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Appreciation of Marketing and Its Management
Significance of marketing management is in its functions that are aimed at the distribution of products and/or services. Based on the ideas of Philip Kotler, marketing management is “the combination of analysis, planning, execution and control of projects that are aimed at achieving business objectives referring to the particular company operating in a certain target market”. It also combines the ability of companies to meet the needs of target customers with respect to the pricing policies, interactions with target customers and distribution of innovative business solutions that are of the highest quality in the target market. Marketing management also corresponds to the ability of companies to foresee the changes in the target industry that are followed by instant executions of all the ideas and plans, aimed at managing the demands of all the parties involved. Marketing management also concerns the need to create certain sales plans that should be met in terms of effectiveness of promotion campaigns, channels of distribution and highest quality of products and exceptional customer care services.
Overall, marketing management is a process that strives to achieve company’s goals, considering the means of planning, execution and monitoring of all business activities. Marketing management is important, since the companies need to compete in their target markets by means of constantly improving their distribution channels. This also implies the ability of businesses to decrease their costs for the top quality products and/or services in the target markets. At the same time, it is anticipated that such actions will, in the long run, lead to the overall increase of profits for the particular business. Hence, marketing management is the most essential function of any business that compensates the commercial side of any enterprise. For example, significance of the marketing management for the companies could be represented with the following factors: entering new target markets with the innovative products of the highest quality, improving the existing offers in the contemporary target markets, decreasing business expenses for both distribution and sales, managing business operations in the export market, establishing business communication both internally and externally, and, finally, increasing the overall income with respect to the demand of the target customers for the certain number of products and/or services.
Impact of Marketing Management on Organizations
The influence of marketing management on the organizations could be understood by its philosophy. In most cases, this marketing management philosophy is based on certain areas of business that are aimed at establishing the process of purchase in the way to make it automatic to the greatest possible extent. At the same time, the idea is that selling products or services is made in the greatest scales, compared to all the competing offers in the target market. However, there is still a need to improve the business processes in particular business concepts, such as “production, product, selling, marketing, and societal marketing”. In other words, by these concepts, the marketing management influences organizations, despite the sort of products or services and irrespective of the target markets. Refer below for more details of how the knowledge of marketing management could help the organizations operate more effectively:
· Production: The idea is that in case the quality of products and/or services is high, the offers could be available all over the place at the reasonable prices, which also means high profits. For this reason, many companies are striving to decrease the costs of their offers, as well as increase their quality through strong distribution channels. However, this is possible only in case the companies sell large scales of products and/or services in the target markets. At the same time, such business strategy applies, in case the demand for business offers exceeds supply. Most importantly, the target customers do not necessarily need to purchase business offers at low prices, and have no issues in locating the needed items.
· Product: The overall quality of products and/or services should be as high as possible. In this case, there is no need to talk about the standards, as the companies should strive to provide their target customers with the top level of quality across the target industry. The purpose for such ideas is to make the target customers attached to the offered products and/or services by means of quality and certain attributes, pertinent to the category of business items. At the same time, such offers should be available at the reasonable prices, so that the target customers could afford them. As a result, the business could become highly profitable and, thus, successful.
· Selling: The goal of this business element is not leaving the target customers alone with their purchase decisions. Instead, responsibility of the companies is to deliver the target customers all the required information to make the proper decisions in favour of the particular business. In other words, such an approach of the companies is aimed at educating the target customers in terms of what they need and what they could do in order to achieve their goals. As a result, such efforts of the companies result in the approach of “selling anything to anyone”. However, it would not be possible, unless there is a certain brand reputation and existence of the on-going advantage of the certain business offers, as compared to the alternative ones in the same target market.
· Marketing: The implications of marketing are rather simple, since everything is about establishing the opinions of the target customers about the business success, based on their overall satisfaction. In other words, target customers should be able to have the products and/or services they need at the reasonable prices, of the highest possible quality and available all over the place on the long-term basis.
· Societal marketing: This is the final element of the mosaic that not only emphasizes on the high quality of products and/or services with respect to the affordable pricing policies for target customers but also focus on the customer and/or societal welfare. In other words, the idea is that the level of satisfaction of the target customers should be on the highest level, in terms of both customer satisfaction and societal welfare in order to make a difference in the target market. Thus, the efforts of the companies should be aimed at both perceptions, as it is the only way to achieve long-term profit of any business across the target industry.
