Marketing Management
1) How has marketing management change in recent years? We can say with some confidence that the marketplace isn’t what it used to be. It is dramatically different from what it was even 10 years ago. Today, major and sometimes interlinking, societal forces have created new marketing behaviors, opportunities, and challenges. Here are 12 key ones.• Network information technology• Globalization
• Deregulation
• Privatization
• Heightened competition
• Industry convergence
• Retail transformation• Disintermediation• Consumer buying power• Consumer information• Consumer participation• Consumer resistance These major societal forces create complex challenges for marketers, but they have also generated a new set of capabilities to help companies cope and respond. Not surprisingly, these new marketing forces and capabilities have profoundly changed marketing management. In theory, the marketing planning process consists of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort.In practice, however, in the highly competitive marketplaces that are more often the norm, marketing planning is more fluid and is continually refreshed. Companies must always be moving forward with marketing programs, innovating products and services, staying in touch with customer needs, and seeking new advantages rather than relying on past strengths. This is especially true of incorporating the Internet into marketing plans.Marketers must try to balance increased spending on search advertising, social media, direct e-mail, and text/SMS marketing efforts with appropriate spending on traditional marketing communications.
But they must do so in tough economic times, when accountability has become a top priority and returns on investment are expected from every marketing activity. “Marketing Insight: Marketing in an Age of Turbulence” offers some recommendations for
• Deregulation
• Privatization
• Heightened competition
• Industry convergence
• Retail transformation• Disintermediation• Consumer buying power• Consumer information• Consumer participation• Consumer resistance These major societal forces create complex challenges for marketers, but they have also generated a new set of capabilities to help companies cope and respond. Not surprisingly, these new marketing forces and capabilities have profoundly changed marketing management. In theory, the marketing planning process consists of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort.In practice, however, in the highly competitive marketplaces that are more often the norm, marketing planning is more fluid and is continually refreshed. Companies must always be moving forward with marketing programs, innovating products and services, staying in touch with customer needs, and seeking new advantages rather than relying on past strengths. This is especially true of incorporating the Internet into marketing plans.Marketers must try to balance increased spending on search advertising, social media, direct e-mail, and text/SMS marketing efforts with appropriate spending on traditional marketing communications.
But they must do so in tough economic times, when accountability has become a top priority and returns on investment are expected from every marketing activity. “Marketing Insight: Marketing in an Age of Turbulence” offers some recommendations for