Marketing Management: Definition and Guide - Ponnusamy Karthik

What is Marketing Management? Importance in 2024

What is Marketing Management:

Marketing management is all about controlling and organizing different marketing tasks and the people who do them, like managers and professionals. This includes things like:

  • Deciding what goals to aim for and coming up with plans to achieve them.

  • Studying the market to understand what customers want.

  • Creating campaigns to promote products.

  • Figuring out who the company’s main customers are.

  • Handling content on places like social media and emails, using different types like writing, images, and videos.

  • Putting marketing plans into action.

Many companies have realized how important marketing is in the last few decades. They’ve had to adapt quickly to stay ahead of their competitors.

Even non-profit organizations like colleges, hospitals, museums, and symphonies are now interested in marketing. Service companies like airlines, banks, insurance firms, and professional services (lawyers, doctors, etc.) are also using marketing strategies.

Religious groups, cultural organizations, schools, and charities now have marketing departments too. They use ads to attract people.

All types of companies are using marketing activities like advertising, pricing, and distribution to succeed. Effective marketing helps organizations get noticed. Companies are also trying to expand their markets beyond their own countries.

The Importance Of Marketing Management

Marketing management is essential for both small and large/established businesses to reach customers in the best manner. That’s how to use more effective to build a brand strategy and grow in sales. Its processes in place makes you to stay competitive and to take your market share.

It is amazing to note that developing countries like Indonesia, Malaysia, Egypt, and Colombia are organizing international seminars on the latest developments in marketing management, once the developed countries like the US, the UK, and Japan were used to do so.

In simple terms it’s meeting customer needs profitably on the right track. The central and eventual goal of any company is customer satisfaction and the return of revenue.

The marketing management of a company is to deal with the selling and popularity of its products among its customers. Ideally, a  company wants to position its brand to be perceived as the leader in ” Quality & Performance”.

It’s important to find out the  best ways to reach out to customers and grow in sales. To this achieve this major business objective streamline the way a business builds relationships with customers and connects the products and services with the benefitting  people . Help company develop its identity and build a consumer base to optimize target audience.

Its increases brand awareness, boosting profits, or entering previously untapped markets and optimizing internal processes of a company. The right processes ensure it reaches target market via the right channels at the right time. Marketing management can take business from average to profitable.

Positioning Is Important in Marketing Management

Positioning means showing how our product or service is better than others. Marketing helps the company achieve its goals by making sure customers get what they need. It’s all about making sure the company and the customer both benefit when they trade goods.

Marketing Management Refers

    • Setting goals and planning marketing strategies.

    • Creating and managing marketing campaigns to make people aware of products.

    • Keeping an eye on marketing activities and making sure they’re on track.

    • Studying competitors closely to understand their strengths and weaknesses.

    • Checking the performance of our brand and looking at how profitable it is.

    • Making smart decisions to reach our marketing goals.

    • Keeping an eye on how much of the market we have.

    • Managing the budget for marketing and adjusting as needed.

    • Keeping track of progress using data and customer feedback.

    • Making changes to the marketing plan based on what’s happening in the market.

Essential Elements of marketing management

Excellent Goal-setting

When marketing management, it’s important to set goals that make sense and can be reached, and then plan out when you want to achieve them. Managing marketing also means knowing what makes customers buy things in our market, and coming up with a plan based on that. These goals should help with sales, budgeting, and building our brand.

Proper Coordination

To make marketing work well, business owners come up with a clear plan. They work together with leaders, creative teams, and staff who deal directly with customers. They spread their message across various places like online, social media, and ads to make their brand known.

Market Research

Market research is important to understand what people want to buy and why. It helps businesses figure out what’s popular and what challenges they might face. This involves looking at customer info, economic trends, and what other businesses are doing. It helps decide on things like prices and promotions to get more customers.

Sustained Relationship-building

A good marketing plan helps a company connect with customers by sharing its values. It brings in new customers and keeps old ones coming back for more. This happens by using things like online posts, social media, and connecting with professionals.

Valuable Idea generation

Great marketing adapts to changing market trends. Focus on creating new products and services on the basis of market research and analysis.  It will help to stay relevant to their audience or re-brand their business to reach a new niche.

The 4 Ps of Marketing Management

The four Ps of marketing are,

  1. Product
  2. Price
  3. Promotion
  4. Place

These are the key factors  in a winning “marketing mix”. It  communicate to consumers that a right product or service to the public and the product is priced appropriately. Promotion  activities like advertising, public relations, and the overall media strategy are used for introducing this product. The term place refers the product in the right place to get the attention of the target consumers.  It will reach the right audience with the right message.

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