Marketing Management is the academic management discipline that focuses on the rational application of marketing methodology, theories and strategies within an organization and enterprises and on the optimization of a company’s marketing resources and functions. It also involves managerial decision-making, allocation of scarce resources, monitoring and evaluation of performance and the allocation of future funds. Marketing is used to promote product excellence, brand image, sales, customer loyalty and customer return on investment. In addition, it also encompasses advertising and promotion activities.
Marketing has become an integral part of organizations in recent years. It is usually applied in areas such as advertising, customer service, direct selling, electronic commerce, health care, government and finance. The main objective of marketing management is to create and develop a plan for promoting new products and services in the market, increasing customer base, maximizing sales and cutting operational costs. In this competitive society, it is very important to effectively target potential customers, gather data on them, and analyze customer needs and wants. These objective may differ from one company to another but common objectives are to increase profits, reduce cost and reduce customer dissatisfaction.
The first step for businesses to successfully implement marketing management is to identify their product line and then plan for marketing activities that will support these activities. Some companies focus on creating and developing new products; others distribute existing products to customers and others promote their brands through various channels. However, most companies implement marketing strategies across all product lines. Often, these strategies involve joint venture or multiple partner programs and strategic alliances.
A key component of marketing management is developing a vision and a mission statement. The vision is what the company ispired to be like in the future; the mission statement is what the company does today to serve its customers and the community at large. For example, if you are a clothing manufacturer and your mission statement says that you want to be a lifestyle brand, you will not be successful if you produce boring clothes that do not meet with the desires of consumers. Your mission statement should clearly define the products that you intend to sell and how they will satisfy the unique needs of the customers that you serve.
Marketing managers are required to conduct market research to identify what consumers want and what they are willing to spend to obtain these products. Market research is used to determine what consumers would pay for the product line. Marketing managers use this information to determine what competitors are offering as well as what consumers might be interested in buying to fill their needs. By doing so, marketing managers are able to adjust their marketing activities to fit in with what consumers are looking for. For example, if there is a new line of children’s clothing coming out, the marketing manager might decide to conduct market research to determine what types of children’s clothing people are searching for online and which online retailers are providing the products. Doing so can help a retailer gain an advantage over competitors who may be discounting products in hopes to lure in new customers.
What is marketing management helps a company become more effective in their business operations. It helps create new product lines, determine what consumers are looking for and how to meet those needs. It also helps a company achieve its long-term objectives.