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Marketing
Management |
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Marketing Management
Marketing management involves choosing
target markets that not only get new customers but also retain
the existing ones. It is a business subject, which is based on
research and study of practical applications of marketing
techniques and management of the marketing resources. The one
who excels in this field is known as marketing manager. The
job of the marketing manager is to influence the timing and
level of customer demand so as to help the sales. It actually
depends on the size of the business and environment in the
corporate industry. Like if he is working in a huge production
company, he will be the general manager of a particular
product category assigned to him and he will be responsible
for profit and loss with respect to the product. And in small
business there is no marketing manager as his job is taken
over by the partners of the company.
Creating and communicating best customer
values can increase the number of customers. The steps taken
and resources utilized to maintain existing customers and get
new customers fall under marketing management. The scope is
quite large because it not only consists of developing a
product, but also retaining it. The term marketing management
has many definitions. It actually depends on individual firms
and how the marketing department functions and activities of
other departments like operations finance, pricing and
sales.
Before deciding about a marketing
strategy, the company must do an in-depth study about their
business, and the market. This is where marketing management
merges with strategic planning. Usually the marketing
strategies are of three types, customer analysis, company
analysis and competitor analysis. Using the customer analysis,
the market is broken down into different types of customers.
The marketing management realizes the characteristics and
other variables of each group. They are geographical location,
demographic, customer behavior pattern and need. Like a group
of people can be recognized who can be less price sensitive,
purchases often and are growing. Such groups can be worked on
by heavy investments as they are worth the money and time.
They cannot only retain such customers and make new customers
in this group but they can go to the very extent of turning
back customers who don’t belong to this group. Understanding
the needs makes customer’s expectations to be met per their
satisfaction, better than the competitors, which will lead to
higher sales and obvious profit.
Company analysis highlights the cost
structure and resources of the company and cost position when
compared to competitors. The accounting executives use it to
learn about the profit earned by a particular product. From
time to time, audits are conducted to study about the
strengths of various brands of the company.
Marketers using competitor analysis build
detail customer profiles. It gives a clear picture about the
strengths and weaknesses of the firm, when compared to a
competitor. The competitor’s cost structure, resources,
competitive positioning, degree of vertical integration,
product differentiation, and profits are studied in detail and
are compared to what company is doing in those
regards.
The marketing management to do marketing
analysis carries out marketing research. The most common of
such researches are qualitative marketing research,
quantitative marketing research, experimental techniques and
observational techniques.
After all the studies and researches are
conducted, its easier for the marketing manager to make
strategic decisions and they then can design a marketing
strategy to increase the profits and revenues of their
company. The other goals can be profit over the long run,
market share, and revenue
growth.
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