Marketing management is the managerial discipline that focuses on the practical implementation of marketing research, methodology, tactics and methods within organizations and enterprises and on the management of the company’s marketing assets and activities. The scope of marketing management encompasses activities such as product development, advertising and promotional activities, strategic marketing planning, advertising and promotion programs, brand management, customer relations, technical marketing, information products, web marketing and e-marketing. Marketing management therefore is one of the most important aspects of business management. It involves decision-making, monitoring, allocation of resources, allocation of cash resources to reach a particular marketing objective and the analysis of marketing performance, and overall control of the marketing process.
The Goal of Marketing Management
Marketing management seeks to achieve certain goals through efficient use of human capital, marketing efforts and new customers. Marketing management also helps in improving the quality of products and services and in building organizational reputation by creating a positive image in the market. Some marketing managers will try to buy YouTube subscribers for content that will help build a brand image.
In addition, marketing management aims at meeting the changing needs of the consumers, which are often characterized by constant change or instability. Marketing management also involves planning and creating strategies for the achievement of objectives. The main objectives of marketing management are increasing sales, building consumer loyalty, decreasing cost and creating market share.
Marketing objectives are dependent upon the product that needs to be advertised, the marketing budget, the size of the market, and the target market. Marketing managers create marketing objectives that take into account the objectives of each unit within the organization. Marketing objectives in an enterprise may vary from product functionality, features and qualities, and service or supportability to the environment. Marketing objectives in a specific product can vary from the goals of a national advertising strategy to the financial targets set by financing departments of large corporations.
Marketing objectives can be attained by developing and maintaining a marketing management plan. A marketing management plan covers all the key stages of the development of a new product, its marketing as well as the promotion of it. The marketing management plan generally consists of marketing objectives, structure of the company, target market, consumer behavior and other factors. Marketing management thus aims at attracting customers to a business and maintaining the loyalty of existing customers to it. The main objective of marketing management is to identify the appropriate way of promoting a certain product to increase its sales and enhance the financial performance of the company.
Marketing Management Development
The development of marketing management involves the identification of the objectives of the organization. These objectives should be relevant to the nature and size of the business, its products and services offered. These objectives should be attainable in the shortest period of time. Moreover, the marketing objectives should not be inconsistent with the size and nature of the business. Other objectives that come into the marketing management process are evaluation of the marketing performance, assessment of the status and performance of the competitors, the setting up of new marketing initiatives, and the creation of new business ideas. All these objectives have to be in line with the size, nature, and performance of the business.
Once these objectives have been set, the implementation of the marketing management process ensues. One of the most important parts of this process is defining the goals or objectives. Other than defining the goals or objectives, the marketing manager also has to make sure that these objectives are attainable, practical, and within the capacity of the company.
Frameworks To Support Goals And Objectives
Once the defined goals or objectives are known, the next thing that needs to be done is setting up the frameworks that will support these goals. The marketing management framework refers to the processes, systems, and people involved in the marketing management process. This includes the marketing managers, the sales representatives, the people from the advertising agencies, the finance department, and even the public relations department. These people are all supposed to work together in order to achieve the defined objectives of the marketing management. The marketing manager should therefore be careful in delegating tasks to ensure that no unnecessary tasks are being assigned.
In addition to these frameworks, the marketing management also has to consider how they will be implemented. Most companies must follow the common strategies in order to be successful in using marketing management. However, some companies must use their own marketing strategies in order to determine what kinds of marketing strategies would work best for their target markets.