What Is Marketing Management?
What is Marketing Management? Marketing Management is an essential component of any business who wishes to compete in today’s evolving market. Marketing can be defined as the science of acquiring, controlling, planning and determining the marketing effect or potential of a product or a service offered. Marketing management is basically the administrative discipline that focuses on the organization’s marketing strategies, methods and techniques and the allocation of a company’s marketing capital as well as activities and budgets for marketing activities.
In simpler terms, marketing management is all about market research and evaluation, the identification of target markets, the identification of complementary products and services and the creation of marketing programmes which will help achieve these objectives. The term is also used to describe those marketing activities performed by a company for the development of its company profile and positioning in the market and economy. For instance, there are marketing management tools such as market surveys, market research reports, target market analysis, customer surveys etc. Companies also create marketing programmes such as promotional activities, product launches, advertising programs and client recall campaigns. A key marketing function is to make available to the customer products, services, and information which will satisfy their needs and help the company to grow.
A crucial part of this role is the creation of strategies which will eventually assist businesses to exploit the market opportunities offered by the market. These strategies are designed to develop the company’s product, service and marketing programs in the market and to make these products and services competitive in the market. It also involves the process of creating the marketing plans and programmes required to gain the competitive advantage in the market. Another important function of marketing management is the creation of marketing plans or programmes required for the development of new markets or growth in existing markets, with special emphasis on the marketing mix for the new markets.
There are various components of marketing management. One of these is a measurement. This includes data collection, analysis, reporting and making conclusions based on this information. Other important functions include planning, organizing, processing, reporting, and controlling.
Marketing is a very diverse discipline and involves a variety of activities. The main activity in marketing is marketing. But in today’s fast changing and competitive world, there are other activities related to marketing such as advertising, branding, promotions, public relations, customer service, research and development, etc. A large amount of time is spent on activities related to marketing and all these efforts form the marketing process. The marketing process involves what is marketing management.
Marketing management involves many activities and it is divided into two main categories namely Market Research Management and Branding Management. In the first category, research is carried out on products and their market potentials; branding is associated with the promotion of the products and services in order to create a positive association between the organisation and the consumers. The second category focuses more on the actual usage of the product. These activities form the basis of what is marketing management. The objective of marketing is to create a favourable environment for the companies selling their products and to promote their brands, to increase the sales and profits.