The Essential Functions of Marketing Management

5 Marketing Management Functions

Marketing is a broad subject that includes market research, advertising and sales. Using data from these various marketing management functions, businesses can make informed decisions that lead to increased revenue.

The main function of marketing is to attract new customers. This can be done through different ways like displaying ads on TV channels, social media and distributing pamphlets.

1. Market Research

Market research is one of the most important aspects of marketing management. It involves gathering information about customer needs and wants, which helps to create products that will appeal to consumers and generate sales.

Another aspect of market research is identifying new opportunities for the company. This can include finding ways to improve existing products or developing new ones. It also involves determining how to price a product to maximize profitability and competitiveness.

Another responsibility of marketing managers is overseeing outside vendors and agencies that provide marketing services. This includes ad agencies, print vendors, PR firms or specialists, and Web providers. Managing these relationships ensures that the right services are available to help meet marketing goals and objectives. This can also help minimize risk by ensuring that the right products and services are delivered at the right time and place.

2. Customer Service

For businesses today, having a great product isn’t enough to make them stand out from their competitors. They need to offer exceptional customer service as well. Customer support can be done through phone, email, messaging, live chat and social media. High-performing customer service teams are equipped to handle questions through multiple channels of communication and have the technology to quickly track, resolve and transfer tickets between channels.

When a business provides empathetic and timely help, customers will become loyal to that brand. This loyalty increases brand recognition, boosts revenue and reduces costs by reducing customer churn. In addition to providing support, a capable customer experience team will also incorporate opportunities for customers to provide feedback throughout the process. This will allow the company to continuously improve and refine its services.

3. Sales and Distribution

Sales and distribution is a crucial part of marketing management. It involves ensuring that the products reach the intended markets through robust distribution channels such as regional distributors, retailers and wholesalers. The function ensures that the right people are interacting with your products to drum up business and meet sales targets.

During the process of selling goods and services, there are various documents created like inquiries, quotations, standard orders, outbound delivery returns deliveries and invoices etc. SAP presents all these documents together using document flows for ease of search.

This information is then used to improve merchandising, inventory management, operations and other processes that are associated with the sales function. This is a key area that can help companies stay ahead of the competition and drive profitability.

4. Advertising and Promotions

Advertising and promotions are a vital part of marketing management. These include a variety of methods for promoting a company’s products, including print and broadcast media, direct mail, trade shows, and events. Marketing managers are also responsible for developing and implementing strategic promotional campaigns to ensure they reach the right target audience.

Effective marketing management is a critical component of any business, as it allows companies to develop and execute strategies that will promote their products and services in the most effective way possible. This includes analyzing market data, understanding customer needs and desires, and creating targeted campaigns that will result in high sales and brand loyalty. Marketing managers are also responsible for ensuring that all marketing efforts are in line with company mission and goals.

5. Sales Reporting

Sales reporting is a critical function of marketing management. It allows managers to stay up-to-date with sales data and insights so they can make informed decisions about quotas, incentives, and other aspects of their sales strategy.

Sales reports can also help marketers spot issues in the sales process. For example, if one of your reps has been having trouble closing deals or their average deal value has declined recently, monitoring these metrics in a report can help you figure out the root cause and take action.

Building sales reports can be time consuming, but there are ways to streamline the process. For instance, you can use CRM software like RAYNET to get real-time sales reports without having to create complex Excel formulas. It’s also easy to customize reports based on different audiences, such as executives and sales reps.

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Growing Demand and Market Growth in the Vitamin D Industry Triggered by Increased Awareness and Health Concerns

Vitamin D Marketing Trends

Vitamin D, called the sunshine vitamin, is found naturally in some foods and added to others. It also is available as a dietary supplement and is produced endogenously when ultraviolet (UV) rays from sunlight strike the skin.

A variety of international organizations and professional societies have set varying guidelines for daily intakes of vitamin D. These vary, in part, because of different purposes for the guidelines and different use of observational studies and randomized clinical trials.

Product Development

A variety of product development initiatives are being launched by major players in the vitamin D market to cater to consumer demand. These products are intended to help consumers avoid vitamin D deficiency, which can result in rickets in children and osteoporosis in adults. The geriatric population is increasing worldwide, leading to an increase in the number of people suffering from vitamin D deficiency. This is driving the global vitamin D testing market. The market is also being driven by the growing awareness among consumers about the importance of vitamin D. Moreover, the changing reimbursement scenario for these tests is expected to propel market growth.

Vita D Marketing & Design is a full-service marketing agency focused on helping dental and health care practices grow. It offers a variety of services including website development, social media management, and more.

Market Research

The vitamin d market is expected to grow at a significant rate due to the rising number of diseases caused by Vitamin D deficiency. Moreover, the COVID-19 pandemic increased the awareness among people regarding better health and high immunity, which further fuelled the demand for vitamin D supplements. This led to the launch of numerous products to meet the requirements.

