Importance of good Marketing Management

-Marketing management is vital to a business's ability to generate

revenue, create a brand, and better understand its customer base.
Marketing management works to ensure a company is profitable by
gaining new customers, expanding a customer base, building a
company's reputation, and improving customer interactions
1) generate revenue- especially for the company when
2) create a brand
3) better understand its customer base
4) company is profitable by gaining new customers
5) expanding a customer base
6) building a company's reputation
7) improving customer interactions

1. Marketing helps to achieve maintain and raise the standards of

living.

2. Marketing increases employment opportunities.

3. Marketing increases national income.

4. Helps maintain economic stability and development.

5. Link between producer and consumer.

6. Removes imbalance of supply and demand by transferring

surplus.
Q1

1) Introduce New Product

In marketing management, need identifying target market and analyzing market. This helps
understand the needs of various consumers, based on which can introduce or launch new
products with an effective marketing campaign
in addition to that, can study customer interactions and buying patterns to learn more about
ideal customer and how to pique their interest in the products or services. As a result, it helps
us create brand awareness and increase visibility for our business.

2) Boost Sales

Good marketing management helps to match our capabilities and resources with the needs of the
consumers. With this, can plan and implement a successful marketing strategy and then reach out
to customers.

It will enable us to find new customer and retain the current ones This will boost company sales
and increase revenue. Not just that, with strategic planning and implementation, good marketing
management also helps reduce costs and expenses.

3) Build Reputation

Marketing management ensures that company’s reputation remains unharmed because, without
it, our business will struggle to handle blunders or remain updated with the latest trends.

Good marketing management can help identify the best opportunities to pursue and threats to
steer clear from. It identifies target market and analyzing market. This helps understand the
needs of various consumers, based on which can introduce or launch new products with an
effective marketing campaign.

will help us expand to different audiences based on experience through advertising and customer
engagement. This will help improve the reputation of the company.

4) Aid in Business Decision

Having proper marketing management means that will have an excellent marketing team that has
insights into consumer behavior, buying patterns, and the latest marketing trends. This helps
make better decisions in the short run and the long run.

Each time we are faced with a dilemma or looking for ways to improve our goods and services or
even considering making the next big move in business and marketing management plan will
always have us back to on tract.

5 ) Help Compete with Big Companies

If in a small business in a competitive industry, then good marketing management is all need to
level up to bigger competitor companies.

This is because it analyzes market behaviors and competitor trends and helps the business focus
on areas that are being underutilized by other companies or doing something unique and fresh.
As a result, the business can stand out or even surpass them in certain cases.

In addition to all this (and more), good marketing management will guarantee an increase in
revenue and expansion of our business.

Q2

1.Price

Customers value price point a lot. If they feel the product is priced way higher than the expected,
or competitors, they will not prefer it. If there is quality in the product or not, customers will
consider. Nearly 60 percent of customers feel that price is the most important thing they consider
before buying anything else.

If products are similar or unique, chances of price being a deciding factor are more. Offering
discounts, promo codes, and other offers on product bundles will help immensely. These gestures
will go a long way in meeting customer needs and maintaining loyalty.

2.Reliability and Sustainability

The service or product a company is trying to sell must be reliable, sustainable, and convenient.
These are important to function in a manner any customer will love. Customers need to rely on a
product to become loyal customers. One aspect of this is bringing out reliable, high quality,
sustainable products that are convenient.
If product usage is too complex for usage, chances of customers using, or understanding are less.
Thus, it is needed to make sure product is well updated and marketed as per customer needs.

3.Accessibility

Customers require that they must access support and service teams of the other firm. This means
multi-channel communication experience. When companies are more accessible, chances of
them fulfilling customer needs are more.

4.Integrations and Compatibility

Customers also prefer brands where services and products work with other products or services.
The integrations need to be compatible with their requirements. For example- if a customer is
using a particular integration, they would prefer to have a partner using or capable of providing
in that integration. Compatibility in technology is also something customers need.

5.Risk reduction

Despite how awesome your products are, if customers perceive them as risky, they will not turn
up. Your products need to be reliable, efficient, and trustworthy. Having a transparent return
policy, free trial or guarantees will help reduce risk heavily. An important factor to consider so as
to reduce risk for customers is having a transparent policy. Calming customers fears will show
them that they are not in a faulty, risky company. The product needs to be tested from a safety
point always.
Q3

What are "Strengths" in SWOT Analysis?

Strengths of Top Glove Corp

Strengths are the firm's capabilities and resources that it can use to design, develop, and
sustain competitive advantage in the marketplace

- Talent management at Top Glove Corp and skill development of the employees -
Human resources are integral to the success of Top Glove Corp in Medical Equipment &
Supplies industry.

- Brands catering to different customers segments within Medical Equipment &

Supplies segment - Top Glove Corp extensive product offerings have helped the
company to penetrate different customer segments in Medical Equipment & Supplies
segment. It has also helped the organization to diversify revenue streams.

