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Marketing Environment

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Report on Marketing Environment

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M1. Evaluating the roles and responsibilities of marketing in the context of the Marketing Environment

Essentially, a marketing environment can be referred to as the combination of external as well as internal factors which impact the company's relationship with their customers in a critical manner. However, it is important to note that most of these driving forces are easily manipulative as per the requirements of the business enterprise. Even then, there are certain circumstances wherein the company is required to alter its existing strategies so as to ensure complete synchronization between its operational activities, specifically related to marketing function, as well as the external environment.

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In the context of given case scenario, Cadbury's marketing environment includes a highly competitive environment which requires the business to be agile and extremely flexible while implementing any kind of marketing strategies for a given period or target market. Hence, the roles and responsibilities to be undertaken by the marketing manager of Cadbury includes proper planning and forecasting of marketing strategies by executing a thorough monitoring of its marketing environment. Utilizing Market Information Systems in relation to product lines, overall organisational goals and budgets will give information on existing marketing and customer engagement practices which can be potentially improved for a better customer experience.

M2. Analysing the importance of interrelationships among marketing and other functional units of Cadbury

Internally, each and every functional unit of the organisation is interrelated with one another. Marketing, as a business function, encompasses various promotional activities such as advertising, finance and distribution among others. In Cadbury, the interrelation between the marketing department with other business units such as sales, information technology, human resources, finance as well as research and development is paramount.

For instance, Sales and Marketing are closely affiliated to one another. This is due to the fact that for every business, including Cadbury, success or failure of any promotional activity such as launching an advertising campaign will directly impact its sales too. Similarly, Human Resources will help in the formulation of talented executives will determine how effectively the marketing process of Cadbury is executed. In this manner, interrelation with finance, information technology and research will help in development of new products for Cadbury using existing databases, thus, facilitating execution of marketing function from planning till its execution in an efficient manner.

D1. Critical assessment and evaluation of Cadbury's key elements of marketing function and their interrelation with other functional units

Cadbury's key elements of marketing function include analysis of Brand Equity, Market Segmentation & Research so as to develop product offerings and increase customer value in a substantial way. Some of the key elements of marketing functions includes research, strategy formulation, planning and tactics. For this purpose, interrelationship between marketing and other functional units is paramount as it enables them to retain as well as expand their existing market share in a significant way coherently. Thus, enabling them to increase their profit share as well as customer engagement in a sustainable manner.

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References

  • Brealey, R. A. and et.al., 2012. Principles of corporate finance. Tata McGraw-Hill Education.
  • Frino, A., Hill, A. and Chen, Z., 2015. Introduction to corporate finance. Pearson Higher Education AU.
  • Gitman, L. J., Juchau, R. and Flanagan, J., 2015. Principles of managerial finance. Pearson Higher Education AU.
  • Melicher, R. W. and Norton, E. A., 2013. Introduction to finance: Markets, investments, and financial management. John Wiley & Sons.
  • Ross, S. A., Westerfield, R. and Jaffe, J. F., 2013. Corporate finance (pp. 353-54). McGraw-Hill/Irwin.
  • Schwienbacher, A. and Larralde, B., 2012. Alternative types of entrepreneurial finance. In The Oxford Handbook of Entrepreneurial Finance.
  • Shoup, C., 2017. Public finance. Routledge.
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  • Yescombe, E. R., 2013. Principles of project finance. Academic Press.
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