Essay on Marketing Management
Marketing Management Marketing Management Throughout the history of human social activities, marketing has played an important role in communicating the value of a product or services to customers; it appears wherever a market exists. At the beginning, there were only a handful of basic ways of marketing. As time goes by, it transforms into various kinds of methods in present, the organizations or individuals get much more choices to make the decisions which one is suitable for them. Since the computer has been invented, the expression of marketing becomes more interesting and active in most ways; some of marketing programs are more functional. However, in order to survive in today’s market, all the marketers need to be more creative and flexible about their produces or customer services in any environment. Thus, customers will more be likely to purchase their products. In order to be an effective marketer, he or she must know what customers want and what will ultimately convince them to make the purchase. However, achieving an effective marketing strategy can be difficult as consumers begin get involved with trade in the market, such as a restaurants, factories or international trade corporations, etc. Yet there are a less number of groups or individuals could actually successful. As a result of the time of environment is not perfect, maybe the marketing plan does not go well, or the profit of revenue is not enough, etc. All in all, there are some factors of success in the market business that people are difficult to control. Marketing management is the process of all activities and decisions of companies during the time of their trades in the market. A great number of people work or have corporation business in the market, and all people purchase in the market on daily basis. Therefore, it is better for every single people to learn and know more about the knowledge of marketing management, such as market definitions, modern markets, marketing environment, consumer behavior, marketing management process, training in marketing, types of marketing and global marketing. Market Definition The market has existed for a long time. Wherever humans have lived, people could always easily find a market in the neighborhood. No matter big or small, simple or fancy, people can always find something they need and wanted. Mullins, Walker and Boyd (2008) defined a market comprises of persons and associations who are interested and would like to purchase a specific good to attain advantages that will satisfy particular requirements or desires, and who has the sources (time, funds) to attract in such a business. A number of markets are adequately uniform that a corporation can train an accordant marketing project. However, due to humans have diverse requirements, desires, and sources; the whole populace of the world is rarely a possible market for a single good or serving. The number of markets were numerous and convenient, in that people could do business in several location, as well as find any product they needed. Modern Marketing Living in a fast growing, technologically advanced world, marketing in the present is becoming more and more complex. People do not just do some business or purchases in the regular market anymore. A number of them could just stay at home and do all their marketing things. Kotler, Keller, Ang, Leong, and Tan (2006) claimed marketing is all over the place, officially or unofficially, folks and groups take part in a huge amount of activities that can be named marketing. Fine marketing has become more and more of an essential factor for trade achievement; marketing deeply influences people’s daily lives. It is implanted in anything people doing the clothing we wear, the web pages we link on and the advertisements we see. As a modern human, everyone needs to learn and know more about marketing which affects people in any unexpected ways. Normal people do not even notice it when it appears. The Marketing Show More
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Essay on Marketing Management: Top 7 Essays on Marketing Management
In this essay we will discuss about ‘Marketing Management’. Find paragraphs, long and short essays on ‘Marketing Management’ especially written for college students.
Essay on Marketing Management
Essay Contents:
- Essay on the Responsibilities of Marketing Management
Essay # 1. Definition of Marketing Management:
Some important definitions of marketing management are given below:
ADVERTISEMENTS:
According to Philip Kotler:
“Marketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target audiences for the purpose of mutual or personal gain. It relies heavily on the adaptation and coordination of project, price, promotion and place of achieving effective response.”
According to Stanton:
“Marketing management is the marketing concept in action.”
According to Cundiff and Still:
“Marketing management is a branch of the broad area of management. It is concerned with the direction of purposeful activities towards the attainments of marketing goals.”
According to Davar’s:
“Marketing management is the process of ascertaining consumer needs, converting them into products or services and moving the product or services to the final consumers or users to satisfy needs and wants with emphasis on profitability ensuring the optimum use of the resources available to the organisation.”
Essay # 2. Characteristics of Marketing Management:
The important characteristics of marketing management may be outlined as under:-
1. Marketing is a specialised business function. In the early days, the selling function did not call for any specialised skills as the sales could have been affected on production-basis. But now the business environment has undergone tremendous changes in social, economic, political and cultural aspects. The management of a firm, therefore, has to develop a particular organisation with a view to absorbing new ideas, new approaches and new market demands.
2. Marketing is a social function. It requires constant interaction with the various strata of society. It is instrumental in manipulating the factors of production, distribution, promotion and price, and also in influencing the patterns of consumption and consumer attitudes.
