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Marketing Essentials

University: REGENT COLLEGE LONDON

  • Unit No: 2
  • Level: Undergraduate/College
  • Pages: 20 / Words 4000
  • Paper Type: Assignment
  • Course Code:

    R/508/0486

  • Downloads: 0
Answer :

INTRODUCTION

The marketing essentials can be described as those tools and techniques which are mandatory for carrying out more effective as well as efficient promotional activities . Marketing refers to an important activity for each and every organisation so that they can promote their goods or services in an appropriate manner to earn better outcomes on regular basis. There are various kinds of promotional methods such as advertisement, posters, banners, pamphlets and so on. These activities provide support to boost up goodwill of brand along with improving productivity as well as profitability in desired manner (Kahn, 2014). This report is based ALDI which is a German discount supermarket chains that deals in retailing and render required products to people for completing their requirements properly. It was founded by Karl Albrecht & Theo Albrecht in the year of 1913, almost 105 years ago. It has around 10,000 stores at global level in 20 nations as well. They provide main goods such as food, beverage, sanitary articles, household goods and so on. This assignment will discuss about role of marketing and its relevance to other functional units. It also includes the comparative description of factors involved in marketing mix of ALDI with another retailing company.

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TASK 1

P1 Key roles of marketing and relevance with other functional units

There are various types of departments which are established in an organisation to carry out several kinds of activities or tasks in proper and systematic manner . All sections of a company has their own roles and responsibilities according to which they recruit desired staff members as per their field of expertise in particular branch. This will facilitate them to attain actual requirements of company in order to fulfil duties or tasks in an appropriate manner along with desired outcomes on regular basis (DuBrin, 2011).

Marketing: - The term marketing can be described as to conduct an effective as well as efficient methods to make people aware about product or brand. It is all about to communicate with customer properly and promote brand along with motivation clients to purchase specific product or service.

Nature of marketing: - Marketing can be considered as human activity which is customers oriented to know about their actual requirements. The procedures of marketing helps to improve productivity as well as profitability to complete goals of an organisation.

Concept of marketing: - The term marketing has concept of making an effective as well as efficient strategies to implement for satisfying customer properly,. It includes several factors to fulfil client needs, increase sales, maximize profits and beat the competitors accordingly.

ALDI has its different departments that are organised in correct way to conduct required process more effectively as well as efficiently to gain better outputs properly. Some of these sections and their relation to other functional units are described below:

Product (Service management): - The term product can be described as final good which is ready to be sold to customers for completing their requirements (Ottman, 2017). It is necessary to first obverse and analyse thoroughly about actual needs, wants and demands of clients so that according to their preferences an appropriate products or service can be produced to fulfil expectations of consumers properly. ALDI have to focus on needs of consumers as well as changing trends of market so that required goods can be manufactured to provide satisfaction to customers. This will facilitate to gain loyal people for company which make sure long term profitability for same. Marketing team can provide exact information about requirements of people along with fashion of market according to which ALDI can produce correct goods to achieve satisfaction of customers.

Pricing: - This can be described as price of any product which is expected from customers in exchange of specific goods or services from an organisation. Price of products includes cost of production, profit of firm and other minor expenses which are spend into other activities relevant to goods. It is necessary for an enterprise to focus on budget of incomeof customers so that more number of people can afford products of company. It will helps to boost sales which results into improving profitability of an organisation. ALDI have various kinds of products at different range of price so that every person can buy its goods as per their efficiency of affordability and need as well. Marketing section of company have duty to determine actual needs of people along with their budget of income according to which ALDI can decide their new budget of manufacturing an innovative product.

Promotion: - It can be described as major role of marketing in which organisation can promote their product through various kinds of promotional activities (Hugos, 2018). It includes several modes of promotion such as advertisement, posters, banners, pamphlets and many more which helps to improve goodwill of brand. These activities motivates or make people convinced to buy goods through promoting an attractive features. Marketing department of ALDI provide support to boost up brand image in front of customers which facilitate to increase productivity as well as profitability along with grabbing more profit share in market.

