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Marketing Management
- 1. Rashi Wadhwa
- 2. Marketing Management Marketing Management Marketing Management Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. According to F.W. Taylor, "Management is the art of knowing what you want to do and then seeing that they do it in the best and the cheapest may." Marketing management is the art and science of choosing target markets and getting and growing customers through creating delivering and communicating superior customer values of management.
- 3. Identifying Needs and Wants Creating a Market Offering Customer Value Exchange Mechanism
- 4. Creation of Demand Capturing Market Share Building Goodwill Profitable Sales through Customer Satisfaction
- 5. Society / Consumers Increase in standard of living Employment Opportunities Economic Stability Creates Utility Satisfaction of Human Wants Organisation Gain Income Marketing Information Source and Channel of New Ideas Decision Making
- 6. Marketing Information and Research Product Planning Sales and Distribution Advertising and Promotion
- 7. 1. • Setting Marketing Objectives 2. • Analyzing Marketing Opportunities 3. • Researching & Selecting Target Market 4. • Designing Marketing Strategy 5. • Planning Marketing Strategy 6. • Organising, Implementing & Controlling the Marketing Efforts
- 9. Product Price Promotion Place People Physical Evidence Process
Editor's Notes
- Goal-Setting The purpose of goal-setting is to clarify the vision for your business. This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Finally, customize the process for your staff, give each person a task with which he can succeed. Keep in mind during this process your goals to be detailed, realistic and match the values of your vision. Typically, the final step in this stage is to write a mission statement that succinctly communicates your goals to both your shareholders and your staff. Analysis Analysis is a key stage because the information gained in this stage will shape the next two stages. In this stage, gather as much information and data relevant to accomplishing your vision. The focus of the analysis should be on understanding the needs of the business as a sustainable entity, its strategic direction and identifying initiatives that will help your business grow. Examine any external or internal issues that can affect your goals and objectives. Make sure to identify both the strengths and weaknesses of your organization as well as any threats and opportunities that may arise along the path. Related Reading: Industry Strategic Management Process Strategy Formulation The first step in forming a strategy is to review the information gleaned from completing the analysis. Determine what resources the business currently has that can help reach the defined goals and objectives. Identify any areas of which the business must seek external resources. The issues facing the company should be prioritized by their importance to your success. Once prioritized, begin formulating the strategy. Because business and economic situations are fluid, it is critical in this stage to develop alternative approaches that target each step of the plan. Strategy Implementation Successful strategy implementation is critical to the success of the business venture. This is the action stage of the strategic management process. If the overall strategy does not work with the business' current structure, a new structure should be installed at the beginning of this stage. Everyone within the organization must be made clear of their responsibilities and duties, and how that fits in with the overall goal. Additionally, any resources or funding for the venture must be secured at this point. Once the funding is in place and the employees are ready, execute the plan. Evaluation and Control Strategy evaluation and control actions include performance measurements, consistent review of internal and external issues and making corrective actions when necessary. Any successful evaluation of the strategy begins with defining the parameters to be measured. These parameters should mirror the goals set in Stage 1. Determine your progress by measuring the actual results versus the plan. Monitoring internal and external issues will also enable you to react to any substantial change in your business environment. If you determine that the strategy is not moving the company toward its goal, take corrective actions. If those actions are not successful, then repeat the strategic management process. Because internal and external issues are constantly evolving, any data gained in this stage should be retained to help with any future strategies.
- Let’s look at each of these components in a little more detail: Marketing Mix – People This is where it all begins, people. First it’s very important that you find out through research if there are enough people in demand of a certain types of products and services. Typically you can get a good idea of the demand for certain products and services by conducting thorough keyword research. In certain markets there may be several different types of products which can cater to a particular segment of people. If there is a high demand of certain types of products, then this can be great news for you. This will help you when it comes to creating your sales funnel, and for future product development for repeat sales to that segment of people down the road. The “people portion” can also include the people who you have hired to take care of certain tasks and operations for you within your business. These are the people who might run your support desk, take care of customer service, copywriters, programmers you may need to utilize from time to time etc. When you can find people who genuinely believe in the products or services that your online business creates, it’s much more likely that they’ll perform the best that they can for you. Also, they’re more apt to give you honest feedback and input into the types of products you are producing. This can lend itself to that “team spirit” which helps to make things run as smoothly as possible. That can within itself, give you a huge competitive advantage with your market place. When you have happy staff that deals with your customers in an efficient timely manner, who do you think a customer is going to want to deal with again when it comes to another type of product that your business offers? Sure, perhaps there might be competitors offering something similar, but if your customers are treated great from the get-go, it’s you that they are going to want to deal with again in the future! Marketing Mix – Products Do you have the right products for the market you are trying to target? As mentioned earlier, you absolutely need to have the right types of products that are in demand for your market. But, how do you know? A great place for finding out the types of products that your target market might want to get their hands on is inside of online forums. What types of questions are they asking in threads? What types of responses are they getting to their questions? Are there already products available that may address their situation? If there is, you might want to ask yourself, “Well, what can I do to offer a better product to this group of people than my competitors. What can give me the edge to stand out?” I can’t tell you how many times I’ve been inside one of the Skype groups I belong to where people are asking where they can find a certain script that does “this or that”, or who provides the best solution to a