3. Marketing is an integrative function. It integrates and combines the other business functions like production, finance, personnel, R&D, etc. with a view to accomplishing the organisational objectives.
4. Marketing reflects the business mission of a firm before the public and society.
5. It is said that change is the only basic law of economics. Marketing, which is the art of distributing the products and services among the various claimants, has also only one basic law, change.
6. Marketing is a universal function. It has a universality in the sense that it can be applied to both profit-motive and non-profit motive organisations. A profit-seeking business unit is dependent on marketing. The institutions like hospital, school, university, or political association also practice marketing in popularizing the services offered by them.
7. Marketing is a management function like the management of other functions such as production, finance, personnel, etc. The business policies, strategies and prograrrmes related to marketing are mostly of managerial functions. These are needed to be planned, organised, directed, coordinated, and controlled so as to achieve the marketing objectives.
Essay # 3. Objectives of Marketing Management:
The objectives of marketing management are as follows:
1. Creation of Demand:
The first objective of marketing management is to create demand through various means. A conscious attempt is made to find out the preferences and tastes of the consumers. Goods and services are produced to satisfy the needs of the customers. Demand is also created by informing the customers the utility of various goods and services.
2. Customer Satisfaction:
The marketing manager must study the demands of customers before offering them any goods or services. Selling the goods or services is not that important as the satisfaction of the customers’ needs is. Modern marketing is customer-oriented. It begins and ends with the customer.
Marketing tries to realise long-term goals of profitability, growth and stability through satisfying customers wants. All the basic activities of a business organisation like production, finance, marketing, etc. are co-ordinated to meet the wants of customers and to earn a reasonable profit.
3. Generation of Profits:
The marketing function generates revenue for the business. Sufficient Profits must be earned as a result of sale of want-satisfying products. If the firm is not earning profits, it will not be able to survive in the market. Moreover, profits are also needed for the growth and diversification of the firm.
4. National Development:
Marketing stimulates economic growth and raises level of employment in the economy. Large-scale production with all its economies is ensured through continuous marketing of products. Marketing helps integrate various sectors of the economy. It also contributes to fuller utilisation of existing resources. Moreover, marketing also promotes development of entrepreneur and managerial class in the society.
5. Higher Standard of Living:
Marketing aims at achieving, maintaining and raising standard of living of the community. It helps expand production and adds to variety of goods and services available for consumption by people.
6. Creation of Goodwill:
Goodwill, as we know, is nothing but profits enjoyed by firm or organisation due to its reputation. By selling goods at reasonable rates and thus satisfying the consumers, the marketing functions help in building of goodwill. This in return increases sales and profits due to reliability and thus, circle goes on.
Essay # 4. Nature of Marketing Management:
Marketing management is one of the important operative functions of business. It is that functional area of business management which is concerned with the marketing of products and services. It involves planning, organising, directing and controlling the activities relating to the marketing of goods and services to satisfy the needs of customers.
It is the marketing concept in action. It includes all activities which are necessary to determine and satisfy the needs of consumers. Thus marketing research and product planning are integral parts of marketing management.
Marketing management is goal directed. It attempts to satisfy the needs of customers by offering them want-satisfying products and generate profits for the business. It determines the appropriate marketing mix of the firm. Product design, its promotion, its pricing and its distribution are synchronised so as to maximise the sales volume.
The chart below depicts the nature of marketing function at a glance:
Essay # 5. Scope of Marketing Management:
Marketing management is that part of the business management which is concerned with marketing, i.e. leading and co-coordinating the various activities of the business firm in getting its goods and services to its customers. It can, thus, be described as a specialised function having a scope to regulate the level, timing and character of demand far the goods and services in order to accomplish the stated objectives of a business firm. Its scope extends to the marketing process and involves the planning, organising, staffing, motivating, coordinating and controlling the marketing factors to achieve the organisational goals.
Accordingly, the scope of marketing management covers a cluster of activities like –
(a) Planning of marketing strategy and policy;
(b) organising sales, selling and distribution method and procedures;
(c) organising and monitoring the stocks at optimum levels such that the customer demand is met without any difficulty and without allowing the investment in stock to cross predetermined limits; and
(d) organising and maintaining the effectiveness in the activities of sales promotion, advertisement, credit control and services after sales.
The scope of marketing management, when viewed from the functional aspects, can be charted as below:-
Essay # 6. Importance of Marketing Management:
The present day business world has undergone rapid change and transformation, rather a metamorphosis, in the last few decades. Rapid growth of population, changes in tastes and preferences of buyers, emergence of income-based different classes of buyers/consumers, commercialisation of technological innovations, direct foreign investment in various parts of the world and the emergence of national strategy and pressure groups like trade associations, chambers of commerce, international and national business leaders, rising expectations of the public have all made the business environment complex.
