Marketing management principles is the practical application of marketing techniques that include analysis, planning, implementation and control of programs designed to create, build, and maintain mutually beneficial exchanges with target markets or customers. Marketing manager has a duty to influence the level, timing and composition of demand so as to achieve organizational goals.
Marketing Management Principles Is The Knowledge And Practical Applications To
* Understand the economic structure of the industrial sector.
* Identify market segments.
* Identify the most suitable marketing strategy for the company.
* Identify the target markets.
* Conduct market research to develop profiles (demographic, psychographic, and behavioral) of all customers.
* Understand competitors and their products.
* Developing new products.
* Establish monitoring mechanisms to detect opportunities, threats, and environment.
* Understand the strengths and weaknesses of the company.
* Audit the customer experience on all brands.
* Develop a marketing strategy for each product using variables of mix marketing: product, price, distribution and promotion.
* Create durable competitive advantage.
* Understand where they should be in the future in terms of “trademark” of the company and write a marketing plan on a regular basis to develop strong “trademark”.
* Build feedback system (management information system) to help determine the changes needed to optimize the process of marketing.
Marketing Management Trends
* Previously use Marketing Tactics -> Now focused on Marketing Strategy.
* Previously create sales through advertising -> Now create a brand through an integrated marketing strategy that coordinates all points of the relationship between the company and the community.
* Formerly focused on transactions that benefit in the near future -> Now focuses on the value of the customer life cycle.
* Formerly focused on the units analysis -> Now focusing on the entire value chain analysis to detect the primary needs of consumers.
* Formerly focused on the production unit -> Now focusing on the product segmentation.
* Previous segmented by demographic and geographic variable -> Now segmented in depth using all relevant variables, especially behavior, level of use, customer loyalty, and products benefits for customers.
* Formerly focused to attract new customers -> Now is focused on maintaining current customers.
* Previously the business activities are only measured using financial metrics -> Now all activities are measured using marketing, finance and strategic metrics.
* Previous intended to satisfy shareholders -> Now is intended to satisfy all the stakeholders.
* Formerly marketing is for the marketing department -> Now anyone in the company is marketing.
* Previous work based on the structure of the individual in the organization-> Current working patterns is based on cross-functional teams.
* Previous develop and implement annual marketing plans -> Now develop and implement monthly and weekly marketing plan.
The change from the old marketing management strategy to a new strategy of marketing management creates optimal results in marketing efforts of business organizations.