Beginning businessmen have to face problems and difficulties on a regular hindustan times basis. Issues that require urgent solutions appear, new tasks are discovered that have not been encountered before.
But, as practice shows, the biggest difficulties for businessmen arise with the marketing department. After all, the future of the company depends on his well-coordinated work. Let’s see what the secret of effective marketing management is and what you should focus on.
Do you want to earn?
So what is marketing management ? This is the process of developing concepts aimed at promoting goods and services, interacting with the target audience in order to achieve various business objectives. Simply put, marketing management means demand management.
The main tasks of marketing management are profit and profitability of the company’s activities in a competitive market. The main goal is to find such a number of consumers that is necessary for the sale of all manufactured products. Marketing management is aimed at solving the following issues:
- income increase,
- sales growth,
- market share expansion,
- risk reduction.
The set of business tasks for each company is individual, it is determined by analysis and observation.
The main thing is not to get bogged down in a swamp
Remember: your marketing department must work smoothly and efficiently, generate ideas and bring them to life. A fairly common problem is when employees have a lot of developments, but all ideas stagnate like water in a swamp, waiting for the right moment or a good push from the boss.
In order to control your marketers, you must clearly understand what elements the marketing management process includes :
- Analysis of market opportunities. Marketers must assess the current state of the market, anticipate developments and, if necessary, find and explore new markets.
- Selection of target markets. During the search, current demand conditions are studied and forecasting is carried out. Segmentation is mandatory – the division of all potential customers into categories. For successful implementation, it is recommended to focus on a few of the most promising groups.
- Development of a marketing mix. Here it is necessary to take into account the characteristics of the product, its cost, methods of distribution and stimulation. Development is needed to create the required volume of demand in the selected market segment.
- Implementation of the marketing concept. To implement the developed strategy, it is necessary to organize the work of the following systems:
- marketing information
- marketing planning,
- marketing organizations,
- marketing control.
Conquest concepts
Of course, we do not offer you to conquer the world, but we strongly recommend conquering the sales market. Experts distinguish the following concepts of marketing management :
- The concept of production improvement. It is based on the fact that buyers will give preference to common products with an affordable cost. The goal is to improve production, reduce costs, and increase labor productivity.
- The concept of product improvement. It implies the favor of buyers for products of the highest quality, which are noticeably different from their counterparts. The goal is to improve technical and operational qualities, despite increasing costs and increasing costs.
- Sales concept. It is based on the fact that buyers will not purchase products in the right quantities if the company does not pay due attention to sales and promotion. The goal is to actively promote our products.
- Consumer concept. It focuses on the needs of customers, takes into account the characteristics and capacity of the market. The goal is to satisfy the desires of consumers. In this regard, it is implied the creation of a whole marketing service, which is engaged in constant evaluation and monitoring.
- The concept of social and ethical marketing . Based on meeting the natural needs of buyers, using more practical ways to do this. The main idea of the concept is the preservation of the environment, emphasis on the ethics of products and their social benefits. The goal is to make a profit, satisfy the needs of customers and the interests of the whole society as a whole.
We hope you now understand how to manage marketing and how important it is to clearly formulate goals and monitor their implementation. The success of the company largely depends on the right concept, so we advise you to focus on the marketing strategy and regularly evaluate its effectiveness.