Marketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organisational objectives and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. It relies heavily on designing the organisations offering in terms of the target markets needs and desires and using effective pricing.
Marketing Management is one of the most important things a business can do. Not only does marketing build brand awareness but it can also increase sales, grow businesses and engage customers. Marketing management is very important for businessmen. So, let us know why Marketing Management is important.
Importance of Marketing Management
So, Let us have a look at 4 key reasons why Marketing Mangement is important:
1. Informs Your Customers: Marketing is useful for customer’s education. You know the pros and cons of your product but do your consumers know? In order to buy into a product, your customers need to have a good understanding of what it does and how it works.
2. Better Customer Engagement: Customer engagement is the heart of any successful business. Marketing solves the question of how to keep a conversation going once your customer has walked out the door. You walk in the pizza shop, talk to the hostess, laugh with the waiter, hello to the owner etc. Your audience wants to form a relationship with your brand and marketing.
3. It Sells: Marketing is important because it helps you sell your products or services. Without Marketing many businesses wouldn’t exist because marketing is ultimately what drives sales. You need to have a good product but if people don’t know about your offerings, to begin with then how can you generate sales?
4. It Grows: Marketing is an important strategy to ensure the growth of your business. While your current customers should always be your main priority. Little efforts like social media posts and email campaigns can not only engage existing consumers but spread the word to new potential customers. Marketing secures your business’s future.
Marketing Management Tasks
- Set the Strategic Marketing Plans, with illustrating how to achieve such plans specifically.
- Products & Services Development as per the market trends.
- Performing Market Studies & research
- Growth in the market share.
- Improve the brand as long term brand value to customers.
- Drive innovation with a sustained commitment to Research and Development (R&D).
- Improve the performance in productivity, reliability & efficiency.
- Evaluation & development of the advertising process.
- Consider future plans of customers with analysis of their satisfaction & needs for the pen.
- Building & strong customer relationships with the creation of recent Business relationships new ones for the et penetration.
The Scope of Marketing Management
- At least 2 parties
- Each has something that might be of value for
- Each is capable of communication & delivery.
- Each is free to accept or reject the exchange
- Each believes it is appropriate or desirable to
deal with the other party
What is usually Marketed?
Business & Marketing changes
- Changing technology
- Deregulation: greater competition & growth opportunities
- Privatization: increasing efficiency
- Customer empowerment
- Heightened competition
- Industry convergence
- Retail transformation
Company Orientation toward Marketplace
- Production concept: high production efficiency, low cost & mass distribution. Usually the good developing countries.
- Product concept: Performance or innovation.
- Selling concept: aggressive selling & more promotion efforts.
- Marketing concept: customer-centered, “sense-and-respond”.
- And Marketing dept is NOT the most important than the customer.
10 Rules of Radical Marketing
- CEO must own the marketing function: no delegation.
- Face-to-face with customers: direct interaction.
- Use market research cautiously and prefer grassroots techniques.
- Hire only passionate missionaries.
- Love and respect customers as individuals, not as numbers.
- Create a community of consumers unified by
- Rethink the marketing mix: e.g. short, targeted ad campaigns.
- Celebrate common sense and compete with
larger competitors through fresh and different
- Be true to brand integrity & quality.
These are the core elements that together form marketing management. They are equally important from an organizational perspective and there are long term implications of each of these. Organizations need to work on their marketing tricks and strategy with these in mind.
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