Marketing department: Functions and Responsibilities - Penpoin

The marketing department monitors market trends and identifies consumer needs and wants. The team then developed a marketing strategy to create ... SkiptoprimarynavigationSkiptomaincontentSkiptofooterTableofContents Theroleofthemarketingdepartment Marketingdepartmentfunctions Relationshipbetweenthemarketingdepartmentandotherdepartments Whattoreadnext What’sit: Themarketingdepartmentisadivisionofthecompanywithresponsibilityforthemarketingfunction.Thisdepartmentaimstosellasmanyproductsaspossibleinasustainablemanner.Theteamdesignsmarketingstrategiesandcombinestherightmarketingmixtosatisfycustomerneedsandwants.Theydesigntherightproductattherightpricetotherightconsumer,attherightplace,andattherighttime.Theyarealsoresponsiblefordevelopingpromotionsandmanaginglong-termrelationshipswithcustomers. Theroleofthemarketingdepartment Themarketingdepartmentisresponsibleforidentifying,anticipating,andsatisfyingcustomerneedsandwantsprofitably.Theendgoalistomakemoreprofit.Fosteringlong-termrelationshipsisalsoanothertask;thus,moneykeepsflowingintothecompany. Themarketingdepartmentisattheforefrontbecauseitinteractsdirectlywithconsumersanddeterminesthesuccessorfailureofthecompanyingeneratingrevenue.Inaddition,thisdepartmentmustalsosynergizewithotherdepartmentstohelpachievecorporategoals. Besidesplayinganimportantroleinpromotingproductsandincreasingsales,themarketingdivisionisalsoimportanttointroducethe business,therebygeneratingastrongcorporateimage.Moreover,theteamreachesnotonlycustomersorretailersbutalsoinvestorsandthecommunitywhilecreatingacorporateimageintheeyesofthesestakeholders. Marketingdepartmentfunctions Themarketingdepartmentmonitorsmarkettrendsandidentifiesconsumerneedsandwants.Theteamthendevelopedamarketingstrategytocreatemoreawarenessandpurchasesbycustomers.Inaddition,theyperformvarioustasksandactivitiessuchasmarketresearch,testmarketing,advertising,andbranding. Functionsrelatedtothemarketingmix Ingeneral,themarketingfunctioncanbeassociatedwithmanagingfourmarketingmixvariables:product,price,location,andpromotion. Product.Themarketingteamdesignsproductstomeetcustomerrequirements,suchasthecorefunction,quality,size,color,andproductpackaging.Anotherroleistomapproductpositions,developuniquesellingpropositions,anddesignproductdifferentiation/standardizationtosuitmarkettastesanddemands. Price.Themarketingdivisionsetstherightpricingstrategyfortheproductssold.Variouspricingstrategiesincludecost-pluspricing,competition-basedpricing,lossleaderpricing,penetrationpricing,andzonepricing.Whichistherightpricingstrategy?Itdependsonfactorssuchasmarketdemand,productioncosts,andcompetitorpricing. Promotion.Themarketingdivisionisresponsibleforinformingandpersuadingconsumerstobuythecompany’sproducts.Itcombinesvariousactivities,suchasadvertising,salespromotion,personalselling,directmarketing,sponsorship,andpublicrelations. Location.Themarketingdivisionmanageshowtheproductreachesthecustomer.Itdetermineswhichdistributionchannelsareusedandhowintensively.Thus,theproductisavailableintherightplaceandattherighttime.Itinvolveschoosingtherightchanneltomarkettheproduct,forexample,distribution,onlinepurchasing,retailoutlets,orevenvendingmachines. Marketingdepartmentresponsibilities Specifically,theresponsibilitiesofthemarketingdepartmentvarybetweenbusinesses.Itdependsonaspectssuchasthesizeofthebusiness,thecompany’sstrategy,andtheresourcesathand.Theymayinclude: Marketresearch –identifyingcustomerneedsandwants.Itmaybethroughsurveys,interviews,orobservations.Theteamsegmentedthemarket,selectedtargetmarketsegments,developedconsumerprofiles,anddevelopedtheappropriatemarketingmix.Aftertheproductissold,theteamalsoexamineswhethertheproductandtheeffortsmade,suchasadvertising,aresuccessfulornot. Competitiveanalysis –observingcompetitorsandidentifyingtheirmarketpositionandstrategies.Itisimportanttodevelopresponsesanddesignappropriatecompetitivestrategiesandtactics. Promotion –presentingthecompanyanditsproductstoconsumers,buildingbrandawareness,andstrengtheningtheproductandcompanyimage.Theteamselectsandmanagesthemostappropriatepromotionalmix,whetheradvertising,salespromotion,ordirectselling. Sales –responsibleformakingmoneybysellingproductsorprovidingservices.Thisfunctionrequiressynergywithotherbusinessfunctionstosupportincreasedsales.Inaddition,theteammustalsodesigntherightmarketingmix,suchasdesigningattractivepackagingandcorrectpricing. Productmanagement –evaluatingandmappingproductstodeterminetherightstrategy,forexample,whethertowithdraw,increaseinvestmentorcollectasmuchcashaspossible.Alargecompanycanhaveaproductportfolioconsistingofvariousproductsandtargetmarkets.Managingthemrequiresintensiveeffort.Themarketingteamistaskedwithmappingthemarketpositionofeachproducttodeterminestrategy,resourceallocation,andinvestment.TwousefultoolsaretheBCGMatrixandtheproductlifecycle. Marketinginformationmanagement –managingandintegratingmarketinginformationsuchassalestargets,salesrealization,industrycompetitors,customerprofiles,andmarkettrends.Thedataisvaluablefordevelopingmarketingstrategies,makingdecisions,ordesigningthecompany’soverallstrategy.Forexample,informationaboutsalestargetsisimportantformakingproductiondecisions. Pricing –determiningthesweetspotbetweencustomervalueandcompanyprofits.Acompanymaychoosecost-basedpricing,withthemainconsiderationbeingthecostofproduction.Whileothersprefermarketdemand-basedpricingorcompetition-basedpricing. Budget– responsibleformanagingtheallocatedmarketingbudget.Marketingmanagersmustsecurespaceinthebudgettofullysupportthemarketingstrategy.Asufficientbudgetisimportanttogeneratemorerevenue,expandintonewmarkets,andreachmorepotentialcustomers. Distribution –developingtherightdistributionchannelstoreachcustomers.Acompanymightsellproductsdirectlytocustomersbyestablishingaretailoutletorcreatingane-commercechannel.Alternatively,theyrelyonvariousintermediariessuchasdistributorsandretailerstosellproducts. Customerrelationshipmanagement –thisresponsibilityincludesstudyingtheirtargetcustomers,determininghowbesttoreachandmeettheirneeds,maintaininggoodrelationshipswiththem,andencouragingthemtocontinuepurchasingtheproduct.Sincerecruitingnewcustomersisexpensive,thisresponsibilityiscrucialtokeepthemoneyflowingtothecompany. Branding –responsiblefor managingthebrand andensuringthebrandismarketedappropriately.Therearevariousbrandingstrategies,includingindividualbranding,familybranding,orcorporatebranding.Eachhasadvantagesanddisadvantages.Themarketingteam’sdutiesincludebuildingbrandawareness,developingthebrand,drivingbrandloyalty,andcreatingbrandvalue. Onlinechannelmanagement –manageandmaintainonlinechannelpagessuchascorporatewebsitesandsocialmedia.Thisisbecomingincreasinglyvitalasconsumersgetmoreandmoreonline.Companiesuseonlinechannelstomonitorandfindoutwhat’strending,buildgoodrelationshipswithcustomers,andevenpromoteproducts. Relationshipbetweenthemarketingdepartmentandotherdepartments Companiesmustcoordinatevariousbusinessfunctionstocreatesynergies.Itisessentialtoachievebusinesssuccess,whichcontributestobuildingacompetitiveadvantage. Incarryingoutitsfunctions,themarketingdepartmentalsodependsonotherdepartments.Herearesomeexamples: