Get HND Business Unit 2 Marketing Essentials Assignment Help
The aim of Unit 2 Marketing Essentials in HND Business, is to provide students with an understanding of the fundamental principles of marketing and how they can be applied to real-world business situations. This unit aims to develop students’ knowledge and skills in analyzing customer needs and behavior, conducting market research, developing marketing strategies, and implementing marketing plans. It also aims to equip students with the ability to evaluate the effectiveness of marketing activities and the role of marketing in achieving business objectives. Through this unit, students will understand the marketing concept and its importance in the contemporary business environment. HND Assignment Help can assist students studying Unit 2 Marketing Essentials in HND Business.
Get Assignment Help With Unit 2 Marketing Essentials in HND Business Management
This session highlighted the significance of marketing principles and techniques for creating a fundamental marketing plan. The session also discussed the internal and external operations of various multinational businesses, including Apple, Google, VISA, Burberry, Zara, Cadbury, Nestle, Unilever, Coca-Cola, Unicef, and BP. This discussion aimed to enhance students’ understanding of the current module.
Learning Outcomes in Unit 2 Marketing Essentials
LO1 EXPLAIN THE ROLE OF MARKETING AND HOW IT INTERRELATES WITH OTHER FUNCTIONAL UNITS OF AN ORGANISATION.
Marketing is a critical business function that plays a vital role in the success of an organization. It involves identifying, anticipating, and satisfying customer needs and wants by creating, promoting, and distributing products or services. Marketing is not just limited to promoting and selling products; it is an all-encompassing process that involves understanding the market, analyzing customer behavior, creating products that meet customer needs, and ensuring customer satisfaction.
The role of marketing is interrelated with other functional units of an organization. Here are some examples:
- Operations: An organization’s operations function is responsible for producing and delivering products or services. Marketing plays a crucial role in providing insights into customer preferences and demand, which can help operations teams optimize their processes to meet customer needs more effectively.
- Finance: The finance function of an organization is responsible for managing the financial resources of the organization. Marketing plays an important role in generating revenue for the organization, which is necessary to meet the financial objectives of the organization.
- Human resources: The human resources function of an organization is responsible for recruiting, training, and retaining employees. Marketing can help attract and retain the right talent by promoting the organization’s brand and values.
- Research and development: An organization’s research and development function is responsible for creating new products or improving existing ones. Marketing plays a vital role in providing insights into customer needs and preferences, which can help R&D teams develop products that meet customer needs more effectively.
In conclusion, marketing is a crucial function that interrelates with other functional units of an organization. It provides valuable insights into customer needs and preferences, which can help other functions in the organization to optimize their processes and meet customer needs more effectively. A well-integrated marketing strategy can help an organization achieve its objectives and maintain a competitive advantage in the market.
LO2 COMPARE WAYS IN WHICH ORGANISATIONS USE ELEMENTS OF THE MARKETING MIX (7PS) TO ACHIEVE OVERALL BUSINESS OBJECTIVES.
The marketing mix combines elements that businesses use to achieve their marketing objectives. The 7Ps of the marketing mix are product, price, place, promotion, people, process, and physical evidence. In this section, we will compare the ways in which organizations use the elements of the marketing mix to achieve their overall business objectives.
- Product: Organizations use the product element of the marketing mix to create products that meet customer needs and wants. This involves designing, developing, and packaging the product in a way that appeals to the target market. For example, Apple’s focus on design and innovation has helped the company achieve its overall business objective of creating high-quality products that are both functional and aesthetically pleasing.
- Price: Organizations use the marketing mix’s price element to set competitive and profitable prices. This involves analyzing the costs of production and distribution, as well as the prices of competitors. For example, Walmart’s “Everyday Low Prices” strategy has helped the company achieve its overall objective of providing customers with affordable products.
