An economist focusing on a particular company, not on a country or a sector, is practicing marketing. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. And very much like the public misuses of the terms ‘Management’ and ‘Business’, ‘Marketing’ is generally misunderstood and mistakenly used for ‘Public Relations’, ‘Promotions’ and ‘Sales’. The practice of marketing focuses on information processing, strategic planning, communications and distribution.Information is constantly gathered, analyzed and disseminated to influence decisions and guide policies. Information systems are designed to transform raw field data into helpful intelligence. This helps in the understanding and building on internal strengths, such as; the use of natural resources and talents. Helps in accepting the deficiencies, sometimes described as weaknesses, such as; the lack of inputs and disadvantages to access resources. Also helps in spotting the latest trends and opportunities, such as; adding value to a process and encouraging innovation. Helps in gauging the reactions of others and the resulting treats posed, such as; the exaggerated levels of successes and pinpointing failures.
Strategic Planning calls for the use of such current information into prudent action to achieve the predetermined mission. The setting of clear, attainable and measurable goals and objectives are essential to the success of the plan. Whether planning to enter a new geographic area, a new demographic segment or a new cultural mindset, intelligent strategies must be comprehensively layout to address all foreseeable issues. Financial projections, based on the cost and time associated with the implementation of the plan, must indicate the overall feasibility, both in profitability and positive cash flows, of the intended strategies. A clear description of the targeted customers or end-users must be included in the plan, addressing their purchasing patterns and their financial means. Hence, a decision on which pricing formula to employ will be based on sound intelligence.
Communication, both direct and indirect, is designed to implement a change. Goods packaging and service brochures send a positive message directly to the targeted consumer at a high cost. Publicity campaigns offer brand name recognition to the widest audience at the cheapest cost but the message cannot be adequately controlled and may be negative. Print, audio and video advertising, targeting a particular demographical audience at a cost, talk to both past and future customers. Trade shows, seminars and other promotional tools, such as the World Wide Web, give the added advantage of soliciting, that greatly needed and appreciated feedback.
Distribution addresses the process of getting goods and services to where the customer expects to find it. Most utilize an intensive, selective or exclusive distribution channel to position products based on pricing strategies. Some products require a network of intermediaries, such as; distributors with access to air, sea and land transportation, wholesalers and retailers in key locations. Most service based products, such as; professional negotiations or tourism, contract sale teams to book and support direct selling of time sensitive products.
Rationale
T.A.J & Associates Company Limited uses this occasion to comment on topics that have been covered, both academically and by the mainstream media, to add its opinion and point out investment opportunity, not to invoke any social action.