Selling: - This can be explained as to sell bulk of goods to earn desired profits and complete given targets of sales in a particular period of time. It is necessary for every company to sell its goods at correct price to gain desired profits from business (Rowley, 2016). A person starts to run their business to attain better profitability along with growth of business to improve their positioning in market. ALDI have focus on sales team and provide them an effective as well as efficient training so that they can sell bulk of goods to customers properly at given deadline. Marketing department of ALDI helps to promote product which facilitate to boost up number of sales that helps to gain desired profits in ALDI.

Financing: - The term financing refers to funds of money which is an essential component to run a business properly. A require amount of capital must be invested in company to carrying out different types of activities on regular basis. It is necessary for ALDI to kept margin of capital to remain safe for some emergency situation which requires immediate investment in an organisation. Marketing team conduct an effective research of market situation in order to know about present trends and organise different promotional activities to promote product and improve its sales. This will facilitate to increase number of customers for company along with profitability as well. Marketing activities requires funds for conducting their duties in ALDI.

Marketing Information System (MIS): - This can be described as an effective system which collect required information and prepare of record of the same along with maintaining it for future purpose. Marketing information system provide support to gain needed knowledge for any specific aim to complete it properly through analysing data collected from this system. It is relevant to marketing as it maintain data about market trend along with various factors such as fashion, competitive situation, needs or clients and so on (Lane, 2016). Marketing department of ALDI has role to utilise this kind of system to maintain desired knowledge for future purposes and provide it to other functional units as per requirement.

Distribution (Channel engagement): - This can be explained as to conduct supply of products to different stores of an organization as per demands of customers. It is necessary to first observe and analyse the actual demand of goods in various geographical areas then supply bulk of goods to these places. It will affiliate to make products available for customer. Itis an essential tasks because people will easily switch to another brand if they are facing difficulty to purchase goods of specific company. ALDI have to make sure to supply required amount of products to different established or linked stores and shops so that they can retain their regular consumers properly. Marketing department of ALDI will render actual information about demand of people in different areas so that desired goods can be distribute to market and fulfil requirements of clients as well.

P2 Roles and responsibilities of marketing relate to the wider organisational context

Marketing is an important procedure of each and every organisation as it provides exactly information about scenario of market including trends as well as requirements of customers. It will help other functional units to carrying out their tasks or events in an accurate way to gain desired outcomes (Wolfinbarger and Bush, 2012). There are various kinds of organisational functions which are carrying out in correct way according to gained knowledge with helps of marketing team to earn better outputs. The department of marketing includes Roles and responsibilities to render support to various kinds of other section of ALDI. Some of them are briefly described below:

Research and development (R & D): - This can be described as to research procedure that includes duty of carrying out an effective as well as efficient search about any particular field to known actual scenario. It is necessary to conduct for various purposes so that exact information can be achieved to work on it to attain required outcomes. In this context, marketing team of ALDI can conduct an appropriate research to know about actual fashion of market along with current needs of consumers. It will help to production department to manufacture desired products through innovative modifications into features of goods. This will facilitate to achieve development in company as well as improving growth of business.

Administration: - The term administration refers to a separate section of company that focus on entire functional units ad make sure that everything is going on perfectly (Blyhte, 2012). They have a duty to observe, analyse and evaluate several procedures that are conducting in different departments along with their opportunities and threats. They will convey information of administering different sections so that they will grab better chances an reduce possibility of issues by taking required steps properly. Marketing team of ALDI provide knowledge about new trends of innovative technique and fashion of market to administration then they will allow for implementing them after ensuring benefits.

Customer service: - This can be explained as to provide required product or service to consumers to complete their actual needs wants, demands, taste and preferences properly. It is mandatory to first observe and analyse exact desires of people then only manufacture goods accordingly. It will facilitate to attract new customers along with retaining the current ones that helps to boost up profits of an enterprise. Marketing department of ALDI had an important roles to conduct an appropriate research of market trends and gain information about actual requirements of consumers. Production section will achieve knowledge for exact preferences of people and manufacture desired product to fulfil their expectations in an accurate way (Perreault, Cannon and McCarthy, 2015).

