MARKETING MANAGEMENT
Introduction
Marketing management relates to the organizational focus on practical application of marketing techniques and methods within the enterprise. This involves managing of the firm marketing resources and activities. Marketing has gone beyond borders due to the globalization of firms. This makes the firm's international and hence international marketing strategy. To market an organization there are managers who are in charge. They are responsible for influencing the level, timing and the composition of marketing due to customers demand (Chandrasekar, 2010). Their roles vary from one organization to another significantly depending on what the business is based upon, corporate culture and business size. A firm needs to possess a detailed objective to give a clear understanding of the business and the market it operates in to create an effective, cost-efficient strategy of marketing. Marketing management and strategic marketing form a strong foundation of an organization.
In the fashion industry, marketing management plays an important role. With marketing management, there is the necessity of investing in research. This enables the collection of data that is required to enhance proper and accurate marketing analysis. This involves market and marketing research to obtain relevant information (Kazmi, 2007). This includes the application of marketing techniques to conduct a successful research. Some of these techniques include quantitative marketing, experimental technique, and observational technique. This facilitates in know the fashion trends and what the consumers are looking for with different age and different time span. He marketing managers the surrounding environmental situation to come up with fashion trends that are suitable for the period (Hutt, M. D., & Speh, 2013).
Competitive intelligence in marketing management helps in identification of trends and provides an information foundation to the organization in market analysis. A brand audit is examined throughout the process of the brand. This makes a comparison with the competitors easy together with its effectiveness. To launch a new product several question arises such as how well is the current fashion is trending, what is are the organization strengths and weakness the opportunities and the threats existing or likely to come up with a new product, how competitive the product will be in relation to price and production cost, the current position of the organization to that of competitors and the strategic issues facing the business (Hutt, M. D & Speh, 2013).
The launching of fashion products such as clothes and shoes have to be properly determined by the economic trends. This is because the brand determines the business market share to be increasing, decreasing or if it is stable. Every organization aim is to maximize profit and reduce production cost and at the same time increase the market share for the organization (Chandrasekar, 2010). Additionally, marketing management determines the economic value the product is likely to generate for the organization. This will in return increase the financial strength of the organization and increase its borrowing powers. This makes the organization to be in a better position to produce and go global. This portrays a bigger picture of a committed organization and with a great reputation with customers. Furthermore, a brand audit in marketing management determines whether the organization has the strength and the resource elements to enhance competitiveness. This makes the fashion organization to have a competitive advantage over other rival organization. The marketing management team should maintain distinctive competencies to allow the establishment of a successful brand as a result of research for the organization present and future performance (Kazmi, 2007).
It is quite essential to understand marketing and some of the strategies that are used. Marketing plays a significant task in ensuring that the business is able to face the challenges that the company or the product may face in the unfavorable economic surrounding. Demand is the key to all the operations that occurs in the organization whether it’s the financial operations, accounting and human resource operations. Thus the success of the business greatly relies on the success of the marketing strategy (Kotler & keller 2012). The marketing capability determines the demand of the product. Hence it is important to have an enabling marketing strategy. Well done research on the market is one of the strategies that the organization uses so as to understand the marketing plan to be implemented. Before imposing any marketing plan it is important for a research to be carried out so as to enhance the organization to be aware of the marketing gaps that exist in the market, the customers’ wants and needs and the competitors in the line of market. With the results from the research then the company’s administration is able to sit and strategies on the kind of product that they find more attractive and the one that would meet the needs of the people and they are able to choose on the marketing strategies that would enhance them meet their goals (Hutt, M. D & Speh, 2013). With the current evolution in the current world we are living in, fashion is part of the lifestyle for every citizen and especially the young generation. Hence there is need for the innovation of the fashion products such as the clothes and shoes. Thus the company ought to be involved in continuous research so as to know what’s trending in fashion so as to be able to innovate new designs into their clothe and shoes designs so as to meet the demand of their customers.
Advertising is one of the strategies that have a great influence on the demand of the product. This helps to create awareness to the public and with more and more awareness, this result to a high demand of the product due to the awareness of the product created. The company may have a wide selection of advertising their products since it has proven that the higher the product advertisement the higher the company’s tendency to cope and also to respond to the customers’ needs and wants (Kotler & keller 2012).
