Core Marketing Functions

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“The core marketing functions within an organization.” A company is considered to have two basic functions; marketing and innovations. The American Marketing Association defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” (American Marketing Association, 2013). The marketing functions within a business are grouped into three general categories; exchange functions, physical functions and facilitating functions. The exchange functions are the buying and selling that promote and enable transfer of ownership. Pricing, selling, buying, advertising, sales promotion and public relations all…show more content…
To establish a customer centered business, the organization will have to portray complete willingness to the development of the customer relationship. Creating a customer – centered business requires, delivering superior customer value and excellent services, which yields high product quality and exemplary customer services. To acquire the position of creating a stable relationship with customers, it is significantly important for businesses to understand that the undertaking takes time; it is a long-term plan and requires strong commitment as well as proper investments. Encouraging a relationship with customers, helps the company build their customers’ loyalty base for support of present and future products and services. In order to be committed to a customer-centered business, the company has to focus on providing products and services to satisfy customers’ wants and needs. Moreover, these companies try to retain profitable and loyal customers by analyzing, planning and implementing a thorough customer strategy plan. By developing strategy plans, the company can increase consumers’ awareness and interest and establish consumer needs based on their culture and environment. Additionally, companies create customer-centered practices by collecting data on how, why and what consumers buy. They also conduct surveys to obtain information…show more content…
One tool that companies used to make an effective marketing decision is the good old survey that everyone knows well. Surveys are aimed to uncover consumers preferred choices. They are very effective because they are inexpensive and very informative. There is also the marketing information system, which uses a set of procedures and methods, to collect, analyze, assess, and present marketing information. The marketing information system is comprised of four elements: internal company data, marketing intelligence systems, marketing decisions support systems and marketing research systems. Internal company data uses every piece of information in the company, which includes order status, stock levels and more. The information gathered from internal company data can be used to create a wide range of marketing decisions such as advertising copywriting, product pricing, distribution partner selection and packaging changes. Marketing Intelligence system gathers, process, assesses, and makes marketing information in a format that is more effective. The information from this can aid in strategic planning and policy development. It also monitors critical areas for the business such as consumers, competitors and much more. The marketing decision support
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