Answer To : LO1 Explain the role of marketing and how it interrelates with other functional units of an...
David answered on Dec 27 2019
RUNNING HEAD: MARKETING MANAGEMENT 1
As per the American Marketing Association, Marketing can be said as an activity which emphasizes on creating, communicating, delivering and exchanging different offerings which benefits the organization as well as the stakeholders and society. It is an important function which helps the company to present its products to the market. The marketing can be said as a vast field with varied features
The marketing concept revolves around the customers, the value of the customers is very important as it helps in analyzing the worth of the customers as it is generally said that the 80% of the firm’s profits comes from 20% of the consumers, with the analysis of the customer the company is able to analyze the lifetime worth of the consumers and their value to the firm. By analyzing the value of the customer the firm is able to increase its value by boosting the number, scope and duration of the value enhancing customer relationship.
Key elements of Marketing function
The term “marketing refers to several things: a management philosophy (customer centricity), an organizational function (the marketing department), and a set of specific activities or programs (the marketing mix)”. The main aim of the marketing is to create as well as stimulate the customer attitude towards a product and enhance the use of the product. The marketing emphasize on generating the sales and profits for the company which can be said as the “chain of marketing productivity” (Rust et al. 2004)
So, overall we can say that marketing has multiple facets, some attitudinal, some behavioral, and some financial aspects that affects the organization. Marketing is the function which has helped in introducing and gaining different aspects and perspectives of different products in the market. The marketers uses different tools with which they are able to build strong
ands as well as the loyal customer base.
It is the role of the marketers to design the new products, setting its prices, the place to sell its products, the budget on advertising, different aspects for internet marketing and mobile marketing.
The main aim of the marketing managers is to increase the sales of the company, to increase the volume of the sales and market share of the company. Different performance objectives from the marketing includes the increase in the profits, market penetration, enhancing the
and equity of the company, increasing the stock price, and a different consumer mindset metrics, such as awareness and consideration. Some of the performance metrics that can be used by the organization is listed along with their outcome. (Katsikeas et al. 2016)
As organizations grow and marketing technologies evolve, marketing tasks become increasingly specialized and complex. A vice president for sales and marketing may be replaced by two vice presidents, one for sales and another for marketing. In customer service, the performance measure may be the Net Promoter Score, while
and recognition scores may be used to gauge the performance of the
and advertising team, and CPM (cost per 1,000 prospects touched) may be used for the direct advertising team.
Marketing mix is the most fundamental concept of marketing. Riaz & Tanveer (n.d) refe
ing Kotler, Armstrong, Wong, & Saunders (2008) “defined the marketing mix as: a set of controllable marketing tools used by a company for creating a desired response in the targeted market. These elements or tools of marketing mix are the basic, tactical components of a marketing plan”. The four P’s initially designed includes Product, Price, Promotion and Place. Now, with the increase in competition and technologies, the 4 P’s has been replaced with 7P’s which includes: Product, Place, Price, Promotion, People, Physical environment and Process.
Riaz & Tanveer (n.d); Goi (2011)...