Procedure of Marketing management is an important aspect of any business, no matter how big and small. When implemented effectively, a well-structured marketing management strategy can take the business to soar highs. This is why a large number of students from all over the world opt for marketing management and dis their MBA specialization. Marketing opens up a world of opportunities to students which allows them to learn and grow their professional personalities every step of the way. Students try to learn from the early stages of the course to work.
There is no end to how much a person can learn when it comes to marketing a product or service. No matter how much knowledge you gain or the skills you master there is always something new that can be learned. Some new technology or some new marketing channel or a new marketing approach. The options are wide and the target is endless.
Marketing is an ever-evolving field. So students have to keep up with the upcoming trends field of marketing but for a grads student, this is where the trouble begins. Since marketing management is a practical subject keeps on growing and implements new approaches ever so often. It becomes difficult for students to keep up with all of them. This is mainly because students undergo a lot of stress during their academic courses. With so many students opted to succeed in the field of marketing, the competition is vast and the stress is almost comparable.
What is Marketing Management?
The concept of marketing management is divided into four steps.
Identifying customer need in dynamic environment.
Creating customer oriented product.
Advertise the right information along the product.
Build and maintain customer relationship.
Difficulties Faced while preparing marketing management assignment
Difficult to gain information. SWOT analysis is challenging.
Difficult to prepare charts and graphs.
Extensive research is needed.
Tips for Marketing Management Assignment
Should reflect relevant information relate to the topic and marketing segment.
It is always necessary to undertake consumer behavior.
Analyze marketing knowledge and create strategies as per requirement.
Adhere by every single requirement of the task.
It is always necessary to monitor and control the quality.
Objectives of Marketing Management
Marketing management helps to maximize the performance of an organization.
It helps to develop and prepare effective business strategies.
It helps to achieve common organization goals.
It also helps in prioritizing activities to attain the goals.
Marketing is about identifying and meeting human social needs. In other words it is about getting, keeping, and growing the customers by delivering customer values. It becomes easy if you think yourself being a person residing just beside a crackers factory, every day laborers get hurt while working. In this case if you want to go for the solution you will apply your business mind to launch a medicine shop nearby to that factory supplying ointment to those affected persons. In this way your marketing will be done and your shop will become popular. This method of satisfying the customers is what in layman’s language called Marketing.
Now if we stick to our previous example we will find like us, few more medicines shop are growing to cater the demands. This in other words what we know as “competition”. Michael E. Porter an economist of Harvard University came up with some theories regarding this view in the year 1979. His framework for analyzing the position of competition in a business is what is known as Porter’s five forces analysis model in Marketing.
What is Porter's Five Forces Analysis Model?
The real point of business competition is to beat your rivals in a way so as to earn profits. And to identify how much profit potential exists in an industry we need to find how much competition is there in the market. Thus finding the strengths and weaknesses to shape an ongoing business. Porter's five forces analysis model considers the interactions
Among the competitors in an industry
Potential of new entrants in an industry
Power of suppliers
Power of customers
Threat of substitute products
Understanding this five forces in an elaborate way will clear the idea of Porters five forces analysis model.
Rivalry among competitors in the industry
There always lies a competition in the industry while producing similar goods in the market. Because competitors seek to serve the same set of buyers rivalry became obvious and intense. To understand in a simpler way we have to give answers to some questions
How many Competitors are there?
Who are they?
How is the competition?
The third question will give necessary overview of Porter's first force. If the Competition on in the market is high then seller needs to give more discounts along with high level of advertising.
Again if the product is different then competition is low and discount must be less. In other words profit making capacity is high.
Power of an industry’s suppliers
The bargaining power of suppliers is high which means with limited and scarce resources the suppliers switching cost is high i.e. to change the suppliers frequently will cost high. Again if the resources is unlimited i.e. raw materials is available in huge quantity in the market, the chance of bargaining of the suppliers is low.
Power of Industry’s buyers
The power of industry’s buyers depends on the availability of the undifferentiated goods. If they are in huge number then buyers can put pressure in the market to lower the selling price. The cost of switching for the seller is low. Large number of buyers in this case holds power in the market.
Again if the number of buyers is limited, along with the undifferentiated product then the cost of switching is high.
Again if the number of buyers is limited the cost of switching becomes high .along with the differentiated product is not very easily available in the market so buyers cannot put pressure to run the business.
Threat of new Entrants
It is of high chance, that seeing our company getting large scale profits other new company will try to grow up to sell the similar products This again depends on how is the cost of entry , government policies, ,i.e. access to distribution channels is limited or not. Lastly the patent and know-hows.
Threat of substitutes,
Substitutes is such a product that has the power to replace our product. If close substitutes of our product is available in the market then threat of substitutes is high and again if there is no other substitutes available in the market then threat is low. How strong a threat substitutes are depends on how effective are those substitutes in serving an industry’s need.
Conclusion
There are several methods through which any marketing organization uses to collect data. It should always include qualitative marketing research as well as quantitative support of marketing management. Marketing management procedure therefore should contain explains how the companies should talk to their customers and there must be a particular direction maintained for those communications.
Takeaways
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