marketing management

Marketing Terms
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Marketing management refers to the analysis, design, implementation and control of the marketing plan to establish, develop and improve the exchange relationship with target customers in order to achieve business objectives. Marketing management is a dynamic and systematic management process in which enterprises plan and implement marketing concepts, formulate marketing mix, and create exchange opportunities to meet the needs of target customers and the interests of enterprises.
Marketing management is an important part of enterprise management and is the main function of enterprise marketing department. [1]
Chinese name
marketing management
Foreign name
Marketing management
Objectives
To achieve the business objectives and to establish, develop and improve the exchange relationship with target customers
Applicable objects
enterprise
Status
It is an important part of enterprise management and the main function of enterprise marketing department
Methods
Results management, sales plan management customer management

Eight types

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Category I: Reverse marketing Demand status: Negative demand (means all or most of them potential buyers There is not only no demand for a certain product or service, but even aversion.)
Marketing task: reverse demand.
marketing management
Category II: Stimulating marketing Demand status: no demand or no demand for new products or new service items without understanding; Or not necessary for life“ luxury goods ”"Amusement products" are the choices of the "leisure class" and the "rich class".
Marketing task Consumer interest Stimulate demand.
Category III: Developmental marketing Demand status: potential demand It refers to the consumer's Real market A strong demand for a product or service that does not yet exist on the.
Marketing task: realize the demand and try to provide products or services that can meet the potential demand.
Category IV: balanced marketing Demand status: Irregular requirements That is, the demand is different at different times and seasons, so it is not coordinated with the supply.
Marketing task: Adjust demand Try to adjust the contradiction between demand and supply, so that they can achieve coordination and synchronization.
Category V: Restorative marketing Demand situation: Demand recession refers to the decline of consumers' demand and interest in products from the climax.
Marketing task: To restore demand, try to make the declining demand rise again, but the premise of implementing restorative marketing is that there is the possibility of a new life cycle for the products or services in decline, otherwise it will be futile.
Category VI: Maintenance marketing Demand status: Saturated demand It means that the current demand is consistent with the expected demand in terms of quantity and time, but will change Consumer preferences And changes in interest; First, competition among peers.
Marketing task: maintain the demand, try to maintain the existing sales level, and prevent a downward trend.
Category VII: Restrictive marketing Demand status: excess demand means that the demand exceeds the level that the seller can supply or is willing to supply.
Marketing task: To limit demand, we usually take measures such as raising prices, reducing service items and supply outlets, and persuading people to save money.
Category VIII: inhibitory marketing   Demand status: Harmful demand
Marketing task: eliminate demand and emphasize the harmfulness of products or services, so as to resist the production and operation of such products or services.
Four Models of Marketing Management with the Development of Practice
With the change of environment and the development of marketing practice, the following four types of marketing management have emerged:
1、 Transaction Marketing In this stage, the marketing management is transaction centered, focusing on sales activities, pursuing sales growth, and focusing on the development of new customers.
2、 Relationship Marketing The marketing management at this stage focuses on customer relations, pursues customer retention, multiple transactions and more sustainable business relations, and focuses on customer satisfaction
3、 Value Marketing In this stage, the marketing management focuses on brand value, seeks to obtain higher customer equity and brand equity, and focuses on in-depth exploration of customer value.
4、 Value Network Marketing In this stage, marketing management focuses on the network and value network, focusing on the use of external resources and network effects to enhance the effectiveness and efficiency of marketing management.
Value marketing has two branches: one is Internet marketing driven by the Internet; Second, win-win cooperation driven marketing. The cooperation network centered on customer value has broken through the resource constraints of a single company and established a cross company and cross industry alliance, so as to strive for greater customer assets and markets to be shared together.

