Marketing management, as all we know it, is the process of the practical application of marketing strategies, techniques, and resources in line with a company’s objective to garner more sales. It is one of the key components of every industry, intending to innovate and devise promotional campaigns to provide consumers with what they need to know about anything. With the rise of technology and globalization today, marketing management has had its transitions with regards to what works most not only for the company but for its consumers as well.
With the changes and the evolution of modern ways in marketing management, how has it changed over the years?
Technological Advancements for Marketers
The advances in technology have made a way for companies to transition from in-house marketers to outbound manpower. This connotes that companies can hire resources that aren’t limited, given that they have more ideas not only from a biased perspective but to an open-minded discussion on how products and services must be marketed. Moreover, companies can also communicate with bloggers, network affiliates, and even influencers in a way that they can mass market their products to varying audiences. Hence, with the digital revolution in place, more and more companies can also take control of client buying patterns; from actual stores to digital ones.
Better Marketing Research
With digitalization, marketing research has been drastically changed for efficient opinions. Now, companies can buy systems that develop marketing potentials, in a way that there is an analysis of consumer buying experience with the effectiveness of advertisements. Consequently, companies can also identify what impacts customer attitudes, and then, later on, apply the analysis so they may be able to quantify their target market.
Globalization has also made a huge role in the marketing management approaches of companies. It has broadened the horizon of marketing, not only with regards to local clientele but with foreign individuals as well. With the easy access and reachability to mass markets, marketing management has also made it possible to adapt to these conditions, wherein clients are able to enjoy competitive pricing and companies may have the potential of increased sales.
The 4Ps of Marketing
The conventional 4Ps in marketing management are product, place, promotion, and price. However, the modern era has shifted it to people, process, program, and performance. People, to know what clients need; process, to know what to manage and what companies can do with the varying opinions of clients; program, wherein it makes sure to use resources with regards to what clients prefer; and performance, where it tests out the marketing measures and how it may be able to generate sales.
While marketing management facilitates the functions for the distribution of goods and services, technology has served its purpose in keeping everything in place with higher efficiency. It serves as a regulation where companies can adapt to marketing trends in association with marketing research and the change in pricing to heighten competition. Thus, the transition of a conventional to a modern area of marketing management creates more purpose so companies can better their sales, not only with how they can market but on how they can organize strategies that come from constructive roots.