What is marketing management?
Marketing management is an ‘organizational discipline that focuses on the practical use of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm’s marketing resources and activities.’
Marketing covers areas such as;
Products and Services produced
Industry overview and position
In the Marketing Management section of your business plan writing, try as much as possible to answer these twenty 20 questions below.
- List of 20 questions to answer when writing a business plan from scratch.
- What is your target market?
- What business model do you intend to use?
- What are the strengths of your business?
- What are the weaknesses of your business?
- What are the opportunities you think your business will be able to exploit?
- What will be your cost structure?
- How will your customer relations be?
- What value are you proposing?
- What will your revenue streams be?
- What channels are you planning on using to communicate to your customers?
- What threats will your business face?
- What pricing strategy are you planning on using?
- What will be your distribution strategy?
- How will you brand your business?
- How will you promote your business?
- What products or services do you
- How will you package your product or service?
- What unique marketing managerial experience does your human resource have?
- What industry does your business be recognized in?
- What will be your revenue streams?
What is the 4 C’s in marketing?
Marketing is all about finding customers. But where do you find them? The first step is to figure out where your customers are. To do that, you need to understand the 4 C’s of marketing.
Marketing management is a complicated process that involves many different aspects, including product development, branding, and sales. One of the most important parts of marketing is identifying and meeting the needs of potential customers. The 4 C’s of marketing is a framework for helping companies identify their customers and build a marketing management strategy to meet their needs. It was initially developed by Henry Martyn O’Gorman, the founder of Hill & Knowlton, a public relations firm.
What is the SWOT analysis in business?
The first step in any marketing management plan is to conduct a SWOT analysis. A SWOT analysis assesses your current strengths, weaknesses, opportunities, and threats. It’s a way of organizing and prioritizing all the information you’ve gathered from your research and thinking to date. A SWOT analysis helps you to form a hypothesis about where your business is currently and where it needs to be in the future.
It can be the comprehensive experience of your human resources, the strategic location of your business, lower cost of production, the higher quality nutritional value of your product, etc.
Perhaps, being new in the market can be a weakness for a start-up—the high cost of equipment, medications, tools, etc., high cost of labor, etc.
Talk about how viable your unique product or service is to penetrate the target market, proficiency, exploitation of the media, etc.
Substitute products, higher investment requirements, etc, can be a business threat.
About your positioning or brand, ‘eat pork, live long’ can be what you want your customers to have in mind whenever they buy your pork.
You can talk about the 4 or 7ps of Marketing management (product, price, promotion, place, people, process, and physical evidence) when looking at the marketing mix.
Mention the pricing, place/distribution, promotion, people, packaging, product, and positioning strategies you will use for your business to satisfy the customer and create wealth.
Talk about how you want to get your products or services to your customers and how you’ll get revenues back. Investors will like to see how you intend to get attractive figures with a good marketing management strategy and how you’ll keep the revenues coming. We advise that you take the time to prepare this section.