My thoughts on marketing management

 

My Thoughts on Marketing Management. 5Ps. IMC. Target Market. Competitive Survey. Sales PLOC. Demographics. Market Segmentation. Customer Decision Making Process. BCP. Placement. Brand Management. Inventory Management and many more… 13 eventful years in multinational sales and distribution covering 17 provinces, 2 multinational companies, 9 Professional Distributors.  I had the opportunity to interface with various marketing department. Departments as Brand Management, Trade Marketing, Sales Training, Sales IT, Territory Promotions and Merchandising and Sales Admin. Multinational Sales extends to other departments as well. Departments as Logistics, Finance, Third Party and Warehouse. Indeed, holistic business system is a phrase to capture the essence of Professional Salesmanship. I teach my students this regimen inviting them to demonstrate excellence in other minor subjects and other departments as Philosophy, Psychology, Accounting and Finance. More than technical competence in marketing management, the human factor will always be present in selling. In fact, interpersonal skills and leadership orientation are competencies which are imperative in sales operation. Competencies which cannot be learned in books or in the classroom. Concepts as attitude, courage, wisdom and sincerity are virtues one can only learn by himself thru experience and discernment. Indeed, self awareness is essential in gaining competence in marketing management and organizational leadership. It is essential to be aware of the foundation by which why must one exert effort in pursuing competence in Marketing Management. Thus, allow me to explain the gravity of this subject in 21^st century human enterprise . Let us be aware why  we need marketing.

Passion for Growth. The discipline of pushing the boundaries of excellent business, ask big questions about what is possible and then take bold entrepreneurial action over time to expand horizons of the business. Company success is defined as the delivery of sustainable profitable growth. With the opening of new markets and the sustained increase of population growth, if companies will not evolve with it, it will become obsolete.

Breakthrough Thinking. A company’s barometer for performance is its opportunities for growth and development. It does not wait for competition, an company makes itself obsolete with company initiated break through thinking and better ways of doing things. An application of which are the  Kai Zen philosophy of the Japanese Car Manufacturers and Passion for Excellence core competency of many multinational companies as Unilever and Philip Morris.

Return On Investment. Investments involve risks. The percentage of risk increases with time and foundation of a Business Feasibility Study. A major area of concern in a Feasibility Study is the marketability of prospect product. If an investor desires the least possible risk to his investment at the optimum return, Marketing Management plays a vital role in Risk Mitigation by providing Strategy to SMART Daily Operational Tasks.  Financial Forecast is made and operations plans are benchmarked on Financial Targets.

Company Net Worth. Brand equity, a major item considered in assessing the value of a company, is a consequence of Marketing. Global brands as Coca Cola and McDonalds are valued at 65B Dollars and 29B Dollars respectively. Not to mention Marlboro’s multi billion brand equity. The purchase price of RFM’s Pop Cola by Coca Cola last 2003 and Mang Inasal by Jollibee last 2010 was pegged at the brand’s equity.

Product Life Cycle. In theory, the life of the product is the same with the biological life of “birth-adolescence-old age”. After a period of development it is introduced or launched into the market; it gains more and more customers as it grows; eventually the market stabilizes and the product becomes mature; then after a period of time the product is overtaken by development and the introduction of superior competitors, it goes into decline.  Managing the product so sustain its growth and thus, avoid decline is the job of the Marketing Professional.

Competition. The clutter and alternatives that comes with globalization is a situation to be mastered by a marketing professional. In Globalization and Free Trade, competition is anticipated to be tough and the consumer is king. Caveat Vendidor, let the seller  beware. Speed of execution is a key element in achieving tactical and strategic advantage in the trade. Timing of placement of New Products in the trade is timed against advertising and other promotional efforts. Effectiveness of Advertising can be truly measured by an actual purchase on products upon release of Ad in Tri Media. Thus, Advertising and Placement complements each other.

Rene Bitara, Prometheus Consultants