Market opportunity identification is done by marketing management, which then develops suitable strategies for profitably pursuing those opportunities.
It must adopt a marketing strategy and regularly assess the marketing mix’s efficacy. It needs to fix the issues with how marketing plans, policies, and procedures are carried out. It looks after the company’s marketing strategy.
Management is the process of carrying out tasks in an orderly and effective way. The goal of marketing management is to operate marketing activities effectively.
The transfer of ownership of goods and services from supplier to customer is made easier by marketing management. Like all other disciplines of management, marketing management entails the duties of planning, organizing, directing, coordinating, and managing.
Introduction, Definition, Concept, Importance, Functions, and Process of Marketing Management
- Marketing Management Overview
- Marketing Management Definition
- Features of Marketing Management: Marketing Concept
- Marketing Management’s Value
- Marketing Management’s Roles
- Marketing management procedure
- Marketing Management’s Purpose
- Marketing Management Orientation Marketing Decision Making Marketing Mix
- Management of Marketing Issues
Introduction to marketing management
We will look into the definition of marketing management as we explore how each selling unit in the marketing system functions. Some readers will be marketing management students, some may be marketing managers already, and still, others may be involved in related activities that have an impact on marketing management in a managerial or regulatory capacity.
Our main goal is to create a framework, or “theory,” of managerial marketing that will satisfy all of their needs and allow them to arrange their reading and experience to have a deeper grasp of it.
This knowledge can help with two goals. First, it will assist them in gaining fresh perspectives from the future work experiences they will be gaining. They will unavoidably create such a structure as a result of experience to meet this vital need, allowing them to gain from fresh information and experience. But developing such a structure only via experience is a laborious and frequently unpredictable task. They can accelerate this so they develop their marketing skills more quickly with the aid of formal education.
Second, a greater understanding of marketing management will make it possible to better appreciate the part that marketing plays in the economic development that so many nations are ardently pursuing. This framework is universal and adaptable to any setting. Studying marketing management generally results in a more accurate assessment of the effectiveness of marketing efforts in satisfying consumer wants.
Marketing management is the process of making decisions, planning, and overseeing a company’s marketing activities within the context of the marketing concept and marketing system. Before looking at some of the specifics of this method, background information on two issues will be useful.
Although the marketing strategy is straightforward in theory, it can be challenging, if not impossible, to fully implement. The comment by Adam Smith mentioned above is most consistent with it. The idea is that by openly integrating the many components of its marketing activities to cater to the preferences of its customers, a firm can more successfully serve its purposes.
The requirement for adopting the concept and the ability to do so would seem so evident as to not need discussion with someone who is not familiar with corporate practice.
Within the marketing system, this marketing management activity occurs “somewhere.” Knowing how the marketing system is portrayed, you are aware that “somewhere” might be any of the several businesses involved in manufacturing, wholesaling, and retailing. In each of them, marketing management is used.
Assume, for the sake of simplification, that we are only directly concerned with the manufacturing level because the manager we are thinking about holds a marketing management job there.
What are the characteristics of the decision-making, planning, and control processes that make up the marketing management process?
The Institute of Marketing Management and Philip Kotler has defined marketing management.
Markets have historically been thought of as a place where buyers and sellers trade goods and services for the profit of both parties. Value exchange between the vendor and the buyer is modern marketing. About the commodities and services being exchanged, value implies worth. If the things are valuable to the buyer, he will be willing to pay for them.
The business function of marketing is in charge of regulating the nature and intensity of market demand. It deals with generating and sustaining demand for the organization’s products and services.
Planning, organizing, managing, and implementing marketing programs, policies, strategies, and tactics “intended to create and fulfill the demand for the firms’ product offerings or services to generate an acceptable profit” are the four Ps of marketing management.
It deals with generating and controlling demand as well as offering customers products for which they are prepared to pay a price commensurate with their value.
All managerial tasks in the area of marketing are carried out by marketing management. Market opportunity identification is done by marketing management, which then develops suitable strategies for profitably pursuing those opportunities. It must adopt a marketing strategy and regularly assess the marketing mix’s efficacy. It needs to fix the issues with how marketing plans, policies, and procedures are carried out. It looks after the company’s marketing strategy.
“Marketing Management is the creative management function that promotes trade and employment by identifying customer demands and launching research and development to meet them,” according to the Institute of Marketing Management in England. It coordinates the resources used in the manufacturing and distribution of goods and services, as well as the overall efforts necessary to sell to the end-user profitably.
The choice of target audiences and the development of successful relationships with them are the art and science of marketing management, according to Philip Kotler. Analysis, planning, implementation, and control are all steps in the marketing management process, which deals with products, services, and ideas to make all parties happy.
We can infer from the aforementioned definitions that marketing management is the process of overseeing marketing initiatives to achieve company goals and objectives.
What marketing management entails
1. establishing marketing objectives and goals,
2. Creating the marketing strategy,
3. Setting up the marketing department,
4. Implementing the marketing strategy and
5. Managing the marketing campaign.
Marketing management is a combination of science and art. The ability to create and carry out marketing strategies requires that those in charge of marketing have a solid grasp of the many marketing principles and practices, strong communication and analytical abilities, and the capacity to maintain strong client relationships.
They could develop their artistic abilities via continued practice in areas such as advertising, sales promotion, and personal selling. A new generation of marketing managers would emerge as a result of the interaction between scientific and creative marketing elements.