A business firm, basically a micro-unit, is not isolated from the world around it. In other words, a thorough understanding of the economic, social, cultural, and political environments in which a business firm operates has become a major priority for management.
The marketing management of a business entity has to understand these environmental aspects. The future development of business firm in the background of these environmental factors largely depends on the importance and seriousness attached to the marketing functions.
In a modern enterprise, the objective of the marketing department is not so much to find customers for goods and services produced by the firm as it is to find ways in which the resources of the firm can be used to meet the needs of the potential consumers and maximise profit.
Thus the marketing management may recommend that the existing products of the firm be removed from production because they are no longer profitable and that new products be added. Therefore, the marketing department or management plays a key role in determining the strategy of the firm in its quest to maximise profit.
On the marketing side, economic variables along with personal tastes underlie the demand or sales forecast for a commodity. These are also the factors that determine price elasticity, income elasticity and cross elasticity of demand. In preparing a marketing strategy, it is the marketing management of a firm that must consider the structure of the market.
The chart below shows how the marketing management and operational management can come together to devise the market strategy for the firm that meets the objectives of both the consumers and business firms. Three sets of variables are shown — market structure, economic variables and technological variables. These are external to and beyond the control of the firm, but which the marketing management of a firm may seek to influence to its advantage through, research and promotional activities.
Free Marketing Management Essays and Papers
Marketing Management
"Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others." (Kotler et al, 2003:13). Marketing is a key aspect within a business and has several different functions. Some of these functions include, research, analysis, promotion, pricing and distribution. These functions lead into the evolution of the five alternative concepts under which organisations conduct marketing activities
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Essay Paper on Marketing Management
Marketing management is an important career. Professionals in any career need to sell their product or service, they need to know how to introduce it to the merchandise. Marketing managers know how to do it. They develop strategies to sell products and services analyzing the merchandise. They develop an advertisement and promotion plan so that they appeal to customers. They need to keep track of trends through trade journals and shows and they also consult to buyers to figure out which products or services will be most in demand.
Marketing managers also handle conflicts, such as copyright infringement and royalty sharing, with those outside the company. Marketing managers are people who persuade people to buy products, they need to convince others to buy goods or change their minds or actions. They are also people who have a high level of social interaction, they speak clearly and are good listeners since they have to communicate with supervisors, peers or subordinates; they deal also with people outside the organization. They establish and maintain relationships. They analyze and process information, and use logic to identify problems and apply solutions.
They train, develop and coordinate the work of others since there are responsible for the results of work done by others Those people are absolutely creative, they have to think of original, unusual and creative ideas and solutions, they must be able to see detail of objects and differences between colors, shades and brightness They should be organized in their time and organized in finances, they should know how to spend the money in an efficiently way as well as keep track of how the money was used. They must be prepared to work under press ion; they may work 50 hours a week or more and travel often to meet with sales representatives and clients. As in every profession, marketing managers need knowledge, they should know Sales and Marketing as well as administration and management.
Mathematics is also important, they may use a mathematical method to solve problems, and they must be able to add, subtract, multiply and divide quickly and correctly. Communication and media is also important since they need the knowledge of producing, sharing and delivering information or entertainment. They need to speak fluently at least English as a second language, if is the English the first language, they should know another one and be able to write it, read it, and speak it fluently. Economics and accounting are important since they need to know about producing, supplying, and using goods and services.
They need to know geography and description of a place. Law, Government and jurisprudence is important, they need to know the laws, rules, court procedures and the political process. They need to study sociology and anthropology as well as psychology, to understand the behavior, customs, origins of groups of people and mental process. Fine arts, since they need to be creative and original. Marketing managers are independent people; they like to make their own decisions and take risk for profit. They consider good working conditions important where they can find opportunities for them to advance and be recognized for their work.
Relationships are important for marketing managers, they like to do things for other people. In this career, there are two important things, knowledge and experience. Most of marketing managers have a bachelor’s degree, and some of them learn their skill by working for a company for a long period. The wage vary widely, depending on the manager’s level of education, experience and responsibility, wages also vary by the size of the company Employment for marketing managers in Oregon and the nation (U.S.A) is expected to grow faster than the average for all occupations through the year 2010. The demand is significant. For motivated and well-trained marketing managers, there are many opportunities for advancement in this occupation. You can work any place in the world and gain experience. Successful marketing managers may become top executives, and with sufficient experience and money they may open their own business.
