Published on July 5th, 2014 | by Mehedi Khan
5 Major Marketing Decisions For Successful Planning That Marketing Managers Need To Know
The basic principles of marketing management are analysis, planning, implementation and control. Planning is the most important part of marketing management and marketing managers need to make the right plan for a durable success. Good plans denote decision making. Here I am discussing the major marketing decisions what requires for a successful campaign and what marketing managers need to know for making the decision-
- Marketing objectives: Setting up the objective is the first task done by the marketing managers. For running a successful marketing campaign it is very essential that what the team is going to do. Here making the right decision is the key to achieve the goal. Managers should do SWOT analysis and then what requires to develop the present market or how to increase the present value of the company. Then everything should go through in a proper way by the analysis and make the objectives from the requirements or opportunities from the above analysis.
- Marketing strategies: Strategies is the means of the process that objectives are achieved. Objectives mean what is to be done and strategies mean how is to be done. Marketing strategies of the company are the important thing by which the operational decisions are made and the marketing and corporate objectives achieved within the time periods specified in the plan.
- Product & market scope, segments, targets etc.: the Actual condition of the company’s marketing program comes from the actual research of marketing mix including product, price, place and promotion. The product and the market scope come from the incisive SWOT analysis. An incisive SWOT analysis is very much important for a successful marketing campaign. Finding out the scope of the products and the market is such a way by which the marketing manager makes the decision. Segmenting the market helps for decision-making because it shows what is needed and what is not needed. Target market helps to find out the existing and potential customers who are more specific and more dynamic.
- Company targets: Every company have some target that what things they are going to do and what things they are not going to do. There have specific goals for every country that they must need something for that planning year. In these cases setting up the target in every sector of the company is very essential like sales target, market target, organizational target, corporate target etc. This will help to make the right decision.
- Marketing mix decisions- 4Ps (product, price, place and promotion): Marketing mix decisions are considered as the most important decision-making for marketing managers. It is an important part of planning. The marketing manager should have vast knowledge about the product because marketing manager needs to represent it to the customers through in many ways. Pricing is a very crucial element as it is the only element in the marketing mix that produces revenue. Implementing products in the right place is very important because targeted customers come from this element of marketing mix. It has been said that the more you promote the product, the more you produce revenue.
Marketing usually starts before production and ends with customer satisfaction. It’s not about earning revenue by selling the product. The customer is a must thing that company needs to keep a customer for a lifetime. For this reason, the marketing manager should follow the above elements.