Marketing management

Structure

Marketing management employs tools from economics and competitive strategy to analyze the industry in which the firm operates. These include Porter’s five forces , strategic analysis of strategic groups of competitors, value chain analysis and others. ^[1] Depending on the industry, the regulatory context may also be important to consider in detail.

In competitor analysis , marketers build detailed profiles of each competitor in the market, focusing on their relative competitive strengths and weaknesses using SWOT analysis . Marketing managers will examine each competitor’s cost structure, sources of profits, resources and competencies, competitive positioning and product differentiation , degree of vertical integration , and historical responses to industry developments.

Marketing management often conduct market research and marketing research to perform marketing analysis. Marketers employing a variety of techniques to conduct market research

• Qualitative marketing research , such as focus groups and various types of interviews
• Quantitative marketing research , such as statistical surveys
• Experimental techniques such as test markets
• Observational techniques such as ethnographic (on-site) observation

Marketing managers may also design and oversee various environmental scanning and competitive intelligence processes to help identify trends and inform the company’s marketing analysis.

Brand audit

A brand audit is a thorough examination of a current position in an industry compared to its competitors and the examination of its effectiveness. When it comes to auditing, the questions should be carefully assessed and assessed:

1. business strategy is working,
2. what is the company’s established resource strengths and weaknesses,
3. what is external opportunities and threats are,
4. how competitive the business
5. how strong the business’ competitive position in comparison to its competitors is, and
6. what strategic issues are facing the business.

When a business is conducting an audit, the goal is to uncover business resource strengths, deficiencies, best market opportunities, outside threats, future profitability, and competitive standing in comparison to existing competitors. A brand audit establishes the strategic elements needed to improve the position and competitive capabilities within the industry. The term is audited, any business that ends up with a strong financial performance and market position.

A brand audit is considered to be increasing, decreasing, or stable. It determines the company’s margin of profitability and is much better. In addition, the company has reported a net profit, the return on existing investments, and its established economic value. It determines whether or not the business of all financial strength and credit rating is improving or getting worse. This kind of audit also assesses a business’ image and reputation with its customers. Furthermore, a brand audit is determined as an industry leader in technology, offering product or service innovations, along with exceptional customer service,

A brand audit usually focuses on business strengths and resource capabilities because these are the elements that enhance its competitiveness. A business’ competitive strengths can exist in several forms. Some of these forms include, but are not limited to, “qualifying”, “valuable assets”, “valuable assets”, “valuable intangible assets”, “competitive capabilities”, “achievements and attributes” and “competitive business assets”.

The basic concept of an audit is to determine whether a business is a competitive asset or a competitive asset. This type of audit aims to ensure that the business maintains a distinctive competence that allows it to build and strengthen its competitive advantage. What is more, a successful brand in the search for a business capitalizes on the best, its level of expertise, resource strengths, and strongest competitive capabilities, while aiming to identify a business position and future performance.

Marketing strategy

Two customer segments are often selected because they score highly on two dimensions:

1. The segment is attractive because it is large, growing, makes frequent purchases, is not price sensitive (or is willing to pay high prices), or other factors; and
2. The company has the resources and capabilities to compete for the segment’s business, can meet their needs better than the competition, and can do so profitably. ^[2]

A cited cited definition of marketing is simply “meeting needs profitably”. ^[3]

The implication of selecting the target segment (s) is that the business will be allocated to the target segment (s) than it will be for other, non-targeted customers. In some cases, the firm is going to be a part of the market. The doorman at a swanky nightclub, for example, the “high fashion” segment of nightclub bosses.

In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company, product, or brand to occupy in the target customer’s mind. This positioning is often an encapsulation of a key benefit of the product or service that is differentiated and superior to the benefits offered by competitive products. ^[4] For example, Volvo has traditionally been in the automotive market in North America in order to be perceived as leading in “safety”, with BMW having a tradition of being perceived as the leader in “performance”.