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Marketing Is A Major Part Of Business Activity Since The 1960 ' S
Marketing has become a major part of business activity since the marketing revolution in the 1960’s. Keith (1960, p.35) identified that “marketing is emerging as the most important single function in business,” around 50 years since its emergence, marketing is now a fundamental function in any businesses operations. While most people believe that marketing is exclusively about promotion and selling, the marketing process entails conducting many more essential functions and activities before the products are even sold (Kotler, Shaw, Fitzroy & Chandler 1983). As identified by Kotler et al. (1983, p. 4), “if the marketer does a good job of identifying consumer needs, developing appropriate products, and pricing, distributing and promoting them effectively, these goods will sell very easily.” While the concept of selling and promoting are important, they are only part of the much bigger marketing process and mix. This directly correlates to the marketing concept of customer value. This concept is crucial in the marketing process as the organisation will not be able to sell a product unless it satisfies consumer needs and provides them with the ultimate value. For the customer to want to connect with the organisation they must feel they are gaining more from the product than they need to put in (Smith and Colgate, 2007). Due to the necessity to satisfy consumer needs an inextricable relationship exists between successful marketing and the creation of customer value.
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Essay Sample on Marketing Management
Introduction.
Marketing Management refers to a process of coming up with strategies and various plans for services or products, advertising promotional activities and sales to get to the intended customer segment. Marketing management involves analysis of the industry where the company operates by employing various tools from competitive strategy and economics. Marketers always conduct a SWOT analysis in coming up with the profile of every competitor which is detailed. This paper, therefore, focuses on how marketing management is critical to the success of any company and how companies analyze the market before making an informed decision on how to reach the desired segment.
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Marketing Management has numerous objectives among them being the creation and acquisition of new customers, improving the organization's profitability and satisfying the various customer needs. It also helps in determining the ideal marketing mix and aid in the improvement of living standards of people (McDonald, 2016).
The various steps involved in the marketing management process include the following:
- Setting and coming up with the marketing objectives of the organization.
- Analysis of the various marketing opportunities.
- Selecting carefully the target markets after research and due diligence.
- Designing and coming up with marketing strategies
- Planning the various marketing programs.
- Organizing, implementing and coming up with controls for various marketing efforts.
Marketing management involved the use of tools from the competitive strategy and economics in analyzing the industry. Competitors analysis consists in building the profiles of every competitor in the same market which in turn help the company to focus on their strength and weaknesses through SWOT analysis. The marketing managers always look at the cost structures of the competitors, sources of their profit, competencies and resources for them to position well and carry out product differentiation adequately (Cherney, 2018).
Marketers always use various techniques in conducting marketing research, and the most common ones include but not limited to qualitative methods of marketing research such as different types of interviews and the focus groups. Another technique widely employed is the quantitative analysis which involved a statistical survey. Other techniques such as experimental and observations are also used in conducting marketing research before coming up with the appropriate marketing mix.
McDONALD, M., 2016. Strategic marketing planning: theory and practice. The marketing book (pp. 108-142). Routledge.
Chernev, A., 2018. Strategic marketing management. Cerebellum Press. Retrieved on 10th February 2019
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My Career in Marketing Management
Introduction, importance of the marketing management degree.
Marketing is a practice done by individuals, institutions, and managerial entrepreneurs to manufacture and correspond to buyers who might be customers or dealers. The whole process ensures organizations offer and takes commodities and services to and from their partners, clients, customers, or the whole society nationally and internationally. Marketing creates a business environment hence, the main reason why a degree in marketing is an asset in the success of most business enterprises. The whole process serves as the main basis for determining an organization’s market segment (American Marketing Association, 2007, Para. 4).
The success of any business opportunity and enterprise depends solely on the marketing managerial skills used by the company or firm in relinquishing its products to customers who are the main consumers. Marketing management is a module that has all potential dynamics including modalities, techniques, and customs of a firm. This helps in the application of correct and available wealth and tricks for the success of the business venture. The role of the marketing managers is to ensure that, there is a wider influence on customers’ expertise, proper instance schedule, and defining and predicting the demand geared to produced commodities. As a marketing student, these are the modules to grasp which find wide application in the field of marketing management. My degree in marketing management is a theory focusing on practicality and reality in the business environment. The skills acquired range from commercial norms, type of engagement industry, and the business magnitude. If the business enterprise is bigger, then marketers require higher skills to manage it well (Conley & Friedenwald, 2006, pp.7-9).
