Marketing in Various Businesses

Prime tasks of the marketing department in different companies

Introduction

In the following essay I am going to talk about the duties of marketing departments in different companies which are doing business in diverse economic domains. I will talk about the prime tasks of their marketing departments by means of the 4 Ps of marketing – Product, Price, Promotion and Place.

Additionally I will try to state which tasks the marketing department should fulfill on their own and which functions should be delegated.

I will talk about the facts that the marketing departments in a specific company has to pay special attention to and about the role of middlemen.

Commercial bank

While in former days banks were mainly institutions where people saved and borrowed money, nowadays a bank has many more things to offer. Of course you still can borrow money at a bank, but these days the variety of loans is enormous. There are short-term loans and long-term loans, secured loans and unsecured loans. If you plan to save some money, you can go either for a regular saving account where the interest is rather low, but you have access to your money all the time, or you can tie up your money for some years and get higher interest.

What a bank today additionally offers, are services and products like currency exchange, checks, securities and bonds, safety deposit boxes, checking accounts, automated teller machines and many more.

It is the task of the marketing department to introduce new products which create a competitive advantage for the bank.

Some examples of such introductions would be special free bank accounts for students, online banking, or services like financial planning or free checking.

Of course the marketing department of a bank has to consider not only its products and services, but also the prices it charges for them. It has to decide how much interest it pays its savers and how much the different loans cost. The department has to decide whether it charges...