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    Marketing Management Essentials You Always Wanted To Know: Self Learning Management
    Marketing Management Essentials You Always Wanted To Know: Self Learning Management
    Marketing Management Essentials You Always Wanted To Know: Self Learning Management
    Ebook303 pages2 hours

    Marketing Management Essentials You Always Wanted To Know: Self Learning Management

    By Vibrant Publishers, Callie Daum and Michelle Bartonico

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    About this ebook

    In industries around the world, marketing principles and skills are a means to achieve business goals. Marketing Management Essentials (Third Edition) will give you the foundational knowledge — from budgeting techniques to marketing strategic planning to an introduction to career specialization areas — that will help ensure you are equipped for success as a marketing professional.

     

    A modern marketer's playbook to create value for your organization and its customers

     

    In this book you will:

    • Learn how to build a marketing plan,
    • Get an understanding of the various marketing specialization areas, 
    • Pick up approaches and resources to demonstrate marketing return on investment,
    • Grasp how to self-evaluate your skills and competencies

     

    The book also touches upon topics like market types, philosophies, strategic planning and marketing, various types of audits (internal, external and strategic), value chain analysis, outsourcing, marketing research (planning, approaches, research devices, ethics), relationships with customers (relationship marketing, types of customers, customer retention, digital marketing, and many more. These are coupled with summaries and quizzes at the end of every chapter, making the book a well-rounded guide for the readers.

     

    The third edition of the book also contains three new chapters, each chapter bringing concepts like essential marketing skills you might need now and in the future, forming a marketing budget to judiciously allocate the expenses, and marketing return on investment (mROI). These chapters will surely help the readers bolster their understanding of marketing management by constructing a more robust, well-rounded foundation.

     

    By the end of this book, you will have the tools and understanding to create or nurture a revenue-generating department for your organization. You will have a strong foundation, helping you with a headstart in your career as a professional in the marketing sphere.

     

    LanguageEnglish
    PublisherVibrant Publishers
    Release dateNov 14, 2023
    ISBN9781636511795
    Marketing Management Essentials You Always Wanted To Know: Self Learning Management

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      Book preview

      Marketing Management Essentials You Always Wanted To Know - Vibrant Publishers

      Introduction to Marketing Management

      Marketing is a function of an organization that provides the framework for developing, connecting, and providing value to consumers.

      In this chapter, you will learn about the processes that enable successful marketing - fulfilling those wants, needs, and desires from the consumer, both present and anticipated in future.

      You will also explore the various ways marketing contributes to an organization - keeping companies afloat in a struggling economy, building awareness and brand loyalty, and increasing demand for products and services. Let’s get started.

      Key learning objectives should include the reader’s understanding of the following:

      ●The group of processes or procedures for developing, connecting, and providing value to consumers

      ●How marketing is an organizational function

      ●What the stages and types of marketing are

      Marketing affects everyone, every day. We all engage in marketing on a daily basis, so it is important that we understand what marketing is. A market can be defined by Philip Kotler as, …all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want. Marketing is a function of an organization. It is a group of processes or procedures for developing, connecting, and providing value to consumers. It is also for dealing with customer relations in ways that profit the organization and its stakeholders. Marketing is achieved by social and managerial processes. These processes consist of consumers and groups of consumers acquiring their needs and wants by developing and swapping products and values with one another. With the cutthroat competitive conditions and the advancement of production, distribution, stocking and pricing as well as digitalization, marketing has become managing relationships with customers, distributors, facilitators (banks, advertising, and PR people,) partners, and the public at large. Marketing seeks to fulfill the wants, needs, and desires of the consumer both present and anticipated in the future.

      Marketing is important because in the 21st century, with the struggling economy, organizations use marketing to help keep their companies afloat. Marketing helps to tackle the challenges faced in a failing environment. In a broader sense, marketing has brought awareness of products and services to the public that have made their lives better. When marketing is successful, demand increases for an organization’s products and services. It also helps to establish a brand in the public eye and build brand loyalty. Indirectly, successful marketing creates jobs for individuals because demand is increased and more assistance to produce and distribute the products and services is needed. In its simplest form, marketing puts products and services in the hands of its targeted consumers.

      Marketing is an organizational function covering almost all areas of business. The following list shows the many functions in an organization that can be categorized as a marketing function.

      ●Customer Relationship Management (CRM)

      ●Display

      ●Stockholding

      ●Servicing

      ●Risk Taking

      ●Transporting

      ●Market Research

      ●Merchandising

      ●Publicity

      ●Pricing

      ●Forecasting

      ●Buying

      ●Financing

      ●Selling

      ●Public Relations

      ●Advertising

      ●Sales Promotion

      Marketing is a management function. Management must ensure that the operations of the organization are running smoothly to ensure that the customer’s needs are met effectively and efficiently. Manager conduct analysis, plan, allocate resources, control current processes, and work to anticipate customer needs in an effort to ensure customers are satisfied. Additionally, it tries to anticipate the needs and wants of customers/ consumers in the future by evaluating social, economic, cultural, political, and technological developments.

