Principles of Marketing Management
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Principles of Marketing Management
Abstract
Today’s prosperity relies mainly on how the organization can manage the consumers in a way that attracts those most (Kotabe, & Helsen,2020). The concept of marketing, therefore, has become a major concern today. Most marketing departs attempt to get the necessary information about consumer behavior via the internet, enabling them to make proper decisions concerning the expansion of the market (Kotabe, & Helsen,2020). There are some of the developments that have been witnessed in marketing decision making. Some of the developments witnessed are marketing engineering decisions where computer-related devices are used to predict certain products’ possible outcome (Chautard, & Collin, 2019).
Marketing engineering in making marketing decisions has made the process better, especially when modern technologies such as the developed software are involved (Kotabe & Helsen,2020). There is a smooth flow of information in this system since marketing engineering collects data and analyzes the collected data by adopting relevant modern technologies coordinated together. This review will look into marketing engineering concerning the article by two scholars, Kotabe M.M. and Helsen, who described this development as a major step that organizations have made a step in ensuring proper marketing decisions are made (Kotabe, & Helsen,2020).
Introduction
Technology developed with several developments witnessed in almost all sectors of the economy. The business sector is one of the sectors that have witnessed this tremendous development in technology. Information and communication no longer look like the past as electronic communication methods are invented (Kotabe & Helsen,2020). The business environment requires serious research to get the best marketing decisions. Marketing engineering is one of the tools that help an organization gather the necessary information, use statistical methods to analyze the data collected, and use the current technologies to manipulate the data. The outcome can be used to predict consumer behavior (Kotabe & Helsen,2020). The organization can use the outcome of the technology for decision making. The following are some of the modern principles under which modern marketing management decisions are made (Rundle, et al., 2019).
Marketing and technology
Different methods can be used to determine consumer behavior (Kotabe & Helsen,2020). Some of the methods can be categorized as traditional methods, while others can be categorized as modern methods; however, marketing engineering combines both the traditional method and the modern method to develop a better decision for the organization (Kotabe, & Helsen,2020). The traditional method transforms traditional marketing decision-making methods into the most recent form that best understands the consumers in the market, giving significant information for decision making. Marketing management will only make good use of these technologies when they become fully aware of the existence and importance of such technologies in the market (Rundle, et al., 2019).
Looking at today’s marketer’s behavior shows how much they are keen on technology. Some traits required from marketers today are; flexibility, curiosity, agility must be nimble and able to change whenever a need arises. Marketers are considered the change agents in the organization who could rescue the sales volume of a company (Rundle, et al., 2019).
Experience as a tool for marketing decision making
Traditionally, marketing was very simple. Decision making and selling processes relied on a few information making the process cheap and simple (Chautard, & Collin, 2019). Customers could easily maintain a seller due to the limited number of sellers. These customers would remain frequent and loyal to the seller for as long as goods still existed. Looking at the trend today, most businesses go online, and every organization strives towards coming up with a measure of ensuring they have a site through which their goods can be purchased online (Chautard, & Collin, 2019). Many people consider an organization’s stakeholders’ behavior as the tools to determine the type of product produced; hence, an organization needs to have good moral behavior and experience for quality products (Chautard, & Collin, 2019). Marketers who use technology do follow the past interaction of customers on a product and analyze the reaction. From what the customers experience in the past, they develop better decisions that will help the company make significant decisions (Chautard, & Collin, 2019).
The emergence of technologies has brought about a wide variety of goods in the market. Therefore, consumers have a wide range of goods to choose from (Kotabe & Helsen,2020). The variety makes the customers check the past interaction with the commodity and consider the past interaction experience. From there, the consumer will be able to decide what product to purchase from the taste and preferences (Chautard, & Collin, 2019). Marketing managers, therefore, have to learn the past interaction of the same commodity when they were last introduced in the market. The study should help the company change the types of goods that were not welcomed by the members to increase the company’s volume of sales (Rundle, et al., 2019).
Customer relationship
As a marketing manager, maintaining a good relationship with customers is very important and healthy. The relationship can best be maintained by frequently asking the customers feedback on the commodities sold (Chautard, & Collin, 2019). This will provide the information needed for the change in an organization and predict what the customers expect (Kotabe & Helsen,2020). Some organizations have adopted some online systems through which customers can comment on the quality of services offered and what they feel should be included in their products. The comment tool has created a good relationship that has greatly increased the number of customers, which subsequently increases sales volume (Rundle, et al., 2019).
