marketing-in-business-management

Marketing is what companies do to attract prospects. How can you be more successful? What will make your company stand out from the competition? Marketing helps people find your company. The goal of marketing is to create positive customer perceptions about a product or service. The objective of marketing is increased sales revenue, increased market share, and improved customer lifetime value. Marketing mixes advertising, sales promotion, public relations, promotions, customer service and other measures to create a positive relationship with customers. Marketing channels are also called marketing mix.

Key terms in marketing are product, services, price and promotion. A product is an actual offer available for purchase. Service is what people receive when they buy the product. Price is the amount paid for the product or service. Promotion is all of the ways to sell a product or service including advertising, sales promotion and public relations.

Definition of Marketing Management

Marketing Management (MM) is the study of planning, implementing, measuring, directing and controlling promotional activities that affect or are intended to affect the attitudes of individual consumers in regard to products or services. It encompasses strategies for developing products, promoting them effectively and controlling their cost, quality etc.

The aim of Marketing Management is to create customer perception of value through different channels.

Marketing Manager

An entry-level role in marketing management. The person responsible for day-to-day tasks involved in planning and implementing marketing plans for products or services offered by an organization. The average salary based on job title is $7/hr.

Marketing Plan

A written, formal document that describes the strategy, organization and activities associated with marketing programs. Marketing plans are written to monitor and measure profitability for a given time period.

Marketing Mix

The mix of all marketing strategies used by an organization to promote its products or services. Marketing mix refers to combinations of complementary marketing practices used together to attract consumers toward a company’s products or services.

Market Share

The percentage of customers acquired by a particular brand or product line in some particular market segment over a period of time. This is one way to measure the competitive strength of the product, since it is simply the available market divided by potential market share at any point in time.

Market Segmentation

The process of dividing the total market into smaller, more homogeneous subgroups that share similar attributes and need for a product. The company can then develop and target its marketing efforts at the most likely buyers of the product.

Also known as: Market Targeting.

Attraction Marketing

An approach to marketing in which businesses try to catch consumers’ attention by using unconventional methods. It focuses on achieving popularity through creative messaging. If you want to attract customers, you have to get really creative with your advertising channels like blogs, forums and articles online etc… Of course, this is probably not what you are looking for but it has been hugely successful for certain businesses like Amazon, Coca-Cola etc…

Creative Marketing – An approach to marketing in which businesses try to catch consumers’ attention by using unconventional methods. It focuses on achieving popularity through creative messaging. If you want to attract customers, you have to get really creative with your advertising channels like blogs, forums and articles online etc… Of course, this is probably not what you are looking for but it has been hugely successful for certain businesses like Amazon, Coca-Cola etc…

Customer’s Journey – The journey that a consumer takes from the time they first come across information about a company and its products or services to when they finally make a purchase decision. This journey involves the various stages that the consumer will pass through such as awareness, consideration, trial and purchase.

Customer Lifetime Value (CLV) – Customer lifetime value (CLV) is the estimated amount of revenue that a company can expect to earn from an individual customer over his or her lifetime. This market metric is often used as an important factor in business planning. It assumes that if customers are retained, they will continue to purchase products and services at the same rate for future periods. It also takes into account how much profit each customer brings in. The CLV must incorporate all revenues the customer will generate, including not only regular purchases but expected profits from up-selling and cross-selling other products or services to existing customers, as well as all discounts and refunds. Some businesses also consider the cost of acquiring a customer as part of CLV.

Differentiate Marketing – An approach to marketing in which businesses try to create a perception that they offer unique or innovative products or services that no one else can offer. For instance, Apple wanted to be known as the company that makes the coolest and most fun gadgets so it created a buzz around its products. When Apple released its newest iMac product, it made sure there were long lines at Apple stores and even went so far as to hire actors and busses to hype up the excitement and create news coverage for the first release of its new product. All these efforts helped Apple set itself apart from other computer companies.

Marketing mix includes there types of marketing strategies:

  • Branding Strategies
  • Channel Strategies
  • Product Strategies
  • Pricing Strategies
  • Branding strategies are strategies that communicate the value of a product or services . The brand is the image the customer associates with the product. These values are important to creating emotional connections with customers. Branding strategies include consumer marketing, advertising ,and public relations.

Consumer marketing involve direct interaction with customers. Consumer marketing involves deciding how to get in touch with customers and developing an organization capable of meeting customers needs. It involves sales force, sales channel, sales promotion ,marketing communications and customer service . Examples of good consumer promotional strategies are coupons ,discounts, loss leaders and free samples

  • Marketing channel refers to how products get from producers to consumers. Marketing channels include direct marketing, personal selling, advertising, public relations ,and trade shows.
  • Product strategies are the different types of products you offer . Product strategies are product lines, brands and variants. Product line means several products that are similar but not exactly the same are offered. Brand are different products in a product line with their own names and usually other differences too. Variant involves several versions of a product within a brand that have their own names and other differences.
  • Pricing strategies include setting prices ,discounts, allowances, margin management ,and bundling . Pricing strategies affect how customers perceive value. Pricing strategies include setting prices, discounting, allowances and margin management.

Marketing is also an analytical process used to identify and solve organizational problems and to help businesses and organizations develop and implement their business strategies. Marketing analysts determine customers needs, study market data ,identify target customers, set product standards ,develop new products or services . Advising customers on how to improve sales through marketing promotions ,distribution channels ,and pricing. Marketing planners develop long-term marketing plans to achieve goals such as increasing sales, market share or customer lifetime value. Designing products for consumer appeal by choosing colors ,packaging and product design .

Marketing is what companies do to attract prospects. How can you be more successful? What will make your company stand out from the competition? Marketing helps people find your company. The goal of marketing is to create positive customer perceptions about a product or service. The objective of marketing is increased sales revenue, increased market share, and improved customer lifetime value. Marketing mixes advertising, sales promotion, public relations, promotions, customer service and other measures to create a positive relationship with customers. Marketing channels are also called marketing mix.

Key Terms In Marketing

Key terms in marketing are product, services ,price and promotion . A product is an actual offer available for purchase .Service is what people receive when they buy the product . Price is the amount paid for the product or service . Promotion is all of the ways to sell a product or service including advertising ,sales promotion ,and public relations .

Marketing mix includes there types of marketing strategies: branding strategies, channel strategies, product strategies and pricing strategies.

Branding Strategies are strategies that communicate the value of a product or services. The brand is the image the customer associates with the product. These values are important to creating emotional connections with customers. Branding strategies include consumer marketing, advertising and public relations.

Consumer Marketing involve Direct interaction with customers: Consumer Marketing involves deciding how to get in touch with customers and developing an organization capable of meeting customers needs. It involves sales force, sales channel, sales promotion ,marketing communications and customer service .

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