Marketing management refers to the managerial discipline that focuses on the planning, execution, monitoring, and control of a company’s marketing strategy and activities and its marketing resources. It also involves the development of strategic plans that will enable companies to maintain or increase their profits.
Marketing Management Involves:
Provided by Institute of Marketing Management
The term marketing was first used in the 19th century by a Frenchman who was part of the elite business fraternity. Since then, the practice has come to encompass a wide range of activities and disciplines, ranging from advertising, promotion, sales and advertising, distribution, and retailing to research, development, and manufacturing. There are many other areas of the marketing industry that fall under the marketing management umbrella. Each site requires its own set of skills and competencies.
One of the core functions of marketing is to set strategic goals and to plan the implementation of these goals. For example, a business may plan to use new technology to promote and advertise its products or services. The purpose of the business, then, is to create a marketing environment that attracts consumers and encourages them to make a purchase or at least consider the company’s products and services.
Marketing Management Involves:
Strategic management also includes controlling costs, developing and sustaining competitive advantage, and identifying opportunities to improve a company’s products and services’ profitability and competitiveness. It involves the creation of comprehensive marketing plans that address the needs of the company and its customers. These plans include the organization of the company’s resources and determine the overall strategy to be implemented. For instance, a marketing manager might develop a plan to promote a company’s products by increasing its visibility in the marketplace or promoting its most popular products.
In addition to establishing and achieving company goals and strategies, marketing management also includes managing the company’s marketing budget, controlling spending, controlling marketing channels, and maintaining market share and quality levels. Budgeting is one of the most crucial functions in marketing and blogging management since the resources required to perform these tasks can vary significantly, depending on the specific company, its competitors, and the nature of its products and services. Therefore, marketing budgeting involves carefully identifying the budget needed to meet the objectives of the marketing plan.
Importance of Marketing Management:
Marketing budgets can be set for individual marketing channels or as part of a broader marketing strategy. In general, the total marketing budget is considered a unit; however, some companies set marketing budgets based on specific sectors or individual areas of the company that requires special attention. In such cases, the marketing budget is divided into smaller groups within the marketing department, such as marketing, production, distribution, and finance. In some cases, the marketing budget encompasses the entire organization and includes a large number of departments.
Marketing management also involves controlling marketing activities through various means, including the purchase of advertising and marketing resources. These resources can be anything from newspapers and magazines to television, radio, billboards, the Internet, the local press, catalogs, trade shows, direct mail, etc. The purchase and allocation of resources depend on various factors, including a company’s competitive position, the competition it faces, and its target audience. It also depends on the degree of investment that the company has made in its marketing budget.
Controlling marketing activities
An effective marketing strategy should be developed to ensure that the company can reach its strategic plan and maintain its market share. This includes developing an effective advertising and marketing communications system that enables a company to communicate with its customers and prospective customers effectively. Properly communicating with its customer base is essential because they are often the basis for its future success. An advertising and marketing campaign’s effectiveness depends on its ability to reach out to the right people at the right time and with the right message. Successful marketing communication allows companies to establish themselves as an expert in their chosen niche.