Managing the Marketing Function

It is important and a must for every engineer managers to convince people in patronizing their goods, for they are always directly responsible for marketing the services and products of their respective company. In order to achieve the objectives of an organization, they should chalk out their marketing plans in order to expedite the products they're going to sell in a constructive manner. For this reason, it is vital for an engineer to understand the concepts related to the marketing discipline.

WHAT IS MARKETING?

Marketing refers to the activities designed to facilitate and expedite the selling of goods and services. The concept of marketing states that the engineer should create a set of coordinated activities in order to satisfy the needs of his/her customers.

THE 4 P'S OF MARKETING

In order to meet the needs of customers requiring the products or services, engineer managers must then follow the 4 P's of marketing, which are as follows:

THE PRODUCT

The product refers to the tangible or intangible item and its capacity to satisfy a specific need. Ideally, it should fulfill the demand of the customers or clients. With this, engineers should understand the lifecycle of a product, where should they place it, who will be its target market, and how they should promote the product or service in the marketplace.

the price

Price refers to the money or other considerations exchanged for the purchase or use of the product, idea, or service. Engineer managers must link the price to the real value of the product. Companies may use price as a competitive tool or to convince customers to buy the certain product.

the place

It is therefore important for companies to locate their firms or branches that are reachable to their target customers. However, there are times that a company cannot be near to its customers due to some constraints. In order to do so, there are ways to make their firms accessible to the market. Such includes hiring sales agents, selling products to dealers in remote areas, establishing branches and franchises in selected areas.

the promotion

Promotion is defined as communicating information between seller and potential buyer to primarily influence attitudes and behavior (McCarthy & Perreault). Its goal is to entice and reveal to the customers why they need it and why is it worthy to pay a certain price for it. The following are the promotional tools that every engineer manager should be familiar with:

Advertising
Publicity
Personal Selling
Sales Promotion

STRATEGIC MARKETING FOR ENGINEERS

Strategic marketing is undertaken in order to ensure that the marketing objectives of the firm are achieved. Engineer managers should serve the markets that are best fitted to their capabilities. Here are the following steps to take for strategic marketing:

Selecting a target market

Divide the total market into groups of people who have relatively similar product or service needs
Determine profit potentials of each segment
Make a decision on which segments will be served by the company

Develop a marketing mix

It consists of four variables namely: the product, the place, the price, and the promotion.

ASSESSMENT TASKS:

QUIZ #4

Managing the Marketing Function (1).pdf

VIDEO PRESENTATION LINK: https://youtu.be/hdTtaB9swzk

REFLECTION:

Managing the marketing function is vital in simplifying the activities relevant to the distribution of goods and services. In order for an engineering organization to survive, engineer managers should undertake effectively the analysis, planning, implementation, and control of programs so that they will be able to sell enough products or services that will generate satisfiable profits and gains for the company. As engineering students, it would be best for us to always consider and impart the 4 P's of marketing, for it is very beneficial as we find ways on how to develop strategies in exchanging goods and services in the most effective manner possible. Lastly, I have learned that we have to determine already who will be our potential customers before introducing the products and services in marketplaces. This is to ensure that our products offered will be reachable to the target customers/clients and viable enough to satisfy their needs. In turn, it will create a strong reputation within the organization due to achieved marketing objectives.

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