Marketing management is the way to find new opportunities which are profitable and satisfy the customers. Marketing management is consumer-oriented.
Marketing management is a process of controlling the marketing matters, setting the goals of a company, organizing the plans step by step, taking decisions for the company, and executing them to get the maximum turnover by meeting the customer's demands.
A person who is a marketing manager must do a great study to have an idea of what marketing management actually is and how to make it better in the company's favour. Marketing management is based on product, place, price, and promotion to attract consumers.
Objectives of marketing management
Some of the major objectives of marketing management are
1. Developing Demand:
Marketing management is to develop demand through various means which are the attempt made to find out the preferences and needs of the customers. Products and services are produced to satisfy the needs of the customers. Demand is also created by informing the customers of the utility of various products and services.
2. Customer Satisfaction:
The marketing manager must study the demands of customers before offering them any products or services. Selling the products or services is as important as the satisfaction of the customers’ needs.
3. Market Share:
Every business aims at increasing its market share. For instance, both McDonald's and KFC compete with each other to increase their market share. For this, they have adopted innovative advertising, new packaging, sales promotion activities, etc.
4. Generation of Profits:
The marketing department is the main and only department which generates revenue for the business. Profits must be earned as a result of the sale of want-satisfying products and services. If the company is not earning profits, it will not be able to survive in the market.
5. Creation of Goodwill and reputation:
Building up the public image of a company over a period is another objective of marketing management. The marketing department provides quality products to customers at a reasonable cost and thus creates its impact on the customer's mind and also creates the goodwill of the business by initiating image-building activities such as sales promotion, publicity and advertisement, convenient distribution outlets, etc.
Why is marketing management important?
- Marketing management is important for increasing revenue to launch new products and services in the market. However, this step would remain ineffective if consumers aren't unaware of the new products or services.
- A marketing team can also help you assess customer satisfaction in order to optimize promotional campaigns for new products or services.
- Effective marketing management techniques can improve the scope of ads campaigns which involve thorough research into the latest marketing trends and techniques, which let you stay updated with marketing techniques being used in the industry.
- Marketing management allows you to take branding decisions. Wrong branding decisions made by a marketing manager can negatively affect the brand’s reputation, and even affect the sales and revenue of the company.
- Marketing management exercises can generate new business ideas, creative content ideas and themes which can help create marketing campaigns.
What are the different marketing management types?
Here are some of the major functions of marketing management −
Selling plays a very important part when it comes to earning profit. Selling involves advertising, publicity and sales promotion. Effectiveness and efficiency in selling determine the company’s profits and profitability. which also involves convincing the prospective buyers to actually complete the purchase of products.
2. Buying and Assembling
It deals with what to buy, Which quality, how much to buy, when and at what price. The products that the retailers buy for resale are selected as per the needs and preferences of their customers & market demands. Assembling means buying required parts and to fit them together to make a product.
Standardization means setting up certain standards or specifications for products or services based on the physical qualities of any item. This may include quantity like weight and size or quality like colour, shape, appearance, material and many more.
4. Market Information
The important function of marketing management has to be knowledge about the market information according to which marketing decisions is taken and its depend on timely research and collect correct data from market.
What are the process of marketing management?
The marketing Management Process is a process of identifying customer needs and wants and then developing a marketing program to satisfy customer needs while making a profit for your company.
Steps in Marketing Management Process:
1. Identifying Customer Needs
A marketer first analyzes and identifies marketing opportunities and then collects market-related information to estimate current market demand and forecast the future potential and customer needs and wants.
The marketing manager segments the market to identify a requirement of customers who are likely to respond more positively to the planned marketing program.
A marketer should understand the consumer decision-making process, behaviour and what factors influence this process to deal with competition while developing marketing strategies.
3. Develop Marketing Strategies
After developing the product or service, give it a brand name and decide on a pricing strategy for the new products & offers. The marketer sets up intermediaries and recruits salespeople to take the offer to the market. Design and selection of value networks help in distributing the products and services to different parts of the market.
4. Implementation of the Marketing Program
The marketing manager plans an integrated marketing communication strategy through a combination of tools like advertising, sales promotion, public relations and direct marketing to promote the product or service for higher consumption and brand image in the market.
5. Implementation of the Marketing Program
The marketing manager plans an integrated marketing communication strategy through a combination of tools like advertising, sales promotion, public relations and direct marketing to promote the product or service in the market for higher consumption and brand image.
How is a marketing management strategy created?
A marketing management strategy is created to support the overall marketing strategy of a business. Whereas the marketing strategy involves the overall goals of the company to reach customers and markets, strategic marketing management involves creating a marketing plan to reach those goals.
The marketing management strategy is the set of activities needed to meet the company’s marketing strategy aims and includes elements like price points, product specifications, marketplace, promotion etc. In order to create the marketing management strategy, marketers will first need to have an understanding of the data around the market share, customer profiles, and any past campaigns and marketing activities which are going on.
"Marketing professionals with a documented strategy are 313% more likely to succeed when compared to their peers who do not have a documented strategy."
What is the best marketing project management software?
Marketing Project Management Software is an application with functional work like planning, collaborating, and tracking the delivery of marketing projects. It helps you with campaign planning, task management, workload management, time tracking, team collaboration, etc.
Here are the Marketing Project Management Software:
Challenges of Marketing Management
Here are some challenges that marketing teams face:
1. Recruiting talent
A marketing team's combined levels of experience and expertise are very important factors in creating effective strategies. Because talented marketers are often in high demand, recruiting and maintaining an accomplished staff can sometimes be a challenge for marketing management. If you're experiencing staffing issues, consider applying marketing techniques to the recruitment process to make your company more attractive to potential employees.
2. Maintaining a budget
One common challenge marketers may face is a lack of funding or resources if marketing campaigns aren't providing a return on investment. Insufficient funds or low budget may create problems for marketers from reaching their potential growth or slow a company's growth.
3. Generating leads
Leads are entrepreneurs or companies who show an interest in your products or services. A primary goal of marketers is to find leads and convert them into customers. Lead generation can be challenging.
4. Finding the right tools
Marketing tools and tactics often change quicky, along with customer expectations. It's important for marketing professionals to use the most effective and current tools for attracting new customers.
5. Increased competition
In industries that experience rapid growth, marketing teams may face more competition from similar companies. With this challenge, some teams try producing content at a higher rate to expand their market share.
Marketing management is a process of controlling the marketing matters, setting the goals of a company, organising the plans step by step, taking decisions for the company, and executing them to get the maximum turnover by meeting the customer's demands.
A person who is a marketing manager must do a great study to have an idea of what marketing management actually is and how to make it better in the company's favor . Marketing management is based on product, place, price, and promotion to attract consumers.
Effective marketing management techniques can improve the scope of ads campaigns which involves thorough research into the latest marketing trends and techniques, which let you stay updated with marketing techniques being used in the industry.
FAQ's on Marketing:
Marketing managers organize and manage marketing campaigns to raise awareness of and generate demand for products and services.
Top Colleges Offering Diploma in Marketing Management
Marketing refers to activities a company undertakes to promote the buying or selling of a product or service.