Saturday, 27 February 2016

The art of becoming a successful market manager

As a market manager you definitely want to establish a niche for your company’s products and surpass your competitors by far. In order to do this, you should be strategic and and careful on whatever plans you intend to put in place in order achieve a great positive response for your products. Here are some productive techniques to apply for the desired outcome.

Step 1

As a market manager you should be aware of the waters you’re trading on. It is advisable to first survey then section your market for easier penetration and effective results. You can collect data of your customers by using for example warranty cards since during acquisition, a customer has to fill in his name, annual income, gender etc. With this in your possession you can be able to gauge the characteristics of most of your customers and from there be able to know which category of people largely use your product. With this information at your disposal, you should then intensify your advertising towards this group and target them more with promotions that appeal to them.

Step 2

Being the market manager of your company you should be aware of your company’s strengths, weaknesses, threats and opportunities. Being aware of your weakness enables you to take necessary measures to try reduce them and at the same time exploit your strengths to the fullest in order to compensate for your weakness. You should also be fully aware of your competitors who pose a threat to your products. Try learn the tricks that gives their products an edge over yours, master it and beat them at their own game. In order to do this that means that you always have to be informed about what strategies your competitors are taking and be creative in order to be able to maintain a higher standard over them or surpass them if they were above you. Your eyes and ears should also be alert to spot new opportunities aimed at widening your product’s market. You should be receptive to opportunities and when they don’t meet your desires, try bargain your way through; remember something is better than nothing.

Step 3

Growth is a natural process and one should be able to nature it at its various phases. This phases include:

Introduction where a product sets into the market for the first time. At this stage, you as the market manager should be able to set a price that will not repel customers from that particular product and at the same time your company is able to make the necessary profits.

Maturity as the product is able to blend into the market and as time advances it is able to face competition from similar products from other companies. At this point your pricing still should not send away your customers to your competitors and at the same time it should still be able to win you the required profits.

Decline is part of growth. It reaches a time when a product does not win as many customers as it used to during the introduction and maturity stage. At this point, you should be able to cut down on pricing in order not to lose your market share and at the same time still maintain the few customers on your side but be careful not to run your company at a loss.

Step 4

As a market manager you should be updated on the market’s sectioning. You should be aware of the highly populated market as well as the under-served and untapped market. With this knowledge you should make your investigations on whether to dive in to the already populated market or explore the under-served market. You as the market manager should be able to weigh your options and know which will advantage you more.

Taking these steps into considerations will guarantee you your success as a market manager and take your company to the desired heights. Remember, marketing is all about strategy, if you strategize smart success will come looking for you.

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