Functions of marketing management
Various functions of marketing management in an organization are described below.
· 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.
· Planning – After formulation of the marketing objectives, the important function of the marketing management is to plan how to achieve these objectives. This includes sales forecast, marketing programmes formulation, marketing strategies.
· 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 achieve the predetermined objectives. The organization involves structure of marketing organization, duties, responsibilities and powers of various members of the marketing organization.
· 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, production, transportation, and warehousing etc.
· Direction – Direction in marketing management refers to development of new markets, leadership of employees, motivation, inspiration, guiding and supervision of the employees.
· Control – Control refers to the effectiveness with which a marketing plan is implemented. It involves the determination of standards, evaluation of actual performance, and adoption of corrective measures etc.
· Staffing – Employment of right and able employees is very crucial to success of a market plan. Organization must have marketing personnel with desired capabilities.
· Analysis and evaluation -The marketing management involves the analysis and evaluation of the target marketing regions as well as the productivity and performance of employees carrying out the marketing activities..
Factors affecting the marketing strategy
Factors which affect marketing strategy of an organization are as follows
· Target customers
· Four Ps (product, place, promotion, and price)
· Marketing information, planning, organization, implementation, and control systems
· Marketing intermediaries, publics, competitors, and suppliers
· Demographic and economic environment, technological and physical environment, social and cultural environment, and political and legal environment.
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These factors affecting the marketing strategy is given in Fig 1
Fig 1 Factors affecting the marketing strategy of an organization
Organizational Marketing Activities
By Ian Linton
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Marketing is one of the most important organizational activities for small businesses. It focuses the entire organization on meeting the needs of customers with the right products and the right level of service. Although functional responsibility for marketing activities sits within a specific department, every employee contributes to customer satisfaction, according to the McKinsey Quarterly.
Coordination
The marketing department takes responsibility for planning, coordinating and measuring marketing activities. A senior marketing executive develops a set of marketing objectives that align with overall corporate objectives. Those objectives form the basis for a detailed marketing plan that describes all the activities needed to meet the objectives. The marketing department coordinates the development of the various activities and measures their effectiveness in delivering results, such as growth in market share or increased customer awareness.
Customer Needs
To meet customer needs effectively, you need to understand their requirements in detail. Read industry market research reports, carry out a survey via your sales representatives and telesales team or an independent market research firm. Monitoring product review sites and social media also provides you with an insight into customers’ needs and attitudes. Marketing makes an important contribution to the development of new products and services. Research provides product development teams with guidelines for developing features that meet real customer needs. The marketing team analyzes the market opportunity and develops a strategy to take new products and services to market.
Sales Support
The marketing team supports the sales force by generating leads and building awareness and interest in the organization and its products. By developing advertising and direct marketing campaigns that encourage recipients to respond, the marketing team captures contact details for the sales force to follow up. Marketing runs email campaigns and produces collateral, such as presentations and proposals, to help the sales force communicate effectively with decision-makers at every stage of the sales cycle.
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Customer Loyalty
Retaining customers protects your future revenue and profitability. Marketing helps to build customer loyalty by maintaining regular communication through newsletters, email and telemarketing or offering regular customers special discounts or privileged service. A loyal customer base provides you with opportunities to sell additional products and services in the future, without incurring the costs of finding new customers.
Online Presence
Marketing manages an organization’s online presence to help customers find information. Consumers increasingly visit websites and social networks to research products and services, rather than just accept the claims made in advertisements and other promotional material. Marketing develops content for the website and interacts with customers on review sites and social networks to build dialog and strengthen relationships.
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