Marketing management is directing the organization's resources to develop and implement the best strategy to achieve the desired consumer segment with the goal of maximizing the sale of a particular product or service.
Video Marketing management
Marketing Manager
The marketing manager is responsible for overseeing and planning the development of new products, advertising, promotions, and sales as well as managing the day-to-day and long-term marketing strategies of an organization. Often the marketing and advertising departments at a company join as a department, the marketing manager will oversee both operations. He will also manage project and employee tasks that help companies launch new products.
Responsibility
Ã, Â · Analysis Pass
Ã, Â · Research
Ã, Â · Define Goals
Forecast sales and profit
Ã, Â · Strategies, policies, procedures
Ã, Â · Planning and implementing promotional campaigns
Ã, Â · Coordinate marketing campaigns with sales activities
Ã, Â · Develop and manage marketing strategies
Ã, Â · Monitor the execution of marketing strategy
Ã, Â · Manage resources and monitor marketing budgets
Ã, Â · Product Planning
Task
When planning a new strategy for a product or service, there are several routes that a manager can take. The direction it decides will largely depend on current market demand. After thorough market research and analysis, managers will choose the best approach for that particular product.
Conversational Marketing
Conversation Marketing is used during negative demands where the consumer is strong, for whatever reason, dislikes the product or service. The task of conversational marketing is to turn negative demand into positive demand to finally match the positive supply level.
Stimulated Marketing
During periods of no demand, marketing managers will use stimulated marketing to create positive demand by connecting products or services to existing needs and/or creating an environment where particular needs are felt.
Development Marketing
When a large number of consumers share unmet needs there is an opportunity to develop and market a new product or service.
Remarketing
When consumers no longer find a use for a product or there is an available alternative, it is the job of the marketing manager to create demand.
Sinkro-marketing
Sycro-marketing is used in periods of regular demand, often found in seasonal products. Its job is to streamline demand to meet supply capacity.
Marketing Marketing
Even during times of high demand, marketing managers must remain alert to markets, competitors, and potential threats.
Demarketing
When the offer is substantially faster demanding some marketing managers will decide to try demarketing to reduce demand. Demarketing can also be used when companies want to get out of the market.
Response Marketing
The marketing manager will try to destroy the demand when the request is not considered good.
Five Concepts of Marketing Management
There are five marketing concepts that managers must consider when deciding how to approach, developing, advertising, and selling new or existing products/services. It is the job of the marketing manager to analyze the market and understand its customer base to determine which approach will give the company the best opportunity to achieve its goals for a particular product.
Production Concept
The concept of production is used when demand for a product is higher than its supply. The philosophy here is "Supply creates its own demand." Therefore, the focus is on making more products to ensure they are widely available.
Product Concepts
Contrary to the concept of production, this concept assumes consumer value products with higher quality than price and availability. Therefore, the focus is more on quality and less on quantity. The idea of ​​a product concept is that if you sell a product with good quality, minimal marketing will be required to sell it.
Sales Concepts
When production and product concepts focus on manufacturing, the sales concept focuses on making actual sales. The number one focus for managers is making money, regardless of quality, consumer needs, supply, or demand. Therefore, the concept of sales requires a very aggressive marketing. Typically, this concept will create more short-term sales but less in building customer relationships that can generate fewer repeat buyers.
Marketing Concept
The marketing concept works on the philosophy that consumers buy products that meet their needs. A manager who takes a marketing approach will conduct extensive market research to determine consumer needs and how to better meet them than its competitors. In theory, this should keep customers steady while increasing long-term sales.
Social Concepts
Similar to the concept of marketing, the concept of society wants to meet the needs of consumers. However, marketing managers with this approach are also concerned with the welfare of society and feel responsible for adjusting to the world around them. Societal concepts create a balance of social and environmental welfare, customer relations, and sales.
Maps Marketing management
Structure
Marketing management uses tools from economies and competitive strategies to analyze the industry context in which firms operate. These include the five Porter powers, competitor strategic group analysis, value chain analysis and others.
In competitor analysis, marketers build detailed profiles of each competitor in the market, focusing on their relative competitive strengths and weaknesses using the SWOT analysis. The marketing manager will examine each competitor's cost structure, source of profits, resources and competencies, competitive position and product differentiation, vertical integration level, historic response to industry development, and other factors.
