MARKETING MANAGEMENT

Objective of marketing:

Marketing objectives are essential for any organization that wants to raise awareness about itself, its products, or its services. There are five major objectives of marketing management (Chand, 2015). They are as follows: 1.Creation of Demand, 2. Customer Satisfaction, 3. Market Share, 4. Generation of Profits and 5. Creation of Goodwill and Public Image. According to Chand (2015), the basic purpose of marketing management is to earn reasonable profit by satisfying the needs of customers.

 

 

 

 

 

 

 

 

 

 

 

Marketing Strategy

 

 A marketing strategy looks at all of the areas of your selling activities and helps each one support the next, making sure all of your departments are aware of what each is doing. It includes the current or expected strategies you have for your products, the price points of those products, how you intend to distribute the products, and your advertising and marketing tools.It also identifies the tools that the company can effectively use to fight competition and gain the market share. Marketing strategy is also important for developing a promotional strategy as it helps your business identify its target markets and to set measurable goals.

 

Customers STP

 

Customers either as individuals or as organisations is defined to be market if they have desire, buying power, willingness and authority to buy a product. To understand customers or the market is very essential for the proper marketing of the product. Similarly, market segmentation, target market and positioning of product is equally important.

Segmentation

 

Segmentation is defined as the process of  dividing up the whole market into segments or groups of consumers having similar needs and wants. Segmentation variables are used to divide the market into segments. These variables are segmented into four categories, they are demographic, geographic, psychographic and behaviouristic variables.

 

Target market

 

Target market is the market for which a business creates and maintains a marketing mix specifically designed to satisfy the needs of group members.

 

PositioningProduct positioning is the decision and activities intended to create and maintain a certain  concept of the company's product (*relative to competitors product) in customers minds. No company can win if its products and services resemble every other product and offering.

 

 

The marketing mix – 7 P’s

 

The marketing mix refers to a combination of several ideas and plans followed by a marketing manager to promote a particular product or brand. The marketing mix is also called the 4P’s which are product, price, place and promotion. Moreover, the marketing mix is usually referred to as the expanded marketing mix, including people, process and physical evidence (Pride. W et al., 2011, p6).

 

Product

 

The product of the marketing mix considers analyzing customers’ wants and needs and producing a product that satisfies them. To maintain a combination of products helping an organization achieve its aims, marketers must consider quality, features, design, customer service and packaging (Pride. W et al., 2011, p6).

 

Price

The price associates with decisions and actions included with creating pricing objectives and policies and defining product prices. Price is a crucial part of the marketing mix because customers are focused on the value attained in an exchange (Pride. W et al., 2011, p7).

 

Place

Place is in relates to distribution, location, and methods of getting the product to the customers (Strategy and Implementation). Products must be delivered at the right time and in convenient locations in order to satisfy customers (Pride. W et al., 2011, p8).

 

Promotion

The promotion refers to the act of informing individuals or groups about the organization and its products (Pride. W et al., 2011, p8). This also leads to persuade customers by using promotion methods such as advertising, direct marketing, personal selling and sales promotion (Strategy and Implementation).

 

People

In the expanded marketing mix, the people who are workers of an organization relate actions involved with producing, presenting and preparing the product. Moreover, it is also included customers and other participants.

 

Physical evidence

The physical evidence within the expanded marketing mix relates to an environment that a service creates from a communication between a customer and worker which is associated with a tangible commodity. The physical evidence includes company website, company location, brochures, furniture and other physical elements (Vliet. V, 2013).

 

Processes

Process of the marketing mix shows the activities, procedures and more by which the service in question is eventually delivered to the customers. Process is crucial element for the entire marketing mix strategy. This element includes all activities and services where people involved play an essential role (Vliet. V, 2013).