- Track record of innovation - Even though most players in the Healthcare strive to
innovate, Top Glove Corp has successful record at consumer driven innovation.

- Strong brand recognition - Top Glove Corp products have strong brand recognition
in the Medical Equipment & Supplies industry. This has enabled the company to charge
a premium compare to its competitors in Medical Equipment & Supplies industry.

- Diverse Revenue models - Over the years Top Glove Corp has ventured into various
businesses outside the Healthcare sector. This has enabled the company do develop a
diversified revenue stream beyond Healthcare sector and Medical Equipment & Supplies
segment.

- First mover advantage in the increasingly crowded market place. The new products
are rapidly increasing Top Glove Corp market share in the Medical Equipment &
Supplies industry.
Weaknesses of Top Glove Corp

What are "Weaknesses" in SWOT Analysis?

Weaknesses of Top Glove Corp can either be absence of strengths or resources of
capabilities that are required but at present the organization doesn't have. Decision
makers have to be certain if the weakness is present because of lack of strategic
planning or as a result of strategic choice.

- Niche markets and local monopolies that companies such as Top Glove Corp able to
exploit are fast disappearing. The customer network that Top Glove Corp has promoted
is proving less and less effective.

- Declining market share of Top Glove Corp with increasing revenues - the Medical
Equipment & Supplies industry is growing faster than the company. In such a scenario
Top Glove Corp has to carefully analyze the various trends within the Healthcare sector
and figure out what it needs to do to drive future growth.

- Gross Margins and Operating Margins which could be improved and going forward
may put pressure on the Top Glove Corp financial statement.

- High cost of replacing existing experts within the Top Glove Corp. Few employees
are responsible for the Top Glove Corp's knowledge base and replacing them will be
extremely difficult in the present conditions.

- Business Model of Top Glove Corp can be easily imitated by the competitors in the
Medical Equipment & Supplies industry. To overcome these challenges companyname
needs to build a platform model that can integrate suppliers, vendors and end users.

- Declining per unit revenue for Top Glove Corp - competitiveness in the Medical
Equipment & Supplies industry is putting downward pressure on the profitability. A
starting guide to manage this situation for companyname is – objectively assessing the
present value propositions of the various products.
Opportunities for Top Glove Corp

What are "Opportunities" in SWOT Analysis?

Opportunities are potential areas where the firm chan identify potential for - growth,
profits, and market share.

- Customer preferences are fast changing - Driven by rising disposable incomes, easy
access to information, and fast adoption of technological products, customers today are
more willing to experiment / try new products in the market. Top Glove Corp has to
carefully monitor not only wider trends within the Medical Equipment & Supplies
industry but also in the wider Healthcare sector.

- Local Collaboration - Tie-up with local players can also provide opportunities of
growth for the Top Glove Corp in international markets. The local players have local
expertise while Top Glove Corp can bring global processes and execution expertise on
table.

- Accelerated technological innovations and advances are improving industrial

productivity, allowing suppliers to manufacture vast array of products and services. This
can help Top Glove Corp to significantly venture into adjacent products.

- Opportunities in Online Space - Increasing adoption of online services by customers

will also enable Top Glove Corp to provide new offerings to the customers in Medical
Equipment & Supplies industry.

- Increasing customer base in lower segments - As customers have to migrate from

un-organized operators in the Healthcare industry to licensed players. It will provide Top
Glove Corp an opportunity to penetrate entry level market with a no-frill offering.

- Lowering of the cost of new product launches through third party retail partners
and dedicated social network. Top Glove Corp can use the emerging trend to start small
before scaling up after initial success of a new product.
Theats to Top Glove Corp

What are "Threats" in SWOT Analysis?

Threats are factors that can be potential dangers to the firm's business models because
of changes in macro economic factors and changing consumer perceptions. Threats can
be managed but not controlled.

- Competitive pressures - As the new product launch cycles are reducing in the
Healthcare industry. It has put additional competitive pressures on players such as Top
Glove Corp. Given the large customer base, Top Glove Corp can't respond quickly to the
needs of the niche markets that disruptors are focusing on.

- Distrust of institutions and increasing threat of legal actions for Top Glove Corp - As
the WTO regulations and laws are difficult to enforce in various markets. Legal
procedures have become expensive and long drawn process. It can lead to less
investment into emerging markets by Top Glove Corp thus resulting in slower growth.

- Saturation in urban market and stagnation in the rural markets - For Top Glove
Corp this trend is an ongoing challenge in the Medical Equipment & Supplies segment.
One of the reasons is that the adoption of products is slow in rural market. Secondly it is
more costly for Top Glove Corp to serve the rural customers than urban customers given
the vast distances and lack of infrastructure.

- Shortage of skilled human resources - Given the high turnover of employees and
increasing dependence on innovative solution, companyname can face skilled human
resources challenges in the near future.

