Demystifying Myths: Questions asked when procuring marketing category
Despite the fact that it is a very important part of any company’s marketing strategy, procurement still remains the most underrated function for any marketing department.
Here in this article, we have tried to clarify some of the myths related to procurement for the marketing category. This article talks about some of the secret ingredients that go into designing an effective procurement strategy for a marketing function of the company, especially with regards to print media and marketing materials. Some of the myths are mentioned as below:
Procurement is not required for my business, so why should I invest in that function?
Procurement is simply a process of identifying, negotiating and purchasing any goods or services at the best possible price so as to gain a maximum value out of it. The whole intention of the procurement manager in this entire transaction is to minimize risk and maximize the value of the product for the company.
- Is marketing material procurement unnecessary?
Nothing can be farther from the truth. Social Media and Digital Media have captured the imaginations of the businesses across the globe and they are very effective means of promotion as well. However, businesses cannot afford to take print media lightly. This is even truer for businesses that are selling their goods and services directly to the end consumer. Whether it’s about printing any marketing collaterals, promotional merchandise, gift coupons, rate cards, point of sale signage, print advertisements or any other marketing material, you need an experienced procurer to do this job so that you don’t compromise on quality or cost and derive maximum value.
Examples of Procurement Projects in Marketing
Why Procurement Managers don’t understand marketing functions?
A good procurement department will take care of every step and follow the entire process completely. It starts right from selecting the most appropriate material in the production stage to deciding the printing method used for production.
This analysis will be based on the demand, turn-around-time, go-to market strategy of the marketing department and consideration of the right fitment strategy as per the business needs of the company. The procurement function also ensures that the implementation of these processes is also completed as per the set time and within the given time frame.
The historical data benchmarking, demand analysis, supplier market study and total cost of ownership price breakdown structure should be done to create a procurement strategy that perfectly fits the business needs.