Explain how roles and responsibilities of marketing relate to the wider organisational context M2 Analyse the significance of interrelationships between marketing and other functional units of an organisation [The role of marketing and how it interrelates with other functional units of an Organisation.] Marketing is marketing and advertising to meet the needs of customers and create value for individuals and businesses This is seen as an extremely popular form of social management to connect and exchange between businesses and customers, create value and solid relationships with customers to earn profits for businesses “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.” - Philip Kotler • Key roles and responsibilities of marketing function : “The key roles and responsibilities of marketing functions are market research, finance, product development, communication, distribution, planning, promotion, selling etc.” Roles of marketing funcion : Marketing has a very important role in business It guides, directs and coordinates the production and business activities of businesses 1.1 For production : - Help survey the market, production activities and consumption, meet the needs of customers in a practical way.Marketing is a measure of concretizing business plans in enterprises - Help to harmonize factory objectives, stimulate research and improve production objectives, stimulate research and improve production 1.2 For the market : - Help to harmonize factory Applying Marketing has the effect of stimulating domestic and foreign social markets, closely linking with the mechanism of economic life Marketing is essential when dealing with market issues, in the relationship between the company and the market 1.3 For the plan : As a means, a tool to find the future direction of the company Marketing reflects economic planning Planning and Marketing are closely related: Marketing serves firstly the processes of implementing plans and creating scientific objective bases for the plan; Thanks to that, the science and reality of the plan have been improved Responsibilities of marketing function : 2.1 Market forecast research : Gather market information to identify market needs, target markets, new markets Determine the market scope for existing products and forecast the demand for new commodity products, product consumption direction, sales, research the development trend of volume and demand structure, identify characteristics of regions and market segments 2.2 Organize the implementation of new product development program: After having a suitable product model, the business will develop a marketing strategy for that product model The work includes:Identify target market: Who are the customers? What are their characteristics like? (geographic location, age, gender, occupation, income, personality, lifestyle )Develop a plan in the Marketing Mix strategy: price, distribution system, Promotion Develop sales plans, long-term profit goals for businesses 2.3 Market segmentation, targeting, brand positioning : Market segmentation helps marketers see opportunities in the market by analyzing the needs of each customer group Since then offer the same type of products but have different uses, different packaging, different prices to cater to the different needs of different customers Moreover, market segmentation is a prerequisite basis for building a market strategy of the enterprise When marketers well in market segmentation, it is easy to identify appropriate market segments to invest in, leading to business success 2.4 Develop new products : New products are developed to meet the ever-changing needs of consumers, keeping pace with new technologies and techniques, in line with the fierce competition in the market However, developing new products is quite risky because many new products from the first launch have failed Therefore, the Marketing Department with its tasks and functions will bring new products to the market in such a way that it is less costly and avoids minimal business failures 2.5 Develop and implement a marketing strategy plan : Marketing plans affect business operations, coordinate operations, and have a direct impact on sales and profits A good marketing strategy will guide the activities to accomplish the goals of the business Therefore, marketing strategy is very important for businesses because it plays a key role in generating revenue and cost a lot of costs Many companies fail because they not plan to build a clear, methodical and long-term marketing strategy The Marketing Department will combine the planning to have clear directions and strategies to not only understand customers and business lines but also to promote the company's product market and strengths 2.6 Establish effective relationships with the media : In order to ensure the image of the business is best presented to the public, the Marketing department specialists are responsible for building a good relationship with the press and the media so that the business is always a top priority Many people compare that "the media is the fourth most powerful agency after the legislature, law enforcement, and judiciary." Indeed, this poses a big problem for businesses, governmental and non-governmental organizations, which are more specific and direct than PR and Marketing specialists Avoid misunderstandings with reporters, as this relationship will follow throughout if you are still in the PR marketing field And in the event of a sudden conflict, please resolve it with sincerity • Roles and responsibilities of marketing relate to the wider organisational context : “In this title, I would like to give the example of Coca Cola Company”_ Marketing has different roles and responsibilities in case of a wider organizational context of Coca Cola Company The first role and responsibility of marketing are gathering information of market and analysis of that information (Hammel et al 2015, p.580) In the context of marketing information, marketing helps to identify the demand of customers and their likings related to the advertisements and many others Marketing helps to achieve the target as well as the objectives