Distribution: - The term distribution refers to supply of goods in an accurate manner to fulfil demands of customers properly. It is necessary to make product available easily for customers so that they can purchase required goods to complete their needs and wants properly. It is important supply an required amount of products to different geographical areas to fulfil demands of people and earn profits accordingly. Marketing team will provide an appropriate information about actual demands of consumers according to which supply of goods will be done properly in market. Sometimes, it is observed that people get switched to another brand if they are facing problem to buy goods of particular company. To retain regular customers, it is mandatory for ALDI to carrying out distribution of products in more effective as well as efficient manner

Finance: - The term finance can be explained about the criteria of funds or money which is utilise in company to run business properly. It is necessary to invest required amount of capital in an organisation for carrying out needed activities or procedures properly. Each and every small or large process requires a particular amount of money to be invested for conducting them an accurate manner along with generating desired outcomes on regular basis (Baack, Harris and Baack, 2013). Marketing department conduct several promotional events and research of market trends which requires certain amount of capital to carrying out these procedure in correct manner in ALDI.

Human resource: - This can be described as an essential department of an organisation which is relevant to staff members. It is necessary to hire desired candidates as per their skills or abilities for specific position in company. It will helps to carrying out required roles and responsibilities in an accurate way along with generating better outcomes on daily routine. It includes the criteria of selecting correct people for marketing team having an effective convincing power along with motivating customers to purchase product and complete target of sales in given period of time. ALDI have to hire an effective employees to build an appropriate marketing team to gain better outcomes.

ICT: - The term ICT refers to information and communication technology which include several effective as well as efficient tools or techniques that helps to make an appropriate conversation properly (Charles, JOSEPH and CARL, 2011). It is required many times to convey the same message to number of employees working in whole organisation then verbally it is quite difficult and time consuming. And providing information through hierarchy from top to bottom level actually change the actual knowledge which is needed to be send. ALDI can utilise Information and communication technology to covey correct message at one stroke to bulk of members properly so that employees can follow instructions accordingly in right way. Marketing team can also use these techniques to convey desired information to customers which facilitate to motivate them for purchasing goods.

Marketing: - This can be explained about various kinds of marketing activities in proper manner in company. Major tasks of this department is to carrying out promotional events and research of market trends in an appropriate way to attain better outcomes. They have to carrying out several promotional activities with innovative methods to attract new customers long with retaining the current ones to improve profitability of an organisation. ALDI have to establish well qualified and experienced marketing team so that they can conduct several activities properly to earn better outcomes. Efforts of this department helps to boost up number of sales that ensures profitability of company.

Sales: - The term sales refers to the number of sold units of particular product to customers (Baker and Saren, 2016). It is necessary to complete target of sales in given period of time as it will make sure about profitability of an organisation. Earning more profits for company can be done through improving number of regular customers through providing desired products with needed features which helps to attain more new clients accordingly. It will facilitate to boost up demands of products through which better profits can be achieved by company. ALDI can focus on this section and improve quality of goods to attain satisfaction of consumers along with increasing efficiency of sales team to fulfil targets at given time properly.

Production: - This can be described as the department of production that has duty to manufacture correct product as per demand of customers in market. It is necessary to produce required amount of units so that needs of consumers can be fulfilled properly. Marketing team provide support by providing an actual information about actual taste or preferences of people along with changing trends of market (Jones and Rowley, 2011). It will facilitate the manufacturing section to prepare an accurate goods and fulfil expectations of people. ALDI can focus on information provided by marketing department about preferences of clients along with market trends to manufacture desired products to achieve satisfaction of customers.

The above mentioned functional units are necessary to be organised in an accurate manner so that required activities of each section can be conducted properly. These departments are inter related to marketing section in several aspects to generate better outcomes on regular basis.

