Marketing management involves developing and implementing strategic marketing programs, processes, and activities that align with wider business objectives, while utilizing customer insights, tracking metrics, and optimizing internal processes to achieve success.
Marketing Management Ppt For Mba Free Download
To help you succeed, we will take a close look at marketing management in this article. Read on to learn more about what marketing management is, the benefits of marketing management, different processes, and tips.
Marketing management is important for businesses because it ensures effective customer engagement, product appeal, and targeted campaigns that can increase profits and achieve business objectives. You could spend years getting a product ready to launch but without proper management, you would inevitably hit several stumbling blocks.
After spending considerable time preparing your product or service to be released, the right processes ensure it reaches your target market via the right channels at the right time. Marketing management can take your business from average to profitable. This can be accomplished when a team is able to analyze customer profiles and market share ahead of time, as well as scrutinize campaign outcomes, team performance, ROI, and costs once the project is completed.
International marketing management encompasses marketing activities that take place across national borders. This requires the marketing manager to achieve a deep understanding of the customer base in any country where the product is marketed, including cultural nuances and demographics particular to that nation.
When you are marketing products in various other countries, you might need to engage with marketers in those localities, which will further expand your management remit. This could involve hiring employees in that country or a third-party marketing agency to better reach customers there.
Marketing management spans a wide range of methods, strategies, and processes, which need to be coordinated effectively to ensure success. When weaved together, these elements will raise awareness of and generate ROI for your brand:
While the marketing strategy involves the overall goals the company has with regard to reaching customers and markets, strategic marketing management involves creating a marketing plan to reach those goals and using a range of tools to ensure success is achieved.
Strategic marketing management often starts with a brand audit, which will allow a company to ask and answer several questions that can help direct the future strategy. A company should seek to understand the following about their present situation:
To achieve these goals, the strategy must consist of a wide range of marketing channel management activities related to price, product, place, and promotion. This is widely referred to as the marketing mix. The job of the marketing manager is to adjust each of these elements in order to maximize sales and ROI.
The extended marketing mix is an extension of the above-outlined marketing mix. It looks specifically at service businesses, rather than physical products. Marketing management professionals can adjust these levers in order to optimize campaign success. In addition to price, product, place, and promotion, the extended marketing mix also includes the following:
In larger companies, marketing management roles can be extensive and involve large teams. Specialized roles can range from digital marketing manager to product marketing manager, and each role has different responsibilities that vary by marketing department.
Of course, there is no better teacher than experience. As a marketer gains more knowledge and hands-on experience in the industry, they may find that a management role is simply a natural career progression for them.
Enable cross-functional collaboration to sync product and marketing efforts, track key marketing metrics and benchmarks for every campaign, and give in-context feedback that keeps all your objectives on track.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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 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:
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.
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.
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.
Effective marketing showcases your product or service to the right people: potential customers and your current customer base. The result? Brand awareness, leads, referrals, and sales. Sounds great, right?
But good marketing management is often easier said than done. Hiring a dedicated marketing manager to own these tasks can boost your marketing efforts and free up energy and time, allowing you to focus on growing your business. Furthermore, as with many areas of your business, there is an established process you can follow to improve and optimize your marketing management.
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