Assessments for Marketing Management - Term Paper Example

? Assessments for Marketing Management Assessments for Marketing Management Introduction Marketing management in a business is the practice of focused practical approach of marketing techniques on the effective management of a business’ resources and events. In order to effect substantial growth, businesses have aimed to market their businesses beyond their geographical borders. This has made way to international marketing enabling businesses to compete at a global scale. As part of s marketing strategy, it is vital for a business to ascertain its status and relevance within a market in order to pave any way forward. The timing and the level of consumer demand help a business in establishing the right marketing avenue. The one in charge of the marketing strategy is usually the marketing managers in many organizations. In addition, a business should have detailed objectives and a better understanding of their businesses in order to initiate appropriate and cost friendly marketing engagement strategies. In this context, the marketing principle collides with strategic planning for effective implementation of the goals intended plan (Hill & Jones, 2012). For a long time, this form of management depended on three crucial aspects that are the customer, the competitor, and the company analysis aspects. These constitute the three C’s of marketing. However, this paper will dwell on various aspects that contribute towards effective marketing and access of a market audience. Question 1: Different needs that most consumers have Majorly, there are categories of consumer needs. These needs are stated, real, unstated, delight and secret needs. Ideally, a customer buys a product mainly for its ability to offer a solution to the need presented. In a break down, stated needs are those that a customer has articulated and seen the importance of having as a matter of priority. Here the cost of the solutions not the customer’s priority but the priority is the having any product satisfy the need. In addition, the taste or the choices of the product do not matter, as it is a matter of immediate problem solving and not spoiled choice. The second type of need is the real needs category that involves the consumer’s specific action in to what they are looking for. For instance, a consumer may mention what they do need but when it comes to the actual search or picking of the solution to their problem, they may pick on something different. In this regard, the price of the product that they intend to buy may hinder them from going for the most expensive hence meeting the real need with a relatively affordable product. Thirdly, there are the unstated needs that a customer may have but they do not say them out loud (Krishnamacharyulu & Ramakrishnan, 2011). This is to mean that these are needs, which a customer may not express, but still expected by the consumer. Essentially, these could be in terms the consumer expected prices of the commodity and assistance in ascertaining which product will have a pocket friendly price. In this regard, this need draws facilitation from the retailer selling the products. The fourth need that a consumer may have is the delight need that entails the surprise additional benefits of acquiring the product during its sale. In essence, it is more appealing to a consumer when the product that they intended to buy has a buy one-get one free tag line. Ideally, any consumer would tend to go for a product that will give more for less irrespective of their quality attributes. Therefore, a consumer may go out to buy products to solve their needs but then change their minds when they get to the retail store because of the extra incentive factor. Lastly, the fifth type of need is the secret needs that are concealed inside a consumer’s head. Essentially, these are the needs, which application of a product solution will help the consumer be like a symbol within the products image. For instance, the hidden need when one uses a facial cream would be the need to become as the beauty queens used in the advertising of the product. However, this may serve as a motivational factor to which buying of the product by the consumer may derive origin. Subsequently, needs play a vital role in the assertion of the choice of solution that will counter the problem. For a marketer the delivery of value and customer satisfaction form the basis of their product acceptance in to the market. Therefore, a marketer should strive to meet the individual and unique needs of its target audience in order for their marketing strategies to be objective and responsive. Question 2: Why certain companies are master markets to the eyes of the consumer Many companies invoke the application of various strategic plans that oversee a company’s substantial presence and dominance in a specified market. This encompasses financial status of the company, the internal marketing functions, the customer expectation and the company’s anticipated expansion (Hartline & Ferrell, 2011).Out of a pool of many, only a handful tend to be masters in the marketing field. Their ability to relate to the consumer and establish a lasting brand in the minds of the consumers also becomes their strength. In addition, their abilities to have master marketers within themselves is a trait that makes businesses stand out among their peers. Majorly, people tend to confuse marketing and sales, but clearly, there is a wide difference between the two. For in stance, sales is a one on one kind of customer relation in which a consumer and a retailer engage in order to gain the various opinions between themselves(Bacak, 2007). On the other hand, marketing is a form of communicative advertising in which a marketer engages too many consumers at ago. Therefore, the companies that apply marketing rather than sales have a higher chance of staying relevant to a competitive. Ideally, sales are more of reaching market targets rather than establishing lasting impressions in the minds of the potential consumers. In addition, their advertisements are their fundamental aspects of making the market aware of their product availability in the prospected market. The offering of appropriate information to the consumer helps to create a favorable attachment to the consumer. Therefore, master marketers have exhaustively applied the technique of information dispensation to a relevant market. In essence, it would be ineffective to advertise expensive products or services to a market with relatively low income. In effect, marketers stand out due to them tapping in to their intended client base to minimize on resource and time wastage hence becoming a distinctive feature (Dransfield, 2004). Another aspect that makes marketers stand out is their creative and innovative ways of the presentation of their advertisements (McDonald, 2008). For instance, the target market tends to pay more attention to an advertisement that is pleasing to the ears, eyes, and hearts. The advertisement should be unique in its portrayal, as this tends to make it more captivating to the audience. The mode of advertising should make it easy for the target to grasp the information on the go. This is to mean that ht e company’s marketing channels contain much information hence making the customers find their marketing interesting (McDonald, 2008). In essence, an advertising tool should be one that respects the morals and emotions of the consumer. Therefore, the quality of the advertisement will rate according to its ability to meet consumer expectation. Question 3: Advantages of effective application of the order-to-payment-cycle by firms In essence, the order-to-payment cycle is the process involved between the