Marketing Essentials Report: Roles, Interrelations, and Budgeting

This report provides a comprehensive overview of marketing essentials, focusing on the roles and responsibilities of the marketing function within an organization. It delves into key aspects such as market research, identifying customer needs, and managing marketing budgets. The report emphasizes the importance of customer satisfaction and explores the interrelations between the marketing department and other departments like Human Resources, Finance, Production, and Customer Service. It highlights how these departments work together to achieve organizational goals, using Walmart as a case study. The report concludes with a discussion on strategic marketing plans, budgeting, and competitive advantages, referencing relevant academic sources.

Marketing Essentials

Table of contents
• Introduction
• Roles and Responsibilities of marketing Function.
• Department interrelation within Marketing function.
• Conclusion.
• Reference.

INTRODUCTION
A Marketing is a concept of procuring, manufacturing, selling, distributing and promoting
of product and service in competitive marketplace. The main objective of marketing is to
deliver product to the right customer to fulfil their needs and wants. In perspective of
business, marketing helps for approaching to target their customer for proper utilisation of
marketing mix strategy to explore different types of market that attain in competitive
advantages.

Roles and Responsibilities of marketing Function.
In organization there are many departments in which marketing department plays an important role
to generate opportunities for product and services. As Marketing handles manufacturing,
distributing, selling and promoting in competitive marketplace where it helps to sustain for long term
as well as compete with competitors. The importance of existence of this department is very essential
as it use to form different plans to retain existing customer towards attracted new customer. In
context of Walmart, their marketing team or department effective contribute to create strategies for
long term sustain in market place for long time period. These are some roles and responsibilities of
marketing function that discuss in below:
● Effective Market Research: It is first process of every marketing practises to conduct
research by marketing department where they pitching product and services to target
customer. The factors that helps to particular company for presumes their business
towards better operation in competitive market.

Cont..
Identifying the customer needs: To better identifying customer are act in numerous way, where
they tend to changes taste and preferences which effectively highlight about its needs and wants
along with their behaviour and attitudes. By assessing from marketing data helps to investigate
about how many people approach similar or different kind of product and service of various
brands. In situation of Walmart, role of marketing department is properly examine to their
people's expectation that focuses on manufacturing to those product that demand more in
current market. New specification and substitute product applies major role to divert customer
attention through effective promotional strategies and highlight about important benefits where
people can easily fulfil their requirements.
Monitor or handle marketing budget: This is an effective role of marketing manager within
Walmart to handle their marketing budget. Every business plans to introduce new product in
marketplace where marketing needs to create systematic budget plan.

Cont..
Attaining profit Maximisation: On the basis of marketing function is conducts responsible
towards devise and new innovative strategies process where to promote and sell their product to
customer. According to this procedure Walmart's marketing team can enhance to adding value
packaging which effectively enhance only customer value or money. Through this practise, it
helps to increase sales and that generates profit or organisation. In perspective of Walmart,
marketing department applies new strategic formulation that applies for deliver product in
market for generates monetary term monetary revenue.
Satisfaction to the customer: This is one of major role of marketing role where they are reliable
for ensuring the customer satisfaction from which product and services to fulfil customer
expectation. The company's marketing team, it plays an effective performances for engage within
customer. Customers are generates feedbacks and suggestion as per product performance and
experience how product is effective that assurance better experience.

Departments Interlink between Marketing department.
The marketing function of company where it creates major roles and responsibilities
towards internal department that inter relate with their working aspect where they connected
within each other. As for marketing department of Walmart venture is having relation
between towards major role to guide or support other department to effective conducts roles
and responsibilities to accomplish task. Walmart is having departments are human resource,
finance, customer service production department.
Marketing and Human resources: The human resource department is basically handle
internal activities of assessing manpower performance and generate workforce through
hiring for fulfilling department needs. By providing training and development,
performance appraisal, employee engagement activities and others to employees for
every department.

Cont..
Marketing and Finance department: As per this interrelation as finance department where it
basically handle better funding and operational work of company's finance activities. The
financial statement is usually produces the company's financial status in market where it defines
actual position. The interrelation with working aspect involves marketing strategies for highlight
similar plans for particular budget. It majorly involves concerned towards generates profits and
cut down expenses. Similarly, finance department of Walmart company is to helps marketing
procedure to facilitates for funding allotment towards their expenses for advertising, raising
other activities of higher profitability.
Marketing and Production department: The department of production is mainly focuses within
departmental as they have responsibility to manufacture by procuring authentic raw material.

Cont..
Marketing and Customer Service factor: Marketing department is plays an important role to
provide customer services and different from other service that they tend to allow important
function of organisation. Better quality generates productive product and services which ensures
customer satisfaction of product quality. As per Walmart venture, the customer service department
allows client or customer suggestion and feedback that gives an idea how issues can improvised as
per their product and services. This helps to gain more valuable outcomes in terms of customer
retention and brand improvement.

Conclusion
From above discussion of marketing essential that has come to conclude through explains
about different roles and responsibilities of marketing function, these roles and
responsibilities plays an vital role in organisation department inter link and coordinate for
accomplish task inh effective manner. As per comparing two different organisation in
similar business in industry for assessing towards marketing mix in seven Ps to attain
achieve objective. At last strategic marketing plan conducts to scrutinize better budget
through different traits which is effectively by specific budget and different traits that
consider to specific organisation and explains about how internal and external capabilities
for budgeting control in successful towards competitive advantages.

Reference.
Avila-Robinson, A. and Wakabayashi, N., 2018. Changes in the structures and directions of
destination management and marketing research: A bibliometric mapping study, 2005–2016.
Journal of Destination Marketing & Management. 10. pp.101-111.
Balis, J., 2020. Brand marketing through the coronavirus crisis. Harvard Business Review.
Diaconescu, M., 2020. Some considerations regarding the new trends in marketing approaches.
Romanian Economic Journal. 23(77). pp.2-10.
Elrod, J.K. and Fortenberry, J.L., 2018. Catalyzing marketing innovation and competitive advantage
in the healthcare industry: the value of thinking like an outsider. BMC health services research.
18(3). pp.45-48.

Thank you.