Theories and Models of the Marketing Management
Today, the contemporary businesses take advantage of many different theories and models of marketing management. One of them is the “markets and structure of flows”, which evaluates the resources, manufacturers, customers, intermediaries and government in one system. The next model is the “major actors and forces in the market” that evaluates the overall business environment towards the suppliers, company, competitors, and marketing intermediaries that correspond to the target customers. The other model is the “selling and marketing concepts” that addresses the starting point of any business, including its focus and means towards the annual profits that are oriented around the customers, products and/or services, selling and promotion strategies, and customers’ needs.
The other theory of marketing management is the “determinants of the customer added value” that are presented with the value of business offers, services, image and personnel, along with the number of expenses, comprising of energy, time and human power that turn out to be the customer delivered value. The “generic value chain” is one more model of the marketing management that deals with firm infrastructure towards its margins, such as human resource management, procurement and development of technologies, as well as logistics, operations, sales, marketing and services. One more models is the “level of relationship marketing”, presented with the high and medium margins towards the customers and distribution channels.
The other model is the “customer/product profitability analysis” that outline the growth and/or downturn of either customers or profits. At the same time, there is the “strategic planning, implementation and control process” model that addresses these concepts with respect to planning on all the levels of organization, execution, measurement and monitoring the business processes. The other model is the “relationships among the stakeholders” that outlines the interconnections with all the stakeholders who are in charge of business operations. One more model is the “market attractiveness” that considers the portfolio categories and strategies for the promotion of business offers. Another model is the “Ansoff’s product/market expansion grid” that examines the markets and offers, with respect to the strategy of penetration, development, and diversification.
One more model is the “business strategic planning process” that addresses the business mission, with respect to the business environments, goals, strategies, program, its implementation and feedback from target customers. The alternative model is “7s framework of McKinsey”, that is presented with structure, system, style, staff, skills, strategy around shared values. The additional model is the “views of creating value” that are established by means of creating the product and marketing it to the public with respect to selecting, providing, and communicating the value. The other important model is the 4Ps of marketing, such as the “product, price, place and promotion” around the business. Overall, there are many other model and theories of the marketing management that are used by the companies to increase their position in the target markets. These models are used, based on the business needs and specifics of operations.
Appreciation of Marketing Skills and Their Application in Business
Today, marketing managers need to have certain skills, in order to sustain their businesses in the target markets. However, the idea is mostly about the ability of marketing managers to apply these skills in the business setting (Scott 2011). Below is the list of eight marketing skills that are the most essential in the contemporary world of business:
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· Social media marketing: The use of social media channels is the first one that the successful marketing managers should have. However, compared to the past several years, the perceptions of social media marketing today is rather different. The major channels of concern are Facebook, Twitter, Instagram, LinkedIn, and YouTube. Hence, these social marketing channels are used to promote the business offers all over the web. In other words, the profitability of business directly depends on the ability of marketing managers to take advantage of the opportunities presented by the social media channels.
· Content marketing: This skill is one of the most important ones today, since blogging turns out to be the resource of the free traffic for the vast majority of companies. As a result, the content marketing implications appear to be the effective instruments due to the highly valuable content that the companies offer to their target customers, free of charge. Simultaneously, such free content serves as a way to attract target customers, in order to offer them either products or services of their interest, which is, in fact, based on the preferences on the content read in the past. Therefore, there is a need to take advantage of this marketing solution, in order to attract the customers to the business offers and, thus, increase the level of annual revenues. At the same time, content marketing helps the brands to be promoted in Google trough the number of available platforms for blogging.
· Lead generation: The perception of this concept is not only in taking advantage of traffic and social media marketing, but it is in the overall inbound marketing strategies that create a highly powerful atmosphere around the business brand. This is what is called the lead generation. The marketing managers take advantage of online books, white papers, landing pages, webinars and other resources, in terms of delivering the greatest possible value before asking to purchase anything. In other words, the purpose of the lead generation is to create a so-called place of give and take, where the target customers become interested in the free offers and are willing to invest in the expensive ones. As a result, they get signed up to the newsletter and receive information every time there is a promotion of a new business offer that has a great value for the target customers signed up for a particular business newsletter.
