What is marketing management?
The term ‘marketing management refers to the organizational discipline that focuses on the real-world application of:
- Marketing orientation,
- Techniques and methods used inside enterprises and organizations, and
- The management of a firm’s marketing resources and activities.
The concept of marketing management reviews the process which is made use of in order to determine which products or services may pique the interest of customers as well as the strategy to use in a particular business in order to carry out the marketing mix. Marketing management also explores the process of interpreting, creating, and delivering value to targeted business markets and customers.
Marketing Management and the Marketing Mix
The ‘marketing mix is a strategy that a business uses in order to put together a product/service offering for its target market.
A marketing mix strategy is designed using the 4Ps of marketing:
- Price, and
In the case of marketing service, there is 3 more Ps:
- Physical Evidence,
- People, and
The marketing mix concept was originally developed by Neil Bordon. It is called a ‘marketing mix’ to suggest how a marketer mixes several elements (Product, Price, Place, Promotion, etc) in order to give the customer an offering that is relevant to them. The main objective of the marketing mix strategy is to make the right product at the correct price at the right place with the right promotion.
Marketing management and the brand audit
Another tool that is vitally important that marketing managers use, on a regular basis, is the brand audit.
A ‘brand audit’ is a comprehensive analysis that shows the current performance of your brand in comparison to its stated goals. The next step is to look at the wider landscape to see how that performance positions your company in the market.
The way in which companies carry out brand audits will differ depending on industries and individual organizations. Regardless of the exact criteria, you elect to measure, a brand audit should give you the opportunity to:
- Establish how your brand is performing
- Discover what the strengths and weaknesses of your brand are
- Align your brand strategy more closely with your customers’ expectations
- Understand your place in the market as opposed to the competition
Why is marketing management important to business?
The core of any business’s success lies in its marketing methodologies. Marketing management streamlines the activities and functions which are involved in distributing goods and services. Marketing management is important in business as with this skill business can face thriving competition and the requirement for developed distribution strategies to reduce cost and to increase profits. Today, marketing management is the most important function in a commercial and business enterprise.
Here are a couple of reasons why marketing management is so important for business in the current environment:
Introduce new products
For an organization to succeed, the product or service that it offers must be known to potential buyers. If your business is not known to potential customers, and you don’t have any kind of relationship with your customers, then marketing management techniques can assist you with creating brand awareness for your service or product.
Put another way, marketing management is vital for any business because it helps you to:
- Understand what your customers need
- Improve your product and/or service to satisfy customers’ requirements
- Expand to reach new potential customers
- Provide the correct tools at the correct time
- Save company time and money by focusing your resources
Boost your Sales
Marketing management sets the economy in motion. The job of marketing is to match a company’s capabilities with what a customer wants. Once your product, service, or company gets to the place that you expected it to, this increases your chances that consumers purchase from you.
Increase Company Reputation
The major marketing management activities are buying, selling, financing, transport, warehousing, risk-bearing as well as building company reputation. A company’s success rests on a solid reputation. The image of the company is very important because it is the soul of the business. Only marketing strategies can assist any company in order to build a strong reputation by identifying the best opportunities that are worth pursuing in addition to the threats to be avoided.
Source of New Ideas
Marketing management is a dynamic concept. It is responsible for differentiating a company from its competition by recognizing the distinctive benefits and the supporting elements. Marketing management also nourishes an environment for healthy completion in the marketplace. It gives scope for understanding this new demand pattern and improves the effectiveness of the marketing message to customers and partners.