For most of the new entrepreneurs, Marketing management is the new term. In this article, we will be trying to state a brief introduction to marketing management.
According to Wikipedia “Marketing management is the organizational discipline that focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm’s marketing resources and activities.”
Let first understand the 4Ps of Effective Marketing Management
Marketing in simple terms can be stated as “Showcasing the highlights/features”. Whether you are a Businessman owning the big corporation. An entrepreneur who has started your startup or an individual freelancer. Marketing will help you boost your business to the next level.
We will not discuss the Types of Marketing in this blog. Rather we will go details in understanding its chronology let’s begin with the basics. Before entering the competitive market or even before launching your product/service. You must understand these 4 Ps of Marketing Management.
Product in Marketing Management
Whether you own a physical product or a service, you must ensure that it has gone through all the steps involved. Including “Tough Testing” before reaching your customer. This is an important step as If the final product does not meet customer’s requirements. Your COCA(Cost of Customer Acquisition) will be going to be waste. It also includes your Marketing Cost.
It is also important if you are launching your product or service for the first time. As we always say “The first Impression is the Last Impression”. It will help you grow brand loyalty with your customers.
Once you had understood Product. Now it’s time to move to the next step i.e. You must set the right price(Hyperlink)-The price that your customer agrees to pay.) for your product. We always have a tough time when we reach this step.
Setting the price is the mutual contract between you and your customer. That says “You agree to deliver the quality product/service at the price that customer agrees to pay”. There isn’t a thumb rule to identify the right price for any product or service. But there can be two different scenarios.
Scenario 1:You are Launching the product for the first time in the market.
If your customer going to use your product or service for the first time. And had never experienced any such product before. It is a little bit tough task to identify the correct price. In this situation, you must reach out to your customers and let them experience your product free of cost. Then after you can conduct a survey, a poll or any similar technique. This will help to figure out the average price that customers will be going to pay. This will help you better place your new product at the best price in the market. Because “Customer is Always King”.
Scenario 2: You are launching a product or service which already existed in the market.
This is easy considering Scenario 1(Hyperlink). The customers you are reaching out had already known about such product/service. Or even had experienced it in their life before. Thus in this situation, you can analyze your competitors in the market and set your price accordingly.
At this step, you can relax a bit and congratulate yourself, for understanding the tough 2Ps of Marketing. Now can move further with second last P i.e. Promotion. I am sure you had known this term before and until now some of you also synonym Promotion as Marketing. It is factually correct but a bit different in its execution.
This step is important to consider because no matters how good is your product. But if it does not reaches your customer, it will not gonna generate business out of it.
In the marketing world, you must always follow your customer where he/she goes. You must always present yourself as the “First Choice”, when he/she thinks about buying the product or service. For this, to gonna happen you should have created a space for yourself in the customer’s mind.
All this will gonna happen only if you had Promoted/Advertised/Market your product/service to the right audience. The Promotion had two broad categories Traditional Marketing and Digital Marketing. I had discussed them both in the following Blog(Hyperlink). Do follow it for details.
Last but not least, Look the P(Bold Italic Underline) in word Promotion for 5 sec. Have you noticed something different
No??? Oh yes, you are right there is Nothing just using our last technique for Promoting myself 😉
Let’s end at some serious not with the last P. Place is part that deserves your time to be spent on while marketing. Because if you not targeted where you gonna offer/sell your product or service. It will decline your sales revenue and finally, it’s the profit that’s get affected.
This Blog (Hyperlink) will help you, Market-Fit your product at its best place.
Thank you for bearing me for such a long time reading this blog. I hope it adds a little bit of value to your knowledge. If it does, Do share your valuable comments below.