MARKETING MANAGEMENT

marketing management as

the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value”.

Marketing management is what informs a firm’s marketing plan through the utilisation of accurate market knowledge. This is usually obtained by means of research and surveys in a systematic approach. Being thoroughly aware of a company’s current market, setting realistic goals and targets, developing new market-penetration strategies as well as implementing effective marketing plans within budget are all part of marketing management. In a nutshell, marketing management is a business function which that makes and develops an institution’s marketing strategy.

Marketing management uses tools from economics as well as competitive strategy in order to analyse the industry context in which the company operates. These are, among others, Porter’s Five Forces, the analysis of strategic groups of competitors as well as value chain analysis.

The Nuts and Bolts of Marketing Management

Before you begin to learn about this field, you first need to know what ‘marketing’ is, exactly.

Kotler defines ‘marketing’ as a process which is used to regulate which products or services may be of interest to customers. Marketing is also responsible for determining the strategy to use in sales, communications as well as business development.

On the other hand, the term ‘marketing management’ refers to the administration, tracking and review of a company’s marketing strategies, activities, resources as well as campaigns. Professional marketing managers guide a firm’s marketing plan using techniques such as market research and surveys.

goals and objectives

The main responsibility of a marketing manager is to set out marketing goals and objectives for the company. Objectives which are clearly defined enhance the efficiency of the employees as well as the organisation. These objectives should be set in terms that are quantifiable.

Segmentation

It is challenging for a company to respond the demands of the market. Thus, another function that marketing managers take on is to divide the market into segments in order to select a target audience. This process is set to be the basis of modern marketing. Strategic marketing management – regarding marketing techniques and campaigns – should be done while making sure that you keep the target audience in mind.