- Trade Relation between US and China can affect Top Glove Corp growth plans - This
can lead to full scale trade war which can hamper the potential of Top Glove Corp to
expand operations in China.

- Competitors catching up with the product development - Even though at present

the Top Glove Corp is still leader in product innovation in the Medical Equipment &
Supplies segment. It is facing stiff challenges from international and local competitors.
Q3.

1) Problem Definition

The first step in any marketing research study is to define the problem, while considering the
purpose of the study, the relevant background information, what information is needed, and how
it will be used in decision making. This stage involves discussion with the decision makers,
interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative
research, such as focus groups. There are three types of objectives that can be deployed in
marketing research:-

a. Exploratory research

Used to better define a problem or scout opportunities.

In-depth interviews and discussions groups are commonly used.

b. Descriptive research

Used to assess a situation in the marketplace (i.e., potential for a specific product or consumer
attitudes).

Methods include personal interviews and surveys.

c. Causal research

Used for testing cause and effect relationships.

Typically through estimation.

2) Development of an Approach to the Problem

Step two includes formulating an objective or theoretical framework, analytical models, research
questions, hypotheses, and identifying characteristics or factors that can influence the research
design. This process is guided by discussions with management and industry experts, case
studies and simulations, analysis of secondary data, qualitative research, and pragmatic
considerations.

3) Research Design Formulation

A research design is a framework or blueprint for conducting the marketing research project. It
details the procedures necessary for obtaining the required information, and its purpose is to
design a study that will test the hypotheses of interest, determine possible answers to the research
questions, and provide the information needed for decision making. Decisions are also made
regarding what data should be obtained from the respondents (e,g,, by conducting a survey or an
experiment). A questionnaire and sampling plan also are designed in order to select the most
appropriate respondents for the study. The following steps are involved in formulating research
design

A) Developing the research plan for collecting information:

The research plan outlines sources of existing data and spells out the specific research
approaches, contact methods, sampling plans, and instruments that will use to gather data. This
includes a written proposal that outlines the management problem, research objectives,
information required, and those results will help management decisions, and the budget allocated
for the research.

B) Collecting Data

Data collection is a crucial step in the research process because it enables the generation of
insights that will influence the marketing strategy.

4) Field Work or Data Collection

Field work, or data collection, involves a field force or staff that operates either in the field, as in
the case of personal interviewing (focus group, in-home, mall intercept, or computer-assisted
personal interviewing), from an office by telephone (telephone or computer-assisted telephone
interviewing/CATI), or through mail (traditional mail and mail panel surveys with pre-recruited
households). Proper selection, training, supervision, and evaluation of the field force helps
minimize data-collection errors. In marketing research, an example of data collection is when a
consumer goods company hires a market research company to conduct in-home ethnographies
and in-store shop-along to collect primary research data.

a) Marketing Research is Systematic and Objective

Systematic planning is required at all stages of the marketing research process, especially in the
data collection step. The procedures followed at each stage are methodologically sound, well
documented, and, as much as possible, planned in advance. Marketing research uses the
scientific method in that data are collected and analyzed to test prior notions or hypotheses.

Marketing research to provide accurate information that reflects a true situation and thus, should
be conducted impartially. While research is always influenced by the researcher's philosophy, it
should be free from the personal or political biases of the researcher or the management. This is
especially important in the data collection phase. The data collected will be analyzed and used to
make marketing decisions. Hence, it is vital that the data collection process be free of as much
bias as possible.

5) Data Preparation and Analysis

Analysis of data is a process of inspecting, cleaning, transforming, and modeling data with the
goal of highlighting useful information, suggesting conclusions, and supporting decision making.
Data analysis has multiple facets and approaches, encompassing diverse techniques under a
variety of names in different business, science, and social science domains. Data mining is a
particular data analysis technique that focuses on modeling and knowledge discovery for
predictive rather than purely descriptive purposes. Marketers use databases to extract applicable
information that identifies customer patterns, characteristics and behaviors.

Business intelligence covers data analysis that relies heavily on aggregation and focusing on
business information. In statistical applications, some people divide data analysis into descriptive
statistics, exploratory data analysis (EDA), and confirmatory data analysis (CDA). EDA focuses
on discovering new features in the data and CDA focuses on confirming or falsifying existing
hypotheses. Predictive analytics focuses on application of statistical or structural models for
predictive forecasting or classification. Text analytics applies statistical, linguistic, and structural
techniques to extract and classify information from textual sources, a species of unstructured
data. All are varieties of data analysis.

6) Report Preparation & Presentation

The entire project should be documented in a written report that addresses the specific research
questions identified; describes the approach, the research design, data collection, and data
analysis procedures adopted; and presents the results and the major findings. This permanent
document very helpful because it can be easily referenced by others who may not have been part
of the research.

The findings should be presented in a comprehensible format so that they can be readily used in
the decision-making process. In addition, an oral presentation made to management using tables,
figures, and graphs to enhance clarity and impact.