Marketing Essentials (Activity-2): Report on Marketing Functions

This report provides a comprehensive overview of marketing essentials, encompassing key concepts, current and future trends, and the marketing process. It delves into the roles and responsibilities of marketing functions, emphasizing their interrelationship with other organizational departments. The report examines the importance of marketing within an organization, highlighting its influence on sales, customer engagement, and overall business success. It also includes an analysis of marketing trends, such as the shift towards social and relationship marketing, and provides insights into the practical application of marketing strategies, referencing concepts like situation analysis and the use of promotional tools. The report concludes by summarizing the critical role of marketing in achieving organizational goals and adapting to evolving market dynamics.

Marketing Essentials
(Activity-2)

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. The main purpose of marketing is to research and
promote products along with increasing customers engagement and
leading market by selling of products and services.

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.
There are five marketing concepts
which are used by the Metro Bank to
achieve the objectives in an
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
marketing means company's emphasised on the customers
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
a company needs to understand environment and examine its
capabilities to fulfil their specific needs and wants through PEST,
SWOT and 5C analysis.

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 :
Interrelationship between marketing and production department:
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 and helps production
department to produce goods as per the expectations.

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: Effective communication between all departments builds
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.