Marketing Management: Optimize Your Marketing Mix Before It’s Too Late
Last update: 11 January 2023 at 03:40 pm
Marketing today is the exchange of values between a seller and a buyer. It creates a demand for a company’s products or services. If there is value in a product or service, then a buyer will want to pay.
Marketing Management is the planning, organizing, and implementing of marketing plans and strategies. These plans should do more than create demand but meet the demands of goods and services.
Good marketing management evaluates the effectiveness of the marketing mix. It will focus on removing deficiencies in policies, procedures, and promotions. Inefficient strategies will hurt the overall goal of the company and waste resources.
So, what are marketing management and its functions? This article will answer all those questions and more for you. We’ll look a little deeper into marketing management in this article. In the end, you’ll see how it helps your company be profitable and drive brand success.
A Quick Guide On Marketing Strategy
Let’s focus on the word ‘marketing‘ first.
The American Marketing Association classifies marketing as a process that plans and executes the creation and promotion of a company’s products. When done right, marketing will meet the objectives of both customers and organizations.
Marketing is all about analysis, strategy, planning, and execution.
Data is one of the more important resources your business has. It will help you identify the specific objectives of your marketing strategy. Some aspects influence customers or clients to do business with a company.
Having data on these influences will aid in creating a marketing mix. A strong mix will help your firm manage profitability.
The marketing mix, also called the seven P’s, includes product, place, price, people, promotion, processes, and physical evidence. Marketers know and live by the seven marketing principles. They guide what drives a customer to shop at their company.
What Are The Five Marketing Concepts?
These concepts are the heart of marketing. They’re a strategy that your business can install to maximize profit or increase sales. Let’s take a quick look at these processes. You will see how your marketing management team can achieve success by using them.
This concept is simple. Customers prefer products that meet two criteria: cheap and available. The strategy objectives here are to cut production costs by making it efficient. Then, it’s about making the product available, so customers favor it.
This concept says that customers will favor quality products with innovative features. A company that employs a strategy under this concept will want to concentrate on product improvement. This innovation should continue over a long period of time.
The third concept assumes that customers won’t buy a product unless there are lots of advertising promotions. Management should be focused on creating sales transactions over customer relationships.
This is a customer-first strategy. Its concept revolves around knowing the needs and wants of consumers. Knowing isn’t enough though, your company must also deliver on them. It’s not about finding the right customers but the right products for your customers.
The societal marketing concept takes into account potential consumer conflicts. It measures a consumer’s long-run welfare versus short-term wants.
All About Marketing Management
Now that you understand the core concepts of marketing. Let’s look deeper into the management side.
England’s Institute of Marketing Management defines marketing management as a creative function. This function promotes trade and employment by assessing the needs of consumers. It’s the tools, strategies, and analysis that goes into promoting your brand and company.
Your competitors will be using marketing management to find growth opportunities. This will push them to a higher market share position.
Your company can also use the same tools and strategy to do the same and more. Maximizing the use of your internal resources helps your business overcome strategic issues. That is how you gain a competitive advantage by managing your customer base.
What Is Marketing Management Used For?
The objectives of marketing management are to meet customers’ demands and increase profitability. Other objectives included maximizing market share, attracting new customers, and to create a good public reputation.
Marketing management also reflects on metrics of past marketing campaigns.
Internal analysis of your campaigns is important to your organization and your buyers. Asking the right questions will determine if you saw profits and benefits from your advertising.
It’s about reflection and control; know what works and what doesn’t, and you can keep on track to achieving your goals.
But which role in the industry handles marketing management‘s different tasks? Let’s meet the marketing manager.
What Does A Marketing Manager Do?
Marketers are a vital position that companies need to keep filled. Their expertise will help create marketing programs and processes that benefit your business.
When you hire a marketing manager, they are in charge of how your organization promotes a product or service. Marketing management will conduct market research and marketing analysis. Marketing managers then use that data to create a marketing mix that helps companies execute a flawless marketing plan.
A marketing manager with hands-on experience in the industry will set your brand ahead of competitors. They will be at the head of a team that can analyze market opportunities and project trends in buying and selling.
A marketing manager coordinates with other departments and set goals and objectives for the company. They are in control of all marketing activities to make sure that they are successfully executed.
Other roles to consider for marketing management are a director of marketing and a social media manager. A director of marketing is focused on long-term marketing and oversees the entire marketing department.
A social media manager is important to interact and advertise to potential buyers via social media pages.
What Is The Process Of Marketing Management?
Market research and consumer analysis are some of the processes of marketing management. For example, a marketing manager can examine your brand’s position through something called a brand audit.
What an audit can examine goes beyond the success of your company brand. A brand audit can also help manage resources, identify the strength or weaknesses of a firm, threats, and opportunities for growth.
The next step is the development of strategy, goals, and company objectives. Think beyond profits or pricing. Think about what values or goals your company wants to achieve.
After that, you can move onto product development. Products are one of the most important company resources. There is no profit if you don’t have a product ready that people will buy.
Finally, it’s time to put in place a marketing program. Marketing managers want to divide the right amount of resources to reach the right market. Deploying a successful campaign requires more than pretty graphic design.
That is why your company should have its goals and strategy defined before this step.
What about International Marketing Management?
When your marketing activities are across national borders, international marketingmanagement is needed.
Your marketing manager should understand the potential buyers of different companies and now market to reach those demographics. You may need to partner with marketers in those local regions or hire a third-party agency to reach your consumers in other countries.
Why Is Marketing Management Important?
Organizations need a plan for getting target audiences informed about and using their products and services. It helps your business stand out against competitors while distributing resources. Let’s break it down even further because it’s that important.
It Maintains Your Company’s Reputation
Companies are recognized by the reputation they have in their respective markets. If you stand out with a good reputation, people are more likely to do business with you. Marketing management helps you build a reputation for your products.
It Promotes Innovation
Research and development are part of marketing management. It promotes new ideas to diversify your company from its competitors. The strategy seeks to make you the authority on the trends of today.
It Boosts The Economy
There is no denying the importance of this statement. Marketing management decides on how to beat market competition and increase sales. With advertisements, product knowledge spreads to all levels of the community via word of mouth.
The Final Word
Marketing Management will help you run a successful business. It helps by performing tasks that accomplish your company’s goal. Equip your marketing manager with marketing management software. It will assist in tracking projects and marketing assets. The software can also invite stakeholders to collaborate.
Marketing done right requires more than analyzing and making plans. It requires the implementation of strategies that create demand for consumers. With so many moving parts, management helps a business be successful. With marketing management, you’ll be in control of marketing activities, and in control of your company’s success.