Scope of marketing functions, therefore, can be grouped under following categories:
1. Analysis of the Market Situation:
It is done through observation and survey. Collected data are analysed and appropriate marketing strategies are adopted to make right goods and services available to customers to derive their satisfaction.
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2. Deciding on Market Goals:
Appropriate marketing goals are decided for production and selling of goods and services in different market segments.
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Setting market goals help in deciding about production planning to cater to the requirements of consumers.
3. Creating Marketing Organization:
To accomplish the market goals and objectives, appropriate market organization is created duly determining the activities as a whole, grouping of the activities, fixation of responsibility, delegation of authority and ultimately deciding on the proper structure of the organization.
4. Procurement and Allocation of Resources:
To achieve the goals and objectives, at the outset, essential resources are procured and allocated to different areas as per the plan. Resources cover manpower, machineries, money and even required materials required for marketing. Proper allocations of resources ensure optimization and even help in achieving the trade-off between expenditures and return.
5. Market Research:
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Tastes, habits, preferences of consumers are prone to changes every now and then. Competitors by making their innovative goods and services available, take away the market share of an organization. This requires marketing to capture the information through market research and adjust with the changed situation by making available redesigned products and services or even introducing better value-added products and services, replacing their existing one. Market research also helps in launching new products, renewing the life cycle of existing products and strategy framing, keeping pace with the competitors.
6. Controlling of Activities:
Like all other managerial functions, marketing management too require to control and to ensure whether marketing activities are being performed in accordance with the specific plan or charted action. This enables the marketing organization to correct deviations in plan, if any, to ensure that intended goals are achieved.
Hence, the scope of marketing management functions covers all these points ‘to achieve desired exchange outcomes with target market.’