Marketing is the science of building a brand around a product or a service that people want. Marketing has been evolving drastically in the last 10 years as technology has evolved.This also means that we have a social responsibility towards our customers. It is important to understand that there is a difference between want and need for a customer.
Marketing revolves around a Holistic Marketing approach to bring a balance between internal, integrated, performance and relationship marketing. This approach will help a brand grow over time and build its customer base. .The four Ps defined by McCarthy has been updated to People, Processes, Program and Performance.(Kotler, & Keller, 2016).To conclude “Successful marketing management includes developing and implementing marketing strategies and plans, capturing marketing insights, connecting with customers, building strong brands, creating, delivering and communicating values, and managing the marketing organization within the global economy” (Kotler & Keller, 2016, p. 15).
“The task of business is to deliver customer value at a profit” (Kotler & Keller, 2016, p. 19). The Value delivery process has evolved from a demand-supply system to beginning with marketing planning before the product is built. The Value chain is used to creatively find out ways to add more customer value to the product. There are nine activities that the model proposes and it is essential to go through each activity to improve its performance. (Kotler & Keller, 2016).To successfully build value into a product we need Strategic Planning. This entails establishlishing business units that will have its central goal, benchmark and performance metrics.Growth can either build or break an organization. It is important to define Corporate culture. This is central to how the company reacts under different scenarios.
Every process requires a tool to measure its success and failure. “The overall evaluation of a company’s strength, weakness , opportunities, and threats is called SWOT analysis” (Kotler & Keller, 2016, p. 23). The SWOT analysis paves way for marketers to form goals and strategy based on its analysis. Marketers typically set up Marketing plans, implementation and metrics. Marketing dashboards are a good way to build a feedback loop for improvement.
Two of the most important aspects of marketing is understanding the market through research and building forecast models. Marketing teams require both internal and external information. Internal information includes “reports of order, sales, prices, costs, inventory levels, receivables and payables” (Kotler & Keller, 2016, p. 35).External information includes data obtained through Market Research. Market Research includes Surveys, Focus groups, Behavioral research and Observational research. (Kotler & Keller, 2016).
There are different measures to perform demand analysis on different segments of the market. Estimations are made based on market area potential, industry sales, and total market potential. The market is studied by subdividing it into macro environment. Some of the environment forces are demographic, economic, socio cultural, natural, technological , political-legal. These are studied to understand the trends and fads in the current and future market.
Kotler, P., & Keller, K. L., (2016). A Framework for Marketing Management, 6th ed. Upper Saddle River, New Jersey: Pearson Prentice Hall