Marketing Management is an organizational discipline that focuses on the practical application of market orientation, marketing techniques and strategies in organizations and enterprises and on the proper management of the company’s marketing assets and functions. Marketing can be thought to be one of the most important aspects of business activity, which determines the survival and success of the organization. Proper marketing is crucial for promoting the interests of customers and creating a positive image for a product or service. Thus, the primary objective of this management discipline is to promote the growth of the organization by effectively utilizing marketing tools.
The marketing functions should be properly balanced to achieve the company’s objectives. Marketing also involves the design and development of advertising and promotional materials, the creation and performance of sales promotion programs, and the creation and support of sales promotion schemes. It is also involved in the preparation of competitor analysis and research, and the preparation of marketing plans and strategy. In fact, marketing management also involves the development of company communications and the creation and implementation of internal communication processes such as marketing plans, advertising brochures, and annual company reports (with accounting and budgeting). There are many more activities and areas where the work of marketing management has to be integrated with business operations.
Marketing managers play a vital role in the evaluation of market needs, the creation of market strategies and ideas, the creation of the market research data base, and the conduct of business strategy meetings. In addition, they have to coordinate all the other marketing activities of the firm, coordinate price promotions, and plan financial marketing programs. Marketing managers must therefore carefully analyze customer behavior, competitive conditions, and consumer preferences. They must also develop plans for marketing activities, evaluate the performance of the marketing program, and monitor the firm’s effectiveness in responding to customer demand. The marketing manager should keep track of changes in various indicators of profitability.
The scope of what is marketing management varies from firm to firm. On a broader scale, it can include all the activities of advertising and promotion, including product design and creation, research and development, sales, distribution, and marketing. At a smaller level, it can include the preparation of marketing plans and strategy, developing marketing campaigns, and implementing the most efficient marketing methods. Marketing management is an overall term that applies to all the activities of marketing a product or service, including managing marketing budgets, developing marketing messages and campaigns, analyzing marketing results, collecting market information, creating marketing strategy plans, and monitoring the marketing effectiveness of the firm.
Marketing management is not a one-time task. Instead, it is a process that involves regular interaction between the firm and the market. It requires thorough market analysis, market research, and consistent monitoring to ensure that marketing efforts are having an effect on increasing the firm’s revenues and profits. It also requires a constant evaluation of marketing schemes and their success or failure.
Marketing management is a difficult and a tedious job. Marketing managers need to constantly improve their ability to judge and create marketing strategies that will be effective. They also have to do a careful analysis of potential competitors and the market trends. Marketers have to constantly evaluate whether their proposed marketing program is paying off or not. Finally, marketers have to make sure that their planned marketing programs are implemented in a manner that will ensure maximum profitability for the firm. All of these tasks require great skill and training from a marketing manager, as well as access to the right resources and information.