A degree in marketing management creates an insight thought to the learners who will make pragmatic business and marketing pronouncements in a vastly growing market full of demands and liquidities. Companies need brand design, media residencies, proper distribution of goods, and clear management that will succeed in vending the products. This is what I learn in my marketing degree. Wide and extensive knowledge of customer needs and their feedback achieved in class is a reckoning force that is instrumental in determining the demands of customers through brands created and marketing strategies employed for the welfare of the firm. A degree in marketing gives one an insight on how to develop a modality that will enable one to calculate the profitability of a brand or product. On the other hand, such calculations will help an organization to ensure there is a unified success both in sales and production (Jenkinson, 2006, pp.248-252).
Some people may argue that everybody is a marketer whether with a degree or not. However, a degree in marketing exposes one to marketing researches, which somebody who has no knowledge in marketing research cannot undertake. There should be a mutual understanding of strategic marketing, which is the main source of consumer behavior and characteristics. To learn strategic marketing, one requires skills taught in class by researchers who have experienced market trends. Strategic marketing involves modules that create a business environment, which tolerates the concentration of a firm’s resources. This helps to realize a competitive market with increased sales, through the application of appropriate marketing strategies. The central role of a marketer is to ensure that there is customer satisfaction, hence the main importance of marketing degrees. A marketing degree encompasses strategic models, different types of methodologies, plans and steps to undertake, and most important, strategic corporate ideologies. A marketing degree helps an individual to dedicate and focus modalities that will create higher sales and perhaps reach the targeted market forte.
As a marketer, the skills learned in-class work are instrumental in making promotions of products produced by a firm. If firms need to sell their produces effectively and make a higher percentage profit, then all must start with excellent product promotions. On the other hand, making good judgments on product costs, first-class distribution environments, and outstanding relations with other stakeholders can propel a business up the economic ladder. Conducting correct sale procedures determine the amount of revenue generated by organizations, and they sorely depend on marketing strategies. If poor marketing strategies are applied, then all organizations expect is poor business transactions caused by meager demands from customers, who are consumers of products produced by different firms. Marketing strategy as a module of marketing management enables a marketer to manage the targets of a firm. This is because they help to determine a viable market, where demand is high, when and where to carry out market promotions. In addition, they help to determine how a firm can distribute resources to all departments to achieve success in its business.
Through learning, marketers are able to learn how to handle customers who are the main backbone of a firm’s revenue. Individuals who prospect to be marketers must know how to use customer knowledge effectively in realizing their wants and rejections. In addition, the knowledge helps to know how to search for a viable environment where demand is lofty and competition is at the brim. A marketing career requires a marketer to have enormous skills in terms of corporate targets, operations, and policies, which establish the success of the firm in terms of demands and sales. Moreover, a degree in marketing is rich in useful skills concerning market trends from capitalization to supremacy (Bush, Shannahan & Dupuis, 2007, pp.40-45). One is able to distinguish between different types of market trends like who is a follower, a niche, a challenger and a market leader hence make a sound judgment on what to add to a market. This in turn will increase competition and create profound sales of commodities produced. Penetration into market dominance is not in-born but rather acquired through learning and acquiring experience from the arena of marketing.
New product development and a good strategy framework form an integral part of a marketing professional. Product differentiation and market segmentation are leadership strategies acquired through learning whereby, communication skills play an important role in ensuring the success of a firm’s strategic marketing policies. Marketers are able to develop marketing plans for their companies later in their profession because they have extensive knowledge of the same. On the other hand, demand realization requires convincing customers to buy expensive and cheap products through proper sensitization of such products. The majority of actions by marketers sway Customers, which include making research proposals, determining the price of the products (in an aggressive market environment), proper promotional services, and superb distribution of products to potential customers. These market segmentation strategies help in solving multifaceted situations facing marketing strategies of a specific firm’s market segmentation.
Any business enterprise whether small or big demands business ethics and adherence to business law. Strategies used by marketers during the overall process of strategy internalization will depend on the amount of knowledge acquired through learning. A firm’s reputation and its business environment are fostered by research and consumerist projects, hence consideration of many marketing factors (Maignan & Ferrel, 2005, pp.3-5). Strategic marketing plans originating from professional marketers try to answer complex situations, which determine the viability of the business. Through research, marketers realize the strengths and weaknesses of a firm, achievements, and customer demand. In addition, researchers can learn methods of increasing an organization’s promotions in order to attract more and more customers. Marketers and organization’s management realize business behavior by the conceptual analysis of the demands from market feasibility. This induces a signal to the firm and marketers on whether to adopt different measures or employ new mechanisms to deal with the problems that may tend to jeopardize the entrepreneurial setting of an organization.
