The Marketing Function: From Definition and Philosophy to ActionFor the marketing concept to deliver real results, it has to be executed through the marketing function—a structured set of activities and processes designed to align the organisation with customer needs. Key steps in this process include:
Defining markets requires a comprehensive understanding of the broader market landscape through robust market research. This includes conducting SWOT and PESTLE analyses to assess internal and external factors influencing the market. Additionally, it involves identifying specific customer segments and gaining detailed insights into their needs, preferences, behaviours, and purchasing patterns. These insights enable organisations to target their efforts with precision, ensuring relevance, optimised resource allocation, and a strategic advantage in meeting market demands.
- Quantifying the needs of customer groups
Quantifying the needs of customer groups involves analysing and measuring the specific requirements of identified segments through comprehensive data collection. This includes understanding customer preferences, demand patterns, purchasing behaviours, and pain points, as well as evaluating factors such as price sensitivity, decision-making processes, and brand perceptions. These insights enable the organisation to develop tailored products or services that align with customer expectations and optimise offerings to maximise value and competitiveness.
- Determining value propositions to meet these needs
This step involves identifying the unique benefits or solutions that set an organisation’s products or services apart from competitors. This requires a deep understanding of the target segments, including their specific needs, aspirations, and challenges. The value propositions must be crafted to address these demands and be delivered consistently, ensuring the organisation fulfils its promises. By aligning offerings with customer expectations and reliably delivering on commitments, the organisation can build trust, foster loyalty, and establish a compelling reason for customers to choose its brand.