Why should all managers know about marketing, given how far removed some of them are from the customer?
Take accounting managers, for instance. Accounting provides financial information that informs product quality and influences customer perceptions. Economic analysis of accounting reports can help the marketing department discover ways to improve customer relations or shift ad dollars to increase ROI. And accounting provides information about the company’s financial performance, which can influence customers to invest in its stock.
Regardless of their role, it’s a good idea for all managers to understand their relationship to the marketing side of their business.
Marketing Impacts Most Business Functions
Marketing touches every aspect of the enterprise and involves every process an organization uses to move a product or service from concept to consumer.
Managers should identify points along the product journey where their function might affect marketing activities. They should keep in mind the ways marketing contributes to business success and how their roles might benefit from enhanced marketing.
Marketing courses are part of the core curriculum of many Master of Business Administration degree programs, including all of Fitchburg State University’s online MBA programs. The coursework provides a detailed study of marketing concepts, development and implementation of the marketing mix, plus analysis of the total marketing effort.
Attract, Engage and Retain
While marketing tactics include advertising to attract customers and to promote offers, a long-term strategy also contains methods to engage customers, to sustain conversations with them, and to keep them coming back. That’s why marketing tactics also include social media and other communication efforts that build relationships.
Retention is a major priority because it’s easier and more cost-effective to retain customers than to recruit new ones.
Help Drive Sales
Marketing uses various communication methods, including advertising, to promote products and services.
People who see the ads and buy the product become your customers. And enthusiastic customers may even become brand ambassadors, spreading the word and thus encouraging more sales.
Marketing also supports sales through communication methods other than advertising, such as content creation for consumer websites. Marketing may reach out to social media influencers to try the products and services and post comments about their experience.
Develop and Strengthen Reputation
A company may concentrate substantial marketing toward building brand equity. These efforts include the effective use of communication to support branding, public relations, and shareholder conversations. Corporate social responsibility messaging will strengthen a business’ reputation, determining the value of its brand equity.
Influence Management Decisions
Functions across the enterprise make decisions based on marketing output, such as customer research, consumer analysis, product feedback and brand identity. These processes provide reliable information that companies act on to solve problems and plan intelligently.
Managers would do well to take advantage of these outputs as they identify opportunities to leverage the value of marketing.
Learn more about Fitchburg State University’s online MBA programs.
Sources:
The Balance Small Business: Defining Marketing
Business to Community: Why Is Marketing Important? 9 Reasons Why You Really Do Need It