· E-mail marketing: This tool is one more important marketing instrument that is used to take advantage of the subscribers. The idea is not to spam the subscribers but to deliver them the greatest possible value free of charge. At the same time, the information that is delivered for free should be based on customers’ preferences, including their messages in the social medial channels that conclude on their interests and potential purchases. Ultimately, as soon as the markets have the emails of their target customers, they are more likely to sell their business products or servicesю
· Networking and building relationships: The marketing managers should be the people who unite organizations with the common values. This leads to the overall increase of annual revenues and greater target customers, who are satisfied with the business solutions offered in the target markets. For this reason, business owners need to employ marketing managers who are able to interact with people effectively, which will ultimately have many impacts on their business. At the same time, it means that the marketers should be able to build relationships in both online and offline environments. On the one hand, it could be the number of business forums, blogs, and social media channels. On the other hand, it could be the conferences, public meetings, business presentations, forums, etc.
· Internet technologies and customer experiences: Today, the vast majority of people are searching for the support of products and/or services before making the final decisions in favour of purchasing anything. Overall, the experiences of target customers include their attitudes and opinions on the business offers, along with the website positioning, design, responsiveness, professional marketing, etc. Everything should be aimed at the needs and preferences of the target customers in both online and offline practices.
· Customer care service: This service is one of the most demanded in every single business niche. The most well known brands are famous for their exceptional customer care service and 100% customer satisfaction guarantee. For this reason, businesses that are willing to prosper in future should establish an outstanding customer care service today. As a result, they will have a great number of happy and long-term target customers, combined with professional products and additional services will lead the businesses to the top ten companies in the business niche.
· Applying the Pareto Rule: The principle of 80/20 is the essence of marketing management. It strives to take advantage of 20% of actions that lead to 80% of results. In other words, the same 20% of marketing efforts should result in the 80% of sales for any business in every possible target market. Hence, in case the marketing managers understand this rule, the companies they work for will be successful and will have a constantly growing financial reward. In fact, in 80% of Fortune 500 companies take advantage of these 20% in terms of their budget for business efforts and time for marketing.
General Marketing Recommendations to Firms
The recommendations on the application of marketing management principles could be established with respect to the marketing managers and their ability to be proactive in the following business aspects:
· Take advantage of the revenue-based marketing: The marketing managers should be aware of the ways to drive revenue to the companies. Marketing managers should be detached from the corporate goals. Instead, the true need of the marketing management in the business setting is to highlight the problem of the target customers and market the solution in the most demanded ways. As a result, the focus of the company would not be on generating greater profits, but on delivering the best possible solutions to the target customers. Consequently, the higher return on investment will be achieved soon, not as a business objective but as a consequence of the constant improvements, in order to satisfy the needs of the most sophisticated target customers. For this reason, the marketing managers should strive to operate in their business environments, with respect to generating more value to the target market.
· Understand the target market: This is one more concept that the marketers should understand in order to be successful in business. Moreover, the marketing managers should effectively perceive the needs of the target customers and offer superior solutions with regards to the existing solutions of the competing companies. In other words, the idea of understanding the target market is in knowing the true needs of the target customers and offering much better products and/or services, compared to the existing ones. Thus, such offers would be both valuable and unique in the target industry, which will soon result in higher annual revenues.
· Take advantage of storytelling: This is an excellent marketing instrument to establish a great customer experience towards a particular business brand. Today, the vast majority of the target customers pay attention to the testimonials given towards the specific products and/or services of the particular businesses. In other words, these testimonials are the stories of the ways a certain item improved the lives of people. For this reason, the marketing managers should be able to compel powerful stories, in order to promote their target business offers through the promotion campaigns. As a result, the target customers will be attracted to purchase these business offers, as well as they will recommend such solutions further. In fact, it would be the additional stories that every brand should take advantage in both online and offline business environments.
· Test every single step in business: Today, it no longer makes sense to assume anything that takes place in the target market. Instead, the companies need to test everything, as only with this information they will be able to come up with the unique business offers, favourable for both the businesses and their target customers. It includes the pricing policies, advertising specifics, promotion platforms, and many other business aspects. For example, the split testing is one of the ideal solutions to test the effectiveness of business offers.
· Continue learning business matters: Every business sphere is rapidly changing and any dynamics of such changes should be monitored by the businesses in order to become successful in the target markets. Examples of the learning preferences are the constantly changing behaviours of the target customers that change in parallel with the digital technologies. For this reason, the marketers should take advantage of all the available marketing instruments that operate both online and offline. It also means that being the fast learners in business is extremely important to become successful in the target market. The overall idea is to follow the business trends and develop business based on the latest changes in the preferences of target customers and the target industry as a whole.