Ideally, a firm’s positioning can be maintained over a long period of time because of the company’s possesses, or can develop, some form of sustainable competitive advantage . ^[5] The positioning should also be relevant to the target segment. ^[4] To sum up, the marketing of a company is to deal with the selling and popularity of its products among its customers and its customers, as the central and eventual goal of a company is customer satisfaction and the return of revenue.

Implementation planning

If the company has obtained an adequate understanding of the customer base and its own competitive position in the industry, marketing managers are able to make their own key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm. The selected strategy may include a variety of specific objectives, including optimizing short-term margins, revenue growth, market share , long-term profitability, or other goals.

After the firm’s strategic objectives have been identified, the target market selected, and the market positioning of the product marketed. Traditionally, this has been implemented in the world of product management , pricing (at what price slot is a product position, eg low, medium or high price), place (the place where the products are going to be sold, which could be local, regional, countrywide or international) (ie sales and distribution channels), and Promotion.

Taken together, the company’s implementation choices are often described as marketing mix , meaning the mix of elements of the business will employ to ” go to market ” and execute the marketing strategy. The overall goal for the marketing mix is ​​to deliver a value proposition that builds customer loyalty and brand equity among target customers, and achieves the firm’s marketing and financial objectives.

In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve business objectives. The content of marketing plans varies from firm to firm, but

• An executive summary
• Situation analysis to summarize facts and insights from market research and marketing analysis
• The company’s mission statement or long-term strategic vision
• A statement of the company’s key objectives, often subdivided into objective marketing and financial objectives
• The marketing strategy the business has chosen, specifying the target segments to be pursued and the competitive positioning to be achieved
• Implementation choices for each element of the marketing mix (the 4 Ps)

Project, process, and vendor management

More broadly, marketing managers work in the design and improvement of the core of marketing processes , such as new product development , brand management , marketing communications , and pricing. Marketers may employ the tools of business process reengineering to ensure these processes are properly designed, and use a variety of process management techniques to keep them operating smoothly.

Effective execution may require management of both internal resources and a variety of external vendors and service providers, such as the firm’s advertising agency . Marketers may be coordinating with the company’s Purchasing Department on the procurement of these services. Under the area of marketing management agency (ie working with external marketing agencies and suppliers) are technical Such As agency performance assessment, scope of work, incentive compensation, RFx ‘s and storage of agency information in a pleading database .

Reporting, measurement, feedback and control systems

Marketing management employs a variety of metrics to measure progress against objectives. It is the responsibility of marketing managers to ensure that the performance of marketing programs achieves the desired objective and is cost-effective .

Marketing management often makes use of various organizational control systems, such as sales forecasts , and sales force and reseller incentive programs, sales force management systems , and customer relationship management tools (CRM). Some software vendors have begun using the term marketing operations management or marketing resources management . In some cases, these efforts may be linked to various supply chain management systems, such as enterprise resource planning (ERP), material requirements planning(MRP), efficient consumer response (ECR), and inventory management systems.

International marketing management

Globalization has made some firms to market beyond the borders of their home countries, making international marketing a part of those firms’ marketing strategy. ^[6] Marketing managers are often responsible for influencing the level, timing, and composition of customer demand. In part, this is because of the role of a marketing manager (or sometimes called managing marketer in small- and medium-sized enterprises) can vary significantly based on a business’s size, corporate culture , and industrycontext. For example, in small and medium-sized enterprises, the managing marketer can contribute to both managerial and marketing operations roles for the company brands. In a large consumer products company, the marketing manager may act as the overall manager of his or her assigned product. ^[7] To create an effective, cost-effective marketing management strategy, firms must possess a detailed, objectiveunderstanding of their own business and the market in which they operate. ^[2] In the context of these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning .

See also

• Enterprise marketing management
• Marketing effectiveness
• Marketing performance measurement and management
• Marketing resource management
• Predictive analytics
• Strategic management

References