development history

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marketing management
According to the point of view of business education talk, the definition of marketing is mainly adopted by the academic community American Marketing Association Version of, except that domestic Higher Education Press Publishing Wu Jian'an The definition and subsequent interpretation of marketing by the American Marketing Association (AMA) quoted in Marketing, edited by Mr Marketing concept In the past 50 years, we can also understand the connotation of marketing from one side.
The following are AMA Definitions published in 1960, 1985 and 2004:
From the perspective of the development history of marketing theory, when AMA put forward the definition of marketing in the 1960s, it was the revolutionary period of marketing. From the perspective of concept, the concept of enterprise centered marketing (production concept Product concept and Selling concept )The period of turning to the consumer centered marketing concept. In this period, most of the problems faced by enterprises are focused on the efficient transfer of value-added goods such as products and services to consumers by using existing resources. Therefore, the definition of marketing also reflects this internal demand, that is, the functions of marketing in enterprises are those activities related to product transfer between enterprises and consumers.
In the 1980s, when AMA was further updated Marketing When defined, service marketing Social marketing And other concepts have emerged and been accepted. At this time Marketing concept The difference from the 1960 version is mainly reflected in two aspects: first, increased attention to individuals and organizations, that is, marketing involves the relationship between individuals, organizations, and individuals and organizations, and on this relationship, the exchange of goals between both parties should be achieved; The second is to expand the connotation of products to concepts and ideas other than goods and services, which has laid the foundation for the study of the complete category of products, and also made people better understand the exchange between enterprises and customers. Physical products (even services) are only carriers, and customers really get from enterprises And what enterprises lay the foundation of competition is the sharing of ideas with customers (in Green marketing As well as in the study of corporate social responsibility, it is often believed that the target market customers of enterprises are those who share the sense of social responsibility with the enterprise or who have social responsibility A group with a sense of identity).
The latest marketing definition proposed by AMA is a step further than the 1985 version: based on the 1985 version, which regards marketing as a process, it further defines this process as an organizational function and a process of value transmission. The reason why marketing is regarded as an organizational function is that the concept of marketing must be integrated into the whole enterprise, even the cooperative enterprise Value chain It is inevitably incorporated into the organizational functions of enterprises. The evolution of this process from product delivery to customer value delivery reflects the idea of customer centered and enterprise value generated from customer value.
In order to pursue sustainable development and sustainable competitiveness, it is necessary to effectively and persistently transmit this customer value, that is Customer relationship Conduct effective management, not just the management of demand level. The related enterprise behaviors and functions will help enterprises to consider their social responsibility And self-interest, not only focus on "ego", but also balance Affiliated enterprises The interests of surrounding institutions can coexist from the perspective of ecological harmony.

