Functions Of Marketing Essay

Length: 3 pages Sources: 5 Subject: Business Type: Essay Paper: #37273019 Related Topics: Target Audience, Value Creation, Service Marketing, Outsourcing
Excerpt from Essay :

¶ … company's sales come from new customers and repeat customers. In order for you to fully understand the various market functions aside from advertising and selling is the importance of keeping these customers satisfied, especially repeat customers. As Kotler (2013), explains on page 13, in order to attract new customers, it costs 500% more than satisfying an existing one. Furthermore, it costs 16 times more to bring a new customer to the same level of spending than a repeat customer. "…creating customer value is a multilaned process consisting of two conceptually distinct subprocesses. These are the supplier's process of providing resources for customer's use and the customer's process of turning service into value" (Gronroos & Ravald, 2011, p. 5). Therefore the actions of selling and advertising that are meant to attract new customers are not necessarily as important as other actions like integrated marketing that consist of several functions: customer service, marketing research, and product management. These functions serve to provide quality service and product to the customer while also helping to understand and meet the needs of the customer.

Integrated marketing is a process of functions that are coordinated together through the perspective of the customer. Through integrated marketing, a company or business can serve the customers' interests while also providing valuable insight to the company on what would...

...

For instance, if you or someone you know has had issues with a product in relation to billing, this aspect of customer service can result in lost business for the company if the needs of the customer are not met. Providing the customer with a smooth transaction and easy return policy can give the customers, especially repeat customers' incentive to keep buying, therefore generating more profit for the company.

In order to achieve this, a common form of marketing organization, functional organization, enables delivering and implementing administrative simplicity. In this kind of organization, functional specialists like marketing research managers and sales managers, report to a marketing VP to coordinate activities. "…entrepreneurial marketing as the organizational function of marketing by taking into account innovativeness, risk taking, pro-activeness and the pursuit of opportunities without regard for the resources currently controlled…not be restricted to young and small ventures…but applied to larger firms" (Kraus, Harms & Fink, 2010, p. 19). The employees then handle functions for status and budget and enable better delivery of customer service and resource management which are integral to business success and profitability. Another aspect important in understanding better marketing functions is geographic organization. From a management perspective, it's important to keep employees within a close…

Sources Used in Documents:

References

Gronroos, C., & Ravald, A. (2011). Service as business logic: implications for value creation and marketing. Journal of Service Management, 22(1), 5 -- 22.

Kotler, P. (2013). Marketing management (1st Ed.). Toronto: Pearson Canada.

Kraus, S., Harms, R., & Fink, M. (2010). Entrepreneurial marketing: moving beyond marketing in new ventures. International Journal of Entrepreneurship And Innovation Management, 11(1), 19 -- 34.

Park, J., Lee, S., & Morgan, R. (2011). A negative side of outsourcing marketing functions and market-based learning process. Journal of Strategic Marketing, 19(5), 471 -- 486.


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