B) Explanation of the operation of the marketing function for this key type of customer and how the marketing function relates to other business functions.
i. The operation of marketing function for the SMEs
According to Dr. Philip Kotler, marketing is defined as "the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit". (Kotler Marketing Group, 2015)
This encompasses market insight research, product development, sales, customer service, brand building and communication with the end goal of driving profitability of the company.
a) Market Research and Product Development
It is important for KEK's marketing function to research the needs and wants of the SMEs and respond with…show more content… The marketing function also plans the logistics of the events and provides advertising materials such as handouts and banners. Such advertising materials create awareness and convert prospects into customers. KEK must at all times adhere to the expectations of the Financial Conduct Authority (FCA), that all adverts or promotional materials must be clear, fair and not misleading (FCA Handbook, ICOBS 2.2.3, 2008).
c) Brand and Communication
The marketing function of KEK isalso responsible for promoting the company's brand and brokerage services. It does this by promoting campaigns, events, advertisementsand promotional materials. KEK also regularly undertakessponsorships of events like golf tournaments across the country which is mainly aimed at retaining existing SME businesses. KEK also uses the opportunity to display and distribute its branded souvenirs such as caps, t-shirts, umbrellas, pens, bags, towels and golf items.
ii. How the marketing function relates to the other business