TASK 2

P3 Comparison of marketing mix

The concept of marketing mix undertakes set of factors which are controlled and influenced by an organisation to achieve distinctive position in the market. These four elements of marketing mix are channelised by management to make sure that promotion of brand is being carried out in the right manner. The comparison between marketing mix of ALDI and LIDL are described through tabular representation.

Elements of Marketing Mix

ALDI

LIDL

Product

·This organisation is offering variety of product offering in the form of Fresh food, bakery, health & beauty care products and drinks (Babin and Zikmund, 2015). All the above mentioned products are sold under the label of the company. The company have stated that it possess partnership with best supplier which is helpful in procuring best services.

·This organisation have been offering similar products when compared with ALDI. There is variety of offering of meat and fresh fruits and vegetables along with frozen and gluten free offerings. This organisation has been emphasizing on attaining a distinctive edge through offering specialised offering through baby products and housekeeping products.

Price

·Price constitute as one of the crucial aspects of this organisation . This business have been renowned to be a major discount provider in the supermarket companies in the UK market. This organisation have been selling value products at competitive prices which have rewarded this business with a loyal customer base. The use psychological pricing is well emphasized in this organisation which persuades people to avail more goods from this supermarket operator (Lilly, 2014).

·This organisation have been taking assistance of competitive pricing technique. This organisation have recently cut prices by 9% on grocery products so that market share of this business is enhanced. The sourcing from local suppliers helps in keeping prices of products and services lower. The lower prices of services are appreciated by the customer based for this business.

Promotion

·This organisation have been taking assistance from numerous channels such as sales promotion activities, advertisement and public relation through which products and services of this brand are marketed. This brand has been renowned as a major discounter in the United Kingdom market which attracts major budget conscious people.

·The major setback for this organisation in comparison with ALDI is that they do not possess any loyalty schemes for loyal customers. This organisation have been known to organise numerous in-store promotions which is helpful in driving sales of this business.

Place

·This element of marketing mix focuses on the place where products and services are being sold to the consumers. ALDI possess a strong market presence in the USA and UK along with marking presence in the 17 other nations. This business is providing opportunity to avail products and services of this organisation through online channels.

·This business mostly covers major sections of UK and Europe through its major number of retail outlets. There are approximately 10,000 stores of this supermarket chain in the world, which are almost similar to that of competitor which stands at 10,366 outlets.

People

·ALDI had implement an effective layout of stores which reduce requirements of more employees and provides proper service to people. They focus on efficiencies staff members through conducting effective training events so that they can complete required tasks properly.

·This company focus on skills or abilities of candidates and hire well qualified and talented employees so that thy can fulfil their roles or duties in proper manner to gain required outputs.

Process

·They apply more effective procedures to conduct various kinds of activities and generate desired outcomes along with providing easy purchasing methods to customers.

·LIDL has their own criteria of providing goods at lower process so that every person can afford their products which helps to increase number of customers for company.

Physical evidence

·This company is commonly known for its attractive layout, global pricing and other effective procedures which are conducted by ALDI to render an appropriate services to customers.

·This company is following traditional layout which attracts people and facilitate to boost up sales of goods (Campbell and et al, 2013).

TASK 3

P4 A market plan

The market plan can be described as design of several activities of marketing in sequenced manner so that whole procedure can be completed in correct way. It is necessary to prepare an effective plan of market in ALDI to conduct properly and gain desired outcomes. A market plan for ALDI is given below:

Overview of company: - ALDI is kind of retailing company which commonly considered as discount supermarket chains that provides varieties of products to customers at global level. It was founded by Karl Albrecht & Theo Albrecht in the year of 1913 and splits into two parts called as ALDI NORD & ALDI SUD in 1962. This company provides several products to customers such as food, beverage, sanitary articles, household goods and many more

Vision and mission of ALDI: - The mission statement of ALDI is to provide better products having top quality at incredibly low prices guaranteed. Vision of ALDI id to revolutionize the grocery industry with an unique business model.

Market segmentation: - The market segmentation of this company is done according to requirements of customers and focus on several factors that are critical. It includes those clients who are regular to brand and considered as potential consumers for the company as well.

