Unit 2 Marketing Processes and Planning Sample

 Introduction To Mastering Marketing Processes and Planning for Business Success

Marketing planning is an organized as well as practical strategy for preparation, estimating as well as harmonizing every marketing requirement along with the organizational goals. It is planned as well as methodical tactic for developing, executing as well as assessing marketing approaches. This report is based on the case scenario of British Academy of Jewellery (BAJ) which offers unique bracelets, necklaces and many more antique items. The report will cover the concept and role of marketing, the way the marketing function relates with organizational context. It also covers marketing and media plan of the BAJ Company.

LO1 : The Interrelation of Marketing Functions with the Wider Organizational Context in BAJ

P1. Defining the concept of marketing operations including different areas and role

The concept of marketing is associated with the thought of fulfilling the requirements of the consumer through ways of the good as an answer to the consumer’s issue (requirements). This also stands for the main shift in contemporary’s organization orientation that offers the basis to attain competitive edge. This is a viewpoint that an organization implements its marketing plan which directs the way it endorses its business. Elements of marketing mainly include price, distribution as well as the good which helps company in meeting business goals or objectives (Ebrahim, 2020). The marketing operations are a board word that illustrates the people, procedures as well as technology which allows a marketing group to work effectively at level. These diverse areas mainly include marketing planning, performance management, technology development reporting as well as analysis. This is further wide-ranging in approach which lays more focus on marketing data as well as procedures. To obtain the preferred outcomes from marketing actions, organization should make sure the soft management of marketing operations.

The department of marketing is critical to endorse a company’s operations as well as mission. It operates as the open look of the business through arranging as well as making every material that represents it (Krizanova et al, 2019). It is the marketing section’s job to make out to forecasts, consumers, investors as well as the society, although building an overall image that signifies the company in an optimistic radiance. Marketing includes sponsoring the swap of products as well as services to be a focus for further customers. Through developing a marketing plan could enhance revenue as well as consumer engagement to boost company’s brand identity.

P2. Explain how the marketing function relates to the wider organizational context

In the context of BAJ, marketing functions are highly interrelated with other departments such as finance, HR, R&D and production. It is very ordinary in approximately every company. This procedure include product planning, marketing research and development (R&D) procedure, promotion, sales, client support, finance and furthermore.

Every marketing function must involve a main financial dimension. Development of price as well as profit (for the company, product, and goods line) articulated in financial units or sales proportion, budgets required to execute tactics as well as marketing strategies are each essential elements (Joseph, 2019). Through Budgeting as well as profitability analysis are as well main features of marketing plan as well as manage that entail fiscal devices. Numerous of the marketing choices must be sight as investment choices. Every time a novel product choice is prepared, fiscal tools as well as criteria must be utilized to assess the deal. The assessment of shifts in cost, payment options, discounts, etc. The function of fiscal act measures to related market divisions as well as some goods. The effect of diverse marketing functions (instance- introducing novel item) on investors’ prospect, as a result of the market cost shares.

The connection among marketing as well as production is the major noticeable in the growth of novel items. This relation among the plan of novel items as well as production amenities is derived from wide-ranging market study (Da Veiga et al, 2020). According to this, it evaluates of the requirement for the novel items, time as well as space delivery. The foremost tie among R&D as well as marketing spins around the novel item expansion hard work of the company. The novel good expansion phases, from thought creation to the last good stage, needs close contact among marketing as well as R&D. Further, marketing team gives input to HR team about the number of personnel who need to be appointed. Referring this, HR team hires the most suitable candidate who will contribute in the achievement of business objectives. In this way, marketing team works with other departments in a co-ordinated way.

LO3 : BAJ Aims for 15% Sales Growth with Sustainable Jewellery Launch by Q3"

P4. Develop a marketing plan.

The overview of the British Academy of Jewellery (BAJ) was offering the advanced training as well as stimulation to the next age group of jewelers as well as assisting experts through chances for up-skilling. The company will launch novel product which is sustainable jewellery (environmental friendly) to assemble the shifting requirements of the marketplace (Pride, 2022). The marketing objective of The BAJ looks for to enhance sales through 15 percent at the end of third quarter by its novel product which is sustainable jewellery.

PESTLE Analysis

SWOT Analysis

STP Approach

Segmentation:

• Concentrate on environmental friendly customers
• Age group- 21 to 55 years
• Customers who like to traditional and uniqueness

Targeting:

• Primary emphasis is on Millennial as well we Generation Z group
• Differentiated targeting strategy will be used

Positioning:

• Through serving consumers requirements successfully
• Multiplicity of items
• Well-designed designs
• Variation in costs
• Unique collection for special occasions.

Marketing mix

Product: BAJ is a cutting-edge educational organization established in the jewellery enterprise. It is the leading jewellery company as well as retail channel. It introduces a novel product with a major focus on environmental friendly jewellery. This appears with innovative set such as hand crafted jewelleries. There are distinguished sets of jewellery with traditional and uniqueness that give a modern touch.

