Common Marketing Management Concepts
The word marketing means different things to different people. The use of this word can be loosely applied to any activity which attempts to sell a product or service, bring about awareness of a product or service, or build loyalty among customers. Marketing does not, however, refer simply to these activities. It also includes creating and managing the framework within which these activities take place.
One example of marketing activities is product development. Product development involves the creation of new and innovative products, sometimes with the help of outside resources such as consultants. Marketers involved in product development evaluate the existing products and consider their various attributes that could be used to make them better or more appealing to potential buyers. They then plan how to introduce these products to potential customers and, if need be, launch campaigns to further spread the word about these new offerings.
Another example of marketing myopia is what is commonly known as product positioning. This concept refers to the idea that marketers often get so focused on the marketing aspects of a given product concept that they fail to adequately take into consideration the customer’s needs and wants. Without taking this into account, marketers may find that their product becomes out of sync with consumer expectations, compelling them to buy something that they do not need or want.
In marketing terms, selling starts before marketing begins. At the planning stage of selling, marketers should have a clear idea of the product concept and a set of selling objectives and strategies. They should also have a clear idea of the appropriate selling methods that will yield the greatest results. Marketers should work closely with sales personnel to determine the selling techniques that will yield the greatest chance of success. Once these factors are clearly defined and understood, marketers can move on to refining their marketing concept to include a marketing strategy.
Once the selling concept is well defined, a marketing strategy can be devised that takes advantage of the strengths and ensures that a product concept is in line with the desires of consumers. For example, if consumers desire to purchase a product that makes them feel good, then a marketing strategy that emphasizes the pleasure of using a product will likely succeed. Conversely, if consumers are looking for a product that will save them time or money, then a marketing concept that emphasizes the importance of doing these things correctly will have a better chance of success. Again, it is important to remember that a marketing concept should not only be based on intuition or hunches, but should be supported by sound data and solid research.
One final example of common marketing management failures relates to the use of advertising techniques that are too broad. Many advertising agencies, especially those that focus primarily on mass marketing, fail to consider the effects of their marketing campaigns on a micro level. This can result in a marketing concept that is too broad and causes a product or service to be too generic, resulting in a loss of credibility with consumers. When selecting an advertising agency or marketing management firm to help craft a comprehensive marketing management plan, it is important to make sure that the firm is well versed in all aspects of marketing and will be able to effectively communicate the advantages and benefits associated with each micro level of marketing.