The global vitamin D market is primarily segmented by analog, application, form, and region. The value of the market is based on the ‘factory gate’ values, which include sales to manufacturers, distributors, wholesalers, and retailers.

The plant-sourced vitamin D market is expected to grow at a faster pace due to rising consumer preference for plant-based foods, increasing intolerance towards animal-derived products, and easy availability of raw materials. The geriatric population is also expected to drive the growth of the vitamin D market, as it requires a higher dose of this supplement. In addition, the Asia Pacific region is expected to witness sturdy growth in the vitamin D market as it offers an easy access to raw products such as milk.

Product Launches

Various companies launched vitamin D-enriched food products in the market. For instance, Nix & Kix introduced vitamin-enriched soft drink containing D3. This product aims to boost immune health and aid cognition. The company also included calcium and curcumin to help maintain bone health.

The dry form of vitamin D is expected to hold a major share in the global market due to its higher stability and longer shelf life. It is used in end-use industries like medicine, animal feed, and cosmetics. This segment is anticipated to grow at the fastest rate during the forecast period.

In addition to this, a few companies have launched at-home health tests for vitamin D deficiency. Hurdle (a Chronomics Inc brand) launched vitamin D test kits that allow consumers to monitor their level of vitamin D from the comfort of their home. These products are expected to drive growth in the vitamin D testing market. Additionally, the use of vitamin D in fortified foods and supplements is growing worldwide.

Public Relations

The Forum included a number of presentations on a wide range of topics, interspersed with discussions and debates. Prof Cashman (University of Cork, Ireland) summarised the key findings from his and the ODIN project’s work on food-based interventions to improve vitamin D intakes and status. He emphasised the importance of a population-level approach and that the challenge is how to translate research findings into successful intervention strategies for improving vitamin D intakes and levels in the population. He also highlighted that food fortification can be a particularly effective approach, using the example of Finland’s success with its national vitamin D fortification strategy(70). Gael Delamare (Campden BRI) gave a broad overview of technical and consumer considerations in selecting suitable fortification vehicles for vitamin D.(71)

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Target Audience and Marketing Strategies: Key Steps in Creating a Successful Marketing Campaign

Marketing Campaign Example – Unit 2

1. Identify the target audience

Identifying the target audience is a crucial step in creating a marketing campaign. The target audience is the group of people that is most likely to buy your product or service. This group is the basis for all of your marketing efforts, including email campaigns, social media posts, and website copy.

To find the target audience, you must first understand your market and audience. This can be done through customer interviews, competitor research, and market analysis. You will also need to identify what demographic characteristics your target audience shares. For example, a business that serves small businesses may have different target audiences for each of its products or services.

For example, a business that sells furniture may have a target audience of young adults looking to update their home. However, a company that provides cleaning services may have a different target audience of elderly homeowners. Target audiences can also be based on interests, such as fashion or streetwear.

2. Develop a marketing strategy

A marketing strategy is a long-term plan that sets goals and directs specific marketing tactics. It helps you understand your target market, define a value proposition and communicate it effectively.

A good marketing strategy should be based on research and customer insights. It should also include a review of the PESTEL (political, economic, social, technological and environmental) factors that could affect your business.

Developing a marketing strategy can be challenging. This resource from HubSpot provides a clear overview of the process and includes examples and activities for students to use.

It is important to develop a marketing strategy that is tightly connected to your marketing objectives. This will help you make sure that your efforts are working to achieve your desired outcomes. For example, if your objective is to create awareness of a new product, you should focus on creating messaging that will resonate with your audience. You should also determine which marketing channels and activities to use to execute your campaign.

3. Create a marketing plan

A marketing plan is a key document that helps you set goals, understand your target audience and optimize the impact of your marketing campaigns. It will also help you stay focused, align your marketing goals with your business strategy and make better decisions.

To get started, take a look at this comprehensive marketing plan template that includes SMART objectives, detailed plans of action, core marketing messages, success metrics and more. This template has a sophisticated design adorned with captivating images and bright colors that instantly grab attention.

Another great tool for creating a marketing plan is a buyer persona template. Having a clear picture of your target customer will help you determine which channels to use and when. Moreover, it will give you a clear understanding of who your competitors are targeting. Check out this sample buyer persona template that features a resume-style layout and easy-to-use data widgets.

4. Create a marketing campaign

Once the target audience and strategy have been defined, it’s time to create the actual marketing campaign. This can be as simple or complex as you want, but it is important to set SMART goals that are specific, measurable, achievable, realistic, and timely (SMART). This will help keep the team on track and ensure that the campaign is a success.

Developed by BTEC Business teachers, this Unit 2 Developing a Marketing Campaign revision pack contains all you need to support learners with their preparation for the exam. Complete with recaps, activities and exemplar responses, this resource helps to provide quality lesson experiences from start to finish. This bundle also includes a range of useful resources for your learners including video resources, quizzes and games. This resource has been thoroughly reviewed by subject experts to ensure that it is the best study aid for this unit of the qualification.

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