Five needs

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The determination of demand involves many aspects of the enterprise, which emphasizes teamwork and Supply chain Therefore, the needs of all links should be taken into account, and such marketing policy is a good policy. However, in marketing, enterprises should fully consider all aspects of marketing policy implementation when formulating marketing policies, including enterprises, consumers distributor , terminal Sales force These five aspects. Marketing management should meet the needs of enterprises, consumers, dealers, terminals and sales teams. In the process of constantly meeting the needs, enterprises have developed.
Meet the needs of enterprises
The pursuit of sustainable development of enterprises is to make money sustainably. Enterprises can not make profits in the short term, expand and pursue development, but the ultimate goal is to make profits. All personnel, funds, management, etc. are the means for the enterprise to achieve sustainable profitability. According to marketing theory, enterprises should adhere to the "4C" principle and focus on consumers. But in fact, "consumer centered" is the way enterprises think about problems, and enterprises should act in accordance with their own interests. The boss should take the fate in his own hands, control the market and take the initiative in the market. Enterprise development At different stages of market development, enterprises have different needs.
During the incubation period of the market, the enterprise developed innovative products. Enterprises face two problems, one is to quickly complete the original accumulation of funds, and the other is to quickly open the market. Therefore, at this time, enterprises may adopt the operation method of seeking quick success and instant benefit. They can get money as they want and sell as they want. Possible policies are high commission, high rebate, and becoming a big business. During the growth period of the market, the enterprise developed rapidly, and similar competitors appeared. Therefore, enterprises should expand faster than their rivals market share , occupy the commanding height of the market. Possible measures are to develop multiple varieties, improve channel planning and incentive Distribution Commerce, etc.
Market maturity period: in the market maturity period, enterprises need to continue the life cycle of products. Enterprises should pursue stable cash flow And develop other products at the same time. At this time, enterprises should constantly introduce promotional policies that are innovative.
The consultant believes that during the market recession, the enterprise should recover its investment and realize as soon as possible. From the above simple life cycle description, we can see that enterprises have different needs in different periods to meet Enterprise demand It comes first. Marketing management is the management of enterprise needs, which is based on meeting the needs of enterprises. Therefore, as a marketing decision-maker, we should first consider: "What does my boss ask me to do? What does the company need me to do now? What does the shareholders need me to do?" Then, in the process of implementing the needs of the enterprise, we should consider the following four needs.
Meet the needs of consumers
Chinese consumers are immature, so they are easy to be misled by enterprises. Planners have made the concept fly around for three or five years. Real and rational consumer demand What is it? Consumers have demand for good product quality, reasonable prices and good after-sales service. Consumer demand is the most important and long-term for enterprises. Enterprises can meet short-term interests and ignore consumer demand, but consumers vote with "feet", and they will choose to leave.
famous chundu , made his fortune in Ham sausage listed company In the 1990s, it was a well-known enterprise in China and a pioneer in the industry Diversification strategy The company lost its direction and its main business shrank significantly. In order to win in the price war, Chundu unexpectedly damaged the product quality by reducing the product quality consumers'benefit To reduce production costs, the meat content was once reduced from 85% to 15%. Chundu staff fed their dogs with their own ham sausage, nicknamed "noodle stick". Chundu, which only considers its own needs but fails to meet the needs of consumers, paid a heavy price and its sales plummeted, Market share From the highest 70% to less than 10%. The demise of Chundu is inevitable, and it is dangerous to only consider the needs of enterprises. Enterprises can cheat all consumers for a period of time, or cheat one consumer at all times. But the eyes of the masses are bright, and enterprises cannot cheat all people at all times. Therefore, for enterprises, meeting the needs of consumers is the value of their existence and the most long-term guarantee for enterprises. On the basis of meeting demand, enterprises should also explore demand and guide the trend of consumption. Even to please consumers, to please consumers. What we have done here is better. We can see the case of "Jiugui Jiu" to understand the way of marketing management. I believe it can help you improve many marketing management concepts.
Meet the needs of dealers
The demand of dealers is constantly changing, but in the final analysis, there are three aspects:
1. Demand and sales volume of dealers. If your product is a best seller, don't worry about selling it. At this time, the dealer may only need sales. Because he knows that your goods can drive other goods away, so he can make money from other goods.
2、 distributor Demand profit margin. If your product is a new product, the dealer expects a higher gross profit. Your goods can go slowly, but they are very profitable, so he is also satisfied.
3. The dealer needs to settle down steadily. If your goods are really in demand, the retail store must have them. If you give them to the dealer, the dealer can use this product to establish channels and maintain their channel loyalty. Of course, if you can help him manage, manage channels, and manage terminals, you can also meet his needs.
Therefore, enterprises should know what the needs of dealers are when formulating marketing policies. Whether dealers want long-term development or short-term profit. When making policies, enterprises should consider the development of dealers, not just from the perspective of enterprises themselves, nor from the perspective of consumers. After all, in some industries, dealers are indispensable, and dealers also have a stage of development. They need your guidance and support in the entrepreneurial stage. When his network has been formed and his management is basically standardized, what he needs most is profit. At different stages of development, his needs are different. Therefore, the enterprise should constantly develop the products that meet the actual needs of dealers Sales policy Product policy Promotion policy
Meet the needs of terminals
Many enterprises emphasize that "terminal is king", and terminal has indeed become king. Certain special status“ hyper terminal ”It's not necessary to ask for entrance fees, display fees, store celebration fees, etc. It's very annoying that some small and medium-sized terminals--- supermarket Go bankrupt at any time. The risk and cost of doing terminal are very high. How can enterprises do terminal or not? It has become a dilemma for the boss. According to the channel development trend in the 21st century, the terminal has to do something if it doesn't do it. The key is how to do it. Therefore, many enterprises have terminal strategies and formulate terminal policies different from dealers to meet terminal needs.
The demand for terminals is increasing, especially for chain stores. Because of Gome and other chain home appliances, color TV giants like Skyworth have to take the "third way." Chain giants in the mobile phone industry are also "terrible". Hundreds of chain stores force manufacturers to introduce preferential policies to them. The terminal and the dealer are both part of the channel. If the manufacturer makes a choice, it would rather choose the terminal than the dealer. Many enterprises have different approaches to terminals, P&G Our market personnel only do terminal maintenance and support, regardless of fleeing goods , regardless of the price. In P&G's eyes, terminals are more important than dealers. After all, it is the three foot counter of the terminal that determines the final success or failure of the manufacturer.
Meet the needs of the sales force
The sales team is the most easily ignored. Because it is our own people, we should first meet the interests of outsiders. If there is surplus, we should use it to meet the interests of the sales team. This is the practice of many bosses, that is, "prefer foreign invaders to domestic slaves". On the surface, the sales team is not very important. As long as you make money, you will follow the company. But the betrayal of a sales representative may lead to the loss of control of a regional business. A sales representative of a friend's company went to a competitor's place to be the branch manager, and beat his former manager to invite him to dinner.
Any marketing policy is ultimately implemented by the sales team. The strength of the sales representative's implementation may be more important than the quality of the policy itself. This is an era of "fighting in groups". Marketing competition depends on teams. All dealers, terminals and consumers' needs must be met through sales teams. What are their needs? It is all about survival and development. The sales team needs reasonable treatment, training opportunities and development space. Therefore, enterprises should explore the needs of sales teams at different stages and try to meet them.
Enterprise demand is fundamental and the starting point of marketing management. Among them, the demand of consumers, the demand of marketers, and the demand of terminals are in series. If one link is not met, the implementation of marketing policies will be biased. If a link is "unhappy", it may lead to "unhappy" of the enterprise. As a marketing manager, we should consider marketing issues from these five aspects. If there are problems in marketing, there must be problems in these five aspects. Excellent marketing managers should be good at analyzing these five aspects and balancing the resource input in these five aspects to achieve the best marketing effect.

