This presentation provides an overview of marketing essentials, including the definition of marketing, marketing concept, marketing trends, marketing process, roles and responsibilities of marketing function, and the interrelationship of marketing function with other functions. It also highlights the importance of marketing in an organization.
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Marketing Essentials (Activity-2)
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Content •Introduction •Definition of marketing •Marketing concept •Marketing trends in present and future •Marketing process •Roles and responsibilities of marketing function •Interrelationship of marketing function with other functions •Importance of marketing in an organisation •Conclusion •References
Introduction Marketing considered as a set of activities which are used by the company to increase the sales of goods as well as services and builds positive relationships with their target customers and satisfy them by effective advertisement, promotional and distributional functions. This is related to the building relationship with customers and developing innovative products in the market
Role of marketing and its interrelatedness with other functions Marketing is a process of promoting business products and services to their target audience through the advertisement, magazine as well as television.Themainpurposeofmarketingistoresearchand promote products along with increasing customers engagement and leading market by selling of products and services.
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Marketing concept It is an idea that a company examine the needs of their potential customers and try to satisfy them in an effective and better manner than their competitors. Therearefivemarketingconcepts which are used by the Metro Bank to achievetheobjectivesinan appropriate and efficient manner.
Marketing trends present and future Market is rapidly changes and impacts on the operational activities of businesses. Currently market is grown in social and relationship marketingmeanscompany'semphasisedonthecustomers satisfaction as well as make them loyal for increasing the sales by identifying the needs and wants of the target market.
Different marketing processes Metro Bank must find a way to observe unrealised customers needs and make those products or services which helps in satisfying them by using marketing process step by step that can be described below: Situation analysis:It includes the past, present and future aspects as well as identifying untapped preferences and satisfying them. At this stage acompanyneedstounderstandenvironmentandexamineits capabilities to fulfil their specific needs and wants through PEST, SWOT and 5C analysis.
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Roles and responsibilities of marketing functions It is necessary to achieve the goals and objectives of an organization by increasing long term relations, sales as well as profits. Manager of Metro Bank needs to analysed potential target markets where profit can be earned by facilitating goods and services to their customers to satisfy their needs.
How marketing influences and interrelates with other functional department Marketing helps in integrating and coordinating between functional departments of an organization to achieve the common goals and objectives of Metro Bank which can helps in increasing the sales and profits.
Continue… The influence and importance of interrelation between marketing and other departments are described as follows : Interrelationshipbetweenmarketingandproductiondepartment: Both are interrelated with each other for producing the goods and services to satisfy the customers needs or demands. Marketing department helps in analysing the quality, quantity, features, design etc. that are required by the customers andhelps production department to produce goods as per the expectations.
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Value and importance of marketing role in an organization Spreading information:For a successful business a company needs to popular their products to its potential customers. Marketing helps in engaging large number of buyers in awareness campaign to become more familiar for their products.
Significance of interrelationship between different functional department Interrelationship between all departments of Metro Bank plays an significant role which can be considered below: Trust:Effectivecommunicationbetweenalldepartmentsbuilds confidence within them and shares specific information which are relevant and accurate. This will helps in saving time, cost as well as build trustworthy relations with each other.
Critically evaluation of the key elements of marketing functions and interrelatedness with other functions Marketing functions are used to promote their business and aware more customers towards their products or services. Moreover, it requires market research for gaining information so assessing on that is more expensive and consuming time and efforts which may not results in valuable returns.
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Conclusion It can be concluded from the PPT that marketing department plays an important role in the growth and success of an organisation by performing different roles and responsibilities such as conducting market research, using of promotional tools etc. Along with this, analysingofcurrentandfuturetrendsisalsoimportantto understand the marketing tools which are more useful to adopt by an organisation in order to attract large number of customers.
References Brady, D. L., 2014.Essentials of international marketing. Routledge. Dibb, S. and Simkin, L., 2013.Marketing essentials. Cengage Learning. Gregg, J., 2015. The Implications, Negative Health Effects, Legal Issues, and Potential Solutions Associated with the Shortage of Essential Drugs in the US Medical Care Market.Alb. LJ Sci. & Tech.25. p.381.