Nov 2019 Q3 c.
The marketing department performs several functions that enables an organization to gain competitive advantage.
Required:
Explain FIVE (5) of these functions. (5 marks)
View Solution
- Policy formulation: The Marketing department is responsible for developing a policy framework that would direct the company’s marketing activities. The successful implementation of a marketing policy would facilitate the enhancement of the company’s competitive position.
- Consumer demand anticipation: The department would anticipate consumer demands and develop the services that will meet those demands. The successful provision of consumer demands would result to high customer retention and widening of the of the company’s market shares.
- Research: The department would conduct research to be able to know the company’s position in terms of its market share and also identify the buying trends of the target market.
- Budgeting: The Marketing department in collaboration with the finance department would prepare the budget for the department in terms of sales and other activities. Such a function is to ensure financial discipline in the disbursement of funds.
- New services development: It would be the responsibility of the Marketing department in collaboration with Production and Research departments to develop new services that would be acceptable to target markets. Such a move would ensure attraction and retention of buyers and to facilitate the expansion of the company’s customer base.
- Setting prices: The Marketing department in collaboration with the finance department would perform the function of setting prices for the company’s services.
- Distribution channels: It would be the function of the new Marketing department to establish channels of distribution. Such channels would facilitate the delivery of the company’s services to clients.
- Risk assessment. The new Marketing department would conduct risk assessment of the company’s offer to be able to identify the extent to which such offer is threatened externally. Such initiative would strategically cushion the company against unforeseen contingencies.
(Any 5 points)