Marketing management is a method of controlling the marketing aspects, fixing a company’s goals, organizing the plans step by step, making decisions for the firm, and performing them to get the maximum turnover by fulfilling the consumers’ needs.
It is the way to find out the opportunities that are profitable and help to satisfy consumers. Marketing research is required to understand the marketplace and find out what needs are not being met, or how to manipulate opportunities that are presently not being served.
What you are going to learn?
What is Marketing?
Marketing is the set of activities and processes for creating, communicating, delivering, and exchanging offerings that have value for consumers, clients, and society.
These days, many businesses use marketing tactics to achieve their goals. Marketing seeks to provide value for clients and prospects through content, with the long-term goal of maintaining and strengthening brand loyalty, describing product value, and growing sales. The success of every business depends on the type of marketing approach it implemented.
Marketing is not just the advertisements you see on television. posters or the billboards you see on the street. Marketing is the method by which businesses communicate with their audience to establish their brand. A business’s marketing approaches are iterative, and strategies change with the needs of its audience.
Why Marketing management is important?
Marketing is important these days because reaching and engaging with possible customers is a vital part of a business strategy. Without marketing management, you’ll face several difficulties to sell the product that you took years to develop. It helps you understand what your customers need, down to colorways and packaging.
Without marketing your product cannot grab consumers’ attention as marketing helps to create hype among the consumers about your product. Customer engagement efforts of the business are largely dependent on how successful its advertising or marketing campaigns are. Effective marketing management is key to a brand’s reputation in the global market.
Here is some key importance of Marketing Management:
- Marketing management is required for introducing new products in the market.
- Effective marketing management approaches can enhance the scope of your campaigns.
- It helps to take the right branding decisions at the right time.
- It generates new business ideas.
- A good marketing management team can help a brand fight competitors within the industry.
- An effective marketing management team can plan and implement a successful marketing strategy to reach out to potential customers.
- Marketing management can help recognize the best opportunities to pursue and threats to steer clear from.
Marketing Management Roles
1. Marketing Manager:
Marketing managers are in charge of how a company promotes its products and services to consumers. They have a deep knowledge of what marketing channels reach different demographics. The main responsibility of a marketing manager is to analyze data to adjust marketing efforts, brainstorm new promotions, and allocate funds.
2. Marketing Director:
A marketing director oversees a company’s entire marketing department. They usually focus on long-term marketing strategies and collaborate with company leaders to forecast demand and create a perfect marketing technique to continue growing that demand. Small companies or single product-line companies don’t need any marketing director.
3. Social Media Manager:
Social media managers of a business handle product or brand pages. They interact with customers and target audiences using social media advertisements and various content. They deliver company policies and promotions to possible customers online and help them to know more about a company.
The Process Of Marketing Management
Here are the seven marketing management processes or the key areas that group all marketing activities.
1. Market Research:
The first step of marketing management is to conduct marketing research and market analysis. Gathering data, conducting surveys, and interviews can help you do this.
you can also assess economical patterns to identify current marketing trends and conduct a SWOT analysis process to identify the internal strengths, opportunities, and weaknesses of your company.
This research will help you understand your target consumer’s needs and their buying patterns. It also helps you recognize the areas where your company could succeed and highlight possible challenges that your company must address.
2. Set Objectives:
After conducting marketing research and understanding market trends, the second step is to set marketing objectives. This process involves setting SMART goals and creating a benchmark to measure success. Setting marketing goals require some factors such as buying pattern, market demand, social and political environment, etc.
Setting goals will provide your business with a roadmap for implementing your marketing plans and strategies. It also provides a clear path to success for your business.
Marketing campaigns need collaboration between company leaders, marketing teams, and front-facing staff. A suitable marketing management plan aligns company messaging across different marketing channels such as email marketing, social media marketing, TV advertising, and print advertising.
Business owners develop a central vision for their brand to show how marketing materials look and how brand ambassadors interact with their audience.
4. Designing Marketing Strategies:
Designing a marketing strategy is the most crucial stage of the marketing management process. In this step, the marketing strategy of a business is designed and developed for the target markets. The strategy reflects the whole planning of the business for accomplishing marketing or business objectives.
This step involves complete marketing research for the development of a firm-market system. Based on the system, product, price, place, and promotion are applied to the target consumers. The business should also allocate the total expense to be used for the marketing mix.
5. Product Management and Pricing:
Marketing managers play an important role in product development and management. These professionals help craft poignant, and on-brand messaging to convey the benefits of a product. Both the marketing management team and the product management team give each other feedback to develop a product that meets both business’ and customers’ requirements. Marketing managers provide guidance to develop products that are tailored to satisfy the target consumer’s needs.
The marketing manager decides the price of a product in consultation with the marketing team. Factors involved in product pricing are planning, cost of production, cost of distribution, and the brand’s competitive landscape.
6. Implementation of Strategies:
After the business objective has been identified, market research is done, the positioning of the brand is determined, product designing and pricing are done, marketing managers focus on the implementation of the chosen strategies.
In some cases, marketing managers develop a marketing plan to identify how the business will perform according to the chosen strategies and achieve the business’s objectives.
Controlling in the marketing management process is responsible for determining performance, examining real performance, and minimizing the difference between the real and expected performance.
Controlling involves measuring, analyzing, and monitoring. The marketing manager compares the real performance with the expected performance and takes the necessary steps if required.
Objectives of Marketing Management
1. Attracting New Customers:
The main objective of marketing management is to make new customers for the company’s product. Using different strategies like advertisements, sales promotions, banners, etc. managers attract new customers. This helps to increase sales of the products of a company.
2. Satisfying Customer’s Needs:
Another important objective of marketing management is to satisfy new customers and retain them. For this, the marketing managers should carefully determine the needs and demands of the customers.
3. Increase Profitability:
A company could not survive long without earning profit. Profit is the backbone of a company. Earning profit is required for growing and diversifying, and maintenance of a business. For this purpose, a company must know what marketing management is, and how to achieve these marketing targets.
4. Managing Marketing Mix:
The marketing mix is basically the 4 elements of marketing that is product, price, place, and promotion. Marketing management helps to plan and effectively implement these elements to meet customer demands.
5: Increase Market Share:
One of the most important objectives of marketing management is to make maximum market share. To do this, companies employ additional tools to obtain maximum market sales for their products having a comparison with a market economy. Sometimes company attracts the customers by providing live discounts on MRP or giving them discount coupons. Sometimes company attracts new buyers through attractive packaging and by providing something free or extra.
6. Creating Good Public Reputations:
Public reputation is necessary for a company’s growth. If the company has a good public reputation, it means it has more opportunities to expand and diversify but if stands with a poor reputation, it can’t survive long. Marketing can make a company’s reputation good and trustworthy for its customers.