Financedepartment –​​coordinatingsalestargetstopreparebudgetsandcashflowforecasts.Humanresourcesdepartment –​​coordinatingworkforceplanning,recruitingnewstaff,andtraininganddevelopingexistingmarketingstaff.Productiondepartment –​​coordinatingproductspecificationsandproductattributes,productioncapacity,inventory,andlogisticsofrawmaterials.Researchanddevelopmentdepartment –​​developingnewproductsaccordingtomarkettastesbasedoninformationfromthemarketingdepartment.Informationtechnologydepartment –​​developingdatabasesandinformationsystemstosupportmarketingactivitiessuchascustomerrelationshipmanagementsoftware. Whattoreadnext BusinessFunctions:Definition,Importance,andTypesMarketingdepartment:FunctionsandResponsibilitiesHumanResourcesDepartment:RolesandHowitWorksHowarebusinessfunctionsinterrelated?WhatareCoreandSupportingBusinessFunctions+Examples SharePrint RelatedBusinessFunctions:Definition,Importance,andTypesMarketing:Meaning,Function,PhilosophyWhatareCoreandSupportingBusinessFunctions+ExamplesHowarebusinessfunctionsinterrelated?Marketingphilosophy:Meaning,Importance,andTypesProductMarketingStrategyToAchieveCompetitiveAdvantage What'sit: Anorganizationalstructurebyproductisastructureinwhichcompaniesorganizebasedonwhattheysell.Eachproductwillbeunderadifferentdivision.TheyoperateindependentlyWhat'sit: Ahorizontalorganizationalstructureisanorganizationalstructurewithfewhierarchicallayersandawidespanofcontrol.Itemphasizesanemployee-centeredapproachbypromotingWhat'sit: Averticalorganizationalstructureisanorganizationalstructurewithmanymanagerialhierarchies.OrganizationsinvolvemanymiddlelayersasintermediariesbetweentopmanagementWhat'sit: Aflatorganizationalstructureisanorganizationalstructurewithoutinvolvingmanymanageriallayers.Inotherwords,theseorganizationsinvolvelittleornomanageriallayer What'sit: Tallorganizationalstructure,inshort,atallstructure,isanorganizationalstructurewithmanymanageriallayers.Itisapyramidstructurewithmanymiddle-levelmanagers.What'sit: Downsizingisacompany'sstrategytoreducethesizeandcomplexitywithintheirorganization.Itinvolvesreducingemployeesmakingthecompanysmallerbylayingthemoff.CompaniesWhat'sit: Amultidivisionalstructure(M-form)isanorganizationalstructurewithacomplexdesignandmultipledivisionsorstrategicbusinessunits,eachmanagingthebusinessindependently.What'sit: Delayeringmeansremovingamanagementlayer,oftentargetedatthosebetweenthetopandbottomlayers.Inotherwords,thetargetismiddlemanagement.Asaresult,the What'sit: Bureaucracyisanorganizationalarrangementbasedonalegalandformalauthoritysystem,runbyfollowingstrictandimpersonalrules.CompaniestypicallyhavemultiplelayerswithWhat'sit: Centralizationisahierarchicaldecision-makingstructureinwhichcompanyexecutivesretainauthorityandhavefullcontroloverdecision-making.Itcontraststodecentralization,What'sit: Authorityislegitimatepower,givenbytherulesandrecognizedbyotherparties.Itallowsonetodemandactionandexpectobediencefromothers.Forexample,supposeacompanyWhat'sit: Accountabilitymeanscarryingoutrolesanddutiesresponsiblyastheyshould.Itcanapplytootherindividuals,departments,companies,ororganizations.Andlet'sfocusonits FooterSEARCH SearchthiswebsiteSearch POPULAR Whatarethe5macroeconomicobjectivesTechnologicalEnvironment:DefinitionandItsEffectsonBusinessSocioculturalEnvironment:Meaning,Variables,ImpactonTheBusinessPoliticalEnvironment:Meaning,ExamplesAnsoffMatrix:Importance,FourStrategies TOPIC Business BusinessOrganization Demand EconomicSector FinancialAnalysis FinancialRatio HumanResources Macroeconomics Marketing Motivation Product ProfitabilityRatio StartingBusiness