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Financial marketing management is a business concept that involves the effective management of an organization’s resources through the use of established microeconomic and macroeconomic factors in relation to the organization under consideration. The process of financial marketing management is especially beneficial to mid-size to large corporations, especially ones with several portfolios. Even small or start-up companies can benefit from the application of financial marketing management, which may be done by the firm’s own in-house financial team or by an external financial services company.
The first step toward effective financial marketing management is the analysis of the company’s product or services in relation to the market. This means that the marketing managers will carry out a market research to find out how the product measures up to the market in that particular business environment. Organizing customer surveys to find out what the target consumer base thinks about the product is included in the research. Managers may also clearly define the main consumer demographic for the product. The knowledge gained from such an analysis will allow marketing managers to develop profiles for the consumers, which will be used to develop other marketing efforts specifically targeted toward them.
Once the market has been defined, financial marketing management means that the results will be collated and used to formulate effective marketing strategies. The development of an effective financial marketing strategy may mean a further analysis of the products from competitors in order to arrive at the particular marketing strategy to apply. Knowing the customers and information about the products of the competitors will allow the company to decide whether to make its own product unique and use that as a marketing angle, or to reduce the cost of its products in relation to that of the competitors.
Other considerations in financial marketing management include areas like investment and strategies at both the local and international markets. Where an organization is trying to expand to international markets, it may engage the services of a financial services company to assist it in its strategic financial planning. Expansion to new markets is a capital investment that companies enter into with the hope of gaining adequate financial returns. One way of ensuring such returns is through financial marketing management, which serves to assess the market as well as to discover the best way to introduce the new entrant into the market. This is especially beneficial when there are other companies engaged in the production of similar products.
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