answersLogoWhite

0


Best Answer

"Marketing is critical for organic growth of a business and its central role is in creating, communicating, capturing and sustaining value for an organization. Marketing helps a firm in creating value by better understanding the needs of its customers and providing them with innovative products and services. This value is communicated through a variety of channels as well as through the firm's branding strategy. Effective management of customers and pricing allows the firm to capture part of the value it has created. Finally, by building an effective customer-centric organization a firm attempts to sustain value over time." (HBS).

User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Explain the importance of the marketing function within a business?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Explain universal functions of marketing?

The knowledge about appealing to customers needs is a universal function of marketing. Regardless of where a business is, managers know that they can sell to people's needs.


What is organisational consumer behavior in marketing?

explain the importance of consumer behaviour in marketing view?


How do you explain importance of finance function?

everybody is gay


Explain the nature scope and importance of international marketing?

international marketing is a performance of business activities that direct the low of a company,s good,s & services to consumer or user,s in more than one nation


What are the function of information systems?

explain the functions of marketing information system?


What the function of information system?

explain the functions of marketing information system?


Explain the tasks involved in marketing planning?

Market Analysis Setting Objectives Target Audience Identification Positioning and Differentiation Marketing Mix Development (4Ps: Product, Price, Place, Promotion) Budgeting and Resource Allocation Marketing Tactics Selection Implementation Planning Performance Measurement and Analysis Feedback and Optimization


Embracing the marketing concepts discuss the concerns of marketing in todays business world and explain the various misconceptions about marketing?

The largest misconception about marketing is mistaking the process for just advertising or promotion - marketing is a business process geared to providing customers with the products and services they need while exploiting opportunities in the global business environment.


What three major functions of business organization can you enumerate and explain briefly?

finance, operation,marketing


Explain the function of a business?

business office provides help to take right decision at the right time.


Explain characteristics of different types of organsational structures in management function and behaviour?

Answers for explain the different characteristics a business


Explain the difference between marketing plan and business plan?

This depends on your definition of marketing. In a marketing focused organization the marketing plan is the business plan and considers all aspects of successfully bringing a product or service to market. However if you're in a business context such as pitching your business ideas your business plan will be more focused around projected earnings and a timing plan. Most of the time when a business plan is mentioned it refers to the documentation put together before the business is formed which outlines the market opportunity, how the business will be run, financial projections, etc. In this case the marketing plan would be a component of the larger business plan. For ongoing business operations, the marketing plan becomes the document that guides the company.