TOOLS OF A MARKETING DEPARTMENT
In order to succeed in its aim of creating market awareness for the business and its products, the marketing department requires some tools to facilitate its work. It needs to discover what the consumers want or require and provide them with it. This requires that the marketing department has a proper direction and strategy at its disposal to study the market, create the right product, and promote the product and the brand, towards the final aim of developing the business and enhancing the value of the business. The tools that are employed by the marketing team are:
Marketing Research
Marketing department is responsible for all marketing research. Research is essential to understand the consumer needs and also to identify the market for the products that the company hopes to sell. Marketing research also helps to identify the strengths and weaknesses of the business and its competitors. This eventually helps a business to eliminate its weakness, work upon its strength and to exploit the weaknesses of the competitors to wean away the customers from the competitors. The entire enterprise benefits from market research and the insights it generates.
Product Development
Marketing department helps to create products that customers need or want and improve upon the ones that already exist to create better value for the customers. It is the job of the marketing department to analyze the sales of products already in the market, look for opportunities to introduce new products where there are gaps or change and improve products that are hard to sell. Marketing personnel provides information to product development team about the customer preferences, so that new products can be developed based on the customer insight provided by the marketing team. The marketing team is also responsible for determining the price of a product based on its research and for launching the product into the market.
Advertising and Promotional Campaigning
Once the enterprise has a product to sell, it is the responsibility of the Marketing Department to promote the product and the brand. This will be performed through the help of the creative team by creating campaigns, events, advertisements, as well as promotional material. Such promotional material is used to promote the product, services, and brand to the public in order to create awareness and to convert prospects into customers. The marketing department is provided with a budget for promotion, and it has to design its promotional activities within the budget. The marketing department also manages the social media marketing for businesses. It does so with the help of social media experts who design and implement the strategy to promote the business and its product on the internet, create a buzz and utilize that buzz to attract customers and improve sales.
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Business Development
In order to create new business, marketing and sales departments have to work together. The marketing team devises ways to engage prospects. This may be facilitated through advertisements in the media or internet via the website or the social media. It uses information and incentives to keep the prospects interested and provides an opportunity for the sales department to convince the prospect to buy the product. So the marketing department creates or generates leads for the sales department to pursue. Not all leads convert to customers. The process of lead generation and creating new marketing avenues is a continuous process, and the marketing department is responsible for it.
RESPONSIBILITIES OF A MARKETING DEPARTMENT
Marketing department has a huge responsibility of making a business viable and profitable. It needs to do this by creating awareness, engaging customers, researching competitors and their product, preparing promotional activities and materials and a whole host of other responsibilities. The marketing department is like the jack of all trades in any organization. Anything that other departments do not handle is given to the marketing department to deal with. When we look in-depth at the responsibilities of the marketing department, it becomes very clear why it is the key department of any organization, without which it would be very difficult for the business to exist profitably.
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