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There are 6 main functions and tasks of the marketing department at the enterprise. And we can not just talk about Knowledge of these bases without the correct application in practice. Therefore, we will not just analyze each function of the marketing service, but for each considered task we will determine the main goal for marketing, by which we can test the performance of the entire department.
Marketing Aim # 1: Increasing the perceived value of a product:
The main task and goal of all marketing activities is to convince the buyer to pay more for the company’s goods. The value of the goods for the final buyer is determined by assessing the “perceived value of the product” which based on the properties and benefits of the goods. High perceived value of the product results from effective branding and the right advertising campaign.
Express this marketing function in the form of a specific goal is possible through the profitability of a unit of production (or sales profitability), growth in total sales and profit growth. Since the marketer manages the advertising budget for increasing the perceived value of the product, it usually sets the profit target less advertising costs.
Marketing Challenges: Increasing the perceived value of a product | Market Analysis and Choosing Target Markets | Working with Customers | Developing Strategy and Principles of Competition | Company Assortment Management | Performance Analysis.
Marketing Aim # 2: Market Analysis and Choosing Target Markets:
The analytical function of marketing it is a need for continuous monitoring of the market, tracking key market trends, finding new free market niches and markets. We should focus the objectives of the marketing service in this direction on building a regular collection of primary information on market dynamics, competitors and key market drivers. The better the company understands the market, the faster it can properly enter new niches, respond promptly to aggressive actions of competitors, close business in stagnant segments.
To track the effectiveness of work in this direction, we need to set goals for the marketing department (sales growth), outpacing growth rates of key markets in which the company operates.
Marketing Aim # 3: Working with Customers:
Working with consumers is a priority for any marketing service. The marketer must speak with consumers in the same language, understand their needs, values, the model of making a purchase, the reasons for refusing to buy and the perception of key brands in the industry. Knowing this information, it is easy to carry out market segmentation, determine the target audience of a company, develop an effective advertising message and show it in the right communication channels. “Working with consumers” includes working with the current consumer base to increase the frequency and volume of purchases (which manifests itself through loyalty to the company).
Having set a goal for growing customers (or consumer base) and increasing loyalty to the company, you can always track the quality of your marketing department in this direction.
Marketing Aim # 4: Developing Strategy and Principles of Competition:
With Knowledge of the market, competitors and characteristics of consumption, the marketing service can develop an optimal strategy for sales growth, increase the competitiveness of the product, identify key sales markets and propose an effective strategy to promote the company’s products. As a result, based on the approved strategy, we are creating a plan of tactical measures scheduled for a year.
Marketing Aim# 5: Company Assortment Management:
Managing the breadth of the range, setting prices for goods and monitoring profitability are the main tasks of the production function of marketing in an enterprise. The marketing service regularly monitors the demand for each product, conducts work on the introduction of new products to the market, determines the locomotive goods of the company and offers to remove illiquid products. Effective assortment management allows you to significantly reduce the company’s costs of storing goods, increases the profitability of sales and ensures a steady growth in sales of each product group in the organization’s portfolio.
Marketing Challenge # 6: Performance Analysis:
Organizational, managerial and control functions are the essential tasks of any marketing activity. The marketing department constantly oversees many projects for developing new products, promoting goods, and exploring new markets; evaluates the effectiveness of marketing programs carried out, monitors the dynamics of brand health indicators and analyzes their work on an annual basis.
IMPORTANT:
In modern literature as we already know there are many definitions of the term “marketing”, but it’s not so important to know all the definitions as it’s important to understand that they all reflect the single essence of marketing activity: to make a profit, a campaign must effectively and competitively sell its products or services to the end customer.
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