of the company by creating different relevant marketing plans In the case of designing and developing a product, marketing plays a significant role Thus, CocaCola has made attractive cans and bottles to attract their customers Marketing helps to improve the packaging of the product so that the customers can handle, and use the package very easily Moreover, Marketing creates attractive advertisements to increase the brand value of the product (Gouldson and Murphy, 2013, p 125) Brand value provides special identity to Coca-Cola Company and for this reason, most of the people in the world know about Coca-Cola Coca-Cola has various functional units like finance, production, customer service, research and development and many others which have significance relationships with marketing In the case of finance, it creates a report of profit, loss and other costs With the help of finance department, marketing can set the objectives and target of the company for next year Marketing creates a huge impact on the production of the company Marketing set a target for the company and according to that target the production, unit determines and increase their production capability (Döckel and Ligthelm, 2015, p.58) Marketing is related to customer service because, on the basis of customer service, marketing unit understands the views of the customers related to the product Research and development unit provides various research reports to the marketing unit so that the marketing department can set strategies for product development and for competing in the market The functional units of Coca-Cola like finance, production, research and development and customer service has importantly interrelated with the marketing function On the basis of the reports and information provided by other functional units, marketing unit set different strategies to develop the product Moreover, marketing department set the target for the production unit In addition to this, customer service has the small impact on marketing department because the function of those two units is different • The roles and responsibilities of marketing in the context of the marketing environment : “The Marketing Environment includes the Internal factors (employees, customers, shareholders, retailers & distributors, etc.) and the External factors( political, legal, social, technological, economic) that surround the business and influence its marketing operations.” The major roles of marketing in the context of marketing environment can be explained below: The marketing management is defined as the process of planning and execution of the various different concepts of marketing These marketing concepts involve pricing, promotion, distribution, sales etc which compliments the target audience of the company The roles of marketing can be explained as: Market strategies: The initial role of marketing depicts the development of marketing strategies and planning for the business organization The managers of the organization needs to recognise the needs and requirements of target consumers and provide their products and services accordingly The development of marketing strategies brings out a balance between organizational objectives and opportunities of market Marketing information system: The marketing information systems or (MIS) provides the information regarding various factors such as product, planning, and implementation, controlling of marketing strategies For example, MIS depicts the information regarding the logistics on a real time basis which helps the distribution network work effectively Monitoring of marketing environment: The marketing process have crucial role in the identification of new developments in the marketing environment, these developments provide constructive response for the development of product and services of the company These new developments involve changing market traits, socio-economic forces, internal and external changes of market, political and legal changes etc Marketing research: Marketing research is considered to be the major role of marketing The research involves specific knowledge of product, price and consumers in order to communicate the best products and services of company in the market Market segmentation: In the modern era of globalisation market is volatile, thus business organizations requires accurate segmentation which are provided by the marketing The marketing manager of organization helps in the identification of customers in the large diverse markets and promotes the goods and services of the company among them Brand Equity: The consumers are tends to be inclined over brands or the organizations which provide added value to their products and services Thus, marketing provides a reputation and builds strong brand value of the company among the consumers This process directly helps business organization to increase their sales volume • The significance of interrelationships between marketing and other functional units of an organisation The interrelationship between marketing functions and other organizational functions can be explained as, the marketing functions are part of a business organization and thus other departments and functional units are connected with each other This can be explained as marketing functions are needed to back up by the other operational departments of the company as well to perform effectively If a business organization needs to plan and implement a marketing plan, then they require support of financial department of the company, human resource department, sales department and production department Further, if the marketing team of Coconut bliss wants to offer a discount offer on the bulk purchase of the product such as buy get free scheme, then the marketing team needs to communicate with finance and production department of the organization initially The marketing functions are separate entities in business organization but every department and function in an organization I linked together for increasing the profitability of the company The main function of marketing is to increase the profitability by increasing the sales of the company, thus