Role of Marketing

Define marketing

Marketing refers to the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.

What is the strategic role of marketing

The strategic role of marketing refers to the planning, organising and controlling of marketing resources to design, price, promote and distribute the company’s goods or services in an attempt to obtain or maintain a sustainable competitive advantage.

Define marketing plan

A marketing plan refers to a comprehensive document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services. The plan provides a template for future action aimed at reaching business goals, such as profit maximisation.

Define Marketing concept

The marketing concept is a philosophy that states all sections of the business are involved in satisfying a customer’s needs and wants whilst achieving the business's goals. The business should direct all its policies, plans and operations towards achieving customer satisfaction.

Define customer orientation

Customer orientation refers to the process of collecting information from customers and basing marketing decisions and practices on customers’ wants and needs.

Define customer satisfaction

Customer satisfaction measures how goods and services supplied by a business meet or exceed customer expectation.

Define Societal Marketing Approach

The societal marketing approach refers to a marketing approach that emphasizes social responsibilities, as well as the importance of maintaining and improving the wellbeing of customers and society.

Independence between marketing and operations

Marketing (through market research) gathers consumer data and identifies the product features customers want, guiding what operations must design/manufacture. Operations produces goods efficiently and to an adequate standard, allowing marketing's promises to customers to actually be delivered. Furthermore, efficient, cost-effective production supports marketing strategies (e.g. competitive pricing, meeting demand/supply timing).

Interdependence between Marketing and HR

Marketing identifies what customers want, which identifies how the product must be made. Marketing is then reliant on HR to source/train the staff with the skills to execute this. HR is reliant on marketing to first identify the customer wants.

Interdependence between Marketing and Finance

Marketing is reliant on finance to provide them with the funding required to conduct their activities (sales campaigns, advertising, etc) alongside constructing budgets in which marketing works within. Finance is reliant on marketing to generate sales which directly affect business profitability.