Marketing Management with Prateek

Use market research to analyze your customers and competitors on multiple levels. This will help you evaluate whether the demand for a product/service is real, and whether expanding into a potential new market is worthwhile for your company. Identify consumers segments that share common characteristics such as age, gender, education, income, occupation, and place of residence, or softer variables such as lifestyle and values. Also consider consumer motivation. What "job" is the customer trying to get done? What barriers may be constraining consumption? Knowing who your key competitors are and assessing their strengths and weaknesses can also illuminate specific growth strategies and ways to differentiate your products and services.

You and your team may be considering a variety of new business ideas and market opportunities, but not all of them are worth pursuing. It's important to narrow down your options and make sure you focus on the ones that have the highest potential for success. As an executive team's priority list grows, the company's revenue in fact declines relative to its peers." But focusing on a small set of promising initiatives can lead to above-average revenue growth.

We started with the basics of strategic planning and the need for a flexible and long-term approach, so you can zig when the market, competition, or internal issues. All of these factors should provide a framework for how you can engage with the following plans, starting with financial planning. Strategic planning is used to define and manage an organization’s strategic missions and initiatives, especially in larger enterprises where uncertainty produces conflicts.At a high level, a product plan or roadmap does the following: Provides the guiding strategy for your product Details the work required for your product Evaluate how new features and functionality impact planned work

Building a strong marketing strategy lies at the foundation of any prospering, competitive business. The marketing strategy is shaped by your overall business goals. It includes a definition of your business, a description of your products or services, a profile of your target users or clients, and defines your company's role in relationship to the competition. The marketing strategy is essentially a document that you use to judge the appropriateness and effectiveness of your specific marketing plans.

A good customer relationship is when the customers have a consistent customer experience every time they interact with the business and leaves them with a good impression. There is mutual regard and understanding between the customers and business thus extends for a long period of time. The actions for building strong customer relationships embody providing real time support and also proactively offering solutions that are geared towards customer success. Customer relations aims to create a mutually beneficial relationship with the customer that extends beyond the initial purchase. In order to build good customer relationships you need to: Customize your approach with warm greetings depending upon the scenario. Make your customers feel that you understand what they want. Know that some customers are more interested in the ways you build customer relationships than your products or services. Keep your customers notified about the things they are interested to do business with you.