Creating and Maintaining Sustainable Relationships †MyAssignmenthelp.

Question: Discuss about the Creating and Maintaining Sustainable Relationships. Answer: Introduction: The marketing manager of the organization is responsible for the successful marketing of any new products to ensure profit out of the same (Duties of a Marketing Manager, 2017). However, the job of the marketing manager differs as per the categorization of the new products. For the really new products, the marketing manager has to do a thorough research on the current market in order to understand the target market and the demand of the customers and plan strategy accordingly. Again, for the new products in the existing new category the job of the marketing manager is comparatively easy, as because he/she only has to introduce the new products to the customers (Li et al., 2015). No new marketing strategy is required here as the customers are already aware with the product category. For the line extension of the existing products with new varieties is almost same as the previous one. Here also the marketing manager does not have to plan new marketing strategies, the only thing he has to do is to make the people know about the new variety of the existing products. The forecasting of the product demand refers to the prediction of the probable future demand of the new products based on the current trend and the potential events of the market as well as the organization (Lee et al., 2014). For the really new products the marketing manager must define the market which includes potential end users. The manager must consider the deep research within the market to predict the demand of the really new product (Duties of a Marketing Manager, 2017). Particularly, for this category of the new product, the demand forecasting must be assessed before the manufacturing of the products, in order to understand the exact and demand of the consumers in the market. For the second category, the manager must examine the demand of the existing category in the consumers, which will automatically forecast the demand of the new product in the existing category. Again, for the last category the demand of the existing product in the market determines the demand of the ne w verities in the same product (Li et al., 2015). The marketing manager only has to find out the demand ratio of the existing product in the customers. The markets of the business are of two types consumer market and the competitor markets. The competitors and the consumers are the two variables of the business market that determines the profit and the sustainability of the organizations in the market through the sale of their products and the service (Jensen, 2015). The consumer market is based on the demand of the products in the consumers, whereas the competitor market is based on the demand of the consumers of the brand or company as well as on the sustainability of the company in the market. The consumers are the chief component for the companies as the consumers decide the future sustainability of the companies in the market. In this way, the competitor market and the consumer market can be observed as similar. However, the competitor market is based within the industry where there are numerous competitors of a company (Bendle Vandenbosch, 2014). In other hand, the consumers market is wider and based on the different consume rs and the demand of the same. The competitor market is determined by the behavior of the competitor companies and the consumer market is determined by the consumer behaviors. The pricing, advertisement and distribution are the three major components in the marketing mix. For the soft drinks, the manager of the company plan pricing strategies according to the geographical segment as the company provides wide range of products (Hassan, Amos Abubakar, 2014). Whereas, the managers decide the pricing for the Smartphone app on the basis of customer demand. For the advertising, the soft drinks company (Cola) only focuses on the aspect of increasing demand, but the advertising of the Smartphone app must contain the feature and basic information about the app as the Smartphone app is in the growing stage unlike cola. Again, the distribution of the two completely different products is different from each. The soft drinks is one of the popular and common product in the market, hence the managers do not have to plan separate and new strategy for the distribution of the products (Jensen, 2015), whereas, the distribution of the Smartphone app requires special and effe ctive strategies to reach the product to the customers. Reference: Bendle, N., Vandenbosch, M. (2014). Competitor orientation and the evolution of business markets. Marketing Science, 33(6), 781-795. Duties of a Marketing Manager. (2017).Smallbusiness.chron.com. Retrieved 2 October 2017, from https://smallbusiness.chron.com/duties-marketing-manager-801.html Hassan, D. N., Amos, A. A., Abubakar, O. A. (2014). An evaluation of marketing strategies undertaken by Coca Cola Company as a multinational corporation in Nigeria. Journal of Business and Management, 3(2), 5-10. Jensen, H. R. (2015). Creating and maintaining sustainable relationships with customers in consumer markets. In Proceedings of the 1997 World Marketing Congress (pp. 631-635). Springer, Cham. Lee, H., Kim, S. G., Park, H. W., Kang, P. (2014). Pre-launch new product demand forecasting using the Bass model: A statistical and machine learning-based approach.Technological Forecasting and Social Change,86, 49-64. Li, M., Illner, R., Edwards, R., Ma, J. (2015). Marketing new products: Bass models on random graphs.Communications in Mathematical Sciences,13(2), 497-509.