Business Success Through Consumer Needs and Delivery

Marketing functions relate to that part of a business which relates to the selling of the product and service of the organization. It is an important part of the business process and the Chartered Institute of Marketing has defined marketing as the management process which shoulders the responsibility of detecting and predicting the needs of the consumer, so that the business is able to deliver on that need. Wind (1981) has correctly postulated that in the successful operation of any business, the business plan of its endeavours has to include marketing plans. This automatically means that marketing must work in tandem with the other business functions. Following are some of the ways in which the marketing department works with the other business functions:

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  • Finance: Perhaps the most important linkage of marketing is with the finance. The importance of marketing in financing has been realised as early as 1969, when Van Horne postulated that marketing functions should anticipate the uncertainty of operations, not only cost. Micu et al (2012) also reiterated that marketing should take into factor all costs, not just advertising and publicity.
  • Production: Marketing fulfils an essential task for production in an organization, that is determining the nature and quantity of goods and services produced. On one hand, it works to move the goods off the shelves and increase production through demand. On the other hand, it also surveys the market and reports back on what kind of material the business should be producing (Piercy, 2007).
  • Research and Development (R&D): The concept and design of a new product or service needs to come from a close collaboration from the marketing and the R&D department. The marketing section can provide invaluable insight into the gaps in the market and the products and services which are currently required in the market. Hence, it can assist both in the design and the development of a new product or service (Daft et al, 2010).
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References
  1. Piercy, N., 2007. Framing the problematic relationship between the marketing and operations functions. Journal of Strategic Marketing, 15(2-3), pp.185-207.
  2. Wind, Y., 1979. Marketing and the other business functions. Wharton School, University of Pennsylvania, Marketing Department.
  3. Van Horne, J.C., 1969. The analysis of uncertainty resolution in capital budgeting for new products. Management Science, 15(8), pp.B-376.
  4. Daft, R.L., Murphy, J. and Willmott, H., 2010. Organization theory and design (Vol. 10). Mason, OH: South-Western Cengage Learning.
  5. Micu, D., Ifrim, L., Daraban, C. and Purdescu, C., 2012. Cross-functional linkages between marketing and the other business functions in an industrial organization. UPB Science. Bulletin, Series D, 74(3), pp.1454-2358.

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