INTRODUCTION OF PROPERTY MARKETING Marketing Management

Learning outcomes At the end of this lecture, you should be able to: Define the concept of marketing management; Understand a number of philosophies on which marketing management is founded; Discuss the major components of marketing management; Understand property marketing management based on project and sales cycle.

Principles of Marketing Growth – Plans for a continuous growth process. It includes growth for market shares, profits, cost reduction and sales; Survival – Marketing department must be able to provide better services to the clients and improve reputation through more effective use of basic management principles;

Principles of Marketing (cont’d) Continuity of profit and operation through interrelated functions in an organization (value chain). Planning – There is a need to adopt proactive planning rather than reactive planning to remain competitive in the market.

Principles of Marketing (cont’d) Direction – Relates to the guiding rules or policies to achieve the objectives; Supervisory capacity – Relates to the supervising capacity. As a rule of thumb, a marketing manager should not be burdened with more than 20 marketing staff; Control – It relates to performance evaluation; and

Principles of Marketing (cont’d) Organizing – To ensure that each marketing task is completed successfully, it must be assigned to the most capable person; Authority – Relates to responsibilities and leadership; Management – Relates to the ability to plan, organize, direct and control the firm’s resources to achieve the goals.

Marketing management philosophies

Marketing management philosophies

Roles and functions of Marketing Manager General functions Manages all affairs of marketing according to the terms and references of the organization, Works to meet the expectations of the customers.

Roles and functions of Marketing Manager Depending on budget availability and the skills of the team, you may chose to outsource certain elements of the marketing process (such as market research) or decide to do these jobs in-house. Key responsibilities of the marketing manager / director vary according to the business but can include:

Roles and functions of Marketing Manager Development of marketing strategy Researching and reporting on external opportunities Understanding current and potential customers Managing the customer journey (customer relationship management) Developing the marketing strategy and plan Management of the marketing mix

Roles and functions of Marketing Manager Managing agencies Measuring success Managing budgets Ensuring timely delivery Approving images Developing guidelines Making customer focused decisions

Roles and Functions of Marketing Department Its main role is to achieve company’s goals through mobilization of marketing sales force and resources. Be part of the company’s teams in creating marketing mix. Managing the marketing efforts including meeting sales target, performing sales administration and foreseeing sales;

Roles and Functions of Marketing Department Planning and carrying marketing communication and public relation. Masterminding strategic marketing planning. Planning and conducting marketing research.

Roles and Functions of Marketing Department Masterminding strategic marketing planning. Planning and conducting marketing research.

The Marketing Management Process The Marketing Management Process can be defined as “the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that satisfy customer and organizational objectives.”

The Marketing Management Process Strategic planning and marketing planning

The Marketing Management Process Situation analysis The competitive environment The economic environment The social environment The political environment The legal environment

The Marketing Management Process Marketing planning Establishing marketing objectives Selecting target market Developing marketing mix

The Marketing Management Process Implementation and control of marketing plan Implementing the marketing plan involves putting the plan into action and performing marketing tasks according to the predefined schedule.

The Marketing Management Process Implementation and control of marketing plan Controlling the marketing plan involves three basic steps The results of the implemented marketing plan are measured These results are compared with objectives Decisions are made on whether the plan is achieving objectives.

The Marketing Management Process Marketing information systems and marketing research Throughout the marketing management process, current, reliable, and valid information is needed to make effective marketing decisions

The Marketing Management Process Strategic planning is a top-management responsibility All strategic planning has marketing implications Marketing objectives and strategies must be derived from the strategic plan Planning done in all functional areas of the organization should be derived from strategic plan

The Marketing Management Process Marketing’s role in cross functional strategic plan

Tutorial Questions Briefly explain what is marketing management. Identify and briefly explain fives marketing philosophies underpin property marketing management. Briefly explain the roles and functions of a marketing manager and the marketing department. What is marketing management process. Identify the stages of project and sales cycle in relation to property development and marketing.