{"id":48715,"date":"2021-11-03T09:58:56","date_gmt":"2021-11-03T04:28:56","guid":{"rendered":"https:\/\/www.mygreatlearning.com\/blog\/what-is-marketing-management\/"},"modified":"2024-12-05T16:35:54","modified_gmt":"2024-12-05T11:05:54","slug":"what-is-marketing-management","status":"publish","type":"post","link":"https:\/\/www.mygreatlearning.com\/blog\/what-is-marketing-management\/","title":{"rendered":"What is Marketing Management? - The Complete Guide"},"content":{"rendered":"\n

Marketing Management<\/a> <\/a>is basically identifying market opportunities and implementing strategies to tell your consumer base about your products\/services\/business that can help you become profitable and build a brand<\/a>.<\/p>\n\n\n\n

There are a zillion definitions of Marketing Management which makes it complicated for many to understand the Concept in detail.<\/p>\n\n\n\n

Well, we are here to make this easy for you. In this Marketing Management guide, you will cover the following:<\/p>\n\n\n\n

What is Marketing Management?<\/strong><\/h2>\n\n\n\n

We have already told you what is marketing management in simple words.<\/p>\n\n\n\n

Coming to the formal definition, Marketing experts - Philip Kotler and Kevin Lane Keller define it as follows:<\/p>\n\n\n\n

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\"Marketing Management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.\"<\/p>\n<\/blockquote>\n\n\n\n

Businesses use marketing management techniques to achieve broader business objectives. These include planning, strategizing, effectively connecting with customers to build a brand and capture as many potential customers as they can. Marketing Management professionals need to understand their customers, have extensive knowledge of the methods and strategies that will retain and satisfy them, and actively measure outcomes and optimize processes accordingly.<\/p>\n\n\n\n

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Consider this analogy for better understanding:<\/strong> The manager of a Football Club does not manage the players and coach them. They need to understand the players, consider their strengths and weaknesses, create different methods and strategies to coach them, communicate, track their performance by data\/metrics, and change processes basis outcomes\/achievements.<\/p>\n\n\n\n

The 4Ps of Marketing<\/a> <\/strong>- product, place, price, and promotion<\/strong> play a significant role in devising an effective marketing strategy.<\/p>\n\n\n\n

Importance of Marketing Management<\/strong><\/h2>\n\n\n\n

A good marketing management strategy<\/a> helps you build the brand and grow sales and gives you an edge over competitors. Here are a few reasons why marketing management is essential:<\/p>\n\n\n\n

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  1. Build and maintain the company's brand<\/li>\n\n\n\n
  2. Boost sales(revenue)<\/li>\n\n\n\n
  3. An opportunity\/platform to launch new products<\/li>\n\n\n\n
  4. Effective way of engaging customers<\/li>\n\n\n\n
  5. Acts as a communication channel<\/li>\n\n\n\n
  6. Provides actionable insights for the business<\/li>\n<\/ol>\n\n\n\n

    Processes Involved in Marketing Management<\/strong><\/h2>\n\n\n\n

    There is no standard process that an organization or one can follow when it comes to marketing management. But here are a few processes that most of the marketing management strategies have:<\/p>\n\n\n\n

    1. Conduct market research and analysis<\/strong>
    The first step in the marketing management process is knowing your customers and competitors by conducting market research and analysis. This can be done by completing surveys, collecting data, assessing industry trends, and tracking previous campaigns. A SWOT analysis can also be conducted to understand the business\/company. Basis all this, you can understand the customer's needs and pain points to offer a product or service that meets their demands.<\/p>\n\n\n\n

    2. Set mission statement and objectives<\/strong>
    Although processes are important than outcomes, it is essential to know what are the expected results first. It is crucial to set objectives and goals as they give the foundation and set the right direction for your marketing journey. The marketing objectives can be set basis the factors that influence your target market, such as demand, pricing patterns, social and environmental factors, etc.<\/p>\n\n\n\n

    It is vital to include sales goals, budgets, and branding parameters as they help you monitor and measure the results later.<\/p>\n\n\n\n

    3. Develop marketing strategies<\/strong>
    Once you have done the research and have set the objectives, it is vital to develop a robust marketing strategy.<\/p>\n\n\n\n

    Marketing strategy typical consists of:<\/strong><\/p>\n\n\n\n

    Segmentation:<\/strong> Here, you are dividing the market to identify potential customers who are likely to buy your product\/service.<\/p>\n\n\n\n

    Targeting:<\/strong> Here, you will further sub-divide the segments and focus on a particular target. <\/p>\n\n\n\n

    Positioning:<\/strong> This comes in mainly for brand building\/positioning, where your brand's image is positioned in terms of quality and price.<\/p>\n\n\n\n

    Marketing mix \u2013<\/strong> Here, focusing on 4Ps \u2013 product, price, place, and promotion to achieve broad business goals.<\/p>\n\n\n\n

    Budgeting\/Financials -<\/strong> Here, you will focus on the overall budget allocation and financial management of your product\/service.<\/p>\n\n\n\n

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