Last updated on April 2nd, 2024 at 05:40 am
Marketing management involves making potential consumers aware of a company's products and services. It involves formulating plans and creating a company’s brand name and identity. Developing and implementing a company's business plan depends heavily on marketing management.
The concept of marketing management is all about planning, creating and implementing various marketing strategies to achieve greater organisational objectives. This manual briefly explains marketing management so that one can get an idea of the concept, its importance, functions and so on.
What is marketing management?
Marketing management is a concept that refers to all the analysis tools, strategies and business plans used to promote a brand or the name of the business and the products or services it provides. It helps track a business's growth and find opportunities to capture the market. It aims to create a huge customer base by coordinating advertisement campaigns on various marketing platforms.
Marketing management also entails looking at the results of previous marketing campaigns and consumer outreach initiatives to improve a brand's overall marketing strategy. It aims to streamline the business process and form better relationships with consumers. It works two ways: increasing the business's productivity and satisfying customers.
Objectives of marketing management
The main objectives of marketing management are to build a large customer base and maximise profits. However, there are other objectives as well that are enumerated as follows:
- The prime goal of marketing is to attract more buyers to invest in the products or avail of the company's services.
- Marketing keeps in mind the taste and demands of the customers as they launch products according to consumer preferences.
- Increasing the company's profitability to ensure the long-term survival of the company by the marketing team.
- Marketing also aims to enhance the standard of living of the target audience. It is done by conducting thorough market research and implementing new techniques.
- Managing the marketing mix is another key objective of marketing management. It is the 4 P's ━ product, price, promotion and place.
Features of marketing management
Understanding the features of marketing management is important to understand its functionality. The following are the features of marketing management:
- It is a managerial process that includes planning, organising, directing decision-making, controlling and forecasting.
- All marketing activities are consumer-centric, as the brand provides what the consumers want.
- It involves performing research analysis to understand the needs and demands of customers.
- Marketing considers the planning and development of the brand's products and services.
- It includes the promotional and communication activities the brand performs to reach out to new and potential customers.
- Marketing also includes management and controlling activities to streamline the process.
Functions of marketing management
The main functionality of marketing management is to integrate sellers and buyers. It organises and integrates all the elements of marketing to effectively operate the system and build a consumer pool. The other functions of marketing management are:
- Assessing market opportunities: It helps to determine and assess the marketing opportunities for a business’s growth. The marketing world is dynamic; hence marketing teams must develop targeted programmes in sync with current demand.
- Planning and organising market activities: Planning is a part of the managerial process that enhances marketing strategies. It formulates policies about price, product, distribution channels etc.
- Regulating and motivating employees: Companies must have appropriate motivation policies in place. Modern ways of motivational strategies are implemented to improve employee efficiency, which in turn attracts more customers.
- Evaluation and control of marketing initiatives: Evaluating and keeping track of marketing efforts is very important when running a business venture. It helps marketing professionals to ascertain which strategies are working and which need to be changed.
Steps of marketing management
The marketing process involves the following steps:
- Setting marketing goals: The most important step is understanding what one wants from a marketing campaign. It helps the team to understand and find proper market opportunities.
- Analysing marketing opportunities: Evaluating the boons and banes of the various marketing areas and the marketing campaigns based on their strengths and weaknesses.
- Choosing the target audience: After scanning through market opportunities, the marketer selects the target audience best suited for its product and services.
- Designing marketing campaigns: Businesses must prepare well-defined marketing strategies per the target audience's preferences. It comprises basic marketing decisions like marketing mix, product pricing, product distribution etc.
- Planning marketing programmes: The company needs proper marketing programmes to achieve organisational objectives effectively. These programmes include important decision-making related to numerous marketing parameters that will convert potential customers into actual buyers.
- Organising, implementing and controlling the marketing initiative: Planning is abstract, but the actual test is when the plan is executed. This concluding step in the marketing process applies corrective measures in case of any diversion.
Conclusion
Marketing is an ever-growing field that is witnessing constant change. With businesses vying for online presence, marketing has gained paramount importance. Building a career in marketing now would be the best decision.
To have a career in marketing management, sign up for the IIM Lucknow Global Senior Leadership Programme by Imarticus. This programme will help you grasp all the leadership areas, including financial accounting, analytics, operations, etc. This one-stop course will help you master marketing skills and establish yourself in a highly competitive world.
