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Questions and Answers
What is the primary role of marketing functions in business?
What is the primary role of marketing functions in business?
Which task is NOT typically associated with marketing management?
Which task is NOT typically associated with marketing management?
What key role does the Marketing Manager play in a firm?
What key role does the Marketing Manager play in a firm?
Why is creating a proper company image important in marketing?
Why is creating a proper company image important in marketing?
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What does the Marketing Manager's role set the tone for in a company?
What does the Marketing Manager's role set the tone for in a company?
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What is an important characteristic of marketing objectives according to the text?
What is an important characteristic of marketing objectives according to the text?
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Why is it essential for objectives to be frequently reviewed according to the text?
Why is it essential for objectives to be frequently reviewed according to the text?
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What is the significance of converting objectives into a Marketing Plan as mentioned in the text?
What is the significance of converting objectives into a Marketing Plan as mentioned in the text?
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What does 'market planning' involve according to the text?
What does 'market planning' involve according to the text?
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Why should marketing plans be complete based on the text?
Why should marketing plans be complete based on the text?
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Study Notes
Marketing Activities
- Marketing functions help move goods and services into the hands of consumers by creating utility and facilitating the exchange process.
- Participants in an exchange include wholesalers, retailers, facilitating intermediaries (middlemen), and final consumers.
Task of Marketing Management
- Determine and influence consumer needs.
- Coordinate product design to provide a competitive edge.
- Provide adequate product availability.
- Create a proper company image through actions, advertising, and promotions.
- Establish sales objectives and create plans to achieve them.
- Create commercial policies and an effective pricing policy.
- Minimize commercial risks.
Role of Marketing Manager
- Sets the tone for marketing thinking and its execution in the company.
- Coordinates all marketing activities in line with chosen goals and objectives.
- Improves company products, enables low-cost production, and produces products of wider or greater utility.
Roles of Marketing Manager
- Establishing marketing objectives that are complete, realistic, and supported by top management.
- Converting objectives into a marketing plan with actual steps and a budget.
- Frequently reviewing objectives and progress evaluation.
- Converting objectives into company action through market planning.
Characteristics of Objectives
- Complete and realistic.
- Lead to formation of broad plans and programs.
- Have the support and approval of top management.
Factors to Consider in Establishing Objectives
- Past and present marketing costs allocated to each division of product, territory, and organization.
- Capabilities of existing production facilities and their degree of utilization.
- Profitability of the product line and volume affects on profitability.
- Degree of utilization of existing personnel.
- Past and present position of the company in the market, and its probable growth or decline.
- Marketing difficulties or weaknesses.
- The spread of the corporate base or stability offered by the existing sales pattern and its probable trend.
- The corporate image of the company.
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Description
Explore the spectrum of marketing functions that facilitate the exchange process between participants such as wholesalers, retailers, and final consumers. Learn about the tasks of marketing management and the role of facilitating intermediaries in moving goods and services to consumers.
