Marketing is the cynosure behind a successful product or company. Even an average product can do well with intelligent marketing management. How you sell a product or service can make a lot of difference in how well the product will perform or how well a product is perceived by your customers. Marketing management services include the business processes involved in the application, management, monitoring and review of the marketing resources and activities of a company.
The scope of marketing management services depends on the industry of operation and size of a business. Effective marketing management employs resources of a company to increase the perceived value of the company, enhance customer base, and improve customer experience. Irrespective of the industry and size of business, every company requires some important marketing management services, which include:
#1 Market Research
The very first stage of a new product launch or development is market research. It helps in accessing the potential demand and probability of growth for the product in the target market. If similar products already exist in the product category like shoes, soap and TV; market research can help in acquiring secondary data regarding the prospective product. In case of the launch of a new product or services, a sample market survey can provide useful insights. Marketing research is the umbrella term used for such a survey. It helps in analyzing the attitude of buyers, consumer preferences, potential market size, acceptable pricing model, as well as features and attributes of the product. Similarly, an elaborate survey helps in getting useful insight before the actual launch of a new service.
Market surveys are also conducted to decide the name of a product or brand. The four P’s of marketing namely Product, Price, Place and Promotion focus on different aspects of product research. Marketing management professional analyzes the gathered data qualitatively as well as quantitatively to extract useful insights. A qualitative analysis provides information regarding consumer perception, opinion, and attitude towards a product or service. Quantitative data provides exact figures like units produced, sold, and distributed in a particular area at a specific time. Without adequate research, a new product launch is likely to fail. On the contrary, a product launched after scientifically designed research is likely to be accepted by consumers.
#2 Product Development, Monitoring, And Management
Once clear specifications are obtained for a product or service, the next step is to get appropriate raw materials and manage production planning. Only effective inventory management can ensure a successful product. The product life cycle includes stages like development, launch, promotion and sale followed by saturation and eventual decline. Efficient marketing can help a product gain new market share, lure more customers with discounts and use product enhancements to provide value-added services. Also, a product has to be test marketed before large-scale launch to analyze the market response and inculcate any changes or design modifications, if required.
Consumers must know about a product before it can sell. It is, therefore, important to spread the word through different publicity channels like the newspapers, advertising, television, websites, social media, digital banners and point-of-purchase display to promote brand awareness. After spending time, money and efforts in promotion, it is also necessary to continuously track sales conversions. Other sources of promotion include trade fairs and business events.
#4 Distribution And Sale
This is a crucial and elementary marketing management service that ensures a product is readily available for the customers to purchase. Sometimes, advertising creates a demand for a product much before it reaches the shelves of retail outlets. This happens due to lack of effective planning. Marketing teams must analyze the logistics to ensure effective enterprise resource planning. Only after tracking finances, planning production, and administering distribution and sales can a company achieve inventory control and financial management. Also, distribution centers should have adequate warehousing facility to manage supply as well as emergency requirements.
#5 Standardization And Testing
It is the responsibility of every organization to ensure that their product or service complies with regulatory standards for environmental impact, safety, design, quality of raw materials and other parameters. Every product must meet stringent requirements for a successful launch. For this, marketing management services ensure periodic testing and evaluation of the product on the basis of regulatory standards and consumer feedback. This helps in making necessary improvisations to the product.
#6 After-sale Services
Customer satisfaction is paramount to the success of a product. Therefore, it is essential to track customer satisfaction on a regular basis. A company must quickly address complaints redressal to admit and provide replacement and support for a product or service.
More often than not, goods are sold to wholesalers and distributors on credit without getting immediate cash. Marketing management services must analyze the working capital as well as the fixed capital of a company to support such financing and merchandising. Marketing management services must be able to address cash flow problems by rescheduling payments.
#8 Market Risk Analyses
Every business involves certain risks from competitors, falling prices, spoilage, loss of goods, depreciation, theft, obsolescence and natural calamities like fire or floods. Other unforeseen risks include a change in regulatory norms, slight manufacturing defects and quality concerns. Marketing management services are required to analyze and mitigate unforeseen or unpredictable risks.
#9 Market Information
Timely acquired market information is essential for product enhancement and sales. Factors like market expansion, product proliferation, and intense competition further emphasize the importance of timely market information. The information helps companies in analyzing necessary decisions such as when to sell, the price at which to sell, number and offering of competitors. Organizations require marketing management services to obtain timely market information to actively seek facts from external resources as well as internal departments. The information also helps in preparing useful reports and important business decisions.
Marketing management services are essential pillars that help an organization in setting goals, forecasting sales, devising business strategies, developing policies, planning promotional campaigns, coordinating marketing strategies and organizing resources for effective product planning and development.