- Place: Organizations use the place element of the marketing mix to ensure their products are available at the right place and time. This involves selecting the right distribution channels and ensuring that the products are delivered to the customers on time. For example, Amazon’s focus on fast and reliable delivery has helped the company achieve its overall business objective of providing customers with a convenient shopping experience.
- Promotion: Organizations use the promotion element of the marketing mix to create awareness and interest in their products. This involves advertising, sales promotion, public relations, and personal selling to reach the target market. For example, Coca-Cola’s “Share a Coke” campaign has helped the company achieve its overall business objective of increasing brand awareness and customer engagement.
- People: Organizations use the people element of the marketing mix to ensure that their employees are trained and motivated to provide excellent customer service. This involves hiring the right people, providing training and development opportunities, and creating a positive work environment. For example, Starbucks’ focus on employee training and development has helped the company achieve its overall business objective of providing customers with a unique and personalized coffee experience.
- Process: Organizations use the process element of the marketing mix to ensure that their internal processes are efficient and effective. This involves streamlining operations, reducing costs, and improving quality. For example, McDonald’s focus on process innovation has helped the company achieve its overall business objective of providing customers with fast and reliable service.
- Physical evidence: Organizations use the physical evidence elements of the marketing mix to create a positive impression of their products and services. This involves designing the physical environment, such as the store layout, packaging, and signage, to create a positive brand image. For example, Burberry’s focus on store design and visual merchandising has helped the company achieve its overall business objective of creating a luxury brand image.
In conclusion, organizations use various marketing mix elements to achieve their overall business objectives. By understanding how these elements work together, businesses can create effective marketing strategies that appeal to their target market and help them achieve their goals.
LO3 DEVELOP AND EVALUATE A BASIC MARKETING PLAN.
Developing and evaluating a basic marketing plan involves several steps, including market research, setting marketing objectives, identifying target customers, and selecting marketing strategies. The following is a basic outline of the process:
Step 1: Market research
- Conduct research to understand the market, including customer needs and wants, industry trends, and competition.
- Analyze the data to identify opportunities and threats that can help or hinder the business.
Step 2: Set marketing objectives
- Based on the research, set specific, measurable, achievable, relevant, and time-bound (SMART) marketing objectives.
- These objectives should align with the overall business objectives and be consistent with the organization’s resources and capabilities.
Step 3: Identify target customers
- Based on the research, identify the target customers who are most likely to buy the product or service.
- Create customer profiles to understand their demographics, psychographics, and behavior.
Step 4: Select marketing strategies
- Develop marketing strategies that will help achieve the marketing objectives.
- Consider the 7Ps of the marketing mix and select the most appropriate strategies for each element.
- For example, if the objective is to increase brand awareness, the promotion element of the marketing mix may involve advertising, public relations, or social media marketing.
Step 5: Evaluate the plan
- Regularly evaluate the marketing plan to ensure it is achieving the desired results.
- Use key performance indicators (KPIs) to measure the plan’s success.
- Adjust the plan as needed based on the results of the evaluation.
Overall, a basic marketing plan should be flexible and adaptable, focusing on the customer and their needs. By following this process and regularly evaluating the plan, businesses can effectively reach their target market and achieve their marketing objectives.
P1 EXPLAIN THE KEY ROLES AND RESPONSIBILITIES OF THE MARKETING FUNCTION.
A business’s marketing function is responsible for profitably identifying, anticipating, and satisfying customer needs. The key roles and responsibilities of the marketing function are:
- Market research: The marketing function conducts market research to gather customer needs, preferences, and behavior data. The research helps to identify market opportunities and threats and enables the business to make informed decisions about its products, pricing, promotion, and distribution strategies.
- Product development: The marketing function works closely with product development teams to ensure that products meet customer needs and are positioned effectively in the market. This involves identifying customer needs, conducting market research, developing product concepts, testing prototypes, and launching the product.
- Pricing: The marketing function is responsible for setting competitive and profitable prices. This involves analyzing the costs of producing and marketing the product, market conditions, competition, and customer demand.
