Assignment 1 FINAL
Foundation Degree in Management with Business Studies
Student ID: 308600
Module: Marketing Assignment 1
Word Count: 1,920
Foundation Degree in Business Management
York St John University at York College
December 2014
This essay will demonstrate an understanding of key theories that underpin marketing. The assignment will use a chosen organisation to evaluate contextual issues that could influence the choice of the organisations marketing mix. Theories will be applied to practice to demonstrate an understanding of the overall marketing mix with reference to decision making tools and other concepts studied. According to the Chartered Institute of Marketing (CIM, n.d.) ‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably’ (www.cim.co.uk, n.d.). The organisation chosen for this assignment is Lush Ltd. Marketing is vital for Lush Ltd to succeed in gaining continued customer support and attract new customers for sustained business sales and to encourage trade development and growth. Any organisation has the ability to market their products or services, although, marketing correctly is key in order to produce desired results. Poor marketing can lead to loss of profits for the organisation, which, if not amended, could lead to bankruptcy. Effective marketing is when an organisation, regardless of size, connects with its existing customers and its potential customers by identifying their needs and wants and offering a product or service that meets their requirement. The price should also remain competitive within any market (www.cim.co.uk, n.d.). Within the field of marketing, there are specific systems and tools available to organisations that may aid the marketing team to forecast what the correct products or services might be and how to market these to the correct consumers. For Lush Ltd., starting with a marketing strategy is imperative
Student ID: 308600
Module: Marketing Assignment 1
Word Count: 1,920
Foundation Degree in Business Management
York St John University at York College
December 2014
This essay will demonstrate an understanding of key theories that underpin marketing. The assignment will use a chosen organisation to evaluate contextual issues that could influence the choice of the organisations marketing mix. Theories will be applied to practice to demonstrate an understanding of the overall marketing mix with reference to decision making tools and other concepts studied. According to the Chartered Institute of Marketing (CIM, n.d.) ‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably’ (www.cim.co.uk, n.d.). The organisation chosen for this assignment is Lush Ltd. Marketing is vital for Lush Ltd to succeed in gaining continued customer support and attract new customers for sustained business sales and to encourage trade development and growth. Any organisation has the ability to market their products or services, although, marketing correctly is key in order to produce desired results. Poor marketing can lead to loss of profits for the organisation, which, if not amended, could lead to bankruptcy. Effective marketing is when an organisation, regardless of size, connects with its existing customers and its potential customers by identifying their needs and wants and offering a product or service that meets their requirement. The price should also remain competitive within any market (www.cim.co.uk, n.d.). Within the field of marketing, there are specific systems and tools available to organisations that may aid the marketing team to forecast what the correct products or services might be and how to market these to the correct consumers. For Lush Ltd., starting with a marketing strategy is imperative
References: Brassington, F. & Pettit, S. (2009) Principles of marketing. Financial Times Prentice Hall. Journal of Marketing Management. (2006) The Marketing Mix Revisited: Towards the 21st Century Marketing. Volume 22, Issue 3-4, pp 407-438 Kotler and Armstrong Kotler, P. (1994) Marketing management. 8th ed. New Jersey. Prentice-Hall Inc. p.99 Oxford Learning Lab