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Unit 2 Marketing Essentials Diploma Early Years Educator (EYFS) Level 3

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Introduction

Marketing refers to an activities of an organisation which is performed with a motive of increasing their sale of products and services. It enhances their revenues thus it is considered as an important and crucial activity which every organisation need to adopt. Interacting and communicating with customers always brings beneficial result to company as they have an opportunity to provide quality products at an effective prices according to the customers needs and demands. Waitrose , a UK based supermarket company which deals in providing grocery products through large number of stores located at various locations of countries. The project covers the key responsibilities and roles of marketing functions along with their interrelation with organisational functions. Differentiation in company's marketing mix are also summarised under this report. The project also explains market plan which is prepared with an objective of increasing sales figure and revenue generation (Brooks and Simkin, 2012).

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TASK 1

P1: Key roles and responsibilities of the marketing function

Marketing: It is considered as an activity which is performed by every organization with a motive of increasing sale figure and generate huge revenues. It is helpful in attracting and influencing the interest and buying behaviour of customers aUNIT 2 MK ESSENTIALSnd keep them with company for longer period of time. Therefore, the marketing manager of Waitrose is held responsible to perform several activities which are listed as below:

  • Identifying the needs and preferences of customers and also their satisfaction level related with the price and quality of products.
  • Setting up the prices of products which will help in shifting new customers towards to consume company's products and services instead of rivals.
  • Selection of best distribution channel which facilitate customer to receive goods at their locations without facing any difficulties (Brown, McDonagh and Shultz II, 2013).
  • Formulating an effective promotional strategies which help in transferring information of Waitrose's products and services into market with a motive of grabbing attention of large number of buyers.

Therefore, performing all above activities helps Waitrose in capturing large market share and earn huge profits. It also helps in maintaining healthy relation with the targeted customers through getting regular feedbacks and views relating to their grocery products. Formulation of an effective strategies by the marketing manager helps an organisation in gaining market share, competitive advantage, higher profitability, build brand image etc.

About Waitrose

It is an UK-based supermarket chain which deals in providing grocery products through their large number of stores situated at different countries. Waitrose was firstly introduced in 1904 and from then to now, It has operated over 352 branches in UK itself and becomes the sixth largest grocery retailer in the UK as it captures approx. 5.1% share of UK market. They have covered 58 countries for the purpose of exporting products. The company has attained more than 91000 employees who are engaged in business activities in order to achieve desired goals and objectives (Caragher, 2016).

Roles and responsibilities of marketing function

The marketing manager need to perform several marketing functions which are briefly described as below:

Product: It refers to anything which is produced with a motive of selling in large quantities which ensures in satisfying the needs and requirements of customers. The production department is liable to produce quality products and after that, it becomes the obligation of marketing department to promote produced goods in market so as to attract large number of customers. But before that, the marketing manager need to conduct research with a motive of identifying the needs and preferences of customers along with rival's strategy which further help them in preparing an effective market plan.

Price: It refers to amount value of something which is charged by customers on delivering. Pricing is an important factor which can easily influences interest and buying behaviour of customers either in negative or positive way. Waitrose offered groceries products at an affordable prices due to which they can easily attract large number of customers. This can be done after analysing the pricing policies adopted by their rivals and accordingly setting up an effective pricing policy.

Selling: It includes decision making relating to adopting distribution channel through which the company can easily deliver their quality products and services on time. Generally the customers prefers to buy those products which they can easily get without facing lots of problems. Therefore, Waitrose need to focuses on distribution channels and supplies which ensures them in having abundant stock of products and services through which the company can able to meet customer's needs and demands (Cleverley, 2017).

Promotion: It is a crucial activity which is done with a motive of providing sufficient information of selling products and services into the market in order to attract large number of customers. The marketing manager is wholly liable to adopt various promotional tools such as personal selling, direct marketing, trade shows, advertising, promotion etc. Thus, Waitrose also gets beneficial result if their marketing manager adopt Electronic and social media which is currently more in trend.

