Markting Management
management many companies are faced today with strong competition and to survive in such a market environment it is necessary for them to know the customer needs and to align all the business activities to these customer needs I would like to introduce you into the basic understanding of marketing and into the key issues of marketing management due to the introduction I will provide you with three topics first you should learn about the main idea and understanding of marketing second you get insights in different steps of the marketing management process and third you learn something about the decisions marketing managers have to mate if you got the first points you can get a deeper understanding of marketing management through our Master of Science MBA and Executive courses so now enjoy the session what is marketing about marketing is primarily about the market and customer orientation of the whole company so marketing focuses on satisfying customer needs in a competitive environment looking at the marketing definition in a more formal way we can take the worldwide accepted definition of the American Marketing Association Marketing is an organizational function and a set of processes for creating communicating and delivering value to the customer and managing customer relationships in ways that benefit the organization and its stakeholders so in the daily business and practice marketing management is often misunderstood people say marketing is advertising or marketing is sales but marketing management goes beyond so it is the customer oriented philosophy of the whole company why is marketing important if you pose this question to yourself you can find an answer in the history of marketing management
so if markets become more and more competitive customer orientation is key for success if the customer has the choice between Company A and B he will be attracted by the company which fulfills his needs best, therefore, companies have to look at customer needs in a competitive environment and they have to satisfy customers by fulfilling these knees with the offers what is the impact of the marketing if you try to answer this question you can
look at a spiral or circle of different effects if a company has a low customer orientation it will not be able to really
to satisfy customer needs with the offers so customer satisfaction rates go down and customers will not be loyal and the company will lose customers to hold the customer base the company has to acquire additional customers and that is very costly so in the long run this company has to spend a lot of money to attract customer and to be sustainable in a mark in the market in comparison to this negative circle of effects increasing customer orientation leads to higher customer satisfaction rates higher loyalty and lower acquisition cost and at the end higher and sustainable profitability who applies marketing at first you would think about the consumer good industry but there are far more institutions which apply marketing and customary intention think about industry goods manufacturers think about theaters hospitals foundations or environmental organizations they all need customer orientation in a competitive environment so marketing is applied by profit and nonprofit institutions they need professional marketing management to sustain success in the market how should market thing be implemented marketing is all about customer orientation and satisfying customer needs therefore we look at marketing in a dual way first of all marketing should be implemented as a function within the company so all the marketing knowledge and expertise is bundled in a department in addition to that marketing is also a set of cross-functional processes that means marketing orientation and customer orientation should be included in R&D production and service so marketing managers have to take care that the customer orientation is anchored in all the departments within the company so what is marketing management about until now we have looked at marketing but what is marketing management can be explained by this planning process we would start with the situation analysis we would look at markets customers and competitors and our internal situation then we would derive marketing goals will be implemented by defining marketing strategies and the marketing strategies will be achieved by designing marketing activities the so-called marketing mix and then we have to establish a marketing organization and a marketing controlling process this is the whole marketing management process for implementing a professional marketing concept what is important when performing a situational analysis first of all we have to start with an analysis of our internal and external environment looking at the internal environment means we have to identify our strengths and weaknesses regarding meeting customer needs looking at the external environment we have to identify the market the relevant market with the customers the competitors and sometimes retailers are included and then we have to analyze the customer needs that is a big starting point within the external analysis we have to look at our brands and products in comparison to the competitors in addition to the market analysis we have also to take care about influencing factors of the macro environment often the analysis of the macro-environment is called PESTEL analysis that means that we have to look at political-economic technological social-ecological and legal influencing factors the internal and the external analysis will lead to the so-called SWOT analysis where we combine the internal strengths and weaknesses and the external opportunities and threats why should marketing goals be formulated
https://youtu.be/jCPvkrlo5Z4
we often observe false when situation analysis is directly followed by actions without orientations will lead
to modeling through therefore marketing goals should be formulated so marketing goals should fulfill different functions, first of all, they should give orientation second they should coordinate activities within the marketing department and the company and third, they should motivate decision-makers to achieve the goals and finally, marketing goals should fulfill a control function that means activities and strategies and their achievement should be controlled by having defined goals by defining marketing goals we can differentiate between economic and psychographic goals looking at the economic goals we have revenue goals we have profitability goals we can define market share as a goal or sales volume or the contribution margin these are typical economic marketing goals before we achieve these economic goals we have to change something in the customer's mind and therefore we have to address the so-called psychographic goals it is aware of our brand it is to create a special image of our brand or a preference that the customer is willing to buy our product.
so now you got first insights into the understanding of marketing and how the marketing management process works I'm very pleased about your interest in marketing and we can discuss further aspects of marketing management in our Master of Science MBA and executive programs I wish you all the best on your way to customer-oriented marketing management you
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