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P1. Key Roles and Responsibilities of Marketing Function

   

Added on  2020-12-10

13 Pages3596 Words234 Views
Marketing essentials

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Key roles and responsibilities of marketing function...........................................................1P2. roles and responsibilities of marketing with respect to the organization ............................2M1. Analysis of roles and responsibilities of marketing in the context of marketingenvironment.................................................................................................................................3M2. analysis of inter-relationship between marketing and other functional areas of theorganization.................................................................................................................................4TASK 2............................................................................................................................................4P3. comparison of different ways in which organisations apply marketing mix elementstowards attainment of business objectives..................................................................................4M3. Evaluation of different tactics applied by the organisation in order to achieve businessobjective......................................................................................................................................7TASK 4............................................................................................................................................8Reflection of group work and learning outcomes ......................................................................8CONCLUSION................................................................................................................................8REFERENCE...................................................................................................................................9

INTRODUCTIONMarketing may be defined as a process by which needs and wants of the customers iscreated as well as exchanged and this in turn helps the organisation towards attainment of theirobjectives. Marketing essentials include formulation of marketing strategy, marketing mixelements, segmentation, targeting and positioning. Lloyd's banking group is one of the majorBritish group and provide banking financial services(Fine, 20170. The group was founded 24years ago in the year 1995 and has currently employed around 75000 employees. This report willinclude the roles and responsibilities of various functions of marketing as well as the ways inwhich different organizations apply their marketing mix towards attainment of businessobjectives.. further, the report will include contributions and learning during the work.TASK 1P1. Key roles and responsibilities of marketing functionMarketing function is one of the vital part of every organisation towards the attainment oftheir objectives. They may be referred to as those roles and responsibilities which help thecompany in identifying potential services which may be successful and then promoting anddifferentiation them in order to achieve the organisational objectives effectively andefficiently(Armstrong and et.al., 2015).Key roles of marketing functions are:Promotion – one of the major role of marketing function is to promote its products orservices so as to take the business to new heights. Promotion is a tool that is used by the Lloydbanking group in order to persuade the customers to come and avail their services. The basic aimbehind promoting the services by the banking group is to increase their brand awareness , createinterest as well as develop positive perception in the mind of customers. There are 4 kinds ofpromotion which helps in boosting up the sales of the banking firm. Promotion includeadvertising (through newspaper, radio, television, social media or any online platform), salespromotion (through coupons, samples, rebates, refunds, gifts, etc), publicity(through events,press, news, etc) and personal selling(Fine, 2017).Sales – another important role of marketing function is to find the ways to sell theproduct. This role focusses on analysing the needs and wants of the customers and then sell themthe products accordingly. In other words, sales may be defined as bridging the gap between1

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