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Financing: Funds are the backbone of company on the basis of which all business activities are executed and operated. Finance department is held liable to arrange funds from different sources and allocate them to various department on the basis of their needs and requirements. Thus, Waitrose is achieving growth and success only when they have enough funds so that business activities of all departments are not interrupted. As the marketing manager first focuses on the the budget they received from company and accordingly formulate decision regarding adoption of various marketing tools.

Management information system: It is important for every organisation to record and maintain information of needs and requirements of customers according to which the company can able to make an effective decision and marketing plan in order to influence their buying behaviour. It helps in keeping crucial information with them for the purpose of formulating future decision related to the grabbing attention of large number of customers (Dibb and Simkin, 2011).

P2: Interrelation of roles and responsibilities of marketing with other organisational functions

Marketing is an essential factor through which the company can successfully achieved its desired goals and objectives. The marketing manager is liable to communicate information about the products they provide to the customers with the purpose of attracting large number of customers. The function of marketing includes promotion, sales, marketing and delivering the products and services so as to maximise their satisfaction level and retain them for longer period of time. Along with the marketing department, there are also other departments in an organisation who get sufficient help from marketing department. Such departments includes finance, operation and sales. Therefore the interrelationship of the marketing department of Waitrose with the others departments which are briefly explained under the following:

Marketing department with operational: Both the departments are interrelated with each other in order to achieve common organisational goals. Operation department is held liable to produce quality products with the help of utilising available resources. Marketing department is first allocate resources in order to conduct research with a motive of identifying the needs and preferences of customers and transfer information to operational department in order to guide them to produce demanded products in optimum quality (Dibb and Simkin, 2013).

Finance department with marketing: Available of funds help managers to formulate an effective decision and marketing plan. Allocation of funds from finance department to marketing department help marketing manager to prepare budget for formulating marketing strategies and plans and thereafter adopting an effective promotional tools through which they can influence interest and buying behaviour of customers.

Marketing with Human resource department: HR department is responsible to formulate recruitment and selection plan so as to employ skilled and knowledgable employees for Waitrose. Recruitment plans includes inviting eligible candidates through providing job description and person specification. Therefore, it can be done with the help of marketing department who prepares marketing strategy and adopting various promotional tools in order to help people to get knowledge about the vacant available in Waitrose. Through using pamphlets, newspapers, company's website etc. the marketing manager can easily attract attention of eligible candidate to apply for the vacant job.

Marketing with research and development department: Research and development department of Waitrose are liable to identify the current trends which are exist in market through hiring researcher to conduct research and provide them valuable information about the market according to which marketing department perform further activities. Such information should be provided to marketing department so that they can utilise it in an effective and efficient manner and make suitable plans and policies (Douglas and Craig, 2011).

Marketing and sales department: Marketing department brings valuable information about the customer's taste and preferences along with the price they want from company on their products and services. This will help sales department to make an effective plans and policies regarding adopting of an effective pricing policies which maximises the interest and buying behaviour of customers. With the help of information provided by marketing department, sales manager should able to make an effective decision regarding offering cash discount, trade discount etc. in order to attain huge customer base.

Marketing with IT department: IT department of Waitrose is liable to implement advanced and updated technology in an organisation which further help marketing department to utilise in order to store data collected from market research. This will be helpful in making future decision and plans in order to achieve desired goals and objectives (Dudu and Agwu, 2014).

TASK 2

P3: Comparison of application of marketing mix by different organisations for achieving business objectives

Marketing mix refers to a combination of factors which help in influencing consumers to buy company's products and therefore increases huge revenues as well. In includes seven main element consisting of products, promotion, price, place, process, people and physical evidence. Every organisation have adopted different marketing mix which help them in achieving competitive advantage in market (FALLS, 2015). Following are the comparison between marketing mix of Waitrose and LIDL:

Basis

Waitrose

LIDL

Product

Waitrose is providing wide range of grocery products of standard quality due to selection of best suppliers who agreed to supply them quality products at less cost.