Price: BAJ follows tiered pricing strategies because the jewelleries are made of high-quality and sustainable materials. The company offers 100% refund policy option as well as exchange policy that allows the ROI for the consumers is high. This permits consumers to purchase jewelleries founded on their affordability as well as enhance market reach. Hence, competitive pricing strategy will be followed by BAJ.

Place: BAJ present in all over London as well as there a shop locator that assists the consumers locate the shop nearby (Perreault Jr, 2021). It will enlarge the accessibility on online platforms and its websites which allows consumer to order goods without any issue.

Promotion: BAJ also employ various platforms where the promotional dealings also made by Instagram, Facebook, etc. This also makes connections with other retailers to introduce their new jewellery collections. According to the promotion strategy, gifting options also based on various occasions that are excellent approach to promote the products.

Competitors Analysis

The competitor analysis is the procedure of recognizing competitors in the sector as well as researching their diverse marketing tactics.

Marketing budget

The perfect marketing budget for a BAJ jewellery company is 20 percent. The organization regulations are spending 20 percent of the earnings in marketing. This proportion based on the company’s profits margins (Sharifi, 2022). The company objective is to invest 20 percent of the desired objective in marketing. The company distributed budget for all resources involving social promotion, website expansion, launches and shop promotions.

Monitoring and control

In the quality control, this monitoring processes verifies that the jewellery be conventional to the specifications as well as is free from the manufacturing imperfections. A craftsmanship analysis will normally verify for such problems involving scratches, missing parts, poor fit, etc. By considering control and monitor arrange the jewellery pieces as well as properly label them.

LO4 : Media Planning Strategy of BAJ Company: Goals, Audience Targeting, and Execution

P5. Produce a media plan

The basic rationale of a media planning is to establish the greatest method to communicate a point to the indented customers. This planning puts out an organized procedure that coordinates every contributing component so as to attain this particular objective. It is out of order into 4 phases; market scrutiny, formation of media targets, media tactic expansion and execution, and assessment and summarize (Verma, 2022). BAJ Company follows to advertising campaign to attain to expand their customers. The company enhances social media channels following as well as involvement. Also, switch further email endorsers into paying consumers. By comprehending its customers is essential to delivering the accurate message to their demographics. The company utilizes their market study as well as data regarding existing and new consumers to build allowed marketing choices.

• Goals and KPIs- BAJ offer important metrics to calculate as well as monitor its performance. These measures concentrate on sales, client fulfillment, inventory administration as well as marketing efficiency.
• Budget- the connection among the efficiency of a media promotion as the as the price involved 45 percent requires to be cautiously handled.
• Audience targeting- BAJ target the Millennial and Generation Z
• Messaging- BAJ gives a huge message to the Genz by employing sustainable jewellery.
• Scheduling- aligning interaction action to match with the BAJ potential customer exposure times.
• Media mix- BAJ utilizes social media channels involving Instagram, Facebook to meet its marketing objectives and increase its product awareness.

CONCLUSION

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The report concludes that the marketing operations worked in the company to increase its sales, brand identity. The marketing function is related to the larger organizational context to improve its performance. The report has described the marketing and media planning of the BAJ Company to promote its novel sustainable jewellery to their customers.

References

Books and Journals

Da Veiga, A., Astakhova, L.V., Botha, A. and Herselman, M., 2020. Defining organisational information security culture—Perspectives from academia and industry. Computers & Security, 92, p.101713.

Ebrahim, R.S., 2020. The role of trust in understanding the impact of social media marketing on brand equity and brand loyalty. Journal of Relationship Marketing, 19(4), pp.287-308.

Joseph, O.O. and Kibera, F., 2019. Organizational culture and performance: Evidence from microfinance institutions in Kenya. SAGE open, 9(1), p.2158244019835934.

Krizanova, A., L?z?roiu, G., Gajanova, L., Kliestikova, J., Nadanyiova, M. and Moravcikova, D., 2019. The effectiveness of marketing communication and importance of its evaluation in an online environment. Sustainability, 11(24), p.7016.

Perreault Jr, W.D., Cannon, J.P. and McCarthy, E.J., 2021. Essentials of marketing: A marketing strategy planning approach. McGraw-Hill.

Pride, W.M. and Ferrell, O.C., 2022. Foundations of marketing. Cengage Learning, Inc..

Sharifi, S.M. and Firouzi, B., 2022. The Requirements of the Strategic Jobs of the Broadcasting Organization to Produce Persuasive Messages. Communication Research, 29(110), pp.97-129.

Verma, S. and Vance, B.R., 2022, July. Content Strategy for Academic Units: A Case Study for Developing a Plan within Constraints. In 2022 IEEE International Professional Communication Conference (ProComm) (pp. 101-104). IEEE.

Online

PESTLE Analysis. 2023. [Online]. Available through: <https://www.marketingtutor.net/pestle-analysis-of-uk/>

SWOT analysis. 2023. Online. Available through: <https://www.ehow.co.uk/how_6376615_do-swot-analysis-jewelry-store.html>