What Is Marketing Management?
Marketing management is the process of location marketing goals for an organization (taking into account internal resources and market opportunities), planning. And executing activities to meet these goals, and measuring progress toward achieving them.”
Simply put, it’s about managing everything needed to drive marketing and sales in the business. It means creating, executing, and measuring a plan for the company to reach its target market, communicate with it and convert it.
What Are The Goals Of Marketing Management?
The two primary goals of marketing management are to maximize the company’s market share within the broader industry, as well as the customer satisfaction of the consumer base within its already captured market share.
Increase Market Share
Market share is a benchmark measure of how much your company has managed to capture in your industry or product category. Because of this, it can remain used as an indicator of your marketing. And sales compared to your competitors (although earnings and other financial indicators make market share an insufficient benchmark for the overall success of competitors).
Increasing market share is an important goal because it shows what the market thinks of your brand. A growing market share may suggest the following:
You have successfully reached and won a large portion of your potential customers.
Existing customers buy back enough products for new customers to create positive net customer growth.
Your brand or product takes a positive and growing reputation within the industry.
And development, all of these can be signs of revenue growth and other important goals for the overall business.
Increase Customer Satisfaction
Another important goal of marketing management is to keep current customers happy. As indicated in the last point, your business cannot grow if it loses the same number of clients that it gains in a month. Without meeting customer needs and wants, your company becomes a revolving door.
The best opportunities for a company reside in its existing customer base. They know your product well enough to give you reasoned feedback, but not so well that they are too close to it, as employees may be.
And since the marketing team has the best understanding of the brand’s messages and reputation. And relationships with the target audience, management is key to measuring and improving customer satisfaction. For example, sometimes, the direct marketing team is the first to see new reviews on review sites, social media discussions, and more. He gives marketers some of the most informed stances on what customers are thinking.
Features of Marketing Management
To achieve these specific goals, marketing managers spend their days working on various tasks, from those focused on communication to those that involve large volumes of data. After all, modern marketing is both an art and a science.
It is driven mainly by technology, packed with all the data you can imagine. But creativity is still required to build the strategy and products that produce the data illustrated. With today’s focus on the digital marketing landscape, technology is becoming increasingly prominent among all the above responsibilities.
Importance Of Marketing Management
Today, many industries are experiencing difficult times that force executives to simplify, shrink and ensure that the organization is as efficient as possible. Why should marketing management remain a priority, even as the economy heads into a possible recession?
As Harvard Business Review put it during the previous recession:
“During recessions, it is more important than always to remember that loyal customers are the main and permanent source of cash flow and organic growth.
Marketing is not optional: it is a ‘positive cost’ essential to generating revenue from these key customers and others. ‘
Consistent Income: Marketing produces income that helps fund the rest of the business. It is fuel or an accelerator for the rest of the machinery.
Enhanced reputation: Marketing often oversees public relations and has the most influence and control over your brand’s reputation, which is increasingly important, especially in saturated markets.
Better Product Knowledge: By collaborating with the product team using market research and analysis, product development becomes more informed.
More specific sales messages: Since marketers spend so much time learning about their target customers and developing positioning, they can help sales teams with announcements and presentations to achieve stronger closings.
What Does The Marketing Management Process Look Similar?
Marketing never ends. It involves a continuous cycle of:
- Investigation
- Planning
- Implementation
- Measurement
- Repetition
However, those are not just the stages involved in the strategy as a whole. In addition to occurring at the macro level of the process, they likewise exist at the project and campaign levels. So, marketing managers can have multiple projects in progress at various stages of the marketing cycle at any given time.
Let’s take an aspect at each of these implementation stages and see what kinds of tasks remain required of marketing managers in each of them.
Functions of Marketing Management
1. Conduct Research
Before new campaigns and projects can begin, marketing teams need a complete understanding of the customer’s goal and expectations, their issues, and how the product or service offered fits the solution.
It involves conducting ongoing research, such as surveys and interviews with members of your target market, collecting customer feedback. And researching market data and industry trends. All of this information remains then used to shape the company’s marketing.
2. Campaign Planning and Objective
Once an investigation has remained conducted and managers remain well informed, they can create project goals and plans. It will involve collaborating with the product and sales teams to create a promotional calendar in tune with product development and sales goals. Once the schedule has remained established, management will work with your support staff to create a marketing action plan.
3, Implementation of the Primary Campaign
Once the campaigns and projects have remained planned in the promotional calendar, the marketing managers lead their teams through the development of the movements. First, you have to select your mix of paid, earned and owned media marketing. Within that, you have to choose different specific channels and define how they fit into the general strategy.
From there, unique positioning and message guidelines remain similarly established to communicate through those channels both in a campaign and general. Finally, you have to develop and implement marketing texts and content, such as landing pages, graphics, and readers.
Resources of Marketing Management
If you improve your strategy, decision-making, and leadership as a manager, the following marketing management resources will help you save and learn.
Also Read: What is Agile Marketing? – Manifesto, Advantages, and More
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