Marketing
The Role of Marketing
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Marketing Department:
Marketing: Identifying and satisfying customer needs and satisfying them profitably.
Customer: a person, business or other organisation which buys goods or services
from a business.
The different marketing department sections:
Sales Team: responsible for the sales of products. If a product is exported, it may be
called the export team.
Market Research: responsible for discovering customers’ needs, market changes
and the impact of competitors’ actions. This report will be used in decision-making,
research, developing new products, price levels, etc.
Promotion Section: deals with organising the advertising for products. Arrange for
advertisements and have a market budget.
Distribution: transports the products to the market.
The Role of Marketing:
Identify customer needs: this will be done via ‘Market Research’. It will influence
the development of a product, its price, and the sales technique.
A good marketing department should also be able to anticipate changes in customer
needs (i.e. due to advancements in technology)
Find new trends or gaps in the market with potential.
Satisfy Customer Needs: selling the exact product customers want for a price they
are willing to pay.
Maintaining customer loyalty: maintaining close customer relationships to discover
the product's expectations and changes needed to be made. It’s cheaper for
businesses to keep existing customers than to attract new ones.
Customer Loyalty: existing customers continually buy products from the same
business. It is achieved by always satisfying customer needs.
Building customer relationships to gain information about customers
Customer Relationships: communicating with customers to encourage them to
become loyal to the business and its products.
Through customer relationships, changing needs can be understood. Research
information can be applied to make effective marketing through these relationships.
Anticipate changes in customer needs –
Identify new trends in customer demands or gaps in the market.
When the marketing department succeeds in identifying customer
requirements and future needs, it will enable the business to:
Raise customer awareness of a product or service of the business
Increase in revenue and profitability
Increase or maintain market share
Maintain or improve the image of the product or business
Target a new market or market segment
Enter a new market at home or abroad.
Develop new products or improve existing products.