Role of marketing
The role of marketing in management is to identify and analyze consumer demands, create strategies to meet those demands, and develop products, services, and experiences that add value to customers. It is also responsible for building and managing relationships with customers and partners and developing promotional activities to inform potential customers about the company’s products and services. Marketing management must ensure that the company’s messaging is consistent and effective in order to reach the desired target audience. Finally, marketing management must analyze data and customer feedback to assess the success of marketing efforts and adjust strategies as needed.
Example of role of marketing
- One example of the role of marketing in management is to identify and analyze customer needs and wants. This involves researching and understanding the industry, customer preferences, competitors, and market trends. It also involves developing strategies to target potential customers and introducing products and services that meet their needs.
- A second example is to create marketing campaigns and promotional activities to inform potential customers about the company’s products and services. This involves developing an effective message, selecting communication channels, and creating content for advertisements and other marketing materials.
- A third example is to monitor and assess the effectiveness of marketing efforts. This involves collecting data and customer feedback and analyzing it to determine whether marketing activities are successfully reaching the target audience. It also involves analyzing customer feedback to identify areas of improvement and making adjustments to the marketing strategy as necessary.
When to use marketing
The role of marketing in management can be used in a variety of ways. Here are a few applications:
- Developing and executing marketing plans that are in line with the company’s overall goals and objectives. This includes research, budgeting, and developing strategies to reach target audiences.
- Analyzing customer demographics, preferences, and trends in order to develop more effective marketing strategies.
- Creating and implementing promotional activities such as advertising campaigns, public relations, and events.
- Developing and managing relationships with customers and partners.
- Collecting and analyzing customer feedback to understand customer needs and preferences.
- Monitoring and evaluating the success of marketing efforts and adjusting strategies as needed.
Types of marketing
The role of marketing in management is essential to the success of any business. It involves identifying consumer needs and wants, creating strategies to meet those needs, and developing promotional activities to inform potential customers about the company’s products and services. There are several key types of roles that marketing management plays in order to accomplish these objectives:
- Market Research: This involves gathering information about customer needs and wants and analyzing it to develop insights and strategies to meet those needs.
- Brand Management: This involves developing a unique brand identity and creating strategies to promote the brand and build positive relationships with customers.
- Product Management: This involves developing new products and services that customers need and want, as well as managing existing products and services.
- Strategic Planning: This involves creating a long-term plan for the company’s marketing efforts and setting goals for each initiative.
- Digital Marketing: This involves leveraging technology to create and execute promotional campaigns across different digital platforms.
- Customer Engagement: This involves creating experiences that engage customers and build relationships with them.
- Analytics: This involves tracking and analyzing data to identify trends and insights, as well as measuring the success of marketing efforts.
Advantages of marketing
The role of marketing in management has many advantages, including:
- Increased brand awareness and recognition - effective marketing campaigns can create a strong brand identity and increase customer loyalty.
- Improved customer service - marketing teams can develop strategies to meet customer needs, allowing companies to provide better customer service.
- Develops relationships with customers - marketing strategies can be used to build strong relationships with customers, resulting in repeat purchases and higher customer satisfaction.
- Increased sales - effective marketing efforts can result in increased sales and revenue for the company.
- Improved customer insights - marketing teams can gather data and customer feedback to understand customer needs and desires. This insight can be used to create better products and services.
- Increased market share - marketing strategies can be used to increase market share and gain a competitive edge.
- Enhances customer loyalty - creating meaningful customer experiences can help generate customer loyalty, resulting in repeat purchases and higher customer satisfaction.
Limitations of role of marketing
The role of marketing in management has several limitations. These include:
- Lack of resources: In many cases, a marketing team may not have the necessary resources to effectively reach the desired target audience or may not have enough resources to undertake the necessary research, create strategies, and develop promotional activities.
- Limited customer insights: Marketing teams may lack the customer insights needed to effectively understand and meet customer needs.
- Inability to measure success: Without the right data, it can be difficult to measure the success of marketing strategies.
- Difficulties managing relationships: Developing and managing relationships with partners and customers can be challenging, as it requires time and effort to build trust and loyalty.
- Lack of budget: Without a sufficient budget, it can be difficult to invest in activities necessary to reach and engage the target audience.
|Role of marketing — recommended articles|
|Managing brand equity — Management of brand — Sales campaign — Marketing and business — Market orientation — Principles of marketing — App marketing strategies — Building strong brands — Development of brand|
- Moorman, C., & Rust, R. T. (1999). The role of marketing. Journal of marketing, 63(4_suppl1), 180-197.
- Webster Jr, F. E. (1992). The changing role of marketing in the corporation. Journal of marketing, 56(4), 1-17.
- Min, S., & Mentzer, J. T. (2000). The role of marketing in supply chain management. International journal of physical distribution & logistics management, 30(9), 765-787.