Today’s market conditions are more complex than it was, say, 20 years ago. Given the psychological complexities surrounding demands and wants, and the social technologies of a world far ahead of itself, businesses must swim or sink amidst unfavorable conditions. Marketers and company executives must constantly be guided by realist factors that guide marketing efforts.
To this end, there are always marketing management orientations that guide marketing strategy for business survival and leadership. So what is management orientation, and what is marketing strategy? In simple terms, management orientation is the established business culture that determines how things are done to advance company objectives; and marketing strategy is the comprehensive plan aimed at increasing product sales, demands, distribution, and profitability.
So what then are the marketing management orientations that guide marketing strategy? Here are some of them:
Key Data Analysis
It is not possible for businesses to make effective marketing strategies without relevant data analysis. Business and marketing data that influence management decisions include product research and development, market competition, emerging consumer trends, key product analysis, market share, customer satisfaction, production costs, personnel expenses, and predictive market factors among others.
Once a company has a full grasp of these key data, the management will be able to formulate marketing strategies that will align with future company objectives.
Situational Analysis Based On SWOTT
SWOTT in this context stands for business strengths, weaknesses, opportunities, threats, and trends. A full analysis of these factors will enable a business to perform a situational analysis that influences marketing decisions. The SWOTT factors assess the business enterprise, competitors’ activities, existing market climate, as well as consumer behavior to evaluate the most effective strategies for formulating marketing messages and initiatives.
Operational Marketing Plan
A marketing plan is usually the first and most important document that precedes the formation of a business entity. Everything related to fixed and liquid capital, personnel, market analysis, revenue projection, succession, liquidation, conflict resolution, short-term goals and long-term objectives, product execution, and promotional strategies among others are captured in the marketing plan. This fundamental plan determines the implementation and execution of marketing strategies based on available resources and company objectives.
Operations And Infrastructure
An operational model adopted by a business as well as its infrastructural resources determines its marketing strategies. If a business is very traditional in its outlook and operations, there is the tendency that its marketing and advertising strategies will conform to conventional models; and if a business operates wholly online, then it is understandable if it adopts digital channels for implementing its customer outreaches. A business that adopts traditional and digital models will embrace both in pursuing its marketing objectives.
Openness To Feedback
A company that is open to third-party inputs will be in a better position to implement unconventional marketing strategies. For instance, it is not always good for only management executives to determine what product to manufacture and what benefits it must provide to users. It is best to have three parties agree on potential products and what benefits they provide. There is the story of a situation where an automaker considered the views of product developers, marketers, and consumers to determine what features should be included in a new vehicle.
The Marketing Mix
The marketing strategies adopted by a company may be dependent on the four Ps of a marketing mix. The four Ps that make up a marketing mix are the product, place, price, and promotion; a combination of these four elements determines marketing strategies for sales and customer satisfaction. A detailed marketing plan will be centered on these four elements because they are the entire reason a business is in operation. Some business experts even expanded the 4 Ps to the 7 Ps by adding people, process, and physical evidence.
Market Segmentation And Targeting
A business exists to target a particular group of customers based on their needs and wants. Identifying the target audience is crucial for effective marketing efforts, and is necessary for overall business success. When a business targets a niche segment of the market, its marketing model will be dependent on market segmentation, targeting, and positioning. The viability of the target market guides strategic marketing implementations and determines ad promotional initiatives.