In conclusion, Marketers are the driving forces of firms and all business organizations, if the product sale and customer demand are under question, then the potentiality of organizations should question the potential of marketers. Good marketers are those who can transform their knowledge into finished products. In a marketing language, both the organization and consumers see products produced as clarifications, whereas promotions constitute a demanding portfolio from customers. Fixation of the price on services and products gives worth to a company, which must generate enough revenue to cater for expansion and business fitness. If an organization or a business unit distributes services and products according to the knowledge of the marketers then, there will be easier accessibility of such goods by customers hence a higher demand. Generally, a marketing degree is good for a business to thrive as one can apply it in ensuring proper marketing strategies, increased demand from customers, making research proposals, and determining a viable market environment.
American Marketing Association, 2007. Definition of Marketing. Web.
Bush, V.D., Bush, A.J., Shannahan, K.L.J., and Dupuis, R.J., 2007. Segmenting markets based on sports orientation: An investigation of gender, race and behavioral intentions. The Marketing Management Journal , 17(1), 39-50.
Conley, C., and Friedenwald, F., 2006. Marketing that Matters . San Francisco. Koehler Publishers. Web.
Jenkinson, A., 2006. Do organizations now understand the importance of information in Providing excellent customer experience? Journal of Database Marketing & Customer Strategy Management , 13(4), pp.248-260.
Maignan, I. and Ferrell, O.C., 2004. Corporate social responsibility and Marketing: An Integrative framework. Journal of the Academy of Marketing Science , 32(1), pp. 3-19.
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Marketing Management Concept Overview Essay
Introduction, role of market insights in enabling outside-in strategies, role of market insights in analysing customer behaviour, role of market insights in customer centricity, role of market insights in dealing with abundance and automation, reference list.
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The industry of market research was orderly, predictable and fairly calm in the past days when professionals worked for suppliers and companies in marketing departments. These professionals worked in an environment with well defined space and roles. As such, they were specialised in research where they assessed various attitudes that affected consumer behaviour (Peck & Payne 2008, p. 13).
In addition, statistics, survey designs, voter behaviour, and sociology became an important strategy in marketing. This was followed by apprenticeships where professionals were promoted to project directors from research assistants. A bit of predictability and stability were obtained in this system of market research, but it did not last for long.
In the recent past, many organisations have experienced a growth in customer relationship management, market research, data mining, and competitive intelligence. It has become a crucial strategy for companies to clearly understand their marketing approaches as well as identify and know each of their customer’s taste and needs since this information is fundamental in marketing (Powell 2010, p. 300).
Besides, understanding the customer’s requirements helps organisations to open new markets and services that suit the needs of their clients. On the other hand, it is thought that an individual customer is equivalent to an atom of business, and a group of individuals comprise a market with huge potential for demand.
Insight in marketing plays an important role in shaping the strategies of outside-in companies.
Insights that are strategically useful address the real needs of the customers, identify places of weakness where other companies are likely to exploit, give possible explanations concerning customer defections and ways of retaining them, predict the likely outcome if a company cuts prices of selected products, and choose the most appropriate media to be used in marketing.
Also, these insights are valuable to a company because they assist in the development of strategic decisions regarding the outside-in companies in many ways.
To begin with, strategy decisions act as a guideline for a company to draw fact-based and practical conclusions. This is because market responses that drive the customer’s value and market structures related to competitive positions and segments are developed and used by outside-in companies through a widespread database. The factuality of these decisions results from the captured profitability of the outside-in companies.
Again, practical information regarding the market is obtained through the value that firms accord ethnographic work, which statistically analyses and predicts models (Anderson 2011, p. 20). On the other hand, the development of strategy decisions helps firms to anticipate their competitors’ countermoves and moves.
The fact that today’s world is interdependent makes it essential for a company to identify and understand its potential competitor. For example, the software game that was developed by Nintendo was an original idea of Microsoft and Sony. Nevertheless, the Wii of Nintendo provided an enjoyable experience with appealing demographics.
On the contrary, the production costs of Nintendo were less since their game lacked expensive features like those of Sony and Microsoft. Overall, this was possible because Nintendo took advantage of the closely associated operations between Microsoft’s Xbox and Sony’s PlayStation. In addition, Nintendo was aware that it was not going to face attacks from its competitors.
