8 Main Functions Of Marketing

Sometimes distinguishing between sender and channel may be difficult. When a company uses an expert to promote its products, the receiver may find it difficult to determine if the sender is that expert or the company behind the promotion campaign. We interpret the sender as the individual or organization that initiates the message. Pricing policy of the closest algal relatives of land plants are __________. the concern directly affects the profit element and its successful functioning. Several factors are to be borne in mind in determining the price policy such as cost of the product, competitors’ prices, marketing policies, government policy or customary or convenient prices, etc. Insufficient funds may affect the proper functioning of marketing.

In many cases, industrial buying decisions are made by a group of individuals, and consumer decisions are often made by families, where roles are clearly differentiated. For example, certain decisions regarding the selection of materials for single-family homes are made by the wife, while others are made by the husband, and still others are made collaboratively. Marketers must be especially aware of cultural differences and how they influence the buying process (Example 6-3). Stage one is clearly the task of the marketer who must also be able to brief the advertising agency about the company’s strategic marketing situation and needs. Stage two is the task of an advertising agency that has knowledge and skills to plan and execute marketing communication campaigns. We detail the cooperation between the marketer and advertising agency later in this chapter.

The cultural conflict between Sales and Marketing is, if anything, even more entrenched than the economic conflict. This is true in part because the two functions attract different types of people who spend their time in very different ways. Marketers, who until recently had more formal education than salespeople, are highly analytical, data oriented, and project focused. They judge their projects’ performance with a cold eye, and they’re ruthless with a failed initiative. However, that performance focus doesn’t always look like action to their colleagues in Sales because it all happens behind a desk rather than out in the field.

So, your company can offer value to customers, making them loyal to your product. From identifying consumers in the market, the marketing team then segment the market and select the most appropriate segments to follow up. They then develop the product, set the price, promote the product and distribute it to customers. The marketing department is responsible for marketing, market research, sales, and after-sales service activities.

Consists of all that a company does to identify customers’ needs and design products and services that meet those needs. Today, social media marketing is one of the fastest growing sectors within the marketing function. Communication efforts can be designed to pull or push a product to the consumer. By focusing its communication efforts on the final consumer, a company positions its products to be pulled through the marketing channel. For example, the Hardwood Manufacturers Association maintains the American Hardwood Information Center that focuses on final consumers.

If the organization doesn’t align incentives carefully, the two groups also run into conflicts about seemingly simple things—for instance, which products to focus on selling. Salespeople may push products with lower margins that satisfy quota goals, while Marketing wants them to sell products with higher profit margins and more promising futures. More broadly speaking, the two groups’ performance is judged very differently. But the marketing budget is devoted to programs, not people, and it takes much longer to know whether a program has helped to create long-term competitive advantage for the organization.

Let us describe briefly merchandising, buying and selling functions. Marketing management is directly in charge of formulating the marketing mix and conducting the marketing process. Marketing management is in charge of planning, organising, directing and controlling the marketing of goods and accomplish the overall marketing objective, viz.

However, the market fluctuates and often the impact of individual companies is minimal. There are a number of objectives that a company may strive to achieve through its pricing decisions. A company may price to obtain short or long term profits, to increase market share, or simply to meet the price of the competition.

This may involve quantity or it may involve quality (colour, shape, appearance, material, taste, sweetness etc.) Government may also set some standards, for example, in case of agricultural products. Assembling means to purchase necessary component parts and to fit them together to make a product. ‘Assembly line’ indicates a production line made up of purely assembly operations. The assembly operation involves the arrival of individual component parts at the work place and issuing of these parts to be fastened together in the form of an assembly or sub-assembly.

The groups start to build a common language in potentially contentious areas, such as “How do we define a lead? ” Meetings become more reflective; people raise questions like “What do we expect of one another? ” The groups work together on large events like customer conferences and trade shows. When marketers help set the other P, the product being launched, salespeople often complain that it lacks the features, style, or quality their customers want. That’s because the sales group’s worldview is shaped by the needs of its individual customers.

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