What Should Be In A Marketing Review?
Marketing is all about designing and delivering a product or service that the customer wants – if we can get this right we have a very good chance of making profit because we are not reliant upon selling something that the buyer may not want or is pushed into buying, creating resentment and limited further business with that person or organisation.
So, to review what we are doing regarding our Marketing effort the following areas should be examined and critically assessed:
- Product/Service analysis. What are we offering to the market(s) we are in and how successful are we in capturing business there? Are the products/services likely to be needed in the short/medium/long term and what proportion of the total market are we serving? How has that proportion changed over the last three months/six months/12 months/24 months? What is this date telling us?
- Promotion, sales and advertising. What strategies have worked/not worked and how is our message perceived by the customer? How is the competition using these techniques and what can we learn from their approach?
- Brands and reputation. How is the Brand perceived in the market? Can we change this and is there a need to do so in the short/medium/long term? How do customers and the competition see our reputation? If our reputation is anything less that solid and reliable then we need to address that immediately.
- Price, costs and margins. How do we compare to the competition on price? Are we cost-leaders in the field? Do our costs make the marketing effort harder then we want it to be? Are our costs reflected in the quality of our product/service? Would cost savings help our marketing approach and attract more customers and repeat business? Are margins acceptable? Have they fallen or risen in recent times and if so why is that?
- Place and distribution. Is physical place an important part of the marketing mix? Are our distribution systems as effective and efficient as they possibly can be? Is distribution a strength or a weakness in our business model?
- Market research. Is this actively and continually being undertaken? Are the results widely used to inform and guide strategy? What is the research telling us about our current product/service range and how are we using the findings to identify new trends and needs in the market?
- Sales or market orientated? Are our products/services just geared towards selling what we do and hoping buyers will buy OR are we focused on providing what the market wants?
- After-sales and customer care. How effective are our systems in delivering excellence in this area? It is far easier to keep a customer that trying to find a new one – is After-sales and customer care truly embedded in our operations?
Marketing is a frantic and fast-paced management field but it is essential in understanding customer motives and needs. No successful organisation EVER neglected marketing as a management discipline but plenty who failed certainly did!
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