9 functions of marketing department in a company
How much do you know about the functions of the marketing department in a company? What is it responsible for in each company? We often have no idea that it is thanks to the marketing specialists that the company reaches success. Let's take a closer look at what marketers do.
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Very often the work of the marketing department (MD) is either overestimated or, on the contrary, underestimated. In the first case, too many expectations and tasks are placed on the employees of the department. But the more you expect, the more likely you will be disappointed.
In the second case, no better picture is formed if this department is underestimated. In this situation, all recommendations and strategies are put off. Very often, the employees of this division are transferred to other positions, considering this department not to be profitable.
What are the functions of the marketing department?
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MD is significant for the company. It performs many functions at once, and without it, the company could not exist. We offer you nine essential marketing functions in a company. Hopefully, you will find something new here for yourself.
1. Market assessment and analysis
The marketing department in a company is primarily concerned with market research. This division studies the market trends, preferences, competitors and the products they offer. With this, a company can understand whether there is a demand for their goods. If there is no exact answer, then the firm should think about how to improve its proposed product.
2. Analysis
MD directly analyses the product that the company wants to offer to the audience. With this analysis, the manufacturer will be able to understand the strengths and weaknesses of the product. They will be able to see clearly whether they need to make some changes, or their product is perfectly able to take a competitive position.
3. Development of forecasts
Based on the analysis, the division estimates the company. Thanks to this prediction, the company can understand when they can achieve the desired result. They see how long the path to success will be and what means they need to implement the forecast.
4. Goals and strategies development
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MD develops the company's objectives. And to achieve some goals, you need to develop an appropriate strategy. With the help of this department, a company can figure out how to move forward to get what they want.
5. Development of company plans
All departments must provide marketers with the results of the done work. The marketing division must share information with other staff so that everyone knows what the situation is in the market right now. If the relationship between different departments established, this greatly simplifies the task of developing a plan by the MD.
6. Providing market information
The marketing department is not committed to replacing the various departments. It leads an autonomous life, helping the company move in the right direction to achieve goals. This division supports the company to be known about the market and better oriented in it. Thanks to their work, now not only this department is in the know, but all the staff of the state.
7. Development of recommendations
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High-quality external relations are essential for building the image. The more of contacts the company has, the better it is. In this case, the task of the division is to develop recommendations for maximising communication between the leaders of their company and others with whom it would be necessary to keep in touch for greater success. The marketing department should study in detail the policies of their own company and other companies and find points of contact between them.
8. Developing pricing and products policy
The marketing department should study the pricing policy of competing companies and their products. Employees of the division investigate the strategies that other companies are pursuing concerning their product lines. With this information, they can safely begin to form their policy of prices and goods, which can declare itself in the market.
9. Sales channel development
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After doing all of the work as mentioned earlier, the marketing division can work on the development of distribution channels. This means that they find points where they can sell their goods, as well as the suppliers who will deliver their products, and many other employees who will be involved in the whole process. Employees take responsibility for the development of sales and marketing moves.
As we see, there are a lot of functions of marketing department. Without the help of these employees, the business does not stand a chance on the market. It is still necessary to pay attention to the work of marketers because they find the ways by which the company can find success.
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Source: Legit.ng
