CEO & Management Consultant, TRANSFORM
Marketing is the heart of an organization as it not only helps to navigate company to generate maximum consistent inflow of fund but also acts as the guiding force towards sustainability. Marketing refers to 5 Ps; i.e. Product, Price, Placement, Packaging and Promotion that helps sales to execute and earn revenue for the company. As a matter of fact, marketing sets the rules while sales execute. Whether the company operate in the red ocean or Blue Ocean is determined by marketing.
I am sharing my views on marketing for a manufacturing company with respect to all other lances as it can be looked through.
Setting Marketing Strategy
Strategy is all about positioning. Differentiating from others is positioning that is strategically done.
- Demand-Supply Analysis
It’s important to start with the demand-supply analysis; starting from world demand to country demand to industry demand-supply scenario.
We need to look into the core product, related product and substitute products demand-supply scenario and trend considering demography, regional, technological and geo-political aspects. With this exercise it would give an idea where the opportunities are and how to capture the market.
- Which Market do we want to operate?
It’s very important to decide which market do we want to operate? Red ocean or Blue ocean. Most of the companies are operating in the red ocean and their driving force is operational efficiency which of course has a limit. Risk is low so is return.
Operating in the blue ocean is easy but difficult to find. It requires proper analysis and long term 360-degree strategy to strive for in this market. Definitely return is high but risk is also high. It’s a choice.
- Making Conventional Marketing Choices
This about 5 Ps of marketing that would enable sales team to operate well: –
- Packaging and
- Maneuver towards new Opportunities
Having a good marketing strategy is an important element of sustainability. It has to be revolved along with the feed back from the market and sales team that acts as a barometer to gauge. Integrating with new technology and channels of marketing and looking for new customers and segments is important. Therefore, it’s good to have income statement every month and calculate the cost and returns from different products or segments or markets and maneuver total activity towards that. It always taught to do good and requires persistent effort to excel.
Hope I cloud explain shortly and next one would be on operational excellence in a manufacturing company In Shaa Allah.