Marketing Management is an extensive and complex process. And, if you're a marketing manager professional— you definitely know what we are talking about. It’s because marketing management is an interconnected series that works by implementing balancing efforts in the right direction.
Sounds interesting, isn’t it?
Then, let's cover this extensive guide that will help you discover marketing management and its related elements. Let’s check the content we will cover ahead:
- Understanding Marketing Management
- Marketing Management Philosophies
- Features of Marketing Management
- Objectives of Marketing Management
- Functions and Tasks of Marketing Management
- Process of Marketing Management
- Scope of Marketing Management
- Is Marketing Management Important?
- How is Marketing Management Implemented?
- Strategies and Plans associated with Marketing Management
- Marketing Management Roles
Understanding Marketing Management
Let’s understand marketing management definition as presented by Philip Kotler and the Institute of Marketing Management:
Based on the above-mentioned definitions, we understand that— Marketing management is the practice of managing marketing programs. It further assists in fulfilling an organization's goals and objectives. In addition, it is a process that involves analysis, planning, implementation, and control of goods, services, and ideas.
Check this example:
The fundamental objective of a school teacher is not merely to teach. But also they have to understand their students. It would help them to effectively create, plan, and strategize methods to pass on the information to them to obtain better results. Also, they track their student's metrics and achievements.
Consequently, the correct management approach should enhance a brand, build a strategic marketing vision for an organization, and manage resources. All these factors helps in order to maximize returns and meet goals.
Marketing Management Philosophies
A number of marketing management philosophies influence marketing direction, attitudes, and behaviors. These concepts are referred to as "marketing management principles."
Here is the list of concepts in which marketing initiatives should be prioritized.
- Production concept: puts a premium on efficiency.
- Product concept: emphasizes the product's quality (s)
- Marketing Concept: According to a marketing theory, profits take precedence over consumer satisfaction.
- Selling Concept: Customer satisfaction is prioritized in the selling concept.
- Societal Concept: The societal impact of marketing operations is prioritized in this idea.
These concepts assist marketing managers in developing strategies and fine-tuning their tactics. In addition, they also require monitoring methods, because each concept will have its own set of standards and success indicators.
Features of Marketing Management
Following we have listed crucial features associated with marketing management:
Without a doubt, the consumer is the king and every business revolves around its customers. And, so do their marketing efforts. The core aspect is to generate what the customers want. In addition, the ultimate goal of organizations is to acquire potential customers into loyal customers.
It could, nevertheless, be accomplished by catering to clients' wants and aspirations. And, it can also be accomplished by offering appropriate goods and services.
2. Research Analysis
The fundamental goal of marketing is to discover what customers want and need. This necessitates systematic data gathering, analysis, and reporting relevant to marketing initiatives in a timely manner.
Moreover, this helps management understand customer demands, needs, interests, and behavior as per the company's marketing mix plans. In addition, this aids in the forecasting and planning of future actions.
3. Managerial Process
Marketing management encompasses all process areas. It includes planning, organizing, decision-making, directing, forecasting, coordinating, and managing.
Stanley Vance defines management as "the process of creating and regulating decisions."
Moreover, every aspect of marketing demands certain factors. It includes planning, decision-making, coordination, and control, customers’ needs and wants, development, pricing, promotion, and distribution.
4. Building Marketing Framework
Marketing encompasses all important elements that help to build a strong framework of business. Industry analysis, development, production, innovation, advertising, promotion pricing, product and service distribution, customer relationship management, and a variety of other tasks are all included.
Furthermore, all of these marketing functional areas must be well-organized, developed, and planned. It will further assist in achieving the greatest results.
Remember that the size of the company, the number of product lines, its geographic reach, the type of product, and the size of its clients all influence the marketing structure.
5. Planning and Delivering
Marketing is an approach to planning and delivering goods and services. Further, businesses work hard to design, create, and invent new products and services to meet changing consumer demand, interest, and preferences.
6. Organizational Goals and Objectives
The organization's overall goals regulate all marketing operations. In addition, the marketer bridges the gap between the larger organization's profit and sales maximization aims and the desire of customers to have their needs addressed.
7. Process of Endorsement and Interaction
The ultimate goal of any business is to maximize overall sales and revenue. This can be accomplished by endorsing and communicating products and services. Moreover, this marketing management function enables the organization to provide product information to customers.
8. Controlling Operations
Marketing management is in charge of all marketing efforts. Also, it evaluates the success of marketing initiatives as well as the efficiency of marketing workers and programs.
