Marketing Management – Essay Example

Marketing management plays an important role in a product’s life. The lifetime of the product depends on the type of marketing and the efficient management of the marketing systems. Each and every product has a lifetime and stand alone fax machines are entering the later stages of their lifecycle. As the numbers of firms that use these fax machines are getting lesser, the existences of these machines are for a minimum time. My firm has been using these fax machines for a longer period of time and the situation is now problematic. The number of channels used by this firm needs to be reevaluated. To accomplish this task, the fax machines can be reassembled and installed to provide better results. The numbers of intermediaries are also not in a favorable condition and it demands reevaluation. There are two options to improve the existing situation. The first option is to remodel the existing machine and to use them for a certain period of time. The second option is to sell the old, outdated machines and buy new machines from the market. To sell these machines the company must implement a unique marketing management standard so that the fax machines are sold at a reasonable price. To achieve this, the firm must find a buyer using effective communication and marketing mechanism. (Kotler & Keller, 2001).
Once the machines are sold, the company must decide on the quality of new machines available in the market. The product manufacturing companies adopt certain predefined standards to market their products. My firm must find out the best product in the market and this can be done with the help of marketing technologies. There are various communication channels and the company can think of implementing any of the advanced communication methods. The communication channels may be e-mail, newspaper, personal talks and telephonic conversation. These communication channels improve the standard of the company.
References
Kotler, P., & Keller, K. (2001). Marketing Management. U.S.A: Prentice Hall.