The process of marketing management is about
attracting and retaining customers by offering them desirable
products that satisfy needs and meet wants.
Marketing management in a customer-orientated business consists of five key tasks summarised in the table below:
| Marketing Task | Commentary |
Identify target markets
|
Management
have to identify those customers with whom they want to
trade. The choice of target markets will be influenced by the
wealth consumers hold and the business' ability to serve them
|
Market research
|
Management
have to collect information on the current and potential
needs of customers in the markets they have chosen to supply.
Areas to research include how customers buy (which marketing
channels are used) and what competitors are offering
|
Product development
|
Businesses
must develop products and services that meet needs and wants
sufficiently to attract target customers to wish and buy
|
Marketing mix
|
Having
identified the target markets and developed relevant
products, management must then determine the price, promotion
and distribution for the product. The marketing mix is tailored to
offer value to customers, to communicate the offer and to
make it accessible and convenient
|
Market monitoring
|
The
objective in marketing is to first attract customers - and
then (most importantly) retain them by building a relationship.
In order to do this effectively, they need feedback on customer
satisfaction. They also need to feed this back into product
design and marketing mix as customer needs and the
competitive environment changes
|
This is a free education website, you will fid every kinds of notes, books here for free, we are trying our best to cover all books, if you can't find something so please write email to us we will add that topic, also you can comment below.
ConversionConversion EmoticonEmoticon