Education

What is Marketing Management? – Benefits of Market Research

Marketing Management is the meeting consumers needs profitably. In other words the actions which promotes or sells the product or services. It includes advertising, selling and delivering products to consumers or other businesses.

Marketing Management involves creating, communicating, delivering & exchanging offerings that have value for customers, clients, partners & society at large

How Consumers needs can be segmented in Marketing Management?

It can segment in two ways -:

Objectively

  • Food
  • Drink
  • Shelter
  • Sleep

Subjectively

  • Friendship
  • Security
  • Esteem
  • Love
  • Self-fulfillment

“Sell the problem you solved, not the product you made”

Retention of customers in Marketing Management

Retention of customers means keeping the customers engaged and happy in your brand only, So that he/she has a registration of your brand in his/her subconscious mind. In other words making your customers loyal by providing the quality goods and services that a customer is in need.

Why retention matters in Marketing Management?

  • It’s cheaper – Consumers will buy from the brand they trust, acquisition of new customers is way more expensive than retaining the older one.
  • Your customer will become a brand advocate – The retained customers of the brand will promote your brand for free, because they are retaining with your brand because of something they like about it and that will become the reason for their advocacy
  • You have information – Retaining the customer helps in many ways, as you already have the information like preferences, taste and demographics, It helps you in creating new products and marketing it in such a way that it hits your target audience

Market research

Market research is the first and foremost step in the process of marketing because researching about market helps you in launching the right product at right time. Many people launch their product and then start investing time in market research, which results in 95% in failure of products and 80-90% failure of startups.

Benefits of market research -:

  • Investigate expansion opportunities
  • Focuses on the customer’s perspective
  • Understand your customer
  • Develop effective marketing strategies
  • Primary research
    • Pros
    • Customizable
    • Cons
    • Time-consuming
    • Costly
  • Experimental research
  • Controlled store testing
  • Conducting surveys
  • Focus group

Types of marketing -:

  1. Mass marketing – Manufacturing & distributing the same product in the same way to all customers
  2. Segment marketing – Isolating broad segments that make up a market & adopting the company’s products to match the needs of one or more segment
  3. Niche marketing – Focuses on smaller subgroups within a larger market segment
  4. Micro marketing  – Tailoring products & marketing programs to suit the tastes of specific individuals

Effective segmentation criteria -:

  • Measurable
  • Substantial
  • Accessible
  • Differentiable
  • Actionable
  • Stable
  • Connected

‘The marketer does not actively segment the market, Differences between consumer groups logically exist before segmentation analysis is done’

Conclusion

A marketer needs to look out for different aspects before working on marketing. They need to plan, decide and research on certain things like How will the product/service be used by consumers? What problem does it solve? And many more.

Modern technique for all the marketing tactics are digital marketing. Digital marketing caters the wide base of customers in a single shot. Because of its global reach, businesses are very much benefitted.

Marketing match is the best digital marketing agency in Jaipur. We provide you best services for website development, e-commerce management, Social media marketing, product design, UX design and advertisement.

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