What is Marketing Management? (Updated April 2024)
Marketing management is the way to find out the opportunities which are profitable and create these opportunities by satisfying the customers. Marketing management is consumer-oriented. Therefore, the marketing manager has to find out the services that satisfy the consumers and the services that fail to meet the needs and expectations of consumers so that plus and delta can be developed to cover up the shortage.
Marketing management is a process of controlling the marketing aspects, setting the goals of a company, organizing the plans step by step, taking decisions for the firm, and executing them to get the maximum turn over by meeting the consumers' demands.
A person who is a marketing manager must do a deep study to have the idea of actually what is marketing management and how to make it better in your firm's favor. Marketing management is based on product, place, price, and promotion to attract consumers.
These four Ps are decided by the management of the company according to the demand of customers what they want to buy, with suitable market prices and easy to find either in stores or online. Marketing management has to deal and make inflow of these elements for business survival.
Objectives of marketing management:
The objectives of each business are pre-set which is led by objectives of marketing management. The basic and important objectives of marketing management are:
Attracting new customers
The important objective of marketing management is to attract new customers to increase the sales of products. Different strategies are set to make sure that maximum customers get attracted to the company's products like displaying ads on TV channels or social media, pamphlets, and arranging a sales team that demonstrates the products.
Satisfying the demands of customers
Another important objective of marketing management is to keep satisfied the customer who is associated with the company's products for a long period. For this purpose, the quality matters a lot but apart from this good service is also concerned like an on-time supply of products and without damage, the products are supplied.
Profitability
Without earning profit a company could not survive longer. Earning profit is the backbone of a company. It is necessary to earn profit for growing, diversifying a business, and its maintenance as well. For this purpose, a company must know what is market management? And how to achieve these market targets? A company’s management team keeps the marketing on track by entertaining their old and reliable customers and attracting the new customer to make maximum profit for maximum growth.
Maximizing the market share
Another objective of marketing management is to make maximum marketing share. For this purpose, companies use different tools to get maximum market sales of their products by having comparison with a market economy. Sometimes, companies offer discounts to attract customers. Sometimes, they do attractive and unique packaging and offer promotions.
Creating a good public reputation
Public reputation plays an important role in the growth of a company. If the company has stood as a good public figure it means it has more chances to grow and diversify but if stands with a bad reputation, it will no longer survive. By marketing, the reputation of a company can be made good and trustworthy for the consumers.
Why is marketing management important?
Marketing management is of importance as it helps to stand competent in highly thriving competition in the market. This also helps to develop strategies to improve profits and reduce the cost of products. Marketing management has become the major source of exchange and transfer of goods.
Moreover, within niche industries like construction, partnering with a marketing agency for contractors can provide invaluable insights tailored to specific market dynamics. For instance, understanding the seasonal fluctuations in demand for certain services can inform more targeted advertising campaigns and resource allocation strategies.
It helps to maintain the company’s reputation
A good company is recognized by its reputation in the market. The marketing includes selling, buying, exchanging, transporting goods which build its reputation. If a company falls well on these parameters, it stands firm and gains a clear and good reputation among the public which is the sole of a business and cannot be denied.
If a good reputation is built, it will be beneficial for the company for its growth and promotion. When it comes to reputation, good and reputable companies do not compromise for this at all and try. Companies with a good reputation get more opportunities to grow and get more tenders to make them market competent and economically strong.
It helps to boost the economy of the company
Marketing management decides the ways to beat the market competition and make good sales. They develop plans to advertise their products in an affected way and when the products are advertised, they are on the radar to be viewed and known by the public.
Advertisements help to spread the product description to a great level through friends and family. Suppose when a girl came to know about the flat 50 percent sale on the clothing brands she will tell her friends and family, spreading the advertisement of that brand's products lively.
It promotes the new ideas
The marketing management helps to promote new ideas which are depending upon the benefits and offers for the public to be grabbed quickly. These ideas keep nourishing and diversifying the companies by keeping them distinctive from other companies' presence in the market.
These ideas are useful for the company to know the demand of today's market and do not let it lead in the wrong direction.
It is a source of advertising the new products
Newly launched products by a company with which the public is not familiar, need to be advertised. Marketing management allows the product advertisement in a better and effective way that could grab a great crowd of public towards the new product.
Marketing management makes the public realize either they are choosing a good product or not.
Process of marketing management:
This is very obvious to know about what marketing management is on today's demand and how we can achieve it. Every company has its specific objectives and goals that make it distinctive from other companies in the market. But some steps needed to make your marketing management effective are enlisted below:
Define your mission statement and work for it
Mission statements should be set before doing anything. The company's marketing management and stakeholder should decide on a very effective and strong mission statement. After that, they should map out their company’s goals and objectives which can be taken for a long time.
The mission statement should be very clear and transparent to others and have the potential to attract customers. The goals a company has to set should be unique, aspiring, based on reality, and for a specific time.
Analysis of industrial rank of your business
Competition among the companies has arisen to the highest peak in marketing. Different companies are marketing their company's products in different but unique ways that aid them to maintain their position in this competitive environment.
A company needs to know what its position in the market is alarming or satisfying for its survival and growth. For this purpose, the company has to analyze its rank and its sustainability after each short period of time.
Other important factors are trending and threatening; trending provides opportunities to do the things which are on-demand in the market and these are beneficial for the business but the threatening is totally opposite to it.
With the obstacles an old business may get from the newly rising businesses that stand against this company including different issues like politics or economic hurdles.
It is a matter of great concern that how can you keep your customers engaged and how can you accept and reflect the change in your company’s marketing style to get maximum growth.
Processing towards work
Now it is time to execute the planning you have made with your managerial team for the marketing of your company's products. Different campaigns are run and the wordy plan is executed as action.
Keep evaluating, modifying, and repeating the strategies
After that when you have executed the plan to get fruitful results, it is time to evaluate your company's outcomes and modify them if there is a requirement but if they are going well and result-oriented, they are repeated.
Tasks and functions of marketing management:
A company performs different tasks when it actually knows what is marketing management, has developed a plan to achieve its goals, and prepared the track to take follow-up of output and position in the market. Some of the functions and tasks of marketing management are enlisted below:
Development of products
Marketing management stays up to date and evaluates the reviews of the products launched in the market. They work for the development of products by taking into account the raw materials, technologies, and good innovations that they could get good reviews and popularity in public.
Products are passed through different processes to make sure that they are able to be delivered to the market for customer use.
Promotions are made
The products of a company cannot be sold without being easily available and advertised. Marketing management makes sure that either their products are known by the public. They use different social media platforms like Facebook, Instagram, WhatsApp, Pinterest, Twitter, etc. to make their product ready for promotion.
Most people use these social media apps and see different advertisements. If these advertisements are developed in an effective way they can be captured by a maximum number of eyes and ordered for use.
This will tell you all about what is marketing management in detailed way
Conclusion
Marketing management is the backbone to run a successful and reputable business as it does perform different tasks to achieve their company's goals that have been set previously in the company mission statement.
This article talks about the importance of marketing management as it is dealing with different internal and external factors to earn meaningful outcomes.