- Promotion: The marketing function develops and implements promotional strategies to create awareness and demand for the product. This includes advertising, public relations, sales promotions, and personal selling.
- Distribution: The marketing function ensures that the product is available to customers when and where they want it. This involves selecting distribution channels, managing inventory levels, and coordinating with logistics partners.
- Brand management: The marketing function is responsible for developing and managing the brand image of the business and its products. This includes creating a brand identity, developing brand messaging, and ensuring that the brand is consistent across all marketing channels.
- Customer relationship management: The marketing function is responsible for building and maintaining customer relationships. This involves understanding customer needs, providing excellent customer service, and creating loyalty programs and other customer retention incentives.
In summary, marketing is a critical part of any business, responsible for profitably identifying and satisfying customer needs. Its key roles and responsibilities include market research, product development, pricing, promotion, distribution, brand management, and customer relationship management.
P2 EXPLAIN HOW ROLES AND RESPONSIBILITIES OF MARKETING RELATE TO THE WIDER ORGANISATIONAL CONTEXT.
The roles and responsibilities of the marketing function are closely related to the wider organizational context, including the business’s overall goals, strategies, and operations. The following are ways in which the marketing function relates to the wider organizational context:
- Strategic planning: The marketing function is an important part of the business’s strategic planning process. It provides insights into market trends, customer needs, and competitor behavior that inform the business’s overall strategy development.
- Revenue generation: The marketing function is responsible for generating revenue for the business by promoting and selling its products or services. Its activities are closely linked to the business’s sales, revenue, and profit targets.
- Customer focus: The marketing function has a customer-centric focus, which is essential for the business’s success. Its activities are designed to understand and meet customer needs and to build relationships with customers that drive loyalty and repeat business.
- Cross-functional collaboration: The marketing function collaborates with other functional units in the business, such as product development, finance, and operations, to ensure that marketing activities are aligned with the overall goals and objectives of the business.
- Brand management: The marketing function is responsible for managing the business’s brand image and its products. This is essential for building customer trust and loyalty and creating a strong marketplace reputation.
- Market positioning: The marketing function positions the business and its products in the market. This involves identifying market segments, understanding customer needs and preferences, and developing product features and benefits that differentiate the business from competitors.
In summary, the roles and responsibilities of the marketing function are closely related to the wider organizational context. They contribute to strategic planning, revenue generation, customer focus, cross-functional collaboration, brand management, and market positioning. By fulfilling these roles and responsibilities, the marketing function supports the overall success and growth of the business.
P3 COMPARE THE WAYS IN WHICH DIFFERENT ORGANISATIONS APPLY THE MARKETING MIX TO THE MARKETING PLANNING PROCESS TO ACHIEVE BUSINESS OBJECTIVES.
The marketing mix is a set of tools and tactics businesses use to achieve their marketing objectives. The marketing mix includes the 7Ps: product, price, promotion, place, people, process, and physical evidence. Organizations apply the marketing mix differently to achieve their business objectives. Here are some examples:
- Apple Inc.: Apple is known for its innovative products that appeal to a specific target market. Apple uses the marketing mix to create a unique brand image and to differentiate its products from competitors. Apple’s marketing mix emphasizes product design and features, premium pricing, strong branding and advertising, a limited distribution network, and excellent customer service. Apple’s marketing mix is designed to appeal to tech-savvy, design-conscious consumers willing to pay a premium for quality and innovation.
- Coca-Cola: Coca-Cola is a global brand that uses the marketing mix to reach a wide audience and maintain its market position. Coca-Cola’s marketing mix emphasizes a strong brand image and advertising, competitive pricing, widespread distribution, and promotional activities such as sponsorships and partnerships. Coca-Cola’s marketing mix is designed to appeal to a broad range of consumers, from young to older adults, and maintain its leadership position in the soft drink industry.
