What is Marketing Management?

What Is Marketing Management?

Marketing management is the process of directing the marketing components of a company, determining the company’s goals, organising the plans step by step, making decisions for the firm, and executing them to maximise turn over by meeting the wants of the consumers.
To attract customers, marketing management is focused on product, venue, pricing, and promotion.

 

Marketing Management

 

Objectives of marketing management:

1.Attracting new customers

Marketing management’s major purpose is to acquire new customers in order to increase product sales. Various methods are in place to ensure that as many clients as possible are drawn to the company’s products, such as putting advertisements on TV channels or social media, distributing pamphlets, and organising a sales team to demonstrate the products.

2.Satisfying the demands of customers

Another important purpose of marketing management is to retain clients who have long been associated with the company’s products satisfied. Quality is important for this purpose, but good service is also important, such as timely product delivery and product delivery without damage.

3.Profitability

A corporation cannot thrive in the absence of profit. Profit is the lifeblood of any business. Profit is important for a business’s growth, diversification, and maintenance. A corporation must first understand what market management is. And how will these market goals be met? A company’s management team maintains marketing on track by entertaining old and trusted clients and attracting new customers in order to maximise profit and growth.

4.Maximizing the market share

Another goal of marketing management is to maximise marketing share. Companies employ several strategies to maximise market sales of their products by comparing them to the market economy. Companies will sometimes provide discounts to entice customers. They occasionally create appealing and distinctive packaging and offer promotions.

5.Creating a good public reputation

A company’s public reputation is critical to its growth. If the company has a strong public image, it has more opportunities to grow and diversify, but if it has a terrible reputation, it will not survive. Marketing may help a company’s reputation and increase client trust.

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6.Managing the Marketing Mix

The marketing mix is the combination of four key marketing elements: product, price, place, and promotion (4 Ps). Marketing management assists in efficiently planning and implementing these elements in the most effective manner to meet client requests.

Marketing Management

Why is marketing management important?

Marketing management is important since it assists in being competitive in a market that is thriving. This also aids in the development of strategies to increase profitability and lower product costs. Marketing management has evolved into the primary means of exchanging and transferring goods.

1.It helps to maintain the company’s reputation

A good corporation is distinguished by its market reputation. Marketing entails selling, buying, exchanging, and shipping commodities in order to build a company’s reputation. If a company performs well on these dimensions, it will be able to stand steady and develop a clear and positive reputation among the public, which is the lifeblood of any business and cannot be denied.

If a good reputation is established, it will benefit the company’s growth and promotion. When it comes to reputation, good and respected organisations make no compromises and make every effort. Companies with a high reputation have more opportunity to grow and receive more tenders, allowing them to become more market competent and economically strong.

2.It helps to boost the economy of the company

Marketing management analyses ways to surpass the competitors in the market and increase revenue. They create plans to advertise their items in an effective manner, and when the products are advertised, they are on the radar of the public to be viewed and known.

Advertisements help to promote the product description to a large number of people, including friends and family. Assume that a girl learns about a flat 50% discount on clothing brands and tells her friends and family about it, thus spreading the advertisement of that brand’s items.

3.It promotes the new ideas

Marketing management assists in the promotion of fresh ideas that rely on the benefits and offers for the public to be swiftly grabbed. These concepts continue to nurture and diversify the companies by distinguishing them from the presence of other companies in the market.

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These suggestions will help the organisation understand the current market need and avoid going in the incorrect route.

4.It is a source of advertising the new products

New products introduced by a firm that the general public is unfamiliar with must be advertised. Marketing management enables better and more successful product advertisement, attracting a large number of people to a new product.

Marketing management informs the audience whether they are selecting a decent product or not.

Marketing Management

Process of Marketing Management

Following are the steps involved in the process of marketing management :

Step 1 : Setting Marketing Objectives :

Setting marketing objectives is the first step in the marketing management process. The organisational mission must be addressed when creating objectives. The mission assists the marketer in conducting proper environmental scanning and looking for fresh opportunities.

Step 2 : Analyzing Marketing Opportunities :

Following that, various marketing opportunities are evaluated in light of the organization’s internal and external strengths and shortcomings. On the basis of the project or work allocated, the possibility of additional opportunities can be investigated.
A consistent market information system is required for effective opportunity analysis. This provides marketers with information about target customers’ choices and preferences, geographical regions, purchasing behaviour, social behaviour, and so on.

Step 3 : Researching and Selecting Target Markets :

After analysing the opportunities, research and target market selection are carried out. It is critical to understand how to estimate the attractiveness of a specific market when picking a target market. A variety of strategies are used to assess market potential and estimate future demand. The entire market is divided into multiple distinct parts under modern marketing concepts. These segments are examined in order to identify target markets, and then different positioning techniques are implemented in each market.

Step 4 : Designing Marketing Strategies :

This is the most important step in the marketing management process. In this case, an organization’s marketing approach is tailored to its target markets. The strategy reflects the organization’s overarching plan for accomplishing marketing or business objectives.
The major techniques by which an organisation can achieve its business goals in a target market are described in marketing strategy. It also includes fundamental considerations about marketing mix, marketing budget, and marketing distribution.
This process also entails considerable marketing research in order to build a firm-market system. The system determines and applies the four Ps of marketing management to consumers: product, price, place, and promotion. The organisation should also determine the overall amount of money to be spent on marketing mix.

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Step 5 : Planning Marketing Programs :

The wide marketing strategies alone are insufficient to achieve the organization’s objectives. The corporation requires strong marketing programmes in order to achieve corporate goals and implement marketing strategies.
These marketing programmes include decisions about product characteristics, packaging, service policies, branding, pricing (retail and wholesale), credits, discounts, and allowances, recruitment, selection, and integration of various marketing intermediaries for effective distribution, advertisement, sales promotion, personal selling, direct marketing, and so on.

Step 6 : Organizing, Implementing and Controlling the Marketing Effort :

The final step in the marketing management process involves resource organisation as well as marketing strategy implementation and control. A marketing organisation is intended to put the marketing plan into action, or to implement the marketing plan.
Following the execution of the strategy, activities involving customer feedback and sales forecasting are organised. This is done to assess the effectiveness of the marketing strategy.
Control is a critical component in marketing plans since it allows for changes or revisions. In marketing, controlling is in charge of establishing performance criteria, analysing actual performance, and minimising the gap between actual and desired performance.
It consists of three major components: measuring, analysing, and monitoring. The marketing manager compares actual performance to standard performance and, if necessary, implements corrective measures. When corrective actions are implemented, the source of the divergence is determined by performing market research.
Philosophies of Marketing Management
Marketing direction, attitudes, and behaviours are influenced by a variety of marketing management theories. These ideas are known as “marketing management principles.”

Here is the list of concepts in which marketing initiatives should be prioritised.

1.Production concept: puts a premium on efficiency.
2.Product concept: emphasizes the product’s quality (s)
3.Marketing Concept: According to a marketing theory, profits take precedence over consumer satisfaction.
4.Selling Concept: Customer satisfaction is prioritised in the selling concept.
5.Societal Concept: The societal impact of marketing operations is prioritised in this idea.

Conclusion: In this article we learn that Marketing Management & it’s Importance, Objectives, Process & Concept.This Article Is Very Important For All students who adopt ‘Marketing Management’ Subject.

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