Most business owners understand the importance of proper marketing management plans in the successful operation of their organization and growth in sales and revenue. Business specialists such as George Bardwil highlight formulating an effective and efficient marketing management strategy as one such significant factor upon which a proper marketing management plan depends. As much as large organizations understand the scope and importance of such a management plan, most small and medium business owners may not be able to rightfully see and gage the depth of an effective marketing management plan. However, it is important that every establishment recognizes the potential of a marketing management strategy.
Marketing and business communication specialists such as George Bardwil explain how an organization can create a productive and efficacious marketing management plan. They also explain that at the very minimum, a proper marketing plan enables a company to figure out what products and services it wants to offer, what will be its target consumer, how much would it price its goods and services, and what are the methods of promotion and marketing will it adopt to reach its target customers. Factors that contribute in creating a proper and productive marketing management plan are as follows:
- First and foremost, a company needs to define the purpose behind producing and offering a product or a service. Particularly, they need to figure out what goals are they planning to achieve by manufacturing or offering the said goods and services.
- The next step in formulating an effective marketing management plan is to define the target customer. This can be found out by conducting proper market research by using effective market research tools such as surveys, forums, and one on one customer interaction. Defining the target customer is very crucial as the company’s product line and services, the pricing, the marketing strategy all depends upon who the target customer is.
- Another important step on creating a productive marketing strategy is to formulate plans to identify possible competitors who may target the same customer base. By doing this, a company is able to not only identify its competitors but also make better strategies to attract more customers than the competitor. Additionally, the company is also able to prepare itself for what the competitors may throw its way.
- The next crucial step in creating an effective marketing strategy is to appeal to the customers. As much as the visual presentation is vital for a product’s or service’s promotion, a catchy and alluring tagline and brand logo that resonates with your brand image and with your target audience. The brand statement should be simple yet authentic and should focus single-mindedly on offering to the customers what they need.
- Finally, ensuring that all departments and employees working on creating a strategy are on the same page about the goals and objectives that the company wants to achieve by formulating the marketing management plan makes certain that everybody in a company works with the same mindset which is to earn maximum profits for the company.
Thus, professionals such as George Bardwil suggest that creating effective marketing management plan is vital for every company.