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Marketing refers to the art of effectively persuading customers to buy offerings of an organisation. It is very essential for modern organisations to use effective marketing tools and techniques to improve their sales figure. The modern marketers must possess or adapt necessary skills in order to enhance the acceptance and improve sustainability of their products and services (Pike, 2015). Without marketing, companies will not be able to sell their commodities to customers who are aware and have dynamic demands. The report below is based on Beauty Giant, a cosmetics firm with around 50 branches all over in the UK. The report shows an essay on the role of marketing in modern organisations, along with different use of marketing mix in various companies to achieve their business goals. It also covers creation and evaluation of a marketing plan for Beauty Giant's new product to attract and retain its customers in the
Definition of Marketing
Marketing is a function undertaken by almost every organisation to promote its offerings and sell them after effective market research. This function also includes presenting the products and the services to the target audience by advertisements.
It is crucial for modern day organisations to develop effective strategies to achieve profit maximisation and eliminate competition. Marketing concept is one such strategy through which firms evaluate customer needs and take effective decision for their satisfaction. The agenda of the firm applying marketing concept is to satisfy customers better than its rival firms. There are five marketing concepts that firms take into consideration. These are as follows:
- Production Concept: One of the oldest marketing concepts, it focuses on commodities that could most efficiently be produced by the company. The idea was to develop products at very low cost that could itself create a demand in the market. This concept was a success at the time when firms created offerings of basic necessities (Baker and Magnini, 2016). However, in the current scenario, firms adopting this concept are risking their operations by emphasizing on its own activities rather than the actual objectives.
- Product Concept: The idea that is supported by this concept is that only those offerings that would possess utmost innovative features, high quality and maximum performance would be preferred by the customers. Marketing strategies of companies adopting these concepts emphasize on continuous improvement in their products (Griffitts, 2016).
- Selling Concept: This concept takes the selling part into consideration and supports the idea of aggressive promotion and large-scale selling to sell the products offered by the company. More emphasis is given upon creation of sales transactions rather than customer relationships. The aim is to sell the offerings regardless of market needs.
- Marketing Concept: The most widely used concept in modern marketing methods is marketing concept. This concept emphasize on dynamic market needs rather than hard selling. With rise in customer awareness and discrete income, the buyers have become selective in whatever they purchase. Thus, this concept encourages the companies to develop offerings that satisfy the market needs.
- Societal Marketing Concept: The adoption of this concept has risen with rise in corporate social responsibilities. It supports the agenda of developing those strategies that help the customers to get the products at the most adequate value that raises the well being of customers as well as of society (Walliman, 2015).
Read about the MOD005241 Digital Marketing Assignment Level 3
Beauty Giant uses marketing as well as the societal marketing concept to effectively market their offerings in the