This presentation on Marketing Essentials explores the definitions and development of marketing concept, impact of external environment, roles and responsibilities of marketing function, and interrelationships of functional units. The presentation focuses on Reiss Ltd., a modern global brand offering stylish clothing products for both men and women.
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Marketing Essentials
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ο½Introduction ο½Definitions and the marketing concept ο½Development of the marketing concept ο½Impact of external environment ο½Roles and responsibilities of marketing function ο½The interrelationships of functional units ο½Conclusion ο½References Table of Contents
Marketing is one of the most important components for an organization and canbereferredtothedifferentactivitiesthatareundertakenbyan organization such as branding, promotion, advertising etc. in order to capture the attention of the customers. Organization chosen for this presentation is Reiss Ltd., which is a modern, global brand that offers stylish clothing products for both men as well as women. Introduction
Marketingcanbereferredtoastheactivitiesthatareundertakenbyan organization in order to attract more customers. The different marketing activities canincludebranding,promoting,advertising,campaignsetc.Marketingis essential for the company because it helps in developing as well as maintaining long-lastingrelationshipswiththecustomers.Effectivemarketingcan significantly contribute to the overall growth as well as profitability of the firm. The respective company, Reiss Ltd. has a marketing team that is focused on developing as well as executing effective marketing activities that will be helpful for it in reaching out to as well as attracting a greater number of customers. Definitions and the marketing concept
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The concept of marketing has evolved to a great extent over the last few years with businesses being focused on implementing effective marketing strategies in order to increase their existing customer base. Changes in the needs as well as preferences of the customers have led to a change in the trends of marketing. Currently, one of the major trends in marketing is artificial intelligence that is being implemented by companies in order to send personalized emails, e-commerce transactions and content creation. Development of the marketing concept
The marketing function can be impacted by different external environment influences as well as factors. The external environment over which it has next to zero control influence an organization's showcasing exercises. Taken together, they make up its outer advertising climate, which incorporates administrative and political action, monetary conditions, cutthroat powers, changes in innovation, and social and social impacts. The monetary situation of the business (productivity, income, liquidity) straightforwardly influences the degree and scale or showcasing activities. Impact of External Environment
As already mentioned, the marketing function is an important component within an organization that can help an organization in attracting a greater number of customers by offering them products and services based on their preference as well as need. The marketing functions involves various responsibilities of the business organization, these functions are responsible for the growth of company. The key roles and responsibilities of marketing functions are market research, finance,productdevelopment,communication,distribution,planning, promotion,sellingetc.Thevariousexternalenvironmentfactorsthatcan influence the marketing activity of the firm such as cultural factors, financial stability of the firm, operational issues etc. Roles and responsibilities of marketing function
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ο½Marketing with HR βHR and Marketing functions aim to create a powerful and positive candidate experience. This is achieved through the combination of target group-specific content (employer branding content) andarecruitingmarketingstrategy.Thesetwocomponentsenable companiestobuildandmaintainrelationshipswiththeircandidates. MarketingandHRsharesimilarobjectivestargetedtowarddifferent audiences. Marketing is accountable for the branding of the company and communicating it to consumers. ο½Marketing with Operations βMarketing is the advent of consumer demand. Operations management is the supply and success of that call for. The interrelationships of functional units
ο½MarketingwithFinanceβBoththemarketingaswellasfinance functions in an organization work in coordination with each other and can contribute to the overall effectiveness of the company. Marketing desires to spend cash; finance desires to manipulate it. Putting variations aside, finance and advertising have lots in common. In truth, their enterprise purpose is always the identical: make the corporation they work for profitable, increase revenue and keep cash glide. Contβ¦
From the above presentation, it can be concluded that marketing is an important function within an organization that can contribute to its overall growth as well as profitability in a significant manner. There are various current as well as future trends in marketing that have transformed them way in which an organization conducts its marketing activities. The marketing activity of a business can be affected by various external factors such as competition, advancements in technology, cultural and social factors. Conclusion
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ο½McGruer, D., 2020.Dynamic digital marketing: master the world of online and social media marketing to grow your business. John Wiley & Sons. ο½Ahmed, S., 2019. Scope of Social Marketing in De-Marketing Smoking Habits:AnExploratoryStudy.MalaysianManagementJournal,22, pp.125-138. References