· Use contemporary marketing technologies: The purpose of this recommendation is to invest in the development of modern technologies, as it defies the proficiency of the businesses to respond to the marketing implications in the target market. For this reason, the marketers should apply the most up-to-date information technologies, as soon as they appear in the target industry, since the companies who are first will finally take the greatest market share. For example, these marketing technologies could be presented with the conventional customer relationship management systems, marketing analytics, a great number of online marketing solutions, marketing automation, email marketing, social medial marketing, website marketing, content marketing and others.
· Delivery based on the deadline or earlier: Many successful marketers take advantage of business schedules in order to manage their projects effectively and complete them on time or earlier. For example, the companies need to promote their marketing campaigns, based on their anticipated dates of launch. In other words, the companies need to make sure they deliver, based on the set deadlines by all the possible means.
· Communicate effectively: The art of communication is what helps the target customers and businesses to understand each other. For example, content marketing is one of the tools to take advantage of communication mechanisms by means of testimonials, sales letters, promotion campaigns, blog articles, landing pages, etc. Therefore, the marketers should take advantage of communication specifics in order to attract the target customers to business offers promoted by the companies in the target markets. Check also our article on marketing principles here.
Marketing Management Problems
The problems that exist today with regards to the marketing management relate to the number of aspects that are still underestimated by the marketing managers in the target markets. In fact, it makes sense, irrespective of the business niches, business scenarios or scales of the companies in the target industries. Therefore, below is the list of top problems that many companies still face today:
· Business-threatening thinking skills: Irrespective of the informational age, there are many companies that still experience problems with thinking critically when analysing the needs of the target customers, including the needs of employees and other parties involved. It also reflects the implication of validity of business data that is important to make the proper decisions, analyses the ways to solve the business issues, think of potential problems and ways to prevent them in advance, etc.
· Poor project management: This is one more problem that many companies are facing today. The problem exists, since the marketing managers are not that attentive to the details in terms of being simple, but effective, as compared to consider only the complex and/or long-term solutions. Overall, the businesses should take care of all the possible opportunities that could help them attract the target customers. However, everything should be made with the help of project teams and based on the project objectives. It is very different today.
· Week analytic skills: Many marketing managers still do not have efficient analytical skills. It means that they are not able to evaluate the data available online. For this reason, the marketing managers should improve their minds, while learning the implications of customer behaviours, along with the number of marketing approaches, applied by the competing companies. The idea is not to simply copy the selected business strategies, but to examine all of them and chose the best one, made with the most sufficient aspects of the competing companies.
· Incomplete approach to business: The businesses of today should consider the marketing management as the integrated system that combines all the possible marketing solutions together. The purpose is to understand the existing relationship between the business solutions, as well as the marketing plans used to run the companies. Unfortunately, not many contemporary businesses can manage an all-inclusive approach to their businesses in order to operate effectively in the target markets.
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· Technological drawbacks: Since the modern technologies continue to develop every day, the companies need to take advantage of them, with respect to the marketing of their products and/or services. Nevertheless, many companies still experience difficulties when applying the technological side of business, with respect to the marketing management insights. Therefore, there is a need to improve the existing inability to employ all the available technologies from business start-up and be proactive in applying the innovative tools to market business offers to the target customers.
Written Communication Skills
The ability of the companies to interact effectively with their target customers is rather important from the position of written communication. It should be clear, so that the companies could efficiently position their business messages to the target customers and make sure that both parties understand each other. On the one hand, the companies need to investigate the responses of target customers towards the alternative products and/or services. On the other hand, the companies should be able to position their offers effectively, so that the target customers could understand all the advantages and strive to purchase them. Ultimately, the message to the masses should be easy to read and clear in its content and overall gist. At the same time, the companies should be able to make sure their testimonials, blog articles, white papers, sales letters, online books, landing pages, promotion campaigns, webinars and other resources indeed address the interest of the target customers.
Besides, the message based on the principles of marketing management should be accurate in terms of composition and style. It means that the information should be clear for the target readers, it should also have the actions formula to grab the attention of the target readers. In parallel, the message should use empathy implications, in order to encourage sales. At the same time, the message should be simple, so that all the audience could understand it, as well as it should have the major theme and a call to action. The final point is that the message should be free from errors and use appropriate business structure, based on the target customers. For example, the best message should take advantage of all the mediums of information, including imagery, video, audio and text that should also be proofread for content and accuracy as a whole.
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