Definition of the Marketing Management Concept
This idea promotes starting a manufacturer’s task with the consumer in mind. He needs to focus on the consumer to comprehend their needs, wants, needs, and conveniences. A manufacturer must carefully consider the wants, preferences, etc. of the consumer when creating a new product or making improvements to an already existing one. The final result must completely satisfy the customer.
Therefore, a manufacturer should design and create a product that the consumer will accept rather than one that he can produce quickly. A consumer is typically picky and unstable. This makes it much harder to understand the consumer and create a product that meets their needs, but it’s the only way a manufacturer can win in a cutthroat market.
Customer research, marketing research, and product creation should come before selling. The consumer’s needs should be the only thing that is being considered.
“One might presume that there will always be a need for some selling. However, marketing’s goal is to eliminate the need for selling. Marketing’s goal is to know and comprehend the consumer so thoroughly that the good or service fits him and sells itself. The ideal outcome of marketing is a customer who is prepared to make a purchase. Then, all that ought to be required is to make the good or service accessible,” said Peter Drucker.
Another name for this idea is customer orientation.
The marketing concept, often known as the modern marketing concept and used by the majority of businesses today, is a synthesis of all the other concepts. The modern marketing concept entails a coordinated effort on the part of the marketer to pinpoint consumer needs and meet them through appropriately designed products. To accomplish this task, the marketer makes use of all available marketing techniques, including those that are related to the product, selling, market research, consumer behavior, product designing, pricing, etc.
Customer happiness is the key to achieving organizational goals, according to the marketing philosophy, which is underpinned by integrated marketing. Phil Kotler
The fundamental goal of the modern marketing idea is to produce the highest possible long-term business profitability, and it places a strong emphasis on the integration and coordination of all marketing functions. -Felton
The characteristics of a marketing concept (a modern marketing idea, an integrated marketing concept, and a customer-oriented marketing concept) are as follows:
i. Emphasis on customer demands – Consumer needs are researched, and they serve as the foundation for all product-related operations like designing, pricing, distribution, and packaging, among others.
ii. Providing customer satisfaction – By identifying the needs of the customer and creating a product that meets those needs, every firm strives to provide the highest level of customer pleasure. Customer happiness is directly correlated with an organization’s success.
iii. Integrated Marketing Management – Marketing management is merely a portion of an organization’s overall managerial duties, which also include managing finances, production, human resources, etc. To give the customer the most satisfaction possible, all of these functions are combined. As a result, an organization’s functional domains are completely integrated.
iv. Achieving organizational goals – According to modern marketing theory, a company should strive to maximize customer happiness to enable it to achieve other objectives including growth, market share, and a respectable level of profit or return on investment.
Innovation is a crucial element for ensuring customer pleasure, according to V. To comprehend the consumer, design a suitable product, and provide it to the user, innovative ways must be applied.
Features of marketing management include managerial processes, a focus on consumers, research analysis, planning and development, and a few others
1. The management process
Planning, organizing, decision-making, forecasting, directing, coordinating, and controlling are all part of the managerial process known as marketing management. Management, according to Stanley Vance, is the process of making decisions and exercising control. Planning, decision-making, coordinating, and regulating are necessary for every part of marketing, starting with the consumer’s needs and wants, the targeted customer’s identification, product planning, development, price, promotion, and distribution process.
Every marketing endeavor is centered on the consumer. Consumers are in charge. The idea behind marketing strategies is to “create what the market wants.” The main goals of marketing are to attract new clients and keep existing ones. The work of turning potential clients into actual customers is handled by marketing management.
This is made possible by meeting the requirements and desires of the client by providing them with the proper goods and services for those needs and desires, at the proper time, and through a suitable channel.
3. Research Assessment
Identification of consumer needs and wants is the fundamental task of marketing.
This necessitates the systematic and ongoing collection of data as well as its analysis and reporting about marketing operations. This aids management in comprehending consumer demands wants preferences and consumer behavior regarding a company’s marketing mix initiatives. This aids in predicting the future and planning a course of action.
4. Development and Planning:
Planning and developing products and services are aspects of marketing. To adapt to changing consumer demand, tastes, and preferences, organizations constantly work to plan, create, and innovate new products and services.
5. Creating a Framework for Marketing:
Marketing efforts extend beyond the simple sale and transfer of ownership of products and services from the manufacturer to the final consumer. However, it necessitates several tasks like customer connections, research analysis, production, development, and innovation; pricing; advertising; promotion; selling; and distribution.
To get the best outcomes, each of these marketing functional areas needs to be planned, organized and created properly. The size of the business, the operation’s geographic reach, the number of product lines, the type of product, and the size of the client base all affect the marketing structure.
6. The organization’s goals
All marketing initiatives are founded on overarching organizational goals. The marketer fills the gap between consumers’ interests in meeting demands and overarching organizational goals of obtaining high profit and maximizing sales.
7. Communication and Promotional Process:
Maximizing sales volume and profit is a company’s main goal. Promotion and communication of the products and services might help with this. The corporation can notify clients about the goods thanks to this marketing management function.
8. Managing Activities:
Controlling marketing activities is a task carried out by marketing management. To assess the effectiveness of marketing staff and programs, marketing management assesses the efficacy of marketing operations. In this procedure, the actual performance is compared to the standard, deviations are found, and remedial measures are then taken.