Moreover, this method entails comparing actual findings to the standard, noting discrepancies, and taking corrective action.
Objectives of Marketing Management
Each company has predefined goals and objectives that are directed by marketing management objectives. The following are the most critical and important marketing management goals:
1. Attracting potential customers
The most primary priority of organizations is to attract customers. It would further lead to sales and revenue. However, it may sound like an easy task but it’s not!
Therefore, certain strategies are applied to get new customers. Some of those strategies include displaying ads on TV, social media advertising, endorsing products on pamphlets, and much more.
2. Earning Profits
Can you run a business without generating profits? — of course, No!
So, this leads to the next important objective— Profitability.
In order to achieve that your company must know marketing management. It will guide you to achieve your market targets, track customers and sales, attaining more customers to generate maximum revenue and profits.
3. Fulfilling Customer’s Demands
Happy Customers = Maximum Returns
Marketing Management helps to understand how you can keep your customers happy and satisfied. And, it works especially for those customers who are associated with the company's product for a longer period.
Therefore, the company's focus should be on providing quality products and services. Moreover, there should be no ifs or buts in this case.
Ultimately, Offering quality products and excellent customer service would lead your company to success.
4. Good Reputation
No company could survive longer if they have a bad image or reputation. Therefore, Companies spend a lot of money to establish a positive public image.
Moreover, having a good reputation signifies higher chances of expansion and growth. In addition, a good reputation leads to gaining the trust and loyalty of customers as well.
5. Maximizing the Market Share
Increased marketing share is another goal of marketing management. Moreover, companies compare their products to a market economy and use a range of techniques to attain maximum market sales.
Businesses will occasionally provide discounts to entice customers. They execute promotions and occasionally produce enticing and distinctive packaging.
Functions and Tasks of Marketing Management
We have summarized all important functions and tasks linked to marketing management. Let’s learn:
- Products Development
Marketing management monitors and analyses product reviews as they emerge on the market. They work on product development by considering raw resources, technology, and good ideas so that they can receive positive feedback and gain public appeal.
Products go through a series of steps to ensure that they can be supplied to the market and used by customers.
A company's products cannot be sold unless they are widely available and publicized. Marketing management ensures that the public is aware of their products.
Moreover, to promote their product, they use several social media platforms such as Facebook, Instagram, Whatsapp, Pinterest, Twitter, and others.
The majority of individuals use these social media apps and are exposed to various adverts.
- Assessing, Evaluating, and Controlling
Marketing managers must examine marketing initiatives on a frequent basis. It will help them in order to maintain a profitable business. Also, it will assist to spot any issues that may be fixed ahead of time and make any necessary adjustments.
Furthermore, controlling is a managerial task. It entails comparing actual performance to expected performance, discovering shortcomings, and taking corrective action to solve the defects.
Process of Marketing Management
We have listed down the processes associated with marketing management. Let’s check it:
- The managerial marketing process focuses on determining the company's mission and goals. And, then outlining the marketing goals that must be fulfilled.
- Assess our company's capabilities in light of our strengths and weaknesses.
- The marketing process is ongoing or flexible. Also, it must respond to the constantly changing needs of the environment.
- Determine the marketing opportunities that must be utilized. Also, unsatisfied and potential client's wants and desires must be identified and evaluated.
Keep in mind that a multitude of things influences marketing potential. It includes the marketing environment, competition, government regulations, the media, consumerism, public opinion, distribution system, and so on.
1> Once the organization has all of the information about marketing opportunities. Then they might construct marketing strategies in the form of flexible action-oriented formal plans.
It will also help them achieve their mission, objectives, and ambitions. Furthermore, marketing strategy determines the degree, mix, and allocation of marketing activity in marketing action plans.
2> Marketing action plans or programs must be implemented with sufficient communication, coordination, and motivation from marketing personnel.
3> To assess and analyze the true results of the marketing plan, an effective control system is required. The outcomes are compared to our desired outcomes. Moreover, on the basis of input from evaluations, marketing management can update, adopt, or change goals and objectives.
Scope of Marketing Management
Check the listed points that thoroughly explain the scope related to marketing management:
It comprises determining the needs, wants, interests, and preferences of the target customer. Marketing management undertakes a continuous examination of customer behavior for certain factors. It includes the firm's marketing mix tactics, business environment, and competitor's marketing strategies. All these elements help in order to plan effective future marketing operations.
Marketing management is in charge of setting marketing objectives. The marketing objectives are aligned with the company's overall profit maximization objectives.
