Regardless of the nature of your business or individual business goals, success is only possible if you are able to achieve a viable profit margin. While the current small business climate suggests that this should be more than attainable for ambitious Small and Medium Enterprises (SME’s), however, establishing a successful venture on a shoestring still requires a huge amount of knowledge, understanding and proactive thinking. This is especially true in a competitive market such as the retail sector, for example, where a number of small and independent firms compete for a dwindling market share. Continue reading
Marketing Management is a discipline focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities for the purpose of creating a demand for the firm’s products for selling the same.
The term “marketing” as it is known now, was coined in the early 1930s by the American Marketing Association presidential address. While manufacturing was then the focus in business, a subsequent need was recognized to sell what was getting manufactured more efficiently in existing markets. While marketing management as a discipline of research and application has seen waves of changes in key strategic inclination and focus, the core has somewhat remained unchanged.
So what draws most of the marketing professionals to this discipline?
- First, it is theoretically very easy. The technicalities are somewhat lesser than many other super-hyped fields like Finance or Technology
- A lot depends on the quick thinking of the marketer. Understanding and having a good business acumen is an added bonus.
- The careers and jobs are promising yet offer dynamic changes to every professional, suitable to satisfy a broad variety of needs. Not everyone is cut-out for every job. Understanding job requirements as a fit with one’s personality type is a must for the sustained growth of every professional.
- It offers choices for career shifts industry wise and role wise, must for every professional, if one faces a mid career crisis.
- Last, and most excitingly, it offers a track to reach the coveted “CEO” position in the organization. Most top executives have a background in marketing, if not all.
So what roles do traditional marketing roles get you into?
Jobs in marketing can vary a lot. However, besides traditional paths in sales and marketing, there are many other roles in marketing, a list of which is prepared below:
- Business Development in Information Technology and Services companies (like jobs in IBM, Google, Microsoft, Adobe, Amazon)
- Market Research institutions ( e.g. like jobs in AC Nielson, IMRB )
- Consumer goods manufacturing institutions in marketing, sales, branding, strategy (higher in the organization) like jobs in Unilever, Procter & Gamble or in jobs in the FMCG sector.
- Consumer durables manufacturing companies in marketing, sales, branding, strategy (higher in the organization) like jobs in Sony, Apple, Toshiba
- Product management and even in development in research labs (like jobs in 3M)
- Need recognition of markets yet to be created (like jobs in MR divisions in MNCs like Tata Group, 3M)
- Retail chain management (both marketing, sales and supply chain functions are sometimes merged) like jobs in Wallmart, K-Mart, Reliance Fresh.
- Social sector and NGOs. Even social marketing is a major concern in current fast paced societies.
- Internet marketing service professional: You may start marketing websites as a SEO expert.
- Affiliate marketing professional: Create your own chain of hierarchy and get the benefits of the sales from it. E.G. Make money from tweeting and making friends join you in the same using MyLikes
I hope the choices helped you out in your search for a career in marketing. By the way, do you know about the top career choices trending globally now? Choosing a career which won’t stagnate too soon is extremely crucial for sustainable professional growth.
Services are radically different from products and need to be marketed very differently. So the classical 4 P structure of the Marketing Mix needs to be modified suitably to incorporate the 8 Ps for services marketing, which was previously known as the 7 Ps only.
Services can range from financial services provided by the banks to technology services provided by the IT company or hospitality services provided by hotels and restaurants or even a blog where an author provides a service (information presentation, interesting reading etc) to his audience. Services marketing are dominated by the 7 Ps of marketing namely Product, Price, Place, Promotion, People, Process and Physical evidence.
To know more in details about the classical 7 Ps of services marketing do visit our article on The 7 Ps of services marketing
While everyone knows about the 7 Ps of services marketing, the 8th P of Services Marketing has emerged in research very recently. The 8th P is Productivity and Quality.
In integral services management, improving productivity is a requisite in cost management; but quality, as defined by the customer, is essential for a service to differentiate itself from other providers.
It has been recognized that overall profitability of a firm may be greatly impacted by focusing on not only at the top-line by improving sales but also focusing on the bottom-line by lowering over-all cost of delivering services. In services management, often the variable costs are a lot more than fixed costs, and so incremental costs, if managed properly can have a huge impact on productivity. So for services, a firm may greatly benefit through proper re-engineering of processes and remodeling the same if required to improve productivity at each stage.
