Answer To: LO1 Explain the role of marketing and how it interrelates with other functional units of...
David answered on Nov 26 2019
Marketing plays an important role in the business, and it is essential to have a deeper understanding of their significance and their influence over the entire organization. Understanding their inte
elationship provides insight about their contribution towards the growth and development of the organization. In this paper, there is a detailed discussion about the role of marketing in the business and the inte
elationship with the other functions of the business. There is more focus on the 7P’s of the marketing mix that enables in understanding about their significance in the business.
Role of Marketing and its Inte
Marketing is a larger concept that pays closer attention to both planning and implementation of concepts, price, advertisement, promotion,
anding and communicates the message to the end customers (Mullins and Walker, 2013). Marketing is an important function and has set of processes for creating value, communicating the message to their customer and managing relationship in such a manner that it will be beneficial for both organization and customers. Marketing is a process that aims at creating value for the customers and building stronger customer relationship and focuses on retaining customers.
The marketing concepts begin with the market that is they analyze the market to know what is the demand and requirement of the customers. Focusing the market enables to study the customer needs that enables integrated marketing. Marketing focuses on understanding the requirement of the customers and advice the organization how they should customize their product or service to address the customers’ need to ensure that the organization will generate higher profit and return on investment (Mullins and Walker, 2013). Marketing concepts will pay more attention to both micro and macro environment.
The microenvironment is the factors that include intermediaries, customers, public and other stakeholders, suppliers and competitors. The macro environments are the demography, culture, economy, technology and political and legal condition. Marketing operations have more functions like sales manager, customer service, product manager, marketing research, etc (Kotler et al., 2015). They provide complete guidance to the entire department that will keep in line with the organizational goal. Marketing functions are mainly structured to focus on the functional, geographical, product and market or customer management. Marketing processes are value based. They have a clear understanding about the product or services of the company, and they understand the value that it can create to the customers and they establish a relationship with the customers and market them to reach the ultimate end customers (Masterson, Pickton and Phillips, 2017).
Marketing plays an important role in the entire business, and they create more inte
elationship with another department of the company. After making a market analysis, they communicate the message to the entire organization to indicate the gap that is present in the organization's product and services. It will make the organization to understand the strategy that is essential for the company to meet the customer requirement. It provides an outline about the modification in the product and services. It will require more coordination and cooperation between the product managers and the top management to obtain the required approval for making these changes (Masterson, Pickton and Phillips, 2017). Marketing always focuses on customer-driven marketing strategy by making the best use of the marketing mix. Integrated marketing strategy is developed that is to communicate the common value associated with the product or service using various communication channels.
Marketing provides more information about the economic condition and the affordability of the target customers so that it will enable the company to focus on reducing or increasing the price and appropriately manage their profitability. It requires the marketing to have close contact with the finance department and manufacturing...