- Zara: Zara is a fast-fashion retailer that uses the marketing mix to respond quickly to changing fashion trends and to create a unique shopping experience for customers. Zara’s marketing mix emphasizes product design and quality, affordable pricing, a limited distribution network, and fast turnaround times for new products. Zara’s marketing mix is designed to appeal to fashion-conscious consumers who want the latest styles at an affordable price and to create a sense of exclusivity and urgency around its products.
In summary, different organizations apply the marketing mix differently to achieve their business objectives. A marketing mix is a flexible tool that can be customized to meet the needs of different businesses and target markets. Successful businesses use the marketing mix to create a unique brand image, differentiate themselves from competitors, and achieve their marketing and business objectives.
D1 CRITICALLY ANALYSE AND EVALUATE THE KEY ELEMENTS OF THE MARKETING FUNCTION AND HOW THEY INTERRELATE WITH OTHER FUNCTIONAL UNITS OF AN ORGANISATION.
The marketing function plays a crucial role in the success of an organization, and its key elements interrelate with other functional units to achieve overall business objectives. Here is a critical analysis and evaluation of the key elements of the marketing function:
- Market research: Market research is a critical element of marketing that provides insights into customer needs, preferences, and behavior. This information is used to develop products, pricing strategies, and promotional campaigns that meet customer needs and drive sales. The market research also helps to identify new market opportunities and potential competitors, which informs the overall strategic planning process. Market research is closely related to other functional units, such as product development and sales.
- Product development: Product development is another key element of the marketing function that involves creating new products or improving existing ones based on customer needs and preferences. The marketing function works closely with product development to ensure that new products meet customer requirements and are positioned effectively in the market. Product development is closely interrelated with market research, as market research helps to identify customer needs and preferences that inform the product development process.
- Pricing: Pricing is a critical element of the marketing function that involves setting competitive and attractive prices to customers while generating sufficient revenue for the business. The marketing function works closely with finance and sales to develop pricing strategies aligned with the overall business objectives. Pricing is also closely related to product development, as product features and benefits influence pricing decisions.
- Promotion: Promotion is another key element of the marketing function that involves creating awareness and interest in the business’s products or services. The marketing function works closely with advertising, public relations, and sales to develop promotional campaigns that reach the target market and achieve the desired results. Promotion is closely related to market research and product development, as these activities inform promotional strategies and messaging.
- Distribution: Distribution is a critical element of marketing that involves getting products to customers in the most efficient and effective way possible. The marketing function works closely with logistics and operations to develop distribution strategies that meet customer needs and minimize costs. Distribution is closely related to pricing, as distribution costs can influence pricing decisions.
In conclusion, the key elements of the marketing function are closely interrelated with other functional units of the organization. Market research, product development, pricing, promotion, and distribution are all critical elements that work together to achieve overall business objectives. Successful organizations recognize the importance of the marketing function and the need for cross-functional collaboration to achieve marketing and business success.
M1 ANALYSE THE ROLES AND RESPONSIBILITIES OF MARKETING IN THE CONTEXT OF THE MARKETING ENVIRONMENT.
In the context of the marketing environment, the roles and responsibilities of marketing are critical to the success of an organization. Here is an analysis of the roles and responsibilities of marketing in the marketing environment:
- Market research: Market research plays a critical role in marketing in the marketing environment. It involves gathering and analyzing information about customer needs, preferences, and behavior. Market research helps organizations to identify new market opportunities, understand customer behavior, and develop products and services that meet customer needs. The market research also helps organizations identify competitors and stay ahead of market trends.
- Product development: Product development is another important marketing role in the marketing environment. It involves creating or improving new products to meet customer needs and preferences. Marketing plays a key role in product development by providing insights from market research that inform product design, features, and positioning. Organizations can gain a competitive advantage and increase sales by developing products that meet customer needs.
