Role of Marketing

Role of Marketing

Marketing is a unique and separate entity. Most aspects of your business depend on successful marketing. The primary role of marketing is to attract, retain and grow revenue from a company’s targeted customers.

All marketing organizations operate either to earn profit or pursue some other goals such as community service, improvement of quality of life or promotion of a cause, say UNICEF working for the welfare of children or ‘Helpage’ working for the cause of senior citizens. Whether it is a profit organization or a non-profit organization, marketing plays an important role in achieving its objectives. It helps the individual consumers in raising their standard of living by making available the products and services that satisfy their needs and wants. It also plays a significant role in the economic development of a nation.

A Marketing role will also assume the following responsibilities;

  • Understanding the economic and competitive features of a sector
  • Identifying target markets
  • Understanding competitors and their strategies and likely responses
  • Developing new products
  • Auditing customers’ brand experience
  • Establishing environmental scanning for opportunities and threats
  • Understanding an organization’s strengths and weaknesses
  • Establishing management information systems to identify progress