Marketing is the heart of an organization as it not only helps to navigate the company to generate a maximum consistent inflow of funds 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. Marketing sets the rules while sales execute. Whether the company operates in the Red Ocean or Blue Ocean is determined by marketing.
I am sharing my views on marketing for a manufacturing company concerning all other lances as it can be looked through.
Setting marketing strategy
The 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 geopolitical aspects. With this exercise, it would give an idea of where the opportunities are and how to capture the market.
- Which market do we want to operate in?
It’s very important to decide which market do we want to operate in? 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. Return is high but the risk is also high. It’s a choice.
- Making conventional marketing choices
This about 5 Ps of marketing that would enable the 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 feedback 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 an income statement every month and calculate the cost and returns from different products or segments or markets and maneuver total activity towards that. It is always taught to do well and requires persistent effort to excel.