Such organisation deals in providing vegetable, baby food, health care products etc. at an affordable prices. They also sell other company's products and differentiating them with their own company's products. It helps in increasing their sales figure of company's products.

Price

The company has attained huge customer base due to charging reasonable prices of their quality products. The management always focuses on changing their pricing policies according to the requirements of customers.

The main focus of management of Lidi is on the penetration costings. As they also charged low prices but not as much as compared to Waitrose. Through this, the company has achieve competitive advantage.

Place

The company has exported their products to 58 countries and has attained over 352 branches across the UK thus captured 5.1% share of UK market. It is important for company to supply products to the store location in order to meet needs and demands of customers.

It has more than 650 stores in UK itself and has operated over 10000 stores through out the world through which the customers can easily get their products without facing any difficulties.

Promotion

The promotional tools helps in attracting and influencing interest and buying behaviour of customers. Such tools includes advertisement, personal sales etc. through which the company can directly communicate with their targeted customers and convince them to buy their product so as to enhance their satisfaction level.

LIDI has made their own company app “ Lidl app” for smartphones with the help of which they can provide the availability products they offered in market along with the prices. It will attract lots of new customers.

People

Waitrose has employed large number of employees who performs business activities in order to achieve desired goals and objectives. Waitrose has large number of layout store in which each and every section is segmented due to which they just help customers to reach different sections and after that the customers feels free to chose any product without any interferences.

The staff members are more knowledgable about how to deal with customers while visiting at their stores. The management of Waitrose has conducted training programs for them in order to improve their communication and listening skills.

Process

Waitrose has provided products and services through largest number of stores. In such stores, good are available in open area so that the customers can easily choose at their own without any interference of employees. This will maximises the level of satisfaction of customers.

It has followed simple procedure of selling products and services which minimises the customer's involvement in the spelling and distribution process.

Physical evidence

Such organisation has already attained strong brand image in market due to which its products can easily recognised by their customers.

LIDL organisation implement selling traditional approach in its super market with a motive of recognising their products from the customers.

TASK 3

P4: Prepare and evaluate a basic marketing plan for Waitrose organisation

Marketing plan refers to blueprint that indicates a business advertising and marketing efforts for the upcoming years. The marketing manager is held liable to prepare an effective marketing plan after considering all aspects which changes interest and buying behaviour of customers. An effective plan help company in generating huge revenues and increase profitability as well. The marketing plan for Waitrose business are mentioned as below:

Overview of Waitrose: An organisation is one of the largest multinational retail company which provides groceries products to the people of UK and across worldwide. It has operated 352 branches in UK Itself and captures 5.1% share of the UK market which makes it the sixth largest grocery retailer in the UK. It has generated huge revenues every year which brings their name in top ten companies having highest revenue (Gummesson and Grönroos, 2012).

Vision of Waitrose: The company has clear vision of providing optimum quality products at reasonable price. There are mainly five ideologies consist of standard quality, purchasing at their own will, more savings, excellent value and better special buys.

Mission of Waitrose: The mission of company is to attain strong brand position in retail market through offering good quality products and services.

After defining all information related with missions and vision, the marketing manager should required to conduct SWOT analyses in order to find out their actual capabilities of achieving their mission and vision.

SWOT analysis of Waitrose:

Strengths

Weaknesses

· The main strength of Waitrose is to provide standard quality products which directly maximises the satisfaction level of customers.

· Charging an affordable prices.

· It has operated its business in over 50 countries all over the world.

· The operation cost is minimum and offered products at low cost.

· Sometimes it has been found cheaper quality products due to which they losses so may customers.

· Due to having limited number of chain retail stores, the company failed to affect international market.

· Invested minimum funds in marketing tools.

Opportunities

Threats

· Investing more amount in advertisement so as to attract maximum number of people.

· Need to focusing on reaching their business to developed economies such as Asia, Africa and many others.

· High competition in retail industry

· Limited number of suppliers due to which company may faces risk in receiving products.

