Marketing ManagementImportance to Organizations and Tasks

How important is Marketing to an Organizations?

Importance of Marketing Management1. Improve Sales/Profitability2. Introduction of products to the market3. Maintain or improve company

reputation4. Allows healthy competition5. Aids business decisions

Improve Sales/Profitability- We do marketing because we want to sell more to gain more

profit

- Marketing’s prime objective is to increase sales – product marketing, corporate marketing

Introduction of products to the market

One of the most important role of marketing to an organization

May determine the success or failure of new products

Maintain or improve company reputation

The reputation of a company has an effect on the performance of its products.

Public Relations, Corporate Advertisements, Charity Sponsorships

Allows healthy competition

The competition for Market Share among products makes marketers be more competitive

Makes marketers exert more effort in satisfying their target market and customers

Aids business decisions Marketing Mix Management and brand management provide

managers a guide in making business decisions

All business decisions should not deviate from the identity of the brand

Importance of Marketing Management - on a larger scale1. Marketing helps to achieve, maintain and raise the

standards of living2. Marketing Increases employment opportunities3. Marketing increases national income4. Helps maintain economic stability and development5. Link between producer and consumer

Marketing Management Tasks Market Analysis Goal Setting Sales Forecasts Manage Marketing Mix Market/Customer Engagement

Implement Marketing Activities After Sales Activities Satisfy Customers

Market Analysis- Studies the attractiveness and the dynamics of a market within an industry. - Organization’s Internal/External SWOT analysis

Market Segmentation Market Size Market trends Growth Rate Opportunities Profitability Distribution Channels Competitor Analysis

Goal Setting- Improvement goals and targets e.g. : increase in market share, increase in sales % vs last year, launch of new products or re-launching of existing products, etc.

Specific Measurable Actionable Realistic Time-bound

Sales Forecasts- Forecasted level of sales in a given time identified through:

- existing and new market information- historical sales data- proposed marketing activities

Marketing Mix Positioning – your brand identity Product – portfolio, unique selling proposition Place – distribution channel Promotion – marketing activities Packaging – product’s look Price – pricing strategies People – back office and front liners Customers – target market

Market/Customer Engagement Implement Marketing Activities

Advertising and promotions After Sales Activities

Customer feedback, customer service Satisfy Customers

Actual delivery/sale/usage of product

Reading Assignment SWOT Analysis, its applications. Competitor Analysis

Questions??