Marketing principles and strategies

Marketing

With globalization and the development of global processes, including in business, marketing management has become more and more used as a way to best combine the company's resources and its marketing techniques and outreach. For the consumer, there are several distinct benefits that can be drawn. First of all, marketing management implies scientific research, which means a wide array of techniques, assessments and analysis, ranging from quantitative to qualitative and from experimental to observational techniques.

This translates in the fact that the companies put out products and services that address specific niches in the market and that are precisely targeting the consumers. Due to the need to remain profitable, companies are not launching projects without a previous thorough research project by which they try to better understand the consumer, understand his needs and requirements and see which of the products match these best.

This feeds into a larger perspective of things: marketing management reflects an overall scientific process by which companies allocate a large part of their resources in order to produce the best marketing instruments and methods. Following through on the idea previously developed above, marketing management not only ensures that there is the best match between products and customers, but also that these products reach the customer at the best price/most appropriate price, in the best location etc.

Taking the four 4Ps of marketing (place, promotion, price, product), marketing management ensures that these are optimally dealt with, so that the consumers receives the best product, for the best price, in the best place. All these are obviously also in line with the company's overall strategy of maximizing its profits with the best allocation of its company resources.

Marketing management also creates more diverse choices for the customer. Some of the basic requirements for a marketing manager include analyzing completion, looking at market trends, improving the existing portfolio of products and services etc. With this in mind, these are all the premises for creating more and more products, sometimes at better prices and of better quality than the existing ones.

One can assume that all companies on the market are involved in a similar process, which means that all companies will look at trends and will look at ways in which they can bring in products that are not yet available on the market (or are not available for the right price). This continuous competition, undertaken in a scientific and organized manner, with significant resources allocated for it, is beneficial for the customer.