Introduction ( Marketing planning)

Its hard to believe that this is my last blog on marketing planning. Its been an incredible journey filled with insights, growth, and a deeper understanding of the world of marketing. The market for a new product can change rapidly, which can impact whether the product can be developed and delivered. For example, new competitors may enter the market, or consumer preferences may change. Technical challenges. There may be technical challenges associated with developing and producing the new product. Centralized structures assign accountability for both new product development and existing product management to the Head of Product or Head of 'Digital', who typically reports to the CEO (or other C-level executive such as a COO). Product managers report to the Head of Product in a simple, linear reporting line. New Product Development is the entire process of introducing a new product to the market, from idea generation to launch. It helps companies maintain a competitive edge by in...

Companies need to transform their supply chain into a value network to create partnerships and value during the production, purchasing, and selling of products. The primary goal of value networks is to increase productivity, revenue, and cost reduction. In the 21st century, companies are adopting online procurement processes to streamline the procurement process. Marketing channels are essential for companies to supply their products to customers and provide valuable data for understanding customers and competitors. They can also be beneficial for organizations not aiming for profit, such as hospitals and firefighters. Designing and managing marketing channels requires understanding customer preferences, considering the company's overall objectives, and deciding on the appropriate channels of communication. Companies should focus on operational value, cost-effectiveness, and flexibility. Once a channel is designed, it is crucial to manage it properly, monitor it closely, and adjust...

Retailing involves selling goods or services directly to consumers, regardless of whether the organization is a manufacturer, wholesaler, or retailer. There are various types of store retailing, including specialty stores, department stores, supermarkets, convenience stores, discount stores, off-price retailers, superstores, and catalogue showrooms. Wholesalers sell goods or services to those who buy for resale or business use, excluding manufacturers and farmers. Major types of retailers include merchant wholesalers, full-service wholesalers, limited-service wholesalers, brokers and agents, manufacturers and retailers branches and offices, and specialized wholesalers. Logistics has expanded into supply chain management (SCM), which involves procuring the right inputs, converting them efficiently into finished products, and dispatching them to the final destination. Market logistics involves planning infrastructure to meet demand, implementing and controlling the physical flows of mate...

 This is the first blog of marketing planning so, I will explore and touch the introduction of marketing planning. So, there is so much things to write about marketing planning but it is extremely difficult to write all of them within one entry. In this blog I realized marketing planning is a crucial process that outlines activities to support business goals and a timeline for their completion. It is based on the marketing strategy and guides the team towards achieving meaningful results that support specific initiatives and company objectives. Planning cadence varies by company, with some focusing on a six-month or annual period, while others may do it quarterly. Marketing plans are useful for communicating dates and deliverables, coordinating everyone around one timeline, and can be created to reflect the type of work being done. They can also be shared with executives and stakeholders to convey progress against company goals. As my view, marketing plan overview, Target Market • ...

Price is a unique component of the marketing mix because it directly affects the perceived value of a product or service. It can influence consumer behavior and purchasing decisions.  The marketing mix for companies consists of four Ps: Product, Price, Place, and Promotion. Price is directly related to the bottom-line of a business and should communicate the value the company provides to customers. Price strategies are ever-changing and should consider changing conditions in competition and the market. A six-step model is used to set pricing strategies:  Pricing can facilitate achieving positioning objectives. Companies can set prices based on variable and fixed costs, aiming for short-term success or maximizing profit. For improving market share, companies may set lower prices to generate maximum volume. . The law of economics states that at every price level, there is a definite demand for the product. Companies need to plot the demand curve with respect to price to understa...

Welcome to my eight blog, In today's post, we're diving into the exiting world of setting products and strategy. As we know, a well-defined product and a solid marketing strategy go hand in hand to drive business success.    A product (offering) is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information's, and ideas.  Product Levels Overview • Core Benefit: Identifies the fundamental value or primary purpose a customer seeks in a product. This level addresses the underlying need or problem the product is designed to fulfill. • Generic Product: Comprises the       basic version of the product that fulfills the core benefit, including all essential features and attributes. • Expected Product: Represents the set of attributes and features customers anticipate in a product. This level represents the minimum requirements that customer...