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Market Analysis

Learn All About Marketing Management

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Marketing management involves choosing target markets that not only get new customers but also retain the existing ones. It is a business subject, which is based on research and study of practical applications of marketing techniques and management of the marketing resources. The one who excels in this field is known as marketing manager. The job of the marketing manager is to influence the timing and level of customer demand so as to help the sales. It actually depends on the size of the business and environment in the corporate industry. Like if he is working in a huge production company, he will be the general manager of a particular product category assigned to him and he will be responsible for profit and loss with respect to the product. And in small business there is no marketing manager as his job is taken over by the partners of the company.

Creating and communicating best customer values can increase the number of customers. The steps taken and resources utilized to maintain existing customers and get new customers fall under marketing management. The scope is quite large because it not only consists of developing a product, but also retaining it. The term marketing management has many definitions. It actually depends on individual firms and how the marketing department functions and activities of other departments like operations finance, pricing and sales.  

Before deciding about a marketing strategy, the company must do an in-depth study about their business, and the market. This is where marketing management merges with strategic planning. Usually the marketing strategies are of three types, customer analysis, company analysis and competitor analysis. Using the customer analysis, the market is broken down into different types of customers. The marketing management realizes the characteristics and other variables of each group. They are geographical location, demographic, customer behavior pattern and need. Like a group of people can be recognized who can be less price sensitive, purchases often and are growing. Such groups can be worked on by heavy investments as they are worth the money and time. They cannot only retain such customers and make new customers in this group but they can go to the very extent of turning back customers who don’t belong to this group. Understanding the needs makes customer’s expectations to be met per their satisfaction, better than the competitors, which will lead to higher sales and obvious profit.

Company analysis highlights the cost structure and resources of the company and cost position when compared to competitors. The accounting executives use it to learn about the profit earned by a particular product. From time to time, audits are conducted to study about the strengths of various brands of the company.

Marketers using competitor analysis build detail customer profiles. It gives a clear picture about the strengths and weaknesses of the firm, when compared to a competitor. The competitor’s cost structure, resources, competitive positioning, degree of vertical integration, product differentiation, and profits are studied in detail and are compared to what company is doing in those regards.

The marketing management to do marketing analysis carries out marketing research. The most common of such researches are qualitative marketing research, quantitative marketing research, experimental techniques and observational techniques.

After all the studies and researches are conducted, its easier for the marketing manager to make strategic decisions and they then can design a marketing strategy to increase the profits and revenues of their company. The other goals can be profit over the long run, market share, and revenue growth.

Market Analysis

B2b Global Trade Market Tips

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When conducting trade through B2B websites such as EasyTrade.com, it’s important to look at some of the factors in your target market. 

 Rather than venturing directly into the offshore market, every business firm should make a prior analysis about the feasibility of exporting its products. This process, which is termed as “assessing export readiness”, must be a systematic, unbiased and a properly planned procedure that can be useful in evaluating the viability of the product in international market.
 
According to US Department of Commerce’s Export Qualifier Program, there are certain criteria that can determine the export readiness of the company and its products. There criteria can be broadly termed as organizational factors and motivational factors.

 Motivational Factors – One of the prime motivational reasons is business expansion. A successful export business requires a proper planning involving detailed market analysis,structured overseas partnership and developing an international sales and marketing strategy. Proper use of  B2B websites allows you to gain access into new markets for expansion. Competing in the international market provides an opportunity for the companies to get exposed to international standards, acquire new technologies, building long-term partnerships and improving the quality of their products. International customers demand superior quality products. Any company with a technologically advanced product can make a successful impact in the export sector.

 Organizational Factors – A successful export business is only possible with the commitment extended by the management towards their partners and customers. Management must ensure that adequate funding is available for supporting international business strategy on a long-term basis. Exportation would require funding as a working capital, for modifying products, providing short or long term credits to<a rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=http://www.easytrade.com/English/Member/TradeLeads/Offer2Buy.htm> overseas customers</a>, recruiting employees, communications, quality verification, shipment costs and traveling. Apart from this, management must actively participate in devising plans for overseas market, managing the programs and allotting well-qualified personnel for this purpose. The personnel must be versed with international trade regulations and better have the ability to communicate in the local language of the target market. Management must always concentrate on building plans that are aimed at building long-term international customer base,and providing deeper penetration into the market. They should always ignore any short-term profits. The business also has to make sure to capitalize on the ability to connect with new clients using websites oriented towards B2B commerce.
        
Apart from these, the company must have the resources and manufacturing facilities sufficient to cater the demand of the international market. There should be no compromise in the quality of the product even with an increase in the production capability of the company. Along with these criteria, a detailed market analysis must be done in order to determine whether the product would qualify for the international market.