Marketing Engine is the whole system in which a systematic way is adopted to analyze upcoming market trends and make decisions on the basis of the results derived from that. It is a complete theory in which a market is completely analyzed and it helps shape up the whole way the market works. Mostly, however, the term 'marketing engine' is applied to the electronics market where a lot of brands are available which provide a wide range of products and the whole market runs on the basis of these products. This theory works on the basis of subjects like Economics, Statistics and Finance. There are theories like the Game Theory and Mechanism Design which help analyze market trends. This whole concept is also termed as market engineering.
This termed was first put up by Professor Gary Lilien who is a researcher and teacher at the Business School of the Pennsylvania State University. He is an expert on market trends and business dealings and also consults a couple of organizations in these matters. This proves that knowing about marketing engine not only helps in surviving in a booming market but also makes one an excellent negotiator in business dealings. In short marketing engine is like the engine of a particular market, it helps in running the whole market as long as you keep providing the oil to it. However, there are a few things one must know, at all costs, about marketing engine if one is working in an active market for analyzing all the happenings in the market.
The five most important things one must know about marketing engine, which at one point or the other, do help in flourishing a business or an investment are as follows:
The first thing to know about the working of a marketing engine is, working on the requirements of the particular market. The focus should remain on the environment of the surrounding community.
After analyzing the requirements of the market, the next step is to design the whole trend and structure.
Then there is the evaluation. Without evaluating the design from each aspect, the perfect design cannot be achieved, which can collapse the entire market.
When all this is done, the point of implementation comes, in the form of a software program, on the basis of which the whole market works.
The last step is the easiest. After the whole software has been produced, its introduction to the market is done which completes the whole cycle.
Tips and Comments
Although, market engineering is a very useful tool which prevents any business in the market from loss or collapsing, it should not be forgotten that the world works on instincts. There is no guarantee if a businees or investment will pay off or not. These things, sort of, limit the advantages of the marketing engine. If these things gave a 100 percent result then there would be no business at all as the whole point of any investment lies in the fact, some gets the profit and simultaneously somedody suffers a loss. So, the whole point of a marketing engine is to ensure that the cycle keeps on working which is why every businessperson should know some basic things about it. All the above mentioned points are although steps but these are the basic things one needs to know about marketing engine and, hence, are the five things you must know about marketing engineering.