Marketing management often conducts market research and marketing research to conduct marketing analysis. Marketers use various techniques to conduct market research, but some of the more common ones include:
- Qualitative marketing research, such as focus groups and different types of interviews
- Quantitative marketing research, such as statistical surveys
- Experimental techniques like the test market
- Observation techniques such as ethnographic observations (on-site)
The marketing manager can also design and oversee various environmental scans and competitive intelligence processes to help identify trends and inform marketing company analysis.
Brand audit
Brand audit is a thorough examination of the current brand position in an industry compared to its competitors and its effectiveness checks. When it comes to brand audits, six questions should be examined and assessed carefully:
- how well the current business brand strategy works,
- what are the strengths and weaknesses of established enterprise resources,
- what opportunities and external threats,
- how competitive are business pricing and costs,
- how strong the position of business competition is compared to its competitors, and
- what strategic problems the business is facing.
When a business conducts a brand audit, the goal is to uncover the power of business resources, shortcomings, best market opportunities, external threats, future profitability, and competitive position compared to existing competitors. The brand audit establishes the strategic elements needed to improve the brand position and competitive ability in the industry. Once the brand is audited, every business that ends up with strong financial performance and market position is more likely than not to have a well executed and executed brand strategy.
Brand audits check whether market share is increasing, decreasing, or stable. It determines whether the company's profit margins are increasing, decreasing, and how much it compares to the specified competitors' profit margins. In addition, brand audits investigate trends in business net income, return on existing investments, and established economic values. This determines whether the financial strength and credit ratings of all businesses are increasing or getting worse. This kind of audit also assesses the image and reputation of the business with its customers. Furthermore, the brand audit seeks to determine whether a business is considered an industry leader in technology, offering product or service innovation, along with exceptional customer service, among other relevant issues that customers use to decide brand preference.
Brand audits typically focus on business strength and resource capabilities as these are elements that enhance their competitiveness. The competitive power of a business can exist in several forms. Some of these forms include skilled or related skills, valuable physical assets, valuable human assets, valuable organizational assets, valuable intangible assets, competitive capabilities, achievements and attributes that put businesses into competitive advantage, and alliances or cooperative effort.
The basic concept of a brand audit is to determine whether the power of a business's resources is a competitive asset or a competitive obligation. This type of audit seeks to ensure that a business maintains a special competency that enables it to build and strengthen its competitive advantage. What's more, successful brand audits seek to define what is best capitalized by the best business, skill level, resource strength, and strongest competitive ability, while aiming to identify future business positions and performance.
Marketing strategy
Two customer segments are often chosen as targets because they get high scores in two dimensions:
- This segment is interesting to view because it's big, growing, buying often, insensitive to price (i.e. willing to pay high prices), or other factors; and
- Companies have the resources and ability to compete for business segments, can meet their needs better than the competition, and can do so profitably.
The commonly called marketing definition is "the need for a profitable meeting".
The implication of selecting a target segment is that the business will allocate more resources to acquire and retain customers in the target segment (s) than would be intended for other unreached customers. In some cases, companies can go a long way to turn customers who are not in their target segments. Doors at lavish nightclubs, for example, may refuse entry to dress-dressed individuals because businesses have made the strategic decision to target the "high fashion" segment of nightclub users.
In conjunction with targeting decisions, marketing managers will identify the desired position that they want the company, product, or brand to occupy in the mind of the target customers. This positioning is often an encapsulation of the major benefits of a product or offering a company service that is differentiated and superior to the benefits offered by a competitive product. For example, Volvo has traditionally positioned its products in the auto market in North America to be considered a leader in "safety", while BMW has traditionally positioned its brand to be considered a leader in "performance".
Ideally, company positioning can be maintained for a long time because the company has, or can develop, some form of sustainable competitive advantage. Positioning should also be sufficiently relevant to the target segment so it will encourage targeted customer purchasing behavior. In short, the company's marketing branch is to deal with the sales and popularity of its products among people and its customers, as the ultimate goal and ultimately the company is customer satisfaction and return of revenue.
Planning implementation
If the company has gained an adequate understanding of its own customer base and competitive position within the industry, marketing managers can make their own key strategic decisions and develop marketing strategies designed to maximize revenue and profit. The strategy chosen may be aimed at a number of specific goals, including optimizing short-term unit margins, revenue growth, market share, long-term profitability, or other objectives.
