Essay About Role Of Marketing And Role Of Marketingstrategic Role Of Marketingstrategy

Role of Marketing
1. Role Of MarketingStrategic Role of MarketingStrategy: A plan of action or policy designed to achieve a major or overall aim. Marketing strategies involve the marketing department identifying or determining the following:The group of customers who will form the largest market Research the target markets current and potential wants and needsDevelop the product for the target market will want to buyCreate an effective marketing mix which will meet customer needs and wants and also meet the business sales and profit goals.Marketers need to monitor changes in the external environment through external analysis.External Analysis – monitoring the unmet needs of consumers, identifying strength and weaknesses of competitors, trends in the market place, technological changes, consumer and economic environment.Businesses need to adapt the business product offering to the changing consumer environment. Interdependence with other key business functions Interdependent – the individual functions are not able to work without each other.Operations – once product is designed, then it needs to be manufactured to a defined quality.Human Resources – training and employmentFinance – allocate funds for market research, design, training & new equipment. Work with all departments on budgets and sales expectations. Production, Selling & Marketing Approaches Marketing has changed a lot since the early Industrial Revolution.Phases: ProductionSelling Marketing The Production Approach 1820-1920 – “If we make itthey will buy it.”Lead to “Fordism” a social and economic system based on mass manufacturing, standardisation or product and relatively high wages.Products are made with little differentiation and were based mainly on technological advances.Henry Ford famously said that the customer could have any colour T Ford “as long as it was black.” Selling Approach 1920-1960s Increasing competition dealt with by aggressive selling. E.g. door to door salesmen. Businesses advertised on radio and newspapers to compete.