We all know the phrase, 'Everything can be sold using correct marketing techniques.' But only a few of us can understand and apply it effectively.
The reason is that marketing is a thorough process that involves various Marketing Management Functions like proper research, planning, and execution.
With effective marketing management, that product will succeed whether the company is producing high-quality products or offering its products at lower prices than the other available providers in the specific market.
It is because the awareness of those particular products, goods, or services only reaches a few targeted customers. On the other hand, by using necessary and effective Marketing Management Functions, any service or product, whether it already exists in the market or is an entirely new product, the probability of their success will be high.
However, people always need to pay more attention to the fact that the only purpose of the marketing management system is to increase sales, and marketing is done after production. On the contrary, the initial marketing stage is way before the development or production.
The Purpose of Marketing Management System and its Steps
With the help of the following information and stages in marketing management, we get to briefly understand the role of marketing management.
Market Research – It is a primary step in Marketing Management Functions before product manufacturing and development. Marketing research is carried out to determine potential customers, product demand, growth expectations, etc., and allows the organization or business to make decisions considering those factors.
We can do market research via various methods, like conducting surveys, direct interaction with groups of people that represent the target audience, distributing sample products, receiving feedback, and other applicable processes. Market research becomes much easier for existing products, such as TV, mobiles, furniture, clothes, etc., because information and data are already available in the particular market.
However, if the company introduces a new product, it must generate the required data from scratch. The company can do this by conducting surveys or hiring agencies specialized in market research.
Product Development – In Marketing Management Functions, product development is considered the first stage of the "Product Life Cycle" or, shortly, PLC. More specifically, product development is answering all "how," "what," and "when."
Product development gives shape to the initial idea. It is the principal purpose of the marketing management system and its occurrence. However, the term product development can be referred to as the production of an entirely new product or service or the modification and enhancement of the company's existing products.
Promotion – The product is ready! Now what? Do we sell the product right away? The answer is no. Now comes the crucial stage after the development, which is promotion. It is one of the core Marketing Management Functions that help to spread awareness about the product or brand.
The agenda of promotion is to inform potential customers about the product. Using various modes like newspapers, billboards, advertisements, social media, television, radio, etc., the company spreads information about its services and products.
Moreover, PR agencies or teams make considerable efforts to influence potential buyers to buy the product and help with the promotion. All the above-discussed factors assist in building healthy and direct communication with the target consumers.
Sales and Distribution – The overall purpose of the marketing management system is to reach the maximum target buyers and increase sales of the products or services. And to fulfill this purpose, a concrete plan is a must.
So, after creating a firm base and following various steps of the Marketing Management Functions—market research, product development, and promotion—now is the turn to sell and distribute the product.
Direct and indirect distribution are the two main types of distribution. In direct distribution, the product is sold to the customers without any involvement of third parties. While in indirect distribution, regional distributors, wholesalers, retailers, clearing formation agents, etc., sell the product to buyers.
Warehousing – Maintaining the availability of the product is essential for the smooth success of the product. Hence, another critical factor of Marketing Management Functions is warehousing. It is a process of storing the goods to fulfill customer demands and ensure the continuous supply of the product as per the consumer's requirements.
Standardization and Grading – Standardization is a safety mark. It is to test the safety of the product. By following standardization guidelines, grading is given to products by considering their impact on the environment, people's health, quality of raw material used, and other parameters. Every product or service must comply with the standardization mark according to its regulations and maintain its quality.
Customer Service – "Happier the consumers, healthier the business." The success of any organization depends on its consumers' satisfaction. In other words, the most crucial stage is developing reliable customer service channels after successfully selling and distributing the product. Consumer satisfaction must be tracked regularly.
Their feedback helps the organizations know if their buyers are happy with the product or if they need to enhance the quality or modify the product or services. Providing excellent customer service helps maintain the relationship between the customer and the company or brand, and the entire purpose of the marketing management system is accomplished.
Considering all the above information, we get a basic understanding of the role of marketing management and its importance. Marketing is a lengthy and time-taking procedure that requires critical thinking, planning, and leadership.
Successful marketing management is the fruit of a combined process of research, planning, calculations, and execution. The company thrives, flourishes, and gains a firm foothold in the market by considering the fluctuations that could occur while running a business and following and applying numerous minor and significant Marketing Management Functions.
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