service they are needing. Skype groups can provide you with some good marketing intel. It may be something you want to consider when looking for a product or service you might want to create. Facebook groups can be great for this type of research as well. Marketing Mix – Price Price is the next thing that’s important within your “marketing mix.” This is actually an area where you have to be somewhat careful, plus, be mindful of what your target market might actually be willing to pay. On occasion myself when I’ve been looking at a certain product I’ve said, “Are you kidding me?” Hey buddy, “Sure, maybe if your name was Frank Kern or Jeff Johnson I was already expecting to pay that much, but who the hell are you?” This is a touchy area. If you or your company hasn’t made a big name for itself already in a particular market, it’s unlikely that people would be willing to pay you the types of fees that some of the bigger marketers or businesses command. That’s not to say, they won’t in the future, but you must be realistic of where you are positioned in the present time. Pricing has a lot to do with how a product is perceived as well. If you price your product too low, then it might be considered as somewhat inferior to your competitions. Then again, if you try and shoot too high, you could be shooting yourself in the foot, since people may not think the benefits of the product or service are worth your asking price. Be sure to take a good look at your competitor’s products and services, their positioning, and how you think you’ll best fit in to be competitive in the market. If you already have current customers, you might also want to survey them to get some good honest feedback. Marketing Mix – Promotion The fourth “P” in the “marketing mix” is Promotion. This part of your process in your marketing plan can include several components in how you are getting the word out about your product, including: PPC Article marketing Social media marketing such as Youtube, Facebook, Twitter etc. JV partners Media buys Your combination and how you go about promotion will depend on your budget, the message you want to communicate, and the group of customers you are targeting. Things to consider: How much money you have to spend Access to partners willing to promote for you The types of incentives you can offer For best results, you may want to consult a professional in this area to lay out an optimal strategic plan for you. Marketing Mix – Place At first glance, you might think place is obvious. Of course, you’ll be selling your products or services from your web site; however, you can leverage the use of several sites to help you get more sales. For instance, you may want to list your product or service inside of one or more affiliate networks. This can be extremely powerful, especially if your product is well received and becomes popular among affiliates wanting to promote for you. Some places to consider listing your product: Clickbank JVZoo Digiresults PayDotCom Plimus Commission Junction There are many affiliate networks out there. I suggest you check out several of them to see where your product can fit in well. Marketing Mix – Process The next thing to consider within the marketing mix is the process of how your products are delivered. This is generally the technical part of the equation. For this you are going to need an effective “sales system”. It’s how you are going to get paid, and deliver your products. For most digital products this is all done online. However, if one of your products or services happens to be physical, you might require the use of a distribution company. There are several effective sales systems available on the market today. You’ll want a system that is capable of handling your main offer and any possible upsell or downsell offers. Of course you’ll also want to be implementing a system that is capable of integrating Aweber or Get Response as well, so you can be building your buyers list of customers at the same time. Some you might want to look into are Infusionsoft, RAP, IDev Affiliate, or others. There are many to choose from, that fall into different budgets. Take the time to figure out what you think will best suit your needs. Marketing Mix – Physical Evidence When it comes to online marketing “physical evidence” pertains to how you, your products, or your company is presented in the market place.
- Product Line Firms may decide to split their product mix into groups known as product lines. A product line is a number of products grouped together based on similar characteristics. The characteristic used to split products, will depend on the firm and its product strategy. They include product price, product quality, who the product is aimed at (target group), and product specification/features. For example Samsung's mobile phones are divided into product lines based on the following features; touch screens, slider/folders, QWERTY keyboards and bar phones. Product lines help firms manage their products as product strategy can be designed around product lines. This is useful if the firm has a large product mix as there is less need to concentrate on individual product type strategy. Product Line Length The product line length shows the number of different products in a product line. A long product line has lots of different products in it and a short product line has a small number of different products. The product manager's job is to work out how many products to include in the product line. If there are too many product types in a product line, they will begin to compete with each other, increase costs unnecessarily and even confuse customers. If the product line is too short it will limit customer choice and send customers to competitors with a greater selection of products. Product Line Depth Some of the product types in a product line may be split again into groups, the product line depth shows how many subgroups the product line contains. For example Samsung have split their mobile phones into the following product lines touch screens, slider/folders, QWERTY keyboards and bar phones. Each of these product lines can be further split into subgroups at the time of writing this article Samsung had 7 slider mobile phones and 32 touch screen mobile phones, 32 is a deep product line. Product Line Stretching Product line stretching occurs when a business adds new product to the product line and the new product types are of a higher or lower quality than existing products in the product line. If the new product types are cheaper or of a lower quality it is known as a downward stretch. If the new product types are more expensive or of a higher quality it is known as an upward stretch. Supermarkets often stretch product lines by offering value, standard and premium versions of their own brand products. Product stretching enables firms to fill anyGaps they have identified in the market. Product Mix Width The product mix width is the number of product lines in the product mix. A wide product mix increases the type of customers a firm can target. However it may involve a lot of work as each product line will require a strategy and management. It could also reduce specialisation as it is difficult to offer every variant of a product type if you are selling lots of different types of product. A narrow product mix may be easier to manage and allow the firm to specialise in particular product lines and product types. However a small product mix reduces the type of customers a firm can target as they can't cater for everyone's product "needs and wants".