Marketing is the process in which an organisation provides products and services to its customers by the technique it use, how it communicates and deliver them (Investopedia, 2016). Marketing as evolve over the years and has changed the way in which people live their lives. BusinessDictionary. Com (2016) states that a marketing function is “a role that helps a company to identify and source potentially successful products for the marketplace and then promote them by differiating them from similar products.” In order for Sadlam Restaurant and Lounge to make money they have to advertise and sell their products or services.
There are various definitions of marketing:
1. Chartered Institute of Marketing (CIM): Marketing is a management process …show more content…
The American Marketing Association (AMA): Marketing is the process in which an organisation plan and implement services to create, exchange and meet the needs of businesses and consumers (Heidi Cohen, 2016).
Listed below are the key roles and responsibilties of the marketing function as a result of my research:
1. Smallbusiness.chron.com (2016) states that there are seven (7) functions of marketing and these are distribution, financing, market research, pricing, product and service management, promotion and selling.
2. Situation analysis helps to identify the different approaches and guidelines which a business uses to satisfy the needs of their customers (Netmba.com, 2016).
3. Strategic plans are developed inorder to meet the needs of customers by the emergent of products and services that any organisation can benefit from by gaining a profit as also having a customer relationship which is profitable (Businesscasestudies.co.uk, 2016).
4. Before the launch of any product an organisation must use the four decisions in the marketing mix to ensure the smooth running of any product or organization (Bhasin, 2016).
5. Patidar (2016) states that “The marketing plan is implemented and the results of marketing efforts are monitored to adjust the marketing mix according to the market …show more content…
It allows a company to acquire customers and maintain a relationship with them (Investopedia, 2016). Distribution is making the product or service available to the customers of Sadlam Restaurant and Lounge while financing is where the company is able to finance its product by manufacturing and advertising its product or service in order to create consistent revenue. They have to research the market and this is a tactic that Sadlam Restaurant and Lounge uses to collect data so that they are better able to determine what there customers want and also by putting actual value that the customers will pay for products or sevices. The price should not appear too high or too low, it should be just right so that Sadlam Restaurant and Lounge can benefit from the sales. Product and service management allow Sadlam Restaurant and Lounge to cater to the need of customers and this is done by modifying or updating existing products or services. Promotion allows Sadlam Restaurant and Lounge to use different marketing techniques (advertisement, social media etc) to attract new customers and to also keep old ones they then sell the products directly to its customers to satisfy their needs (Quizlet.com, 2016). Marketing is important to Sadlam Restaurant and Lounge as it will allow them to provide customers with products and services that they want and need and ensuring that they earn a profit in the business as also building a relationship with its
There are various definitions of marketing:
1. Chartered Institute of Marketing (CIM): Marketing is a management process …show more content…
The American Marketing Association (AMA): Marketing is the process in which an organisation plan and implement services to create, exchange and meet the needs of businesses and consumers (Heidi Cohen, 2016).
Listed below are the key roles and responsibilties of the marketing function as a result of my research:
1. Smallbusiness.chron.com (2016) states that there are seven (7) functions of marketing and these are distribution, financing, market research, pricing, product and service management, promotion and selling.
2. Situation analysis helps to identify the different approaches and guidelines which a business uses to satisfy the needs of their customers (Netmba.com, 2016).
3. Strategic plans are developed inorder to meet the needs of customers by the emergent of products and services that any organisation can benefit from by gaining a profit as also having a customer relationship which is profitable (Businesscasestudies.co.uk, 2016).
4. Before the launch of any product an organisation must use the four decisions in the marketing mix to ensure the smooth running of any product or organization (Bhasin, 2016).
5. Patidar (2016) states that “The marketing plan is implemented and the results of marketing efforts are monitored to adjust the marketing mix according to the market …show more content…
It allows a company to acquire customers and maintain a relationship with them (Investopedia, 2016). Distribution is making the product or service available to the customers of Sadlam Restaurant and Lounge while financing is where the company is able to finance its product by manufacturing and advertising its product or service in order to create consistent revenue. They have to research the market and this is a tactic that Sadlam Restaurant and Lounge uses to collect data so that they are better able to determine what there customers want and also by putting actual value that the customers will pay for products or sevices. The price should not appear too high or too low, it should be just right so that Sadlam Restaurant and Lounge can benefit from the sales. Product and service management allow Sadlam Restaurant and Lounge to cater to the need of customers and this is done by modifying or updating existing products or services. Promotion allows Sadlam Restaurant and Lounge to use different marketing techniques (advertisement, social media etc) to attract new customers and to also keep old ones they then sell the products directly to its customers to satisfy their needs (Quizlet.com, 2016). Marketing is important to Sadlam Restaurant and Lounge as it will allow them to provide customers with products and services that they want and need and ensuring that they earn a profit in the business as also building a relationship with its