Marketing is the study and management of exchange relationships to create, keep and satisfy customers. The marketing mix, also known as the 4Ps of marketing, includes product, price, place and promotion strategies that are blended together to achieve ideal results. Marketing is important for business success by getting the word out about products and services, increasing sales, building a company's reputation through effective communication, and fostering healthy competition. Marketing plays a key role in businesses by shaping brand image, increasing revenue and profits, and growing and retaining customers.
2. MARKETING FUNCTION
• Definition of Marketing function
• The Marketing Mix : 4Ps
• The importance of Marketing : For the succes of business
• Role of Marketing in business
• Conclusion
PLAN
3. MARKETING FUNCTION
• Marketing is the study and management of exchange
relationships.
• Marketing is used to create, keep and satisfy the
customer. With the customer as the focus of its activities,
it can be concluded that marketing is one of the first
components of Business Management.
WHAT IS
MARKETING ?
4. MARKETING FUNCTION
• Marketing Mix is one of the must commonly used
strategies. It blends integral variables together to come up
with ideal results. It is composed of four variables
referred to as the 4Ps of marketing.
MARKETING
MIX
10. MARKETING FUNCTION
Getting Word Out
• For a business to succeed, the product or service it provides
must be known to potential buyers. Unless the business is
known in the community and have communication with your
customers readily available, you have to use marketing
strategies to create product or service awareness.
• Without marketing, the potential customers may never be
aware of the business offerings and the business may not be
given the opportunity to progress and succeed.
• Using marketing to promote the product, service and company
provides the business with a chance of being discovered by
prospective customers
WHAT IS THE IMPORTANCE OF MARKETING FOR THE
SUCCESS OF BUSINESS ?
11. MARKETING FUNCTION
Higher Sales
• Once the product, service gets on the radar screen of the
prospects, it increases chances that consumers will make
a purchase.
• As awareness becomes a reality, it is also the point where
new customers start to spread the word.
• the sales will steadily increase as the word spreads.
Without employing marketing strategies sales may not
have ever happened without sales, a company cannot
succeed.
12. MARKETING FUNCTION
Company Reputation
• The success of a company often rests on a solid
reputation.
• Marketing builds brand name recognition or product
recall with a company. When a company reaches the high
expectations of the public, its reputation stands on firmer
ground.
• As the reputation grows, the business expands and sales
increase. The reputation of the company is built through
active participation in community programs, effective
communication externally and quality products or
services, which are created or supported by marketing
efforts.
13. MARKETING FUNCTION
Healthy Competition
• Marketing also fosters an environment in the marketplace
for healthy competition.
• Marketing efforts get the word out on pricing of products
and services, which not only reaches the intended
consumers, but also reaches other companies competing
for the consumers’ business. As opposed to companies
that have a monopoly on products and services that can
charge almost any price, marketing helps keep pricing
14. MARKETING FUNCTION
• competitive for a business to try to win over consumers
before its competition does.
• Without competition, well known companies would
continue to sell while lesser known companies or new
companies would stand little chance of ever becoming
successful.
• Marketing facilitates the healthy competition that allows
small businesses and new businesses to be successful
enter and grow in the marketplace.
15. MARKETING FUNCTION
• It gives us the confidence to want to try a new product in
the market as opposed to situations where the products
enter the market without publicity.
• Marketing shapes the image of the organization, how
people associate the organizations products or services
and indeed give people the confidence about their
products or services.
ROLE
16. MARKETING FUNCTION
• When it come to the profit , marketing is responsible for
the increase in revenue and by extension increase in the
organizations profitability. In addition, the function also
helps growing of the customer for the organization.
• Marketing is at the center of creating customer loyalty
and customer retention.