Furthermore, market insights develop strategic decisions that in turn connect with networked customers. This is because of promising new channels and media that have effectively increased access to customers at fragmented costs. This move has seen the loss of efficacy in traditional methods of communication such as mass media (Fiol & Marlene 2011, p. 191).
The invention of facebook and twitter has enabled firms to engage directly with customers, and this has been advantageous to firms since they understand their customer’s taste, where and when they need their products. One practical example can be drawn from Hewlett-Packard when they were designing their new entertainment laptop.
The company launched an online competition via MTV and the web, where the announcement attracted over five million hits. In fact, this latest development forced HP to reassess its sales strategy. In other words, the concept of outside-in thinking has made it easier for firms to interact freely with their customers in a productive manner.
Finally, it is factual that a company with good insight into its market identifies and acts on growth opportunities before its competitors (Irons 2007, p. 6). For instance, the customers of Walmart Pharmacy could not afford the company’s full prescription and therefore broke the pills into half.
In attempt of utilising this opportunity, Walmart offered cheaper prescriptions at $4. Inasmuch as this prescription included generic medications, this move brought a series of customers most notably the uninsured into Walmart.
It is illustrious that customers who belong to a particular company form its market, and it is the responsibility of these companies to decode their customer’s demand force. When a company knows its potential customers and the particular benefits they achieve from their products, it becomes easier for that company to predict and explain its performance.
It is the role of marketing units in companies to integrate all broken pieces of information regarding their customers. This information is then transformed into recommendations that are channelled into board members of a particular company for action.
In the long run, the customer’s behaviour is well understood. Thus, appropriate communication strategies between a company and its target are derived and this leaves the company in a better position to enhance trust between itself and its consumers.
In order to identify market insights, firms analyse transactional database and conduct market research. This has made it possible for companies to determine each customer’s price sensitivity, usage patterns and preferences. Hence, this information remains pivotal in retention, determination of cross sell policies and pricing of products within a company.
However, this will not be possible unless companies aim at attracting potential customers into their market through a precise evaluation of customer attitude. Presentations of market insights can be in the form of segmentations, control experiment verses test results, cause-effect relationships, rejected or confirmed hypothesis, and various scores on financial and marketing metrics.
Moreover, market strategies involve the identification of how and where to compete effectively. In order to achieve this, a proper market insight is needed to establish the customer’s taste, segments and the 4P’s. It is the synergy of technological advances, proper understanding of the market and its trends that differentiate between a successful and an unsuccessful company (Wright 2008, p130).
In line with the ongoing discussion, it is only possible for a company to set successive long term approaches if it focuses on its customers. For example, firms have been unsuccessfully struggling to assess various long term effects of their promotions.
It was until they adopted their customer’s measure of promotional activities that they were able to determine their loyalty. This way, the seemingly unprofitable promotions maintained a cheap image that in turn retained their customer’s loyalty.
It is thought by many people that customer centricity is the process of replacing traditional product marketing strategies with current consumer trends. However, the correct definition of customer centricity is the process of balancing the requirements of the consumer with those of the company.
The term can as well be defined as the art of resisting the implementation of product strategies without understanding the real requirements of the customer. When a customer’s need is not understood, then the real importance of this customer is not reflected (McKitterick 2007, p.81). This explains why in some firms the position of the chief customer officer has been created.
The convergence of customer service, sales and marketing within a company reflect the position held by the chief customer officer. As such, the chief customer officer holds all information regarding customer insights.
This information is in turn transferred to the chief executive officers in boardrooms who then use it to draw critical business decisions. Finally, when information about customers is in the hands of the chief customer officer, it is likely to be taken seriously.
In the present world, the sources of market insight are more than in the old days. This is because of advanced technology that provides massive volumes of instantaneous feedback. The information that is hidden in this feedback is then decoded using digital technologies (Guthrie 2010, p. 30). This explains why many firms that operate on real time database are able to make instantaneous but well informed decisions.
It is not by surprise that firms of the gone days would not have passed most compliance tests such as the YK2. For example, in the golden age of database update through direct mails, it would have taken a firm at least three months to establish if its campaign was successful or not. Technology has made it possible for firms to judge an email campaign almost immediately after deployment.
It is also advantageous for companies to change the content of the campaign should they want to, assess the deliverability of their mails, determine the rates at which their mails are opened, and determine the actual number of customers who convert the mails into purchases.
