Management is the process of completing tasks in an orderly and efficient manner. Marketing management is concerned with the efficient operation of marketing activities.
Marketing management typically begins with an understanding of the customers or market and the development of a product that will ultimately meet their needs. Pricing, advertising, and promotion, as well as sales and distribution, are all addressed in this process.
Marketing management, like all other areas of management, includes the functions of planning, organizing, directing, coordinating, and controlling.
Importance of marketing management
Marketing management aids in the planning and execution of the marketing process.
Fulfilling the demands of customers
In marketing, the simplest way to increase profits and sell more products and services is to satisfy customer needs and desires. Marketing management strives to keep customers satisfied who have been associated with the company’s products for an extended period of time.
Increase sales
Good marketing management assists you in matching your capabilities and resources to the needs of your customers. This allows you to plan and implement a successful marketing strategy before reaching out to customers.
It will allow you to acquire new customers while also retaining existing ones. This will increase your sales and revenue. Not only that, but good marketing management can help reduce costs and expenses through strategic planning and implementation.
Help in making decisions for business
With proper marketing management, you will have an excellent marketing team with insights into consumer behavior, purchasing patterns, and the most recent marketing trends. This allows you to make better decisions in the short and long run.
When you’re stuck, looking for ways to improve your products and services, or thinking about the next big step in your business, your marketing action plan will always be accessible to you.
Promoting the new products
New products launched by a company with which the general public is unfamiliar must be advertised. Marketing management enables better and more effective product advertisement, attracting a large number of people to a new product.
Studying customer interactions and purchasing patterns can help you learn about your ideal customers and how to pique their interest in your goods or services. In addition, it can help you increase brand visibility and awareness.
The process of marketing management
Conduct market research
The marketing management process begins with market research and market analysis. Consumer data, surveys, interviews, economic analysis, and so on can all be used to gather marketing data.
You will have a comprehensive understanding of your target client, their requirements and pain spots, consumer purchasing trends, and how to deliver a product or service to match market expectations based on your research.
It also assists you in identifying areas where your company could succeed, highlighting potential challenges that your company should address, and forecasting future potential.
Set marketing objectives
No process can ever proceed without first establishing objectives and goals, which serve as the foundation for your entire marketing journey.
Your marketing objectives are based on the aspects that influence your target market’s clients, such as demand, purchasing patterns, social, political, and environmental factors, etc. Include sales targets, budgetary expectations, brand development strategies, etc. in your goal-setting process.
Setting marketing objectives and goals provides direction and serves as a road map for marketing plans and tactics.
Develop a marketing strategy
After conducting market research and establishing marketing objectives, the next logical step in the marketing management process is to create a marketing strategy. The strategy decisions focus on which markets to target and how to position your products in relation to your competitors for existing and new customers.
A well-developed marketing strategy clearly defines responsibilities, ensures the smooth operation of the marketing process, generates profits, and aids in the achievement of organizational goals.
Make a marketing plan
After developing a marketing strategy, the next marketing management process is to create a written marketing plan. This is to assess where the company is and where it wants to be in a given time frame.
With a written plan, you can refer to it at any time to determine whether your marketing management process is on track, as well as keep track of your company’s progress.
Implement marketing program
The following step is one of the most crucial in the marketing management process: implementation. It is putting your marketing strategies and plans into action and carrying them out in such a way that you achieve all of your marketing objectives and goals.
Monitor
Monitoring and tracking the progress of your campaigns is the final stage of the marketing management process. This step requires you to measure and evaluate the outcomes of your planning and strategize on a regular basis to ensure that everything is on track.
It entails investigating your revenue, sales, customer satisfaction and feedback, the number of website visitors, and so on. This answers many questions, such as, “Did your planning and strategy work?” Do your objectives and outcomes match? What changes must be made?
