Business — Banking — Management — Marketing & Sales

The marketing function



Category: Marketing

The marketing function consists of:

Research

Market Research Investigation of the size of markets; the rate of growth and decline, market shares of competitors, factors affecting all or any of these.
Product Research Attempts to define product specifications, required performance, price levels acceptable, etc. Also evaluates the technical merits of products and changes of developments taking place
Distribution Research Evaluates the distribution methods used or expected, the best method to be used, location of depots; stock holdings necessary for specified delivery periods, changes taking place which are liable to affect these points.
Advertising Research Research into the effectiveness of advertising and promotional methods used, evaluation of the effective methods available, media and copy to be used, etc. also again, relevant changes taking place.

Sales

Sales Policies the policies to be implemented in the light of research studies (above) and historical knowledge of the market places.
Product Policies the products to be sold («product mix»), rationalisation of obsolete products, new product plans, etc
Pricing Policies the policies to be followed regarding price structure and prices, trade terms, discounts, etc
Sales Plans the selling plans to be fulfilled, i.e. quantity of each product to be sold by customer; area; industry, etc. based on the product and sales policies defined for itself by the company
Pricing Plans the pricing strategy to be followed as a result of the pricing policies defined
Distribution Plans define the method of distribution to be followed, etc; warehousing and stock levels.
Management Concerned with the control of the sales operation; recruitment, training and remuneration of the sales force; sales office staff and procedures to be followed; etc. and the after-sales service functions required.

Advertising

— campaign to be followed;

— media and copy to be used;

— preparation and production of the copy, etc.

Sales promotion

— supplementary activities in support of the sales campaign, e.g. exhibitions, demonstrations, samples, catalogues and leaflets, direct mail, special discounts or pricing at specified periods; conferences, etc.


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