What Is Marketing Management (With Definition And Benefits)
Updated 15 October 2022
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Marketing management is an important process for improving sales and developing the presence of a business in the market. Implementing effective marketing strategies can help companies to reach their goals and achieve success. If you are planning to pursue a career in marketing, then learning about basic management principles can be helpful. In this article, we define marketing management, discuss philosophies associated with it, review its importance and explore the roles and responsibilities of professionals in this field.
What Is Marketing Management?
Marketing management is the process that many marketing professionals use to engage with more customers and reach organisational goals. It is the planning, analysis and implementation of ideas for how a company can reach and connect with potential customers. Management in marketing allows organisations to target specific customers and build relationships with them, which can yield profit. It also helps in fulfilling the requirements of customers and making them satisfied. This creative process can allow businesses to understand their customers and develop strategies to meet their demands.
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Management Philosophies In Marketing
Businesses often use management practices to achieve desired goals and evolve in the competitive market. Professionals like marketing managers understand which philosophy to use for a particular task. Management philosophies can be a great way to know the benefits and interests from different perspectives. Finding the best marketing philosophy can help you develop the reputation of a company and improve its reach. Here are basic concepts of marketing that you can use to be successful in marketing management:
According to the production concept, customers may prefer inexpensive and widely available products. This philosophy relates to the idea that supply creates its own demand. With the help of this philosophy, companies can produce enough products or services and ensure that they are available to customers. Producing products in bulk may result in a reduction of the production cost, which allows companies to sell products at a lower cost and make them more appealing to the customers.
One disadvantage of this concept can be losing customers who focus more on the quality of the product than its price. Marketing professionals can use this philosophy when the demand for a product is higher than its supply in the market.
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This concept follows the idea that customers prefer good quality products irrespective of their price and availability. Many companies working with this marketing philosophy focus more on producing the best quality products they can offer. Producing such products may take longer than usual and often results in a significant increase in their price. In addition, it may also result in losing customers who focus more on other factors such as the availability, price and usability of the products.
This marketing concept focuses on selling the products irrespective of their quality or demand from customers. The selling concept focuses on generating profits. Many companies with short-term profit goals choose to work with this marketing philosophy. With the help of this concept, you can interact with customers and sell products efficiently.
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The marketing concept is an assumption that customers tend to buy products that fulfil their requirements. According to this philosophy, a business can grow by producing and marketing products that meet the requirements of customers. Working on this concept may require companies to conduct regular research and stay up to date with the latest market trends. It can allow marketing professionals to develop ideas that promote their products in the market. This philosophy can help in achieving long-term results by establishing good relationships with customers.
Societal marketing concept
Companies working with this marketing philosophy focus on the well-being of society. The societal marketing concept allows you to fulfil the demands of customers without damaging the environment or natural resources. Marketing professionals can follow this concept and help the environment and other people. They may use various marketing strategies that also focus on reducing illiteracy and poverty and controlling population growth.
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Importance Of Marketing Management
Businesses can have their own vision and goals that the marketing team can help to achieve by using effective strategies. Here are some common benefits of this process:
Attracting more customers
The goal of management in marketing is to attract potential customers and contribute to the growth of the business. Revenue and profits may directly depend on the number of sales of a specific product. An increase in the number of customers can enhance the overall revenue ratios of the companies. In market management, companies often use various strategies which may help in reaching a wide range of customers. Some common practices are displaying ads on TV, advertising on social media platforms and developing personalised videos for product promotion.
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A running business may require profits to stay competitive in the market. Implementing effective management strategies in marketing a product can provide better profits for each transaction. With the help of this process, you can select the right marketing concept depending on the goals of your business. It also helps in creating budget plans for marketing research and campaigns. In addition, effectively delegating tasks to the right professionals can help you improve the growth of a company and generate profits.
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Meeting customer demands
This management process can be a great tool for understanding the demands of customers. It may allow companies to build strategies that focus on meeting the demands of the customers and develop long-term relationships with them. The key element for long-term success in the market is to deliver the best product and excellent customer service.
There may be a great variation in the demand of customers as each one of them has their own specific needs. Using effective management techniques in marketing can help companies satisfy their customers in many ways. Marketing professionals can gather and analyse data about the requirements and problems of customers. They can use this data to approach customers and introduce their products.
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A bad reputation or an image may affect the health of the company in the market. It can be challenging for a company to survive with a bad reputation. Establishing a positive image in the market is a strategic task that may require time. With the help of management marketing, companies can devise the best marketing practices and create a good reputation for the company.
A business with a better reputation than its competitors may attract more customers, leading to earning more profits. Gaining the trust and loyalty of customers may become easier when the reputation of the company is good.
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Roles And Responsibilities Of Marketing Managers
Marketing responsibilities can help you reach goals and build a wide customer base. Many companies have a marketing team with good management to focus on implementing marketing strategies efficiently. Marketing managers perform various duties related to the project and team management. They lead a marketing team and devise the best ways to attract the target audience. They use different skills and qualities such as leadership, organisation, good communication, project management, data analysis and computer skills to perform their day-to-day responsibilities.
Here are some important responsibilities for the role:
Doing marketing research and collecting data and marketing insights
Establishing objectives for a business
Assisting in budget management
Auditing brand and pricing the product
Planning marketing campaigns
Assisting in product development
Promoting products across various channels
Distributing and delivering products
Communicating with customers and developing long-term relationships
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