- Pricing: Pricing is a critical responsibility of marketing in the marketing environment. It involves setting competitive and attractive customer prices while generating sufficient revenue for the organization. Marketing plays a key role in pricing by analyzing market research data, competitive pricing strategies, and customer behavior to develop pricing strategies aligned with the organization’s overall business objectives.
- Promotion: Promotion is another important responsibility of marketing in the marketing environment. It involves creating awareness and interest in the organization’s products or services. Marketing plays a key role in promotion by developing promotional campaigns that reach the target market and achieve the desired results. Promotional campaigns include advertising, public relations, sales promotions, and personal selling.
- Distribution: Distribution is a critical responsibility of marketing in the marketing environment. It involves getting products to customers in the most efficient and effective way possible. Marketing plays a key role in distribution by working closely with logistics and operations to develop distribution strategies that meet customer needs and minimize costs. Distribution can include direct sales, retail distribution, e-commerce, and logistics.
In conclusion, the roles and responsibilities of marketing in the marketing environment are critical to the success of an organization. Market research, product development, pricing, promotion, and distribution are all important areas of responsibility for marketing in the marketing environment. Organizations can gain a competitive advantage by effectively managing these responsibilities, increasing sales, and achieving overall business objectives.
M2 ANALYSE THE SIGNIFICANCE OF INTERRELATIONSHIPS BETWEEN MARKETING AND OTHER FUNCTIONAL UNITS OF AN ORGANISATION.
An organization’s marketing function is interrelated with other functional units, such as finance, operations, and human resources. Here is an analysis of the significance of interrelationships between marketing and other functional units of an organization:
- Finance: An organization’s finance function is closely related to the marketing function because marketing activities require financial resources. For instance, a marketing plan involves advertising, sales promotions, and other marketing activities, all requiring financial resources. The finance function also helps marketing determine pricing strategies, budgets, and ROI analysis of marketing activities.
- Operations: An organization’s operations function is closely related to the marketing function because marketing activities drive demand for products and services, which in turn impacts production and operations. Marketing activities such as promotions, advertising, and pricing decisions impact an organization’s production and supply chain management. Therefore, close collaboration between marketing and operations can help achieve overall business objectives.
- Human resources: The human resources function of an organization is also interrelated with the marketing function because the recruitment and training of employees play a vital role in achieving marketing goals. Marketing activities require skilled and trained employees who manage customer relationships, develop and execute marketing campaigns, and analyze market trends. Therefore, marketing and human resources collaboration are critical for recruiting, training, and retaining employees with the required marketing skills.
- Research and Development: An organization’s research and development function is interrelated with marketing because market research is a key responsibility of marketing. Marketing uses market research to identify new market opportunities, understand customer behavior, and develop products and services that meet customer needs. Research and development teams use marketing insights to develop products aligned with customer needs and preferences.
In conclusion, an organization’s marketing function is interrelated with other functional units of the organization, such as finance, operations, human resources, and research and development. Close collaboration between marketing and other functional units can help achieve overall business objectives, such as increasing sales, gaining a competitive advantage, and improving customer satisfaction. Therefore, organizations need to recognize the significance of interrelationships between marketing and other functional units and foster collaboration.
D2 DESIGN A STRATEGIC MARKETING PLAN THAT TACTICALLY APPLIES THE USE OF THE 7PS TO ACHIEVE OVERALL MARKETING OBJECTIVES.
Introduction: The following is a strategic marketing plan for a new product launch by a consumer electronics company. The objective is to achieve market penetration by targeting the millennial and Gen Z demographics. The product is a wireless Bluetooth speaker that offers high-quality sound and a unique design.
Product: The wireless Bluetooth speaker will be marketed as a premium product with high-quality sound and a unique design. The speaker will be available in two sizes and multiple color options to cater to customer preferences.