it can be achieved with the participation of all the departments of the organization simultaneously The finance department provides appropriate budget to the marketing department for the planning and implementation of marketing plan Production department communicates with logistics department to fulfil the demand and supply of product and services Human resource policies are generated according to the market trends, sales and target consumers Thus, all the functional units of the company correlate with each other to bring a successful marketing plan among the organization (Lewis, 2013) • Critically analyse and evaluate the key elements of the marketing function and how they interrelate with other functional units of an organisation : Marketing functions encloses various different functions such as advertising, finance, distribution system etc but these are the activities which come under the process of marketing process The key elements of marketing functions are explained below: Research: In the business organization market research plays a crucial role It is considered to be the most important marketing function, as without a successful market research, business is near to impossible Research helps in getting the valuable information regarding all the factors concerning business process Not only market information but logistics, finance, raw materials, resources and other business prospects can be achieved through research only Thus, it is considered to be a crucial key marketing function among business organization Strategy: After the collection of all the information and data from the research, it is processed to judge all the possible strengths and weakness among the business operations This processed data allows us to make an idea for strategies which can be utilised in the organization The strategies provide valuable guidance for competing with the strong market and succeed in the market environment The strategies are built over all the realistic possibilities and outcomes which are measured through research Planning: After successful completion of research and strategy procedures, the next key function of marketing is planning process The marketing department involves financial planning, forecasting of sales figures, distribution, communication and other factors of business The planning department utilises a specific timeline to plan the major strategies for converting organization goals into success Tactics: The fourth key role of marketing function is tactics; these are the small or short term plans which are implemented in order to attract the target consumers They involve limited period offers which provides promotional boost in the marketing plan such as Buy one get one free offers It helps in cornering the initial pressure from the competitors and boost in the sales The above mentioned is the analysis and evaluation of key elements of marketing functions The interrelations of the key marketing functions with other functional units of organization are explained by the following: The marketing functions are closely linked with the other functional units of business organizations It can be explained with an example of finance department connection with marketing department The marketing functions require economic resources for the implementation, planning, research and evaluation of marketing strategies and planning among business organization, it is provided by the finance department of the company Marketing functional cannot work without proper communication and sorting with financial team in the company Similarly, in the business organization, the marketing functions are closely linked together with other departments of the company The marketing functions require accurate description from the production department regarding the products and services of the organization to provide a marketing plan Secondly, they require human resources from HR department, economic help from finance department, logistics from distribution network etc The operation of marketing needs to be communicated and backed by the other departments of the company For example, the HR policies must be aligned with the marketing department to increase the sales, side by side the production team must convey the information regarding the product and services to build an accurate marketing plan for the company If marketing functions are unknown regarding the inventory of raw materials or production capacity of the company, then marketing plan will result into blunder and losses Thus, the marketing functions are interrelated with all the other functional units of the business organization (Pike, 2015) References Ebert, R., Griffin, R., Starke, F and Dracopoulos, G., 2017 Business Essentials 8th ed Toronto: Pearson, pp.73-74 Access on 10 October 2020 APA (6th ed.) Ebert, R J., & Griffin, R W (1998) Business essentials Upper Saddle River, N.J: PrenticeHall Access on 10 October 2020 Chicago (Author-Date, 15th ed.) Ebert, Ronald J., and Ricky W Griffin 1998 Business essentials Upper Saddle River, N.J.: PrenticeHall Access on 10 October 2020 Harvard (18th ed.) EBERT, R J., & GRIFFIN, R W (1998) Business essentials Upper Saddle River, N.J., Prentice-Hall Access on 10 October 2020 MLA (7th ed.) Ebert, Ronald J, and Ricky W Griffin Business Essentials Upper Saddle River, N.J: PrenticeHall, 1998 Print Access on 10 October 2020 Turabian (6th ed.) Ebert, Ronald J., and Ricky W Griffin Business Essentials Upper Saddle River, N.J.: Prentice-Hall, 1998 Access on 10 October 2020 ... (Author-Date, 15 th ed.) Ebert, Ronald J., and Ricky W Griffin 19 98 Business essentials Upper Saddle River, N.J.: PrenticeHall Access on 10 October 2020 Harvard (18 th ed.) EBERT, R J., & GRIFFIN, R W (19 98)... Criteria: Learning Outcome Pass Merit Distinction LO1 Explain the role of P1 Explain the key roles M1 Analyse the roles D1 Critically analyse marketing and how it and responsibilities of and responsibilities... Business Essentials 8th ed Toronto: Pearson, pp.73-74 Access on 10 October 2020 APA (6th ed.) Ebert, R J., & Griffin, R W (19 98) Business essentials Upper Saddle River, N.J: PrenticeHall Access on 10