With so many marketing strategies in play, it becomes necessary to manage each of these often simultaneously. Because of this managing marketing or as many call it marketing management is a necessary function of a firm’s success. Effective marketing management synthesizes all of your marketing activities guided by a common strategy. Through experience and proven methodologies a unique marketing roadmap must be created that guides and ensure your firm’s long-term success.
Why you need a Marketing Manager?
Management of the marketing function is vital to a firm’s success. A seasoned marketing manager can help lead selecting and implementing the right marketing mix helping you arrive at solutions quickly which will increase sales and your bottom line. This is achieved by managing your marketing mix. Doing so will help ensure that your marketing is dialed in and that you are successful at accomplishing your business goals.
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MARKETING MANAGEMENT TERMS
Marketing Plan Development
Customer Journey Mapping
Trade Area Analysis
New Product Introduction
The Marketing Mix
Marketing can be broken down into 4 unique areas (McCarthy, 1960). A marketing management process stays true to managing each of these important areas so that your marketing is working towards your strategic goals. Here is a breakdown of the marketing mix.
This refers to the actual product or service you are selling. It is defined in terms of what it does for your customer. How does your product help people achieve obstacles in their life? Why should people buy your product? How will it improve their life? When customers actually use your product, what is the experience like before during and after? This is what is examined when we look at the product element of the marketing mix.
Refers to the price you are going to charge for the product including discounts. Do you charge a discounted price in order to quickly build market share or do you offer a premium price for a more prestigious experience? It is important to be strategic about the way you price your products/services as this a major determinant of why people will choose your product.
Where are you going to sell your product? Are you going to sell directly from your own company or through a retailer, wholesales or via a website? The place or distribution is central to how people purchase your product and in many ways can guide the other areas of the marketing mix.
Promotion is the method used to build awareness and capture inquiries of your product to your end customer or distributors. Promotion includes every aspect from creative communications in the form of advertisements, social media marketing, PR and your website (just to name a few). It can also include personal selling.
YES, I WOULD LIKE TO LEARN MORE ABOUT MARKETING MANAGEMENT AND IMPROVE MY BOTTOM LINE