ROM - strategic role of marketing Flashcards
what is marketing
The total system of interfacing activities designed to package, price, promote and distribute goods and services to present and potential customers.
communicates information in order to turn potential sales into actual sales
strategic role of marketing
to connect the business with its market in order to maximise profits and increase market share
It determines what customers want and then undertakes the activities to translate this market knowledge into sales and profits
Strategically marketing is the link between the business, its customers and the business environment
how is the strategic role achieved
Marketing helps to navigate the dynamic business environment by providing information on changes and how to respond to them
This is done via a marketing plan – a document that lists activities to achieve particular marketing objectives
what goes in a marketing plan?
The marketing plan will identify
a) The intended target market, their needs and wants
b) How businesses will communicate to that target market
c) Why the target market will consume your product
d) How the businesses will satisfy wants in order to get repeat sales
interdependance
If marketing is the link between the business, its customers and the business environment, it does not operate in isolation
It relies on the other functions for resources to plan and implement marketing activities but also impacts the activities undertaken by the other functions
affecting operations
Marketing will impact operations by collecting information on what types of products consumers want
This will determine what needs to be produced, the required quality levels and the timing of this demand
Market research informed coco-cola that consumers wanted smaller serving sizes, so the operations produced bullet sized cans
operations affecting
Operations activities will impact the message communicated by the marketing team
If new technology or supply chain processes have been developed to improve quality, reduce cost or increased speed, this will feature the marketing strategies of a business
affecting finance
The level of financial resources may be determined by the success of marketing activities.
Decisions around how the product is communicated to the market will require the finance department to allocate and manage more financial resources too.
The level of financial resources may be determined by the success of marketing activities.
finance affecting
However the finance department will also only have a finite number of resources to allocate to any marketing activities.
The effectiveness of sourcing funds will determine how many and varied the marketing activities are.
affecting human resources
Collecting information about the needs and wants of consumers will also result in the human resources department needing to ensure they have the right staff with adequate training and motivation.
human resources affecting
Many of the marketing activities require staff to implement and execute them. The human resources department will be able to determine the extent to which staff are able to persuade customers that the product is worth their money.