It has also been established in research that process improvements deliver better standardization and hence better quality in services. Quality perception is a crucial differentiating factor on services management and for long term sustainability of the same. Business Process Remodeling can lead to major process efficiency improvements which again can impact overall quality as is actually delivered by the firm and is also perceived by the customers / clientele .
Do let us know if you liked our article or if you have any questions.
By the way, have you read our article on the 4 P’s on Social Marketing?
Also did you read our article on the The 4 P’s of Marketing – The Marketing Mix strategies from which the 7 P Marketing Mix theory actually evolves?
Digital Marketing is basically promotion of brands using all available forms of digital advertising media to reach the target segment. In current marketing media, the popular media includes Radio, mobile, Internet, Television, social media marketing and other less popular forms of digital media like Digital Signage, Digital bill boards, etc.
Check out our article on Digital Marketing – Theories, Strategies and Frameworks
The 7 S for Digital Marketing typically is the way a Digital marketing strategy is systematically utilized.
- Strategy: Does the strategy fit with the vision and mission of your organization?
- Shared values: Does the strategy go hand in hand with the shared values of not only your target customer segment but also of that of the implementers?
- Structure: Does your organizational structure support adaptations to changes in environment in response to your campaign?
- Skill: Do you have the suitable skilled workforce to carry out the campaign successfully?
- Staff: Are your staff equipped to deliver your strategy (location wise, access to technical resources)
- Style: Does the campaign thematically fit with the style of your other campaigns?
- Systems: Do you have systems in place to carry out the campaign? Is there technical support for your advertising campaigns and marketing plans?
Hope this clears up the 7S of Digital Marketing. Hope this helps your company to chalk out a successful digital marketing program. Do let us know what you think of the article, with your valuable comments.
Have you read our article on the 4 P’s on Social Marketing?
Also did you read our article on the The 4 P’s of Marketing – The Marketing Mix strategies?
The term “marketing mix” was coined in the early 1950s by Neil Borden in his American Marketing Association presidential address. This is one of the preliminary knowledge every marketer must have and is considered to be the basics of every marketing theory, which emerged henceforth.
The basic major marketing management decisions can be classified in one of the following four categories, namely Product, Price, Place (distribution) and Promotion.
Product: It is the tangible object or an intangible service that is getting marketed through the program. Tangible products may be items like consumer goods (Toothpaste, Soaps, Shampoos) or consumer durables (Watches, IPods). Intangible products are service based like the tourism industry and information technology based services or codes-based products like cellphone load and credits. Product design which leads to the product attributes is the most important factor. However packaging also needs to be taken into consideration while deciding this factor. Every product is subject to a life-cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation. To retain its competitiveness in the market, continuous product extensions though innovation and thus differentiation is required and is one of the strategies to differentiate a product from its competitors.
Price: The price is the simply amount a customer pays for the product. If the price outweigh the perceived benefits for an individual, the perceived value of the offering will be low and it will be unlikely to be adopted, but if the benefits are perceived as greater than their costs, chances of trial and adoption of the product is much greater.
Place: Place represents the location where a product can be purchased. It is often referred to as the distribution channel. This may include any physical store (supermarket, departmental stores) as well as virtual stores (e-markets and e-malls) on the Internet. This is crucial as this provides the place utility to the consumer, which often becomes a deciding factor for the purchase of many products across multiple product categories.
Promotion: This represents all of the communications that a marketer may use in the marketplace to increase awareness about the product and its benefits to the target segment. Promotion has four distinct elements: advertising, public relations, personal selling and sales promotion. Advertising may include using specialty packaging to showcase products, utilizing promotional products for your company, or online ads. A certain amount of crossover occurs when promotion uses the four principal elements together (e.g in film promotion). Sales staff often play a major role in promotion of a product.
So how does a marketer strategize to attain success in a marketing program, using these 4 P’s?
Offering specificity introduces the contextual customization of what needs to be done to address the questions raised in each of these 4 Ps of Marketing. What is it that the marketer is trying to provide value, through each of the “disguised value proposition” to the end consumer. In there very essence, the 4 Ps of marketing is actually a framework that allows the marketer to structure the value proposition of an existing product (or a new product at the time of launch) so as to garner the highest mindshare by distinctly structuring the same. However, that is easier said that done and many marketers fumble when it comes to playing with the real life nuances and bringing out a crisp value proposition.
Do let us know if you liked our article or if you have any questions.
Have you read our article on the 4 Cs of Marketing Mix?
Also did you read our article on the 7 P’s of Services Marketing?
These articles are highly popular posts in our educative blog.