In this presentation topic, we are going to look at the importance of marketing, it's scope, fundamental marketing concepts, marketing management and activities that need to be taken up for making marketing management a grant success.
Main objective of marketing is to create a standard set of processes for effectively communicating and delivering value to customers and and improve relations with them, so that the company and it share holders can reap benefits.
What is Marketing Management?
Marketing management helps a firm to identify future markets, creating new and loyal customer base by creating superior customer values and effectively communicating it to them. So obvious question that comes to our mind is, what can we market. Answer is everything and anything from Goods, Services, Experiences, Manpower, Places, Properties, Ideas etc.
Core Marketing Concepts
- Needs, wants, and demands
- Target markets, positioning, segmentation
- Offerings and brands
- Value and satisfaction
- Marketing channels
- Supply chain
- Marketing environment
How you position your product in the market will have a huge impact on the sales. It will be good to have different strategies for different communication mediums. For example, you can focus on functional features in print media and convey emotional benefits on television ads.
Earlier marketing strategies won't be applicable to the current rapidly evolving markets. This change is mainly due to
- Advancements in information technology
- Rapid Globalization
- More economies deregulating their markets
- Privatization of state controlled firms
- Increase in competition from international and local player
- Consumer resistance
- Retail transformation due to the arrival of big brands.
New Consumer Capabilities
Due to a substantial increase in buying power and greater variety of available goods and services, consumers are more selective than ever. Due to advancement in technology, a great deal of information about each and every product is available to the customer. With the introduction of Mobile apps, buying and receiving orders is far too easy for customers. Now a days, customers are making comparitive study of various products and services, before taking the final call.
Internal marketing is the one of thye key tasks of a firm. It involves hiring and training employees who can undertstand the pulse of customers, interact with them and sway thier opinion in favour of a product or service. Best employees should be ambly motivated so that productivity can be increased multi fold.
- Financial Accountability
- Social Responsibility Marketing
- Social Initiatives - For example, girl education
- Corporate social marketing
- Cause marketing - Pick a campaign which impact a particular age group or work force
- Cause-related marketing
- Corporate philanthropy
- Corporate community involvement
- Socially responsible business practices
Marketing Management Tasks
Core tasks of marketing management are
- Develop market strategies and plans
- Capture marketing insights
- Connect with customers
- Build strong brands
- Shape market offerings
- Deliver value
- Communicate value
- Create long-term growth
Before taking any call on marketing strategy, an organization must decide whether the marketing shape consumer needs or the strategy is a mere reflection of needs and wants of consumers. Both the approaches have its own merits and demerits. Making the right call, helps the organization immensely.