Marketing Modelling Issues - Essay Example

Marketing Model. Marketing operations are significant to the success of any company. The marketing sectionis tasked to ensure that appropriate consumers are aware of products that meet their specifications. Being in business while yearning to watch the business grow, marketing must be taken into consideration. Marketing is a crucial step in acquiring prospective clients, gaining attention and developing products and services. Marketing is seen as an investment for prospective sales. The world has become a global village with technological advancement. As the world continually transforms around us experts note that there will definite unchanging factors. These are responding to customer needs which will drive company success. Electronic marketing and technology will enable us to relate to the classics. Riley (2012) notes that cheaper and faster will allow businesses to execute strategies that would be impossible before. Consumer wants are constantly changing faster in the 21st century compared to past years. This is due to easy access to products through internet, electronic and print media. Industries are flooded with same products hence customers should to be aware of your business and what it offers. Consumer awareness can be fully achieved through marketing. So as a business person, one must always be focusing into the future. Most Small Micro Enterprises always sideline marketing citing expenses. Small businesses operate mostly on no-frills thus view marketing as expensive. Question that arises is how in absence of marketing one suggests to acquire the much wanted client base that affect sales. Many businesses are in operation and competition cut throat in the 21st century due to improved innovation. Without effective marketing of products, brand Image Company’s are deemed to fail in the start up stages, Riley (2012) Marketing campaign decisions must be drawn to sway sales and consumers. Generally a business could swap sales team size, price and advertisement budget. Marketing process invloves situational analysis, marketing strategy, market mix decision and implementation and control. Because the product already exists in the market and at its maturity stage, the market mix process would be applicable. Several tools are used by marketers to create the desired feedback from target consumers. These set of tools are called marketing mix. At the market mix level, planned decisions are drawn for controllable indicators. The most applicable indicator for the product is product promotional assessment. The main marketing objective at this stage is to reposition a product in order to create new markets. Marketing mix is commonly referred to as the four Ps – price, place, product and promotion, Brown (2001). Since the market is already flooded with competitor products a review of price at this stage is necessary. There will always be consumers on the look out for great bargains. Promotion applies a mix of methods and channels to penetrate the market and improve sale records. Promotion channels include advertising, sales force, sales promotion, public relations and direct marketing. Another resort would be to find innovative ways to rebrand the product, which would make it more appealing to consumers. Challenge is will the sale increase return money invested. A product that has gained maturity in the market wins over its competitor. Marketing model applicable at this stage involves developing customer loyalty, generally achieved through unique product promotion motivation to consumers who are likely to switch brands gradually. Laurette (2009) notes that the main challenge of promoting a product at maturity stage is sale records hit peak. This is because at the growth stage the market becomes flooded with products as there are less new consumers. Laurette (2009) observed that the most formidable promotion tactic to apply for a mature product in the market would be sales promotion. This involves convincing a customer to purchase the product/service. This is a short term means of achieving improved sales. A large number of the consumers who would purchase the product have previously done so. In order to curb this, offering discount prices of the product would lure new and previous customers into buying the product. In addition offering free gifts to customers who buy the product would boost sales. The greatest hurdle of promoting such a product would be through advertising. Though by advertising consumers are constantly reminded that a product is still available in the market. Further advertising would persuade consumers not to change brands. Yet the greatest challenge of advertising at this stage would be cost. Foremost we must consider whether resulting sales increase substantiates to the venture. Marketing departments often tend to function on centralized or decentralized systems. With uncertainties in world business and constant fear marketing experts are spilling out their present strategy. The current burning debate is to centralize or not to decentralize. Companies may opt for centralization in uncertain circumstances to cut off expenses and achieve great sales. Lewis (2012) points out that the international nature of business makes it a hurdle to get rid of a decentralized system. Decentralized system is proficient in approaching product diversification and market. Further fluctuations in exchange rates make it tricky to feed track on the exact cost of operating a business overseas. In crisis situation the first rapid response is frequently adopting a strategy strictly at the other side of the spectrum without taking into consideration an array of variables. Homogeneous products are much easier for business to centralize direct marketing. A decentralized system is costly to maintain by contrast because companies are repeating programs and teams. Both centralized and decentralized have advantages and disadvantages. In the present environment business directors are forced to make adjustments to cut costs. I would recommend a decentralized system because it works best in most situations. Whilst either the purchase process fluctuates, competition differs or the regulatory settings vary one place to another. Global business giants mostly benefit form the decentralized setup to direct marketing. Regional directors have the authority to develop their individual set of best approaches .decentralization works in various markets. Current business climate may require streaming budgets and programs cuts. The normal trend is to grow towards a more centralized system to cut off excesses and program. However what markets may achieve in budget cuts and gaining greater control with centralized model is they may eventually loose in taping local talent that understands the consumer very well. Additionally home custom and regulation can differ largely across many regions. For several multinational businesses now, gaining more profits on their revenue from oversea sales a decentralized model of marketing is more convenient, Lewis (2012). As the century unfolds, business marketing will maintain being an important tool in the marketing world. Technology ought to offer new methods of running and enabling the marketing method. The most secure way in current business environments is remain competitive by making small changes in the marketing strategies to reach out target audience more effectively. References. Jared, L. (2012). Understanding Marketing Management. Harvard Business Review Kristie, L. (2009). Advertising and Marketing; How Would the Market Mix Change at Different Stages of the Product Life Cycle. Jim, R. (2012). Marketing, Promotional Sales; Role of Technology. Macmillan Publishers. Michael, D., B. (2001). Marketing in the 21st Century; Revisiting the 4 Ps. Atlanta, Georgia. The ChemQuest Group, Inc.Cincinnati, Ohio. Read More

 

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