What is Marketing?
Marketing is a means to present your products to the marketplace for sales and consumption. Though, because the dynamics of business advanced, we’ve got to encounter a group of functional theories and applications revolving around the term. Over the years, marketing management defined itself as “The manufacturer company identifying the wants and needs of the customer and providing them with satisfying solutions. These will make them bend towards your product instead of other competitors within the market”. Read to know – WHAT IS STRATEGIC MARKETING MANAGEMENT?
To put the objective of marketing in simpler terms, ‘It is about preserving the old customers and continuously, expanding the customer base’. The cycle of marketing is about finding potential customers, converting them to actual customers, and retaining them. Customer satisfaction and building a good echo in the market are the most important aspects involved to achieve the same.
However, to achieve the required position in any industry, the marketing of the business plays a key role. However, Marketing has its elements which makes it rather simpler and also introduces new dimensions to hold it out, as discussed below.
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4 P‘s of marketing
The 4 P’s of Marketing plays a key role when it involves understanding it. They are listed as:
The primary ‘P’ refers to the merchandise as this can be the topic of selling. Before marketing, it’s important to be taken care of what’s being sent to the ground. All the pros and cons of the merchandise, the functions, features, and everything must be within the notebook. Thenceforth, it should be decided what are the qualities of the products which most suit the want of the shoppers. The qualities which are unique to your product and serve your customers as per your need are all you wish to spotlight while marketing. Nevertheless, even the tiniest detail can boost your marketing performance of the merchandise. Thus strategic marketing management comes into play.
Once you’re through with your product and you opt to place it off to sale, you get to make your mind up about the pricing which you ought to keep at your product. The pricing is very important moreover as a vital part to handle while marketing. The rivals’ pricing is additionally taken into consideration while allotting the value to the merchandise. Price plays with lots of things. Profit range, marketing, sales, reach of the people everything is touched with a price.
After you’ve finalized the merchandise and the pricing and are ready to sell it on the ground, another ‘P’ of selling awaits you. Promotion is about targeting the people that may buy your product. The aim of this ‘P’ is to extend the credibility and visibility of the merchandise among the users. Promotion deals with providing you with an edge over your rivals. Advertisement, PR, Billboards, Social Media Marketing, Personal Selling are some examples of promotion. Strategic marketing management is very important when promoting a brand.
This ‘P’ refers to the place where the merchandise is to be sent for the selling purposes amid the times of today, it’ll be better to term it as ‘channel’ instead of ‘place’. It plays a vital role because the number of prospects and your audience in a very place largely affects your sales. Hence, it’s important to decide wisely on a platform to present your product. Launching your book in a bookstore that is a hot favorite for nerds goes to effectively swell its sales than putting it up for sales in some random shop.
All these 4 P’s of marketing put together functions the proper combination for marketing. Marketing is the process of delivering your products to your customers. It is inclusive of the processes which must be involved to extend the standard moreover the size of these processes.
Strategic Marketing Management
As the term suggests, ‘Strategic Marketing Management’ is an advanced and more specific form of Marketing Management. It is subjected to building marketing strategies on the points which are native to the strengths of a business. It serves the objective of the firm for its customers to identify the brand as a superior one among its contemporaries.
Strategic Marketing Management is a part of marketing that peculiarly targets to dominate the market competitors by knowing when, where, and how to compete.
SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) is an important part of this process. The Analysis also helps the firm to further develop rather effective marketing strategies.
Strategic Marketing Management helps the firm to achieve sustainable marketing solutions and hence, sustainable growth of the business. It ensures that the plans of your organization are aligned with the resources and the objectives of your firm.
What is Marketing Management?
To answer what is marketing management, it is one of the most important aspects of marketing. What is Marketing Management to marketing is what application to concepts. It is the way to execute the organizational policies based on the techniques and processes as decided by the marketing strategies prepared.
The term, ‘Management’ itself stands for the inculcation of proper efficiency and organization in the operations.
The process of ‘Strategic Marketing Management’ starts right from decision making. Its importance grows further with the steps of planning and responding with the products as per the need of the market.
One of the most important functions of ‘Marketing Management’ is to identify market trends. Once, notified of the trend of the market and the kind of opportunities growing in the market, the next crucial step is to make such strategies that not only complement the present flow of the market but also make the best out of it.
The process of responding to the change in market behavior can extend to all the 4 P of Marketing.
Marketing Management defined as per Philip Kotler- “Marketing Management is the art and science of choosing target markets and building a profitable relationship with them. Marketing management is a process involving analysis, planning, implementing, and control and it covers goods, services, ideas, and the goal is to produce satisfaction to the parties involved”.
Conclusively, here are the key functions of Marketing Manager defined as following:
- Deciding the objectives of marketing and narrowing the goals
- Creating strategies for the marketing activities to be conducted by the firm
- Understanding the market and setting the response according to it
- Implementing the marketing strategies prepared on the table
Marketing Plan Template
Like everything else, planning is the first and most important part of ‘Marketing’ as well.
A ‘Marketing Plan Template’ is a conceptual flowchart which states the various methods to be involved while making the marketing strategy for the firm. The first part of a marketing plan template usually concerns the process to understand the market behavior towards one’s product and also the ones being produced by the consumers.
The further steps of ‘Marketing Plan Template’ are concerned with studying the audience and understanding the ‘target group.’ It is also about making ‘goals’ and preparing the strategy accordingly.
With this, we come to an end in this explanatory article about ‘What Is Strategic Marketing Management?’