What is meant by a marketing strategy? Why is it important for employees in all departments - marketing, accounting, finance, human resources, operations management to understand the role marketing plays in the success of the organization? How does marketing impact each of these other departments?© BrainMass Inc. brainmass.com December 24, 2021, 11:33 pm ad1c9bdddf
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Strategies are long term course of action that involve planning and implementing activities with the ultimate goal of achieving objectives. When the strategies involve maximum utilization and allocation of scarce resources such as financial and human capital, technology and time so that a company can deliver excellent customer experiences and eventually earn more revenue and profits, they are called marketing strategies. They include identifying, analyzing, anticipating and satisfying customers' demands.
Among the examples of marketing strategies are the following: guerilla marketing (promote your products at promotional events with low-cost trades); positioning (creating an image to position your product in the market); cause marketing (donating to charity to develop brand loyalty); sports marketing (support a sports activity) (Ashe-Edmunds, n.d.). Other examples include joining organizations and social networking sites such as twitter, and by creating a blog about the company or product.
Understanding the Role of Marketing in Organizations
There are three basic levels in an organization, namely, corporate, business and functional levels. Strategic marketing involves planning and implementation. The business and corporate levels are responsible for the planning of marketing strategies as it consists of examining and evaluating trends to identify potential threats and opportunities. From the results, they set the objectives and develop the strategies to achieve them. The functional level is more directly involved in the implementation of the marketing plans.
It is essential that all the employees in the organization understand the marketing strategies that are implemented and they are able to do their respective roles effectively for the strategy to be successful. It is necessary that everybody in the organization cooperates and works as a team otherwise the plans will fail.
Each department in the organization is responsible to perform a role in the process. The marketing department needs to interact well with the other functions as they are the key to successful implementation of the strategy. This department are more knowledgeable and experienced in terms of identifying, anticipating and satisfying customer need. Most of them are the frontline of the organization. They are the ones who need to understand their market and to report to management what they have learned so that they can act upon it. The finance department is responsible for establishing and monitoring certain measurable financial strategic goals in a coordinated way. This department develops financial goals and metrics for the organization. The accounting department sees to it that the financial statements of the company are always available. They monitor the financial condition of the company and can provide reports that are useful to the marketing department such as sales and expense trends. The human resources department and marketing department can collaborate with each other so that there is an effective execution of their functions, increase in productivity and develop more innovative approaches to the things that they do. The operations management functions (materials, logistics, manufacturing) are now more recently involved in corporate strategy the same way that the marketing department is the leader in market strategy. The technological developments have shown management that there are various ways in strategic positioning. Technology contributes much in higher productivity and not considered as a change in the company's strategic direction. Operational strategy and management has been an essential element in an organization's competitive advantage. (541 words)
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