Price: The pricing strategy for the product will be based on value-based pricing. The product will be priced higher than the average Bluetooth speaker in the market, but the unique design and high-quality sound will justify the premium pricing. The pricing will be $149 for the smaller size and $199 for the larger size.
Place: The product will be initially launched through online channels like the company’s website and e-commerce marketplaces like Amazon and Best Buy. After the initial launch, the product will be made available in physical stores such as electronics and department stores.
Promotion: The promotion strategy will focus on creating awareness and interest in the product among the target demographic. The marketing campaign will include social media, influencer, and email marketing. Social media platforms such as Instagram and TikTok will be used to showcase the product’s unique design, and influencer marketing will be used to reach a wider audience. Email marketing will be used to reach out to the company’s existing customer base and offer exclusive discounts.
People: The company will invest in training and development programs for the sales team to ensure they have the knowledge and skills to sell the product effectively. The sales team will also be trained to provide excellent customer service to ensure customer satisfaction.
Process: The company will ensure the purchase process is seamless and user-friendly. The website and e-commerce marketplaces will be optimized for easy navigation and checkout. The company will also invest in customer support systems to provide quick and effective solutions to customer queries and complaints.
Physical Evidence: The product packaging and design will be aesthetically pleasing and visually appealing to the target demographic. The product will also be displayed in physical stores to highlight its unique design and features.
Conclusion: The above marketing plan utilizes the 7Ps of marketing to achieve the overall marketing objectives of market penetration and targeting the millennial and Gen Z demographics. The marketing plan is designed to create awareness and interest in the product, provide a seamless purchase experience, and offer excellent customer service to ensure customer satisfaction. The pricing strategy is based on value-based pricing, and the promotion strategy focuses on social media marketing, influencer marketing, and email marketing. The training and development of the sales team and investment in customer support systems ensure that the purchase process is user-friendly and the customers are satisfied.
M3 EVALUATE DIFFERENT TACTICS APPLIED BY ORGANISATIONS TO DEMONSTRATE HOW BUSINESS OBJECTIVES CAN BE ACHIEVED.
Different organizations use various tactics to achieve their business objectives. Some common tactics that organizations use are:
- Digital Marketing: In today’s digital age, digital marketing has become important for organizations to achieve their business objectives. Digital marketing includes social media, email, search engine optimization (SEO), and pay-per-click (PPC) advertising. By utilizing these tactics, organizations can reach a wider audience, increase their brand awareness, and generate leads that can be converted into customers.
- Content Marketing: Content marketing involves creating valuable and relevant content that attracts and engages the target audience. This content can take various forms, including blog posts, videos, infographics, and eBooks. By providing informative and engaging content, organizations can establish themselves as thought leaders in their industry, build brand trust, and ultimately drive sales.
- Promotions and Discounts: Offering promotions and discounts are a common tactic organizations use to increase sales and generate revenue. These promotions can be buy-one-get-one-free, percentage off, or free shipping offers. By offering promotions and discounts, organizations can incentivize customers to purchase, leading to repeat business and customer loyalty.
- Customer Relationship Management (CRM): CRM is a strategy that involves managing interactions with customers to improve customer satisfaction and ultimately drive sales. Organizations can use CRM software to track customer interactions, analyze customer data, and develop targeted marketing campaigns. Organizations can improve customer retention, increase sales, and generate repeat business by implementing a CRM strategy.
- Product Differentiation: Product differentiation involves making a product or service unique by adding new features, improving existing features, or offering a unique value proposition. By differentiating their product or service, organizations can stand out in a crowded market, attract new customers, and generate higher profit margins.
Conclusion: Organizations can use various tactics to achieve their business objectives. These tactics include digital marketing, content marketing, promotions and discounts, CRM, and product differentiation. The key to success is selecting the tactics that align with the organization’s goals and target audience and executing them effectively. By doing so, organizations can achieve their business objectives and drive growth and success.
M4 PRODUCE A DETAILED, COHERENT EVIDENCE-BASED MARKETING PLAN FOR AN ORGANISATION.