Typical representative

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OCSS omni channel marketing management system is an indispensable management software for online and offline omni channel operation of e-commerce enterprises. Its main modules include online order collection and nearby order distribution, logistics and inventory management, financial management, user management, etc. With the help of this system, enterprises can make goods short circuited, save logistics costs, realize the integration of "product+service", improve user experience, and achieve online and offline integration and fully integrated operation. At the same time, it can resolve the conflict between online and offline interest distribution.

Specific process

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1. Analyze market opportunities
(1) Explore market opportunities
(2) Assess market opportunities
2. Select target market
(1) Market needs measurement and prediction
(2) Market segmentation
(3) Select target market
(4) Market positioning
3. Proposed marketing mix
(1) Product
Represents the combination of goods or services provided by the enterprise to the target market, including product brand, packaging, quality, services and product portfolio.
(2) Price
Represents the amount paid by consumers to obtain the product, including the formulation of retail prices, wholesale prices, discounts and credit conditions.
(3) Distribution
Represent various activities taken by enterprises to make products reach target customers, including playing the role of wholesalers and retailers.
(4) Promotion
Various activities, including advertising, personnel promotion, business promotion and public relations, taken by the representative enterprise to publicize the advantages of its products and persuade target customers to buy.
4. Organize, implement and control marketing

Work experience

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Consolidate work gains

After contacting a customer or carrying out a job, I feel some gains, but if I put it aside without thinking and sorting out, my feelings at that time will slowly fade away. Through the experience of writing, the perception of work is built in his own knowledge system, internalized into his own wisdom structure, and guided and practiced in later work, which is the real gain from work.

Clean up work ideas

After finishing a job, I often feel very fruitful. At this time, some thoughts in my mind are vague and confused. By writing them down, you can sort out all kinds of thoughts temporarily stored in your brain and form a clear working clue.

Improve expression ability

The main purpose of writing experience is to improve yourself. In the process of writing experience, it is also a comprehensive exercise of the ability to organize language, summarize work, and grasp key points. Cultivating the habit of writing work experience can improve our language expression ability, logical thinking ability and understanding.

Main methods

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If an enterprise wants to do a good job in marketing management, it must establish a complete set of Sales management System:
1. Results management. Results management includes two aspects in enterprise management. One is performance evaluation, the other is market information research. Performance evaluation includes: sales volume and payment collection, sales report system implementation, sales expense control, compliance with management, market planning, and progress. Information research includes: the company's performance Competitor Information , such as quality information, price information, variety information, market trend, customer information, etc.
2. Sales plan management. Its core content is the reasonable decomposition of sales objectives in all aspects of great significance. These aspects include variety, region, customer, operator, and settlement method. In terms of sales method and time schedule, the decomposition process is both a process of implementation and a process of persuasion. At the same time, through decomposition, the rationality and challenge of the objectives can be tested, and problems can be timely adjusted. A reasonable and realistic sales plan can not only reflect the market crisis, but also the market opportunity in the implementation process. It is also the key to strict management and ensure the efficiency and strength of sales work.
3、 customer management The core task of customer sales management in enterprise management is enthusiasm management and market risk management. The key to mobilizing customer enthusiasm and enthusiasm is profit and prospect; The key to market risk management is customer credit, ability and market price control. Boss magazine said that the management means and methods mainly include: Customer Information Card , customer strategy card, customer monthly evaluation card, etc.

