Applying customer-centric approach
The Marketing Department needs to have a relationship with the customer so that they can understand what the customers’ demand from the business and thus aim to meet those demands. Customer feedback is an important part of marketing and companies need to conduct surveys to get the feedback from customers and prospects. There are two ways to understand the customer needs and focus the business activities to reflect the customer’s demands; these are through internal channels by taking feedback from the sales department and the customer service department regarding customer preferences and their feedback. This can be done via data analysis as well as conducting surveys within the company. The other way to collect information is via external channels, through interaction with social media and internet. In the end, the focus should be to provide the customer with a valuable and pleasant experience when interacting with the company.
Keeping up with the competition
The marketing department is also responsible for researching the competition and keeping up with them to know what they are doing, which products they are launching, what are the weaknesses of the competitors and how to avoid making the same mistakes as the competitors. It is also essential to know how the company is placed in relation to its competitors, why the customers prefer the other companies, what customers the competitors target and the relationship they have with their customers. Once all this information is available then the marketing department can analyze it and create a better marketing and customer relation strategy for the company.
Branding
A brand is the identity of a company. It is the practice of creating a name, design or symbol that denotes a particular product or business and makes it stand apart from other similar products or businesses. Branding helps to enhance the image of a business and make it more credible, elicit an emotionally positive response from the audience, motivates the audience to buy and creates loyalty for the brand and its products. It is the duty of the marketing department to create and promote a brand through images, words, ideas, and promises of benefits to the customer. The message needs to be delivered to the audience by all the members of the enterprise consistently and frequently.
Finding the Right Partners
The marketing department of all organizations cannot be extensive enough to handle all the marketing needs of the organization. In order to bring the full range of marketing tools and expertise to a business, it is often essential to hire specific expertise and people from outside the organization. It is essential to find the right partners who understand the philosophy and needs of the organization. It is the work of the marketing department to identify, hire and oversee these partners to bring best value to the business. These strategic partners could be advertising agencies to create and manage advertising campaigns, social media experts to manage the social media marketing side of the business, web designers, data analysts, copywriters, and other such people.
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Being creative and innovative
The marketing department needs to be on its toes at all times. It is the responsibility of the marketing department to come up with creative ideas, whether it is for promotional purposes or to create a new product. Feedback and ideas from the marketing team are responsible for policy decisions regarding products, such as whether to create new products or improve the old one. It also needs to come up with creative ways to position the brand and the product to create additional revenue for the company. In order to fulfill all its responsibilities, the marketing department often takes the help of outside partners.
Communicating with other departments
One of the key responsibilities of the marketing department is to create a channel of communication with all the other departments within an organization. It has to familiarize all the employees with the marketing ethics, company’s philosophy, and customer relationship. It can do so by conducting workshops, training sessions and talks or presentation regarding customer handling and brand awareness.
Budgeting
Marketing departments work on budgets. They are given a certain amount of money to spend upon creating a presence for the company or product in the market. It is the responsibility of the marketing department to estimate the cost of all the marketing activities it intends to carry out and prepare a budget that would use the allocated amount of money most efficiently. It is essential that the marketing personnel stick to the budget.
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Being aware of ROI
The marketing department needs to be aware of the concept of return on investment. Since all marketing activities cost money, the concept of ROI can help the marketing team to create a marketing strategy that gives the highest exposure for the least amount of money spent. They should constantly monitor themselves and evaluate whether the strategies that have been used have yielded the desired benefit or not, and what was the cost of the strategy in terms of time, effort, and most importantly money.
Managing Strategy
Managing the key activities of a business to work together is another responsibility of the marketing department. It is the duty of the marketing department to create and implement strategies that would enhance the business activities of the enterprise.
Managing Research
Managing research for the company is also the duty of the marketing department. This includes research about the products, marketing strategies, strengths and customers of the competitors in comparison to that of the organization. The Marketing Department also provides inputs regarding the pricing of a product.
Managing Events
Managing events also comes within the scope of responsibilities of the marketing department. This including promotional events, exhibitions, seminars, training sessions, trade meetings, conventions, etc.
We can thus see that the marketing department is essential not only for positioning and promoting a product but also for providing vital information to the organization about all aspects of the business. It is the key department of any organization and cannot be dispensed with. Even in tough times, a business cannot do away with the marketing department. On the other hand, marketing department becomes the key player to pull a business out of troubles and set it back on the path to profitability.
3)Meaning & Functions of Marketing Management
First Published: May 28, 2010 | Last Updated:June 3, 2015
Management is the processes of planning, organizing directing motivating and coordinating and controlling of various activities of a firm. Marketing is the process of satisfying the needs and wants of the consumers. Management of marketing activities is Marketing Management.
Management Guru Philip Kotler defines marketing as “Marketing Management is the analysis, planning, implementation anc control of programmes designed to bring about the desired exchanges with target audiences for the purpose of personal and mutual gain. It relies heavily on adoption and coordination of the product, price, promotion and place for achieving response”:
In other words, a business discipline, which is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities, is Marketing Management.
Marketing Management focuses upon the psychological and physical factors of Marketing. The Marketing managers are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. While the psychological factors focus upon discovering the needs and wants of the consumer and the changing patterns of buying behavior, habit etc. the physical factors focus upon fulfilling those needs and demands buy better product design, channel of distribution and other functions.
In summary, Marketing in action is marketing Management.
Marketing Management has the responsibility of to perform many functions in the field of marketing such as planning, organizing, directing, motivating, coordinating and controlling. All these function aim to achiven the marketing goals.
Following is a brief summary of functions of Marketing
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1. Marketing Objectives: marketing management determines the marketing objectives. The marketing objectives may be short term or long term and need a clear approach. They have to be in coherence with the aims and objectives of the organization.
2. Planning: After objectively determining the marketing Objectives, the important function of the marketing Management is to plan how to achieve those objectives. This includes sales forecast, marketing programmes formulation, marketing strategies.
3. Organization: A plan once formulated needs implementation. Organizing functions of marketing management involves the collection and coordination of required means to implement a plan and to achieved pre determined objectives. The organization involves structure of marketing organization, duties, responsibilities and powers of various members of the marketing organization.
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4. Coordination: Coordination refers to harmonious adjustment of the activities of the marketing organization. It involves coordination among various activities such as sales forecasting, product planning, product development, transportation, warehousing etc.
5. Direction: Direction in marketing management refers to development of new markets, leadership of employees, motivation, inspiration, guiding and supervision of the employees.
6. Control: Control refers to the effectiveness with which a marketing plan is implemented. It involves the determination of standards, evaluation of actual performance, adoption of corrective measures,
7. Staffing: Employment of right and able employees is very crucial to success of a market plan. The market manager coordinates with the Human Resource Manager of an organization to be able to hire the staff with desired capability.
8. Analysis and Evaluation: The marketing management involves the analysis and evaluation of the productivity and performs mace of individual employees.
4) MARKETING AND MARKETING MANAGEMENT
POSTED BY SATYENDRA ON MAY 4, 2014 IN MANAGEMENT | 2 COMMENTS
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