Marketing Management - Vlog Script, Free Paper Sample for You

How are you guys? Thank you for the opportunity and your time to listen. I would like to speak to about marketing management which has emerged to be an important area in the field of business. There is need to have a sufficient understanding of the concepts and strategies to be incorporated into marketing exercises. This will guarantee the possibility to record success in the related activities. In this Ted talk, I will discuss some of the significant concepts in marketing management.

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Marketing management depends on effective strategic approaches one of which is the consideration of the needs of the customers. The basis of the design for any marketing campaign should recognize the role of the customers by including what they are expecting to learn of a given product. This will have ensured that the marketing agents succeed in creating value for their potential customers. Furthermore, product value expected by the customers tends to vary depending on various factors determining their choice. The variation of the choices, therefore, demands that marketing establish the aspect market segmentation whereby information of the specific product is directed to the portion of the market which needs. Market segmentation refers to the division of the market into smaller sections of individual each having distinct behaviours and characteristics which affect their approach to the consumption of a given product.

Market segmentation gives marketing practitioners the opportunity to provide a relevant piece of information to the right after developing an appropriate understanding of their interest. Every market segment requires a special type of attention which may not be applicable to another group of people in the market. Taking time to understand what they need through a related research is a strategic way of directing relevant marketing information to those should be the audience; these may later turn out to be the potential consumers of the product being marketed.

Marketing management should also consider the role of the existing rules which serve as the underlying principles. Marketing principles require having adequate knowledge of the competitive environment of a given business or organization. This will ensure that a given business organization remains competitive or adjust and fit the competitive conditions. Some of the principles used in a marketing setting which help react to competitive firms include the need to consider a competitive advantage and initiate competitive marketing analysis. Competitive advantage is the strategic approach one provides better goods offering more superior value and satisfaction to the target audience. This will be used as an approach to outweigh the methods of intervention of the competitors to the needs of the potential customers. Competitive advantage strategies, on the other hand, cover the function of a company to analyze their competitors and subsequently develop strategies intended to provide value to their prospective buyers.

The emphasis on the implementation of marketing principles is on emerging better service providers in relation to their key competitors. Consumers expect superior services hence may better feedback in terms of their purchasing habits if they are provided with their expectations. Competition normally exists in the form producing over offering similar goods which tend to target the same type or segment of consumers. Being a better service provider requires a proper knowledge of one's competitors. This involves learning the approaches used by a competitor to offer better services. A company may, therefore, be the consumers' favourite by providing on the weaknesses of the firm in question.

Pricing strategy is used as a way of demonstrating the value of a given product according to the evaluation of the producer or seller. This is also a way of proving to the consumers that the products are associated with a significant level of the consumer which possibly matches the consumers' expectations. Pricing is normally established in the event of understanding the value of the product targeted to the customers. The value of the goods or services serves as the major drivers in the determination of the price that the customers would pay. The customers are the major force behind the belief in the value of a given product. Subsequently, the price is expected to match the value products claimed.

Value-based pricing results from the perception of the buyers. Product designers and sellers research on the data regarding what the consumers perceive to be the value of the goods in question. If the consumers attach a higher value to a product, they will comfortably accommodate high prices. This encourages the providers to equivalent prices. Conversely, a poor attitude developed by the consumers towards any approach to service provision or a product attaches low value to the goods or services in question. The providers will only remain with the option to lower the prices to remain active in the market.

Moreover, the role of the customers in pricing can also intervene in the consideration of their psychological factors. This pricing strategy takes care of the intersection of psychology with perceptions of the value of the products provided by a company. Business firms are aware of the possible customer reactions to the prices attached to what they expect to buy. Relatively low prices may arouse an imagination that they are provided with poor quality hence may stop transactions with the organization in question. On the other hand, relatively high prices imply more valuable products hence the customers normally develop a positive attitude towards products. Setting prices, therefore, considers the need raise the costs relatively higher. The potential customers will, therefore, develop and demonstrate their curiosity by looking forward confirmed the alleged superiority

A complete aspect of marketing management also recognizes the need for product development. This is important when a given product is demanded by the customers or when their preferences change in a way. Achieving a new product can be accomplished through either acquisition or developing its constituents. The acquisition involves buying a company and adopting their production practices. The other approach involves the actual development of the production strategies, which can be originally initiated by the company in question.

I come to the end of the ted talk and I believe the information communicated to you on the area of marketing management will be useful to you. You must have learnt that marketing management is a wide and significant are in business which requires an adequate understanding of effective approaches which should be incorporated to ensure the exercise is a success. I guess your experience with video lets you know that marketing management introduces a beautiful world which remains effective through the application of principles and strategies. Thank you for your time and kindly try to implement the concepts you have learnt in this video in addition to what you had already known on the same.