Mode change

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Marketing of Chinese enterprises management model It has experienced a circular development process from centralization to decentralization and then to centralization. When the enterprise is small and the market area is relatively centralized, the enterprise usually adopts a highly centralized centralized marketing management mode. The marketing decision-making power of the enterprise is concentrated in the enterprise headquarters. The senior marketing personnel directly intervene in the daily business management of the marketing team in a person to person and point to point manner. The enterprise's marketing resources are concentrated, respond quickly to market changes, and the marketing team has strong executive power.
Since the 1990s, economic globalization and information technology revolution have led to the rational expansion of the scale of enterprises Regional market operation It has gradually become the normal state of enterprise operation. With the expansion of the market area Management level Increase of, Management range With the increase of, the space and time distance between the top management of enterprises and the first tier market is becoming larger and larger information transfer Untimely and distorted, seriously affecting marketing executives Personnel analysis Decision making ability Plus Management means The restrictions of and technology also make the senior management of enterprises unable to continue to effectively perform the daily business management work of the marketing team, and the traditional centralized marketing management mode has fallen into an awkward situation that can neither be well managed nor managed. Enterprises are forced to decentralize and authorize the marketing teams that are increasingly spreading to all regions of the country Regional Marketing The remote decentralized marketing management mode of team independent operation and independent management.
Distributed management mode
The marketing management mode has completed the cycle from centralization - decentralization - virtualization centralization.
Distributed management Decentralized and authorized management style It is conducive to the creativity and enthusiasm of marketing team members, but it also causes many management problems. There are inherent defects in distributed marketing management, which are embodied in the decentralized management model for enterprises Monitoring capability It puts forward higher requirements, and the decentralized management mode will inevitably lead to the paradox of weak monitoring.
1. Decentralized management leads to careless management and marketing Team management Out of control of details, Executive power Down. Centralized marketing management, organization team size is often large, and activities lack flexibility; There are many levels of structure, management information Loss or distortion in intermediate transmission; The management activities are irreversible, Grass roots management People's autonomy and creativity are often limited to a certain extent. However, centralized management also has advantages. The scope of functions of management departments at all levels is often relatively small, and the management clue is relatively small. The marketing, sales, and logistics departments perform their own duties, which is conducive to thinking about problems in detail, and is more conducive to achieving "refinement" of management; The distributed marketing management structure has few levels, and the basic level Organization size They are often small and have greater autonomy. Theoretically, they should have more conditions to achieve refined management, but in practice, they are often the opposite. Why? Improper division of functions. Overuse management functions It is easy to cause base course Organizational functions The scope is too large and there are too many management threads, leading to the "coarsening" of the grass-roots management. It is very difficult for the marketing headquarters to control the marketing personnel throughout the country branch The headquarters could not timely obtain the implementation feedback information and could not timely check and correct the discount with the business personnel.
2. Decentralized organizational structure is not conducive to the improvement of organizational operation efficiency. If every team wants to operate efficiently, a sense of trust is a crucial factor. However, it is difficult to establish a sense of trust among people who hardly meet. With the continuous growth of enterprises, their organizations have become more and more bloated, such as the establishment of large regions, branches, offices, etc., where professional marketing and sales personnel, planners and even financial personnel have been set up, resulting in too many personnel. When a decision of an enterprise reaches the grass-roots level, it needs to be approved at all levels, which results in weak actual execution; In the remote marketing management of enterprises Customer resources In terms of sales channels, there is a strong dependence on individual marketing personnel, which often leads to customers being pulled away, payment for goods being rolled away, and individual people being given rebates Corporate interests Regardless of the problems that people will lose when they leave.
3. Decentralized information limits marketing decision analysis and market reaction capacity The lack of information in remote management is mainly reflected in the following aspects:
(1) Information reporting is not timely. The information that should have been received at the time was received afterwards, and the information that should have been fed back in time was not fed back in time, which led to the reaction and failure to take action in time;
(2) Incomplete information reporting. The information should not contain, and the important information does not, leading to decision deviation;