Furthermore, customers no longer queue outside customer care centres for their issues to be solved, rather they tweet their feelings. Also, it is possible to start online community forums that involve even the uninterested individuals since all they need to do is to embellish their personal observations.
It is the role of insight in marketing that has enabled firms to have abundance of data regarding their products. Technology plays a major role in data collection, handling and processing resulting to appropriate conclusions (Davis 2009, p. 65).
The role of insights in marketing has resulted to automation of operations in many companies. This is possible because of broadening market trends and the complicated nature of the market. Despite the fact that the scarcest resource is human capital in any marketing unit, it is common nowadays for companies to harmonise repetitive tasks (Kotler 2008, p. 30).
Savings resulting from the freed up human capital are reinvested in qualitative initiatives. In other words, when a company automates most of its operations, it becomes obvious that a spare resource is created. This spare resource plays a role in ensuring that most of the issues in market insight are addressed.
This is the same scenario in RAPP, a company that has embraced the t-shape technology. Here, candidates with the capacity of widening their knowledge but with specialisation in a particular field are employed.
In the past, most companies focused on marketing their products to consumers without paying attention to their needs. This marketing was done by professionals whose work was relatively predictable. However, companies have realised the important role played by customers within today’s competitive market. Thus, it has become relevant for these companies to come up with strategies that make their business lucrative.
As firms come up with strategic objectives, it becomes imperative that they include customers since they play a critical role in the marketing sector. Besides, when a company understands its market well, it is able to strategise on how to overcome the consistent threats that other companies present. Again, it becomes easy for a company with good insight into its market to understand the behaviour of its customers.
This is advantageous because a sense of common understanding and trust is generated between such a company and its target. On the other hand, excellent market insights play a significant role in the establishment of customer centricity and in dealing with automation of operations in places of work.
Anderson, P 2011, ‘ Marketing, Strategic Planning and the Theory of the Firm’, Journal of Marketing , vol. 46 no. 4, pp. 15-26.
Davis, K 2009, Marketing Management, The Ronald Press, New York.
Fiol, C & Marlene, Y 2011, ‘Managing Culture as a Competitive Resource’, Journal of Management, vol. 17 no. 1, pp. 191.
Guthrie, J 2010, ‘The management, measurement and the report of intellectual capital’, Journal of intellectual capital, vol. 2 no. 1, pp. 27-41.
Irons, K 2007, The marketing of services approach to achieving competitive advantage, McGraw-Hill, New York.
Kotler, P 2008, Marketing management, New Jersey, Prentice Hall.
McKitterick, J 2007, ‘Marketing Management Concept’, Marketing Thought , vol. 4 no. 3, pp. 71-82.
Peck, H & Payne, A 2008, Relationship Marketing, Butterworth Heinemann, Oxford.
Powell, W 2010, ‘Network Forms of organization’, Research in organizational Behaviour , vol.12 no. 7, pp. 295-336.
Wright, MA 2008, ‘A Contingency Model of Marketing Information’, European Journal of Marketing , vol. 32, no. 2, pp. 125-144.
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Short Essay on Marketing Management and Its Importance
Marketing management.
Marketing management sounds like a very complicated word to many. It is the process where strategies are developed and are planned for the promotion of services. Marketing management helps a product or a service to reach the target customer segment.
Marketing management also makes use of the firm’s resources to increase sale by improving the customer base. It also helps to bring in customer options about the products or services offered by a company. The strategies implemented are of utmost importance when a new product gets launched and the process involves development, its advertising, the promotions and the sales.
The importance of marketing management can be highlighted with the advantages that are listed below.
- Marketing helps to widen the market and also makes sure the product or the service reaches the target audience.
- Marketing management also helps in the proper utilization of the resources and in some situations, this can even reduce the cost per unit.
- Marketing can also provide a boost to various other sectors like transport, warehousing, banking etc.
- Marketing management helps bring in a new product to the market, which can also raise the standard of living of the people. If the commodity or the product’s price is low, even the poorer sections will find a number of products that are within their reach.
- Marketing management involves a number of tasks and helps in the expansion of the company, which in turn creates a good number of job opportunities.
- Marketing management also helps to stabilize the economic conditions of a country. It helps to bridge the existing gap between the producers and the consumers. It acts as a connecting belt between the production and the consumption.
- Marketing management can also act as a basis to make informed decisions. A number of times, entrepreneurs are confused with the kind of products they need to launch for the local markets. Marketing helps to clear such confusions as it involves a lot of research and planning before a product is launched.
If you haven’t used Marketing management for your business, it is time you do so.
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