What is Marketing Management?
Marketing management is the analysis, planning, implementation, and control of programs designed to bring about desired exchanges with target audiences, which promote and sustain an organization’s marketing objectives. It involves the identification of target markets, the crafting of messages and images, and the selection of appropriate media channels. It also includes the design and evaluation of marketing campaigns and the integration of marketing activities into the business plan.
Benefits of Effective Marketing Management
Effective marketing management provides businesses with a number of advantages, such as:
- Gaining a better understanding of customer needs and wants.
- Developing more effective promotional campaigns.
- Increasing customer loyalty and satisfaction.
- Creating an appealing brand image that customers can relate to.
- Increasing market share and sales.
- Gaining a competitive edge over rivals.
Marketing Management Process
The process of marketing management involves several steps:
- Planning: The marketing manager must develop a plan that outlines the goals, strategies, and tactics to be used to reach the target market.
- Research: The marketing manager must conduct market research to gather more information about the target market and their needs.
- Analysis: The marketing manager must analyze the gathered data and develop insights about the target market.
- Strategy: The marketing manager must develop a strategy that outlines the steps that need to be taken to reach the target market.
- Implementation: The marketing manager must implement the strategy, which may include activities such as advertising, promotions, and public relations.
- Evaluation: The marketing manager must evaluate the effectiveness of the strategy and make changes as necessary.
Conclusion
Marketing management is a critical component of any successful business. It involves the identification of target markets, the crafting of messages and images, and the selection of appropriate media channels. It also includes the design and evaluation of marketing campaigns and the integration of marketing activities into the business plan. By understanding and utilizing the process of marketing management, businesses can gain a competitive edge over rivals and increase their market share and sales.
References
- https://www.investopedia.com/terms/m/marketing-management.asp
- https://www.mindtools.com/pages/article/newSTR_93.htm
- https://www.cleverism.com/marketing-management-process/