· Small retailers which are located nearby to the customers.

Objectives of Waitrose: The main objectives Waitrose includes:

  • Maximising profitability
  • Developing organic range
  • Develop communication with local community
  • Encouraging staff members to perform well
  • Maximising satisfaction level of customers
  • Increase in the number of branches in the North

Therefore it can be achieved with the help of utilising available resources in an optimum manner.

Strategy of Waitrose:

  • The strategic marketing of Waitrose has mainly focus on achieving growth in market by 0.3% of market share per year.
  • To expand variety of products which includes no food products
  • To support and promote online commerce in order to increase sales figure by at least 15% per year.
  • Adopting advanced technology through making an large amount of investment.
  • To increase gross sales by 5 to 10% per year.

Step of Waitrose:

Segmentation: Under this, the company has grouped number of customers into segment on the basis of their taste and preferences. It helps them in focusing on interest and buying behaviour of each segment at minimum time (Malhotra, Birks and Wills, 2013).

Targeting: The main targets of this organisation are families who buys groceries products for daily consumption.

Positioning: It has attained strong brand position in market of United Kingdom and it can possible through expanding business to different locations.

Marketing mix of Waitrose

  • Product: Waitrose is need to develop effective products which helps in attraction of large number of customers. They need to focus on the quality of product. The different products which are provided by organisation includes household, clothes, stationery items, beauty items etc.
  • Price: Management of Waitrose is need to adopt affordable prices which provides opportunity in attraction of large number of customers. It helps to attain competitive advantage.
  • Place: Need to adopt effective strategies which helps in effective distribution of their products to end customers. It helps to build effective connection with customers and attains their trust.
  • Promotion: One of the important techniques which helps in earning of large number of profits through improvement in number of sales. The advertisement techniques which are used in this regard includes print, electronic media and online platforms.
  • People: To attain competitiveness need to analyse their competitors so, effective provide customer services (Martin, Campbell and Harmsen, 2014).
  • Process: This includes about making of their production process more effective for providence of quality products.
  • Physical evidence: Waitrose produces high quality products which can be easily recognised by the customers in their places.

Marketing strategy: There are various marketing tools and techniques which are required to use by Waitrose in order to attract large number of customers.

Digital media: Through using computer software technology, Waitrose can able to reach to maximum number of customers. Such digital media marketing includes search engine optimisation, mobile advertising, interactive online advertisement etc. through the management of Waitrose can easily grab an attention of large number of customers throughout the world.

Social media: This is the platform where large number of people are active and available online thus considered as an effective marketing tool of influencing interest and buying behaviour of customers. Social media includes Twitter, Faceboook, Media sharing etc. which help company in communicating their target customers about their quality and price of products so as to attract them.

Promotional Campaigns: It is also an effective marketing tool through which the company can approach to the customers to visit at their campaigns and analyse their quality of products. Invitation can be made through distributing pamphlets, brochures etc. which grabs an attention of large number of customers.