(3) Inaccurate information reporting. There are also important information, which seems to be included, but the information is not accurate. It is obviously very important, but it has been replaced, leading to decision deviation;
(4) There is too little useful information. There is no important and critical information, and there is too much useless information to make decisions.
4. Decentralized personnel limit the professionalism of the marketing team Ability improvement Lack of experience exchange, discussion and sharing to solve practical problems in the marketing process creatively and efficiently, which is not conducive to the development of group wisdom. The regional office or branch of the enterprise has taken over the regional market Operation and management right After that, they will directly face Channel conflict The price system is in chaos and the goods are fleeing distributor Increasing management service requirements and other problems, but its own market management ability may not be enough to deal with these problems in the short term, resulting in passive situations such as the inability to timely investigate and deal with the fleeing goods, the delay in settlement of rebates, and the difficulty in timely responding to customer complaints and service requirements.
These problems are obviously caused by too many intermediate links between decision-makers and executives due to distributed management, which can not form effective team professional operation and vertical management. The key to solving the problem is decentralized governance. Decentralization is not equal to decentralization. Decentralized resources and personnel need more centralized and powerful management. The emergence of the Internet has made Centralized management It's possible. Centralized management can not only integrate the marketing resources of the whole enterprise, strengthen the real-time monitoring and guidance of subordinate organizations, but also reduce the marketing cost To improve management efficiency and overcome the inherent shortcomings of distributed marketing management. Therefore, it is an inevitable trend that the management mode of the future marketing team will develop in the direction of virtual concentration. With the help of modern information technology, virtual centralized marketing management makes management zero distance in the virtual network world, trying to avoid Remote control stay Staffing It is relatively centralized, and the management personnel try to be able to salesman Face to face work guidance and communication with sales promoters can be carried out every day through statements, evening reports, telephone tracking, and spot checks, so as to timely grasp the working trends of business personnel and the implementation of tasks, find deviations and correct them in a timely manner. Zero distance management is also an effective way to create a good team culture virtual network Common study, life, work and communication in the community to form mutual assistance and coordinated work cooperation Group cohesion Greatly enhanced.
Centralized management mode of virtualization
Remote marketing management does not need to fully control the subordinate marketing teams. The headquarters can adopt a broader management model for subordinate teams. That is, only the necessary and critical Marketing information conduct centralized management OK. Virtualized centralized management truly enables information Flat Management With the help of information tools, enterprises have realized centralized management and use of marketing data, and also helped enterprises to achieve information flattening, which solved the situation that the grass roots had a large number of detailed data before, while the headquarters only had a summary of statistical data. The management staff of the headquarters can know every detail of the sales scene at any time. When it comes to virtual centralized marketing management, we first think of ERP CRM However, these information platforms are often limited by the equipment and network, and can not really achieve "anytime, anywhere" communication and management. However, in practice, we can combine some commonly used mobile devices to strengthen our remote management, so that the value of the information platform can get greater play.

Main significance

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In an enterprise, perfect mechanism, reasonable management, and effective marketing channels constitute a complete enterprise. Giving full play to the management functions of the enterprise plays an important role in the marketing of the enterprise. With management, marketing will become orderly, and cooperation between various departments will be very tacit. It goes without saying that work efficiency will also be improved.
It is conducive to the rational allocation of personnel
In enterprise marketing, managers should adjust their internal marketing organization according to their individual capabilities. Under the condition of knowledge economy, human capital has become an indispensable marketing element.
It is conducive to the sustainable development of enterprises
In the process of enterprise marketing, it is necessary to constantly summarize and adjust adaptively. Only through good adjustment can the enterprise adapt to the rapid changes in the market and achieve sustainable development.
It is conducive to the market development of enterprises
The biggest feature of the era of knowledge economy is that high-tech has become the dominant force in the market. The market demand not only has unlimited potential, but also gradually involves all walks of life, with great market expansion space.
To sum up, if an enterprise wants to be invincible in the new economic situation, it must be closely linked with the development of the market. Only by continuous practice, continuous summary, and continuous innovation can the development of the enterprise be stable and long-term.