Online and offline customer connection
Every organization needs to maintain its customers. Maintaining customers entails staying with the customers, both online and offline (Chautard, & Collin, 2019). Every organization understands its customers better; they know the means used by the customers for payment, how customers access the products, and how they meet with their customers. The information is necessary for an organization as it will enable them to provide the best platform that can connect them to the customers at all times (Rundle, et al., 2019).
Communication delivery and value creation
Good communication is one of the fundamental principles of marketing management (Chautard & Collin, 2019). A marketing manager should have proper communication skills and proper ways of delivering information. It is from the communication that the prospective customer can decide to maintain the relationship or walk away to other sellers who offer the same products (Kotabe, & Helsen,2020). The way information is delivered to prospective buyers to pay attention or proceed with the activity at hand. Hence, proper marketing management requires the organization to have a way that marketers who understand the product and possess communication skills (Rundle, et al., 2019).
A recent development in technology has made this possible by processing the necessary information into the computer devices or the relevant information as given online (Chautard, & Collin, 2019). The availability of the information online brings about uniformity and reliability of the information. Technological products require the company to explain in simple terms indicating how the product functions together with how the product has always performed, stating the recent results of such a product. Without the proper information on these, customers may avoid the product citing its usage difficulties (Rundle, et al., 2019).
Data and testing in marketing management
The marketer has to learn such skills as testing and recording data for proper marketing management. The marketer needs significant information about the product during the testing period (Chautard, & Collin, 2019). The coming of technology has brought about technologies that can help the marketer do this task in a simple way (Gupta, & Nair, 2020). The method exploits a variety of techniques to come up with a proper consumer experience on the product. Even though computers can be programmed to collect useful data from the customers, it can never be the best way as personal contact matters a lot to the consumer (Chautard, & Collin, 2019).
Creativity as a tool in marketing management
As much as we can praise the development in technology as one of the major driving forces in providing better marketing management decisions, creativity is a factor that can never be forgotten (Kotabe, & Helsen,2020). In almost all the areas from the development of technology, it is the creativity that becomes the base of every marketing management aspect. The marketing manager’s creativity makes the manager develop new strategies for marketing the product, which the competitor may not use (Chautard, & Collin, 2019). When the new technique proves to be a unique and better method of attracting customers, the sales volume is likely to improve (Kotabe, & Helsen,2020). The company may form a partnership with a marketing company that may have rich creativity skills to market its product. However, the company’s name will still appear, making the affair more internal (Kotabe, & Helsen,2020). However, the coming of technology improved the creativity of an individual as the thoughts can now be made easy through the use of machines (Rundle, et al., 2019).
Sharing in marketing management
One of the key principles of marketing management is never to try to do the task yourself. It, therefore, requires consultation for proper management. Even with the emergence of technology, the marketing manager can still not rely on technology alone (Chautard & Collin, 2019). Technology, too, requires one to operate it. This means that there is a need to collaborate when the organization needs to improve its relationship with customers, which, as a result, will increase the sales volume. This is why most businesses partner to look for better ways of marketing the products (Rundle, et al., 2019).
Change in marketing leadership
Several changes have occurred; one of the major changes is a change in leadership where the marketing manager has to do beyond just marketing activities (Gupta, & Nair, 2020). The extension gives the manager a better experience to have good knowledge of other sectors. However, modern technology indicates that the manager should not perform all those duties but should lead in their performance (Gupta, & Nair, 2020).
Conclusion
Marketing managers are there charged with integrating technology into the system together with the modern principles of marketing management (Gupta, & Nair, 2020). The principles are meant to improve the current status of marketing (Chautard & Collin, 2019). The organizations that adopt modern techniques in marketing and the development in technologies stand a better chance of increasing the volume of its sales. Collaboration is very important in an organization as it provides a better opportunity for both parties, making them increase their sales volume (Rundle, et al., 2019).
References
Chautard, T., & Collin-Lachaud, I. (2019). Introducing the storytelling analysis methodology in marketing: Principles, contributions, and implementation. Recherche et Applications en Marketing (English Edition), 34(3), 27-46.
Gupta, C. B., & Nair, R. (2020). Marketing Management, CB Gupta & N. Rajan Nair. Sultan Chand & Sons.
Kotabe, M. M., & Helsen, K. (2020). Global marketing management. John Wiley & Sons.
Rundle-Thiele, S., David, P., Willmott, T., Pang, B., Eagle, L., & Hay, R. (2019). Social marketing theory development goals: an agenda to drive change. Journal of Marketing Management, 35(1-2), 160-181.