Also, marketing aims include attracting new customers, retaining existing customers, growing the customer base, offering a new product, improving an existing product, and so on.
Consequently, marketing management attempts to maximize the customer's value by offering excellent customer service.
Pricing is one of the most challenging aspects of marketing to grasp. Furthermore, pricing decisions are dependent on several factors. It includes the product's manufacturing and distribution costs, pricing strategies used by competitors, the customer's willingness to pay for the items, and the customer's assessment of the product.
Marketing Activity Planning
Planning requires deciding on a course of action for the future. It further assists in the systematic achievement of goals.
Marketing activities planning includes product line plans, product diversification plans, advertisement, and promotional activities plans, and selling and distribution process plans.
Ultimately, to stay up with the changing corporate environment, plans must be adaptive.
Monitoring, Evaluating, and Controlling
Marketing management are in charge of assessing and controlling marketing efforts. Also, the success of marketing strategies and initiatives can be determined through evaluation.
Product Development and Planning
The product is the most essential part of marketing. Customers are provided with products or services in order to suit their requirements and preferences.
Furthermore, customers are provided with customer-oriented items based on their wants and preferences. Product planning includes the development of new products, product innovation, and product diversification.
Promotion and advertising are necessary to maximize sales. Make sure to inform customers about the new product, attract new customers, inform them about newly launched services, and more. Also, marketing management develops new tools and methods for promoting their products.
Clients can get goods and services at the right time and in the most convenient location due to the distribution procedure. Further, the distribution channel chosen is influenced by the nature of the product, it’s pricing, the availability of distribution intermediaries, and the cost of the distribution process.
Is Marketing Management Important?
Marketing management is critical since it helps to connect and engage with potential customers. It further enables businesses to compete effectively in today’s market.
Moreover, it also aids in the development of strategies to enhance profitability and lower product costs. Marketing management has emerged as the primary means of exchanging and transferring goods.
How is Marketing Management Implemented?
The marketing management plan is implemented through a variety of methodologies, techniques, and resources.
Marketing management operations
A marketing management plan must include a range of marketing channel management operations associated with price, product, place, and promotion. It further helps to achieve these objectives. Moreover, the term employed for the same is ‘Marketing Mix.’
Extended Marketing Mix
Extended marketing mix focuses on service businesses. Marketing management experts may alter these seven levers to boost campaign success. In addition to price, product, location, and promotion, the extended marketing mix include the following elements:
Employees are an important aspect of any service company, and the amount of training or compensation they receive is part of the marketing mix.
Service businesses rely on a set of processes to ensure that consumers receive a high-quality result, which can be tightened to boost productivity and efficiency.
- Physical Evidence:
To increase word-of-mouth marketing, the actual location of a service, such as a beauty salon, may be modified for the customer's experience.
Strategies and Plans associated with Marketing Management
To create a successful marketing strategy for your business, you must first determine who your target market is. However, when you grasp it, it will rule all of your marketing actions.
Market research is important, but you shouldn't rely only on it. Also, audience research is the next step in developing your plan.
This will allow you to have a better understanding of your target audience's purchasing patterns. It further allows you to devise the most successful marketing approach for reaching out to them. Moreover, refine your marketing strategy depending on the information, attitudes, and behaviors of your target audience.
Various strategies for reaching out to a target demographic include email marketing, social media marketing, digital marketing, and public relations.
Listed below are a few plan options:
Marketing Management Roles
Marketing management responsibilities at larger firms can be complex and involve large teams. Furthermore, digital marketing manager to product marketing manager are examples of specialized marketing management roles, each with its own set of responsibilities.
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We have listed all crucial elements from this comprehensive guide for your reference. Let’s revise:
- Marketing management is the practice of managing marketing programs in order to fulfill an organization's goals and objectives.
- The fundamental goal of marketing is to discover what customers want and need.
- Marketing management encompasses all areas of planning, organizing, decision-making, directing, forecasting, coordinating, and managing.
- The ultimate goal of any business is to maximize overall sales and revenue.
- Having a good reputation signifies higher chances of expansion and growth.
- Marketing research comprises determining the needs, wants, interests, and preferences of the target customer.
- Various strategies for reaching out to a target demographic include email marketing, social media marketing, digital marketing, and public relations.
- Marketing activities planning includes product line plans, product diversification plans, advertisement, and promotional activities plans, and selling and distribution process plans.
- Digital marketing manager to product marketing manager are examples of specialized marketing management roles, each with its own set of responsibilities