Marketing covers a wide range of activities that aim to provide to customers: “The right product, in the right place, at the right price, and at the right time”.
The role of marketing is to assist an organisation in identifying and sourcing products for the marketplace and by differentiating them from similar products, promoting them in the marketplace.
Typical marketing functions in a large organisation may include performing market research, producing a marketing plan and product development, as well as overseeing advertising, promotion, distribution, and customer service.
Within an organisation, there are three core functions they are:
- Marketing (including sales) function – responsible for communicating the organisation’s products/services to its market in order to generate customer requests for products/services
- Product/service development function – responsible for creating new and modified products and services to generate further inquiries for the organisation’s products/services
- Operations function – responsible for fulfilling customer requests for products/services through the production and delivery of products/services
They also support functions including:
- Accounting/finance function – they provide information to help economic decision making and manages financial resources of an organisation
- Human resources function – who recruit and develop the employees in an organisation, they also look after the employee’s welfare