Introduction: This marketing plan outlines the marketing strategies that will be used by ABC Company, a fictional organization that specializes in producing organic skincare products. This plan aims to increase the visibility and awareness of ABC Company’s products in the market, attract new customers, and increase sales.
- Situation Analysis: ABC Company operates in the organic skincare market, a growing market segment due to increased consumer demand for eco-friendly and natural products. The company has a range of products, including cleansers, toners, moisturizers, and serums. However, the company faces stiff competition from established brands in the market, and its market share is relatively small.
- SWOT Analysis: Strengths:
- Specializes in organic skincare products
- High-quality products
- Strong customer loyalty
Weaknesses:
- Limited marketing budget
- Limited product range
- Low brand awareness
Opportunities:
- Growing demand for organic skincare products
- Increasing popularity of e-commerce
- Expanding product range
Threats:
- Intense competition from established brands
- Changing consumer preferences
- Economic instability
- Objectives:
- Increase sales by 20% within the next 12 months
- Increase brand awareness by 30% within the next 6 months
- Expand product range by introducing two new products within the next 9 months
- Target Market: ABC Company’s target market is females aged 25-45 years who are health-conscious, environmentally conscious, and willing to spend more on organic and natural skincare products.
- Marketing Mix (7Ps):
Product: ABC Company will continue to produce high-quality organic skincare products. It will also introduce two new products, a face oil, and a night cream, within the next 9 months.
Price: ABC Company will set competitive prices with other organic skincare brands in the market. However, prices will also reflect the company’s high-quality standards.
Place: ABC Company will sell its products online through its website and through e-commerce sites like Amazon and Sephora. The company will also partner with select brick-and-mortar retailers to expand its reach.
Promotion: ABC Company will use a variety of marketing channels to increase its visibility and reach its target audience. These channels will include social media advertising, email marketing, influencer marketing, and public relations.
People: ABC Company will ensure that its employees know its products, brand, and values. This will help build customer trust and provide a positive customer experience.
Process: ABC Company will ensure that purchasing products are simple, fast, and convenient for customers. The company will also prioritize product quality control and customer service.
Physical Evidence: ABC Company will focus on ensuring that its branding is consistent across all touchpoints, including product packaging, website design, and social media presence.
- Implementation: ABC Company will implement the marketing plan by starting with a soft launch of its new products to its existing customer base. The company will also partner with influencers and bloggers to increase its reach on social media platforms. The company will also invest in Facebook and Instagram advertising campaigns, email marketing, and public relations efforts. The company will also monitor its progress through regular data analysis and adjust its strategies accordingly.
- Budget: The marketing budget for the next 12 months will be $100,000, with a focus on digital marketing efforts such as social media advertising, influencer marketing, and email marketing. The company will also allocate a portion of the budget for public relations and events.
Conclusion in Unit 2 Marketing Essentials
In conclusion, Unit 2 Marketing Essentials in HND Business, is an important module that covers key concepts related to the marketing function and its role in achieving overall business objectives. The module covers the different elements of the marketing mix, including product, price, promotion, place, people, process, and physical evidence, and how they can be used to develop a marketing plan. The module also discusses the interrelationships between an organization’s marketing function and other functional units, such as finance, operations, and human resources.
In order to successfully complete the module, students need to have a good understanding of the marketing function and its role in achieving business objectives. They also need to be able to apply the different elements of the marketing mix to develop a comprehensive marketing plan tailored to the organization’s specific needs. By doing so, they can demonstrate their ability to analyze, evaluate, and apply marketing concepts and techniques in a real-world context and contribute to the success of their organization.
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This unit links to the following related units:
Unit 1 Business and the Business Environment
Unit 22: Product and Service Development
Unit 23: Integrated Marketing Communications
Unit 37: Consumer Behaviour and Insight
Unit 40: International Marketing