Marketing objectives: - ALDI has and objective of providing better quality of products to customers so that they can more profits share of market. It will facilitate them to improve their efficiencies along with welcoming opportunity top expand business in future to earn better profits.

Situational analysis of ALDI

The situation analysis can be described as to several factors that are importation to be analyse for making an appropriate market plan. It is divided into two sections that is known as internal and external analysis. The internal one involves strengths and weaknesses of company and external includes certain opportunities & threats as well (Fill, 2011). These elements are defined below in respect of ALDI.

Strengths

  • ALDI provides low cost offerings along with good quality of products to customers.
  • They have low cots lean operations and positive suppliers relationships which provide certain benefits to firm.
  • They have innovative sales models, effective store- layouts and locations as well.

Weaknesses

  • ALDI provide varieties of goods to customers and perception of people about quality of goods.
  • They do not have effective customer service due to size of stores and ability of stock.
  • They adopt technology frequently which welcomes difficulty for employees to work with new techniques that impacts negatively on regular outcomes.

Opportunities

  • They have a chance to expand their business across United States and Abroad markets to earn more profits.
  • They can boost up brand loyalty and awareness amongst customers so that they will retain with company for long time which helps to attain better profitability as well.
  • Focus on customer relations and try to improve perception of clients about quality of products.

Threats

  • They have threat of having larger number of competitors that provides goods at low prices (Baines, Fill and Page, 2013).
  • They have low brand loyalty due to which loyal customers are decreased which impacts negatively on profitability of ALDI.
  • Customers are very price sensitive with pricing level of products of this company.

Marketing strategy: - The marketing strategy of ALDI to utilise innovative techniques to conduct required activities to attract more customers. They thoroughly observe and analyse actual needs, wants, demands, taste and preferences of people and the manufacture an appropriate products to fulfil desires of them along with achieving their satisfaction.

Marketing budget

Particulars

1st year

2nd year

3rd year

4th year

5th year

Initial money

30000

15000

13000

30000

15000

Investment

 

30000

13000

30000

30000

Total

30000

45000

26000

60000

45000

Marketing expenditures

         

Advertisement

7000

6000

4000

9000

8000

Sales promotion

3000

7000

2000

5000

6000

Direct marketing

10000

9000

5000

7000

8000

Total

20000

22000

11000

21000

22000

Available balance

22000

10000

12000

15000

20000

Control measures: - The company follow several policies to control wastage of resources and save cost while carrying out required activities properly. It also includes to conduct various events in an accurate manner to generate desired outcomes.

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CONCLUSION

The above report had concluded that marketing essentials can be described as those tools and techniques which are mandatory to carrying out more effective as well as efficient promotional activities properly. There are various kinds of promotional methods such as advertisement, posters, banners, pamphlets and so on. There are different types of departments which are established in an organisation to carrying out various kinds of activities or tasks in proper manner systematically. It will help other functional units to carrying out their tasks or events in an accurate way to gain desired outcomes. There are various kinds of organisational functions which are carrying out in correct way according to gained knowledge with helps of marketing team to earn better outputs. The concept of marketing mix undertakes set of factors which are controlled and influenced by an organisation to achieve distinctive position in the market. An appropriate market plan should be made to conduct everything properly to gain desired outcomes.

You May Also Read: Marketing Essentials of Marks and Spencer

REFERENCES

  • Kahn, K. B., 2014.Product planning essentials. Routledge.
  • DuBrin, A., 2011.Essentials of management. Nelson Education.
  • Ottman, J., 2017.The new rules of green marketing: Strategies, tools, and inspiration for sustainable branding. Routledge.
  • Hugos, M.H., 2018.Essentials of supply chain management. John Wiley & Sons.
  • Rowley, J., 2016.Information marketing. Routledge.
  • Lane, P., 2016. Human resources marketing and recruiting: essentials of employer branding.Handbook of Human Resources Management, pp. 23-52.
  • Wolfinbarger, M. and Bush, R., 2012. Essentials of marketing research.
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