Core Marketing Essay

Good Essays
Core Marketing Functions Marketing is an important part of a business similar to research and design, finance or operations. There are various dimensions in marketing, which together help the business make sales. The first core marketing function is corporate marketing, which according to Saini & Krush (2008), has a global marketing outlook. It involves the presentation of the organization in a positive manner to the investors, public and other relevant organizations in an attempt to meets the objectives. Strategic marketing is another core marketing function that is involved in devising mechanism for achievement of proposed goals through integrating the opportunities available with optimization of organization departments such as production…show more content…
Moreover, it is aimed at defining the global public relations infrastructure, enhance corporate image through clear communication and investor relations, create efficient advertising strategies for the products and synchronize the supply chain with the aim of sustaining the market (Saini & Krush, 2008). Strategic marketing function, on the other hand, aims at developing and implementing growth strategies. This is through market assessment, analysis of the performance gap, managing of partner programs and enhancing crucial relationships such as those involving technical support as well as addressing marketing strategic needs. The aim of product marketing involves defining the organization’s innovation needs to allow development and marketing of the same. It outlines the initial positioning of the innovation, pricing, marketing and the competitive level of the product. The function aims at bringing the R&D, production, product development, sales and marketing as well as operation teams together to achieve the organizations objectives (Saini & Krush, 2008). Product marketing function’s main objective is to push the product through the launch by streamlining the organizations raw positioning into value dimensions. It also seeks to develop mechanisms for sales through training programs to achieve the envisioned and even more sales. The marketing programs are executed by the field…show more content…
Focusing on the product, simulated test markets, product line decisions and design optimization are the tools used. They encompass the whole dimension product decisions starting with innovative ideas through launching the product, lifecycle to its deletion. Pricing tools are focused on the need to identify the customer perception about product prices, determining price elasticity as well as devising pricing strategy. Some of these tools include consumer surveys that seek to understand the consumer attitude regarding product price. Moreover, tools such as Mahajan and Green Elasticon model provide an opportunity for a business to determine demand elasticity and its impact on prices (Mahajan et al., 1982). The bidding model helps define the best pricing strategy for the company based not only on the product price, but also associated services such as premiums, mode of payment and discounts (Casadesus-Masanell & Zhu, 2013). Promotion tools to enhance marketing decision making seek to determine the efficiency of advertising strategies based on sales and profitability. PROMOTER model is one such tool that utilizes artificial intelligence to offer access to sales promotion measures such as sales, profits and consumer numbers for evaluation. It also helps one to compare own sales with sales promotion of competitors and other
Get Access