Role of Marketing and Relationship with Other Business Activities

Role of Marketing

Marketing is about identifying and meeting human and social needs one of the shortest good definitions, in the early part of the 21st century, was “Meeting needs profitably.”
The role of marketing in a business is to help create products or services that customers will buy and to promote these products or services, through advertising and sales campaigns, which make customers aware of the products and encourage them to buy.
The role of marketing also includes understanding the customer’s needs and wants through market research.
Developing new products and services and improving existing ones is a key role for marketing. Using the information gathered from research, marketing can guide product development and design in order to meet the needs of consumers.

Marketing is related to many different areas of business and has a significant influence on many business activities.
The production or operations department must produce the goods or services that have been identified by the marketing department as likely to sell and should make sure that the products are produced to the right standard and quality.
Finance and marketing are closely linked. The marketing department sets price levels, which will impact a business’s revenue and profit levels. The finance department must oversee budgeting for marketing initiatives and assess the financial implications of marketing decisions.
The human resources department must ensure that sufficient staff are available to carry out all the marketing activities. They are also responsible for training staff in customer service skills.
Marketing works with research and development (R&D) to help identify new product opportunities and work towards bringing these products to market.
Marketing can be a key driver in promoting a culture of innovation in a company. This culture can lead to new product ideas and improvements to existing products or services.
The holistic marketing concept involves considering the whole business as a system and understanding that marketing is involved in all activities of the company. It emphasises the need for all departments to understand customer needs and for the company to communicate a consistent, unified message to all stakeholders.