Once the company's strategic objectives have been identified, the chosen target market, and the desired position for the company, product or brand has been determined, the marketing manager focuses on how best to implement the chosen strategy. Traditionally, this has involved implementation planning across "4 Ps" from: product management, pricing (at what price slot does the producer position a product, eg low, medium or high prices), the place or area where the product is located ). will be sold, which can be local, regional, national or international) (ie sales and distribution channels), and Promotions.
Together, the choice of company implementation in 4 Ps is often described as a marketing mix, which means a mix of elements that businesses will use to "go to market" and implement marketing strategies. The overall goal for the marketing mix is ​​to consistently deliver compelling value propositions that strengthen the company's chosen position, build customer loyalty and brand equity among target customers, and achieve marketing and corporate finance goals.
In many cases, marketing management will develop a marketing plan to determine how the company will execute the chosen strategy and achieve business goals. The content of the marketing plan varies from company to company, but usually includes:
- Executive summary
- Situational analysis to summarize the facts and insights gained from market research and marketing analysis
- Company mission statement or long-term strategic vision
- Statement of company's main objectives, often divided into marketing objectives and financial goals
- The marketing strategy chosen by the business, determining which target segments to pursue and the competitive position to be achieved
- Implementation options for each marketing mix element (4 Ps)
Project, process, and vendor management
More broadly, marketing managers work to design and improve the effectiveness of core marketing processes, such as new product development, brand management, marketing communications, and pricing. Marketers can use business process reengineering tools to make sure the process is properly designed, and use a variety of process management techniques to keep them operating smoothly.
Effective execution may require internal resource management and various external vendors and service providers, such as corporate advertising agencies. Therefore, marketers can coordinate with the company's Purchasing department on the procurement of these services. Under the management area marketing agency (ie work with marketing agencies and external suppliers) are techniques such as agency performance evaluation, scope of work, compensation incentives, RFX and agency information in the database storage suppliers.
reporting, measurement, feedback and control systems
Marketing management uses various metrics to measure progress toward goals. It is the responsibility of the marketing manager to ensure that the implementation of the marketing program reaches the desired goal and does it in a cost-effective manner.
Marketing management therefore often uses a variety of organizational control systems, such as sales forecasts, and sales strengths and retailer incentive programs, sales force management systems, and customer relationship management tools (CRMs). Some software vendors have begun using the term marketing marketing operations or marketing resource management to illustrate systems that facilitate a unified approach to controlling marketing resources. In some cases, these efforts may be related to various supply chain management systems, such as enterprise resource planning (ERP), material requirements planning (MRP), efficient consumer responses (ECR), and inventory management systems.
International marketing management
Globalization has brought some companies to markets outside their home borders, making international marketing a part of the company's marketing strategy. Marketing managers are often responsible for influencing the rate, timing, and composition of customer demand. In part, this is because the role of a marketing manager (or sometimes called managing marketer in small and medium-sized businesses) can vary significantly based on business size, corporate culture, and industry context. For example, in small and medium enterprises, marketing managers can contribute both in the managerial and marketing role of operations to the company's brand. In a large consumer product company, a marketing manager can act as the overall general manager of the product he or she sets. To create an effective and cost-effective marketing management strategy, companies must have a detailed and objective understanding of their own business and the markets in which they operate. In analyzing these issues, marketing management disciplines often overlap with strategic planning-related disciplines.
See also
- Enterprise marketing management
- Marketing effectiveness
- Marketing performance measurement and management
- Marketing resource management
- Predictive analysis
- Strategic management
References
Further reading
- Lenskold, James D. (2003). The Road to Campaign, Customers, and Profitability by James D. Lenskold . McGraw-Hill Professional. ISBNÃ, 0-07-141363-4 . Retrieved 2008-11-03 .
- Patterson, Laura (2008). Marketing Metrics in Action: Creating a Performance-Based Marketing Organization . Racom Communications. ISBN: 978-1-933199-15-3.
- Masi, R. J.; Weidner, C. K, USA (1995). Organizational culture, distribution and number of controls, and perceptions of quality. Groups & amp; Organizational Management . doi: 10.1177/1059601195202004. CS1 maint: Many names: list of authors (links) 2
External links
- Marketing on Wikibooks
- Quotes related to Marketing management on Wikiquote
Source of the article : Wikipedia
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