Internet form of advertisement is one of the modern and most influencing media for creation of awareness to the fashion oriented customers. As the world is technologically evolving, majority of the people are found using the internet. Hence adopting the internet advertisement is the most effective advertising platform for fashion related products. This is because the largest targeted population for these products is the youths who happen to be online most of their time (Kotler & keller 2012). This not only helps the company to promote its fashion products to only one geographical area but it promotes the sale globally as the internet is used globally. Creation of a website for the advertisement of the product is quite essential as it allows the customers to be able to understand the history, goals and any other interesting information on the company selling these products. This enables the company to gain popularity especially when their fashion designs are of unique features and of better quality and hence enables the company to be authentic and reliable. This attracts more and more of the customers into the business. The website may also enable e-commerce activity where the customers are able to purchase the products online at the comfort of their place with deliveries made to them and this greatly increases demand of the goods (Kotler & keller 2012).
An effective and reliable marketing information system is quite relevant for the success of the business. This enables the organization to be able to continuous access to market potential as well as the anticipated demand hence allowing the business to closely monitor the marketing environment. It is this surrounding that affects the success of the business. Hence it is important for the SWOT analysis. So as to thrive and expand in the sales of fashion products, it is important that the business understands well their environment so as to be able to cope with the market and excel. Human resource for instance forms the internal factors hence the employees should be well informed of the fashion products so that they are able to offer better services (Kotler & keller 2012). Other factors such as the competitors, social, economic, competitors and technological factors affect the sale of the business and hence their profit margin. Hence it is important to realize those factors that pose a threat so as to be able to solve them before they negatively affect the business. It is as well important to identify the opportunities so that the organization may seize it and hence end up maximizing their profit from these opportunities. It is also important for the business to identify some of their weaknesses so as to be able to convert them into strengths.
It is important for the business to be able to develop a close and long-term relationship with their customers. This occurs after the business is able to understand the customers market where the business is able to realize the kind of designs that the customers need and their willingness to pay hence enabling the business to make decisions that attracts customers and maintains them as regular customers in the business (Kotler & keller 2012). The sales personnel therefore ought to be trained by the company on how well to present the product to the customers for profit gain.
Therefore the business may decide to divide the market into segments where they examine each of them and targets those whom they find as the best customers who can be effectively be pleased with the companies fashion product.
The company should be able to understand some of the strengths and weaknesses posed by the fashion product bands that they produce. Hence they should be able to offer better and unique designs that ensure that the business is competent enough to be able to succeed in the market (Hutt, M. D & Speh, 2013). Thus the business should focus on understanding how their competitors operate so as to be able to react well, decisively and effectively towards any action they take in the market so as to reduce the risk of losing the business customers to their competitors (Kotler & keller 2012). The success of the sale of the fashion products heavily lies on how the products are delivered to the customers. In this line of business, the sale employees should ensure that they offer the best packaging and services to their customers. The supply chain of the company should ensure that the products are easily accessible to the customers while their distributors should have better knowledge of these products.
Conclusion
Marketing management has proven to be so effective in any business. As the creation of marketing plans, communication, customer relation and distribution value functions effective management is highly recommended. Thus it is important that any business should ensure that they have all the information concerning the market so as to be able to make the most appropriate decisions on the marketing management for the success of the business.
When a fashion product is chosen, the targeted customers are chosen and it is from this that the company looks forward to maintain their customers, expand the business and advancing their activities such as value creation in delivering their products. Communication is paramount in the success of the business since the creation of awareness is done through the use of these communication Medias such as the internet.
References
Chandrasekar, K. S. (2010). Marketing management: Text and cases. New Delhi: Tata McGraw- Hill.
Hutt, M. D., & Speh, T. W. (2013). Business marketing management: B2B. Australia: South- Western, Cengage Learning.
Kazmi, S. H. H. (2007). Marketing management: Text and cases. New Delhi, India: Excel Books.
Kotler P., & Keller k. (2012). Marketing management. Pearson education, Inc