      Marketing is a business concept (illustrated in Figure 1.1). Here is where the exchange process that is associated with obtaining goods and services comes into play. This is where supply and demand come in. If I have the supply and you have a demand for the product, we can negotiate a deal.

      It is considered an exchange when:

      ●Two groups or more are involved

      ●Both groups have something of value that the other group desires

      ●Both groups effectively communicate and deliver

      ●Both groups have the option to turn down each other’s offers

      ●Both groups want to negotiate with the other party

      Figure 1.1 Core marketing concepts

      Marketing is a business philosophy. It sees the importance of the customer and that all business exists to serve customers rather than manufacturing products. Marketing takes the customer as the core of its activities.

      In the remainder of this reading we will explore these concepts and dive deeper into marketing and marketing management, so we can better understand its inner workings.

      1.1 Stages of Marketing

      Not all marketing is greatly expensive, involving extensive research from a reputable firm and spending inordinate amounts of money on advertising and keeping up large marketing departments. Some organizations work with what they have. They stretch their current resources, maintain close relationships with customers, and use information gathered to meet the customer’s needs. These organizations focus on building their brand and customer loyalty and less on advertising and PR.

      Not all marketing is the same. There are three phases of marketing, shown in Figure 1.2, that can occur.

      Examine the illustration below that describes the phases and their definitions.

      Figure 1.2 Three phases of marketing

      1.2 Marketing Capacity

      In the following section, let’s answer the questions of who, what, when, where, and why in relation to marketing. First, what is marketed?

      Figure 1.3 Examples of what is marketed

      Goods are the most commonly marketed item, as shown in Figure 1.3. They are physical in nature. Examples of goods would be cars, food, clothing, and furniture. Next are services that carry a 70-30 service-to-goods ratio. Examples of services would be airlines, banking, and doctors. Sometimes you see a mix of goods and services such as in construction. Events can also be marketed or promoted. Examples of events would be concerts, sports events, and performances. Experience is another item that is commonly marketed. Experiences include the coordination of several activities to provide a specific type of experience. A great example of this is Disneyworld; they orchestrate a lot of elements to provide a magical experience. It is strange to say that marketing helps to sell people. It is, however, true if you think about it in the context of an image of a person or a brand. For example, high-profile plastic surgeons sell themselves through marketing to lure in new clients. A more recent marketing effort has gone into marketing places. Doing this is promoting tourism in a specific city or state. For example, there are several commercials on TV advertising California and all it has to offer. Property marketing really falls within the realm of real estate. In order to sell a house or commercial property, an agent advertises the property on local websites or papers. Organizations often advertise for themselves to help build their brand. For example, Patagonia advertises its social consciousness and volunteer efforts to help really show its brand to the public. Information is also marketed. For example, advertisements you see for colleges and universities sell the education and information you would get from that college or university. Finally, ideas are marketed. For example, two famous ones are Just Say No and No Means No.

      1.3 Marketing Management

      Marketing management is the discipline of selecting goal markets and attaining, possessing, and increasing customers through generating, distributing, and communicating higher customer value.

      The description above is extensive and requires resources in order to properly market each of them. A marketer is responsible for developing this marketing. They are essentially looking for some sort of response from the consumer, also referred to as a prospect. If both the marketer and the prospect are wanting to sell one another something, they can both be termed as marketers.

      1.3.1 Demand Management

      A marketer’s largest responsibility is to create demand for the item they are marketing. Essentially, marketers are demand orchestrators or demand managers. They control demand, timing, and logistics. Demand managers can create demand, diminish demand, and increase or decrease demand. When they are managing this demand, they must be cognizant of the different states of demand. See the list in Figure 1.4 to understand these different states.

      Demands management includes customer management. Organizations need to determine if they want to create new customers or maintain repeat customers, or both. Creating a group of new customers is a costly endeavor and hard to come by due to the ever-changing environment, economy, and competition. Due to these challenges, you will find more organizations shifting their focus to retaining their loyal customers.

      Figure 1.4 States of demand

      If we are looking at marketing from a high level, and the industries that make up the economy as a whole, there are five different markets where demand occurs. These markets can really be thought of as different groupings of consumers. The exchange of goods, services, and information occurs between all of these markets.

      Look at the diagram in Figure 1.5 to see the relationships that occur during this exchange process.

      Figure 1.5 Exchange process

      This picture demonstrates how goods and services flow through the different markets and how government is at the center of it all. Money flows through all markets while taxes come into the government from all the markets. The government provides services to the consumer with the taxes that the consumers pay. The government gives services and money to all of the markets in exchange for their taxes and goods. Goods and services flow between manufacturers, intermediaries, and consumer markets. Resources come from the consumer market into the resource market and are put back into the manufacturer market. This is a rather complicated big

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