Last updated on November 30th, 2023 at 05:46 am
The term ‘Marketing Management’ refers to conceptualising, pricing, promoting and disseminating ideas, products, and services to generate exchanges that satisfy individual and organisational goals. By exploiting its approaches, businesses can find chances for expansion. Moreover, it can help organisations reach out to new target audiences successfully.
Furthermore, in order to boost a brand's image and attract as many potential customers as possible, marketing management combines advertising activities across channels. Along with that, it also entails the results of prior marketing initiatives and outreach to customers too. This helps to improve a company's overall marketing strategy. This is done by analysing customer feedback and sales trends. It aims to simplify how a company develops relationships with clients and links its goods and services to those who might find them useful.
As a result of all its upsides, marketing managers are in demand nowadays. So, having an MBA at the right moment can guarantee that you have great chances of a career in marketing management because most employers seek to expand and enhance their firms.
Thus, by discussing all of that, you get to know how marketing management can have a tangible effect on the revenue and outlook of your business. Learn about the best tips and use them to your advantage.
Firstly, Let Us Know — What is the Job Role of a Marketing Manager?
As a marketing manager, the company will demand from you some creative ideas to make a strategy and implement it. You should be able to function under pressure with incredible management abilities, a problem-solving mindset, business acumen and goal-oriented behaviour. No need to panic!
Various courses assist interested candidates in acquiring all the necessary skills. For example, a person pursuing an MBA in Fintech can learn how to examine Fintech business developments, develop independent learning skills, find solutions to complex problems and many other practical skills.
Creative Marketing Management Ideas
Depending on how a business wants to reach and interact with its target audience, marketing management can be done in various ways. Here are some typical marketing management techniques.
Paid Advertisement
Ads that target particular audiences are purchased through paid advertising. This includes social media advertising, paid search advertising and native website advertising.
As a marketing manager, you can determine the target audience for the advertisement by location, age, interests, search phrases and other demographics. Moreover, you can then place it on a particular platform, such as Facebook.
Cause Marketing
In cause marketing, a for-profit company and a non-profit organisation usually collaborate on projects that promote social or charitable causes. The two companies work together on marketing campaigns.
When you use this marketing tactic, you promote a company's concern for other issues, its reputation, and its ties with the local community. Think of a car dealership collaborating with a neighbourhood animal shelter. Both parties can highlight the adoptable pets on their social media platforms, and the dealership will host adoption events. Thus, it can be seen as an example of cause marketing.
Relationship Marketing
Another idea of marketing management is relative management. It mainly focuses on building strong bonds with current consumers. This marketing approach encourages customer retention, lifetime value, and customer happiness.
As a marketing manager, you can leverage this type of creative marketing by developing loyalty programs, providing customer-only discounts and delivering top-notch customer service in every interaction. Customers who are happy with a company are more likely to recommend it to their friends and family. Thus, generating and returning business for the firm.
Hidden Marketing or Undercover Marketing Idea
The technique of product introduction hits naturally and casually to customers. Mostly, customers are unaware of what is being advertised. For instance, celebrities or some social media stars post snapshots of products. Indirectly, they promote the product.
Marketing via Word-of-mouth
Word-of-mouth marketing occurs when clients naturally spread their appreciation for a business's goods or services. This is a cost-free marketing tactic for companies as they don't have to pay contented clients to promote them. However, the marketing manager still needs to ensure the company's items are of high quality, its customer service is exceptional, and it goes above and beyond what customers expect.
Digital or Internet Marketing
As it sounds, digital marketing means marketing via online channels. All marketing techniques, excluding word-of-mouth advertising, can be included in digital advertising.
A marketing manager could promote a business, interact with potential and present customers, and increase business sales by utilising paid, cause, relationship, and undercover marketing on digital media.
International Marketing Management
The marketing idea is quite similar to the traditional one. However, what differentiates it from traditional marketing is that to reach every customer, you need to create a marketing strategy or plan that is cross-border compatible.
To sum up, it can be challenging to determine which marketing opportunities will benefit your business and which will be a dead end. Marketing management is an integral part of a company to get fruitful results. For instance, a marketing manager with an MBA in Fintech utilises his creativity to develop a strategy that best fits customer service and enhances the company's reputation.