receipts of the order by the salesperson from the consumer to the payment finalization after the goods get to the recipient. Primarily, the first document that gets to the sales person is the order that describes the products hat they need. After that, the order entry forms and the customer credit check follow in the sequence before actual dispatch of the requested products (Kotler et al, 2004). Further, in the process, an inventory and production scheduling within the company also have to make rounds before the goods get to the client. Before the issuance of payments, the invoice and the receipts have change hands for the transaction to go full circle. In this regard, the process becomes too long and hectic hence not able to meet the immediate need of finding a solution to the buyer’s need. This is to mean that the longer the order-to-payment cycle, the lower the chances of meeting up to the customer satisfaction. In addition, this translates to dismal profits to the company, as very transactions occur during its financial year. This is because of the long chain of events hence this translates to much time wastage on one transaction. Essentially, it is possible to execute the payment cycle in an accurate and fast manner provided that competency apply. This means that the employment of staff with added knowledge on effective bookkeeping will help the business devise shorter and appropriate documentation. This will in turn help the business to capitalize on making more profits. Question 4: How to make low-profit customers more profitable for 2Wheels Bicycle store In order for this company to capitalize on the low-profit customers, they have to factor in a few elements to maintain the existing customer relationship. For instance, the low-profit customers are a segment of customers who bring little inconsequential profits to the business compared to high-profit customers. Their contribution becomes of value especially when the business is at its poorest performance, as these customers remain loyal to the business even the harsh times. This number tends to be higher than that of the high profit customers (Wreden, 2007). Essentially, to improve the profitability levels of this segment the company needs to invest more on the needs of this group. This is because they have the potential to make the businesses profits go up. Their neglect would mean no profitability fir the business during its low season (Grant & Thompson, 2005). However, the involvement of this segment should be in a cost effective manner as the profit margin that they draw to the company’s financial status is not desirable. This is to mean that the cost implementation margin should be directly relational to 2Wheels intended profit margins. Question 5: The application of laddering technique within the Freudian Theory According to Freud Sigmund, a healthy personality developed from a successful childhood influence that goes on in to adulthood. Ideally, the Freudian Motivation theory is a sales theory that predicts a consumer’s preference when purchasing a product because of their unconscious desires (Sharf, 2012). The senses of smell, touch and the taste of the product in question trigger memories of experiences. In essence, the understanding of the product elements may be useful to a marketer in influencing a buyer in to buying a product. In this regard a marketer may inquire from a buyer the feeling that the product in question triggers from their past then capitalize in the feeling in a positive way to make the buyer buy the product. The laddering technique in this theory is the process in which a consumer tries to fulfill the functional needs and urges. For instance, the influence in to buying of a product may be due to the concealing or hiding feeling that other product may present (Sharf, 2012). In essence, a consumer may buy curtains for the window because of the subconscious feeling that someone may invade their privacy and see them nude. Therefore, buying the curtains gives the consumer the subconscious feeling of safety and privacy. Question 6: Vertical co-ordination and the specific investment risks to the consumer and the sulpplier Specific investments are the tailor-made expenditures posed to a company that ironically; add value to company output. These investments are essential in a company’s growth and positioning in the profit field. In this regard, a seller becomes the most vulnerable due to the assets invested towards the perceived attainment of the organization’s profits. For the consumer, under supply of the product by a seller may lead a buyer in to feeling cheated, as though the buyer has taken advantage of the buyer’s interest in buying the product. Sequentially, this forms a basis for misrepresentation of information hence violating a consumer’s contractual and entitled benefit (Kotler et al, 2010). In this regard, supplier opportunism takes root, as a company may take up a challenge that it may not be able to deliver. This is most likely in the application of technology as the standards may be too high and not attainable. A company that values its market reputation tends avoid any form of opportunism as a way of safeguarding its intangible assets. In essence, opportunism is the undersupply of products or services in relation to a signed or unsigned contractual agreement These intangible assets may be its intellectual property to which it can only claim rights through copy right. Question 7: Customerization and its effective use by marketers Customerization is the specific tailoring of consumer products and services through personalized interaction between a company and the consumer. This requires a seller or a marketer to base their interest on the customer’s needs and rather than their own preference (Malhotra, 2011). The customerization aspect is a one to one response on the services, products, or message delivery tone used by the seller in reaching out to the consumer (National Academy of Engineers, 2004). In essence, a company applies customerization when it is able to effectively engage with the individual consumers then respond as per the received feedback. This concept has become the latest adoption in to effective marketing due to its ability to provide tailored solutions to customer needs. In the past, marketers did little or no research on the specifications of their client-base hence giving non- significant solutions. In this regard, marketers have invoked the use of buyer-centric modes of personalized communication to ensure that they offer goods that are relevant in the market (Thomas, 2006). Essentially, the production cost reduces because production is not in bulk hence meaning that it is on a needful basis. The move to this form of customer based problem solving mechanisms help to sustain a company’s market presence and a marketer’s credibility. References Bacak, M. (2007). Secrets of the Internet: Millionaire mind. Garden City, NY: Morgan James. Dransfield, R. (2004). Business for foundation degrees and higher awards. Oxford: Heinemann. Ferrell, O. C., & Hartline, M. D. (2011). Marketing strategy. Australia: South-Western Cengage Learning. Grant, P., Lewis, S., & Thompson, D. (2005). Business psychology in practice. London: Whurr Publishers. Hill, C. W. L., & Jones, G. R. (2012). Strategic management: An integrated approach. Mason, OH: South-Western, Cengage Learning. Kotler p., Shalowittz J., MD, MBA Stevens J. S (2010).Strategic Management for Health Care Organizations: Buildinmg Customer- Driven Health System. San Francisco, California : Wiley Imprint. Krishnamacharyulu, C. S. G., & Ramakrishnan, L. (2011). Rural marketing: Text and cases. Chennai [u.a.: Pearson. Malhotra K. N. 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