Successful Sale and Marketing Management
By deﬁnition, marketing is the ﬁeld of management devoted to selling. It is the link between production and proﬁt, providing the expertise for taking a product or service through the most appropriate channels to ﬁnd the people most likely to buy it. To fulﬁl this goal, it is crucial to becoming adept at understanding the market. This means closely studying the behavior and lifestyle of the customer so that a product or service can be developed to be irresistible in every way, from the purpose, function, quality, and look of it, to the speed at which it is delivered, the places it is sold, its price and the level of customer service support offered.
Knowing the customer
From Theory to Practice
That is the theory. In practice, making your customers love you by always putting them ﬁrst and fulﬁlling their needs and desires is the biggest challenge of marketing. Collecting data about the purchase history of customers is a starting point. Combined with analyzing any available demographic and lifestyle statistics, such data can be used to build a marketing model— essentially a mathematical formula that indicates potential purchase rates for a given set of variables.
Naturally, there are dangers inherent in trying to predict the future using this type of forecasting. The marketer must also be aware of changing tastes, technology, politics, and economic conditions, so that the business can adapt quickly, avoiding what management scholar Theodore Levitt famously called “marketing myopia.” For example, as consumers have become increasingly reliant on mobile phones and tablets, businesses with foresight have developed mobile-commerce channels and reaped the beneﬁts. In the quest to anticipate customer needs and wants, some of the most progressive companies gather data and examine it on a daily basis so that key elements of the “marketing mix”—such as the product or service itself, the places where it is sold, its price, and any promotional offers—can be adjusted accordingly. Japanese camera company Konica Minolta, for example, uses specialized technology to monitor sales data, competitor activity, and market trends in real-time so that it can respond effectively.
Marketing takes a day to learn. Unfortunately it takes a lifetime to master.Philip Kotler
Longstanding Source of Profits
Arguably the product or service offered is the most critical component of the marketing mix. For most companies, each product or service in its product portfolio has its own cycle of growth and can be managed to maximize proﬁt by prioritizing the marketing spend. For example, for food group Mars, its best-selling namesake chocolate bar has been a longstanding source of proﬁts, funding the corporation’s expansion into other areas, such as ice cream and pet food. To help decisions about diversifying into such new markets, companies can use a diagrammatic tool such as Ansoff’s Matrix, which plots existing and potential products or services according to the risk factors involved. If a business decides to develop and market something new, how it presents the offering and gets the message to consumers is an important consideration. In planning a launch, another valuable tool, the AIDA Model, provides clear-cut criteria for deﬁning the features of any new product or service: how it grabs consumers’ attention, holds their interest, generates desire, and is perceived to be attractive. Concurrent with developing a speciﬁc product or service for a particular market, creating a brand is equally important. The goal should be to make the brand synonymous with a set of unique product qualities. In the words of marketing expert Seth Godin: “A brand is a set of expectations, memories, stories, and relationships that, taken together, account for a consumer’s decision to choose one product or service over another. If the consumer … doesn’t pay a premium, make a selection, or spread the word, then no brand value exists for that consumer.
Promoting the Product
The Know how
Once the optimal product or service has been developed in conjunction with brand identity, there is the question of how to get the word out to potential customers. Promotions and incentives—such as special offers, sweepstakes, and price discounting—can be deployed in the short term to garner initial interest. They can be especially effective for product launches in areas where many rivals ﬁght for shelf space, such as household cleaning and candy. One of the oldest strategies for communicating with customers is word of mouth. In the age of social media, generating buzz about a new product or service increasingly relies on reaching speciﬁc groups through Facebook, Twitter, YouTube, and other online means, and encouraging them to spread the word. When a branded video goes viral, the potential global reach runs into tens of millions. If relatively low-cost communications methods like this are effective, it can lead marketers to ask, why advertise? But for long-term image building, and for reinforcing brand values, advertising still has a role to play. For example, a sustained advertising plan can take an audience from children to adults with recognizable slogans, jingles, and formats.
Staying on message
Businesses must carefully consider the messages that they send to customers and their rivals since the marketplace can judge them harshly Companies found to have acted dishonestly or conveyed partial truths about their eco-credentials can be accused of “greenwashing,” and will ﬁnd it hard to win back public opinion. In fact, no matter how appealing a company’s sales proposition, consumers increasingly want the people they buy from to have a social conscience. For this reason, it is vital for management to consider the role of ethics within the organization, and to develop the company’s code of behavior toward suppliers, employees, consumers, and the community. Although shareholders may see corporate responsibility as the least important commercial priority, it is now an integral part of the marketer’s strategy for successful selling.
Don’t ﬁnd customers for your products, ﬁnd products for your customers.
Marketing is too far important to disregard the Marketing department
Companies need to study their customers’ buying habits carefully in order to plan business marketing strategies. Using a mathematical model to plan product strategies and aid decision making is an integral part of any modern marketing practice. Marketing computer programs use sets of numerical data about the buying patterns of consumers, along with other variables relating to the product. These are entered into a mathematical model or equation programmed to make a customized calculation. The results will help to quantify the potential performance of products in different channels aimed at various market segments. By examining the data.
Gathering and Using Data in Marketing
A must for a successful Company
Consumer goods maker Procter & Gamble (P&G) has invested heavily in data gathering and modeling, implementing digital processes from the factory to the shelf in order to capture data and feed it back. The data can be used to make immediate adjustments to product planning and distribution, as well as added to a massive database for future use. According to CEO Robert McDonald in 2011, “Data modeling, simulation, and other digital tools are reshaping how we innovate.” P&G focuses on internal data- gathering processes and also relies heavily on market information from external partners. The leadership team around the world confers once a week to examine data and make decisions in response to buying behavior. As McDonald says, “it’s the data sources that help create the brand and keep it dynamic.
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