Financial Projection of Waitrose

Currency in GBP.All numbers in thousands

Period Ending

2/25/2017

2/27/2016

2/28/2015

2/22/2014

Current Assets

Cash And Cash Equivalents

3032000

2528000

1549000

2021000

Short Term Investments

3011000

3520000

593000

1016000

Net Receivables

1488000

1421000

1785000

1881000

Inventory

2301000

2430000

2957000

3576000

Other Current Assets

630000

412000

292000

2567000

Total Current Assets

15417000

14684000

11958000

15572000

Long Term Investments

1562000

1863000

1915000

1301000

Property Plant and Equipment

18108000

17900000

20440000

24490000

Goodwill

1792000

1827000

2288000

2286000

Intangible Assets

925000

1047000

1483000

624000

Other Assets

2254000

1860000

2224000

2681000

Deferred Long Term Asset Charges

707000

49000

514000

73000

Total Assets

45853000

43904000

44214000

50164000

Current Liabilities

Accounts Payable

8875000

8293000

9677000

10359000

Short/Current Long Term Debt

12153000

13943000

12659000

11365000

Other Current Liabilities

1283000

841000

860000

2036000

Total Current Liabilities

19405000

17866000

19810000

21399000

Long Term Debt

9490000

11029000

10520000

9340000

Other Liabilities

8151000

4700000

6641000

4564000

Deferred Long Term Liability Charges

-

-

-

885000

Minority Interest

-24000

-10000

-

7000

Negative Goodwill

-

-

-

-

Total Liabilities

39439000

35288000

37143000

35442000

Stockholders' Equity

Common Stock

409000

407000

406000

405000

Retained Earnings

332000

3265000

1985000

9728000

Treasury Stock

601000

-141000

-414000

-498000

Capital Surplus

5096000

5095000

5094000

5080000

Other Stockholder Equity

623000

-134000

-397000

-478000

Total Stockholder Equity

6438000

8626000

7071000

14715000

Net Tangible Assets

3721000

5752000

3300000

11805000

Execution: In this process, all the deciding marketing strategies came into existence in order to achieved desired goals. Having adequate funds help organisation to implement marketing strategies more successfully (Waitrose Marketing Mix, 2017).

Evaluation: It refers to analysing the effectiveness of marketing strategies through following different methods:

Sales analysis: It means analysing of sales figure that will be generated after adoption of marketing strategies.

Market share analysis: Analysing the trends which is exist in market.

Efficiency ratios:

  • Asset Turnover Ratio- Revenue (Sales)/Net Assets
  • Cost-Profitability Analysis- It includes evaluation of more profits in relation to the prices. It shows gap among the cost and sales (The Marketing Mix 4P’s and 7P’s Explained, 2018).

Conclusion

It has been generated from the above project report that marketing is essential function which every organisation irrespective of the size whether small, medium or large should required to undertake in order to attract large number of customers and generate huge revenues. There are lots of activities such as improvement of products, determination of prices, distribution channels etc. which need to be considered in order to capture huge market share

References

  • Brooks, N. and Simkin, L., 2012. Judging marketing mix effectiveness. Marketing Intelligence & Planning. 30(5). pp.494-514.
  • Brown, S., McDonagh, P and Shultz II, C.J., 2013. A brand so bad it’s good: The paradoxical place marketing of Belfast.Journal of Marketing Management.29(11-12). pp.1251-1276.
  • Caragher, J. M., 2016. 7 Essentials for a CPA Firm Marketing Program. The CPA Journal. 86(12). p.11.
  • Cleverley, W. O., 2017. Essentials of health care finance. Jones & Bartlett Learning.
  • Dibb, S and Simkin, L., 2013.Marketing essentials. Cengage Learning.
  • Dibb, S. and Simkin, L., 2013. Marketing essentials. Cengage Learning.
  • Douglas, S. P and Craig, C. S., 2011. Convergence and divergence: Developing a semiglobal marketing strategy.Journal of International Marketing.19(1). pp.82-101.
  • Dudu, O. F. and Agwu, M. E., 2014. A review of the effect of pricing strategies on the purchase of consumer goods. International Journal of Research in Management, Science & Technology. 2(2). pp.88-102.
  • FALLS, S., 2015. SEE ALSO: Frankfurt School; Mass Marketing; Social Media.The Wiley Blackwell Encyclopedia of Consumption and Consumer Studies.17. p.38.
  • Gummesson, E and Grönroos, C., 2012. The emergence of the new service marketing: Nordic School perspectives.Journal of Service Management.23(4). pp.479-497.
  • Malhotra, N.K., Birks, D.F and Wills, P., 2013. Essentials of marketing research. Pearson.
  • Martin, C., Campbell, R. and Harmsen, S., 2014. Media essentials: A brief introduction. Bedford/St. Martin's.
  • Moons and et. al. , 2010. The extended decomposed Theory of Planned Behaviour. A framework for investigating the adoption process of electric cars. In The 6 Senses-The Essentials of Marketing (EMAC 2010) (pp. 191-191).
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