Marketing management Explained

Ashly Chole Senior Finance Researcher

Last Updated 15 April 2024

Managing a company's marketing resources and operations requires the application of marketing orientation, strategies, and processes across the whole business. Marketing management is a branch of study in the marketing department that focuses on creating, enhancing, and overseeing a company's marketing initiatives. Marketing management as a discipline must include and integrate marketing orientation, tactics, and procedures into general management tasks like planning, organizing, and scheduling. Product creation, selling tactics, pricing tactics, customer service, and advertising campaigns are just a few of the areas that marketing management has prioritized.

Product development, customer service, and advertising campaigns are just a few of the areas that marketing management may concentrate on. Practical information that is helpful in sales promotion campaigns or product development activities is integrated into marketing management.

The goals of the organization

According to the goals of the organization, marketing management attempts to achieve the required level of performance. All actions pertaining to the strategizing, scheduling, hiring, and managing of a company's marketing initiatives are included. It also involves creating and using marketing plans and techniques. Excellent communication abilities, the capacity to function effectively under pressure, the capacity to manage several projects concurrently, and sound decision-making abilities are all requirements for a successful marketing manager.

The functions of general management must be integrated with marketing management's marketing orientation, tactics, and procedures. Also, it puts into practice information that is helpful in campaigns for sales promotion or product creation. Product creation, pricing, selling, customer service, and advertising campaigns are just a few of the areas that marketing managers frequently concentrate on. Marketing managers need to be able to identify market trends, analyze them, and choose the best course of action. Moreover, they must be well-versed in the business objectives of the company and how marketing initiatives might contribute to achieving those objectives.

Communicate clearly with all levels of management

The ability to communicate clearly with all levels of management as well as other corporate divisions is a must for marketing managers. Moreover, they must be able to collaborate with outside suppliers and vendors to provide goods or services that satisfy consumer demands. Marketing managers need to be well-versed in how the corporate climate influences marketing tactics. They must also have the ability to evaluate the company's goods and services as well as those of rivals. For this profession, a bachelor's degree in marketing or business administration is necessary.

Marketing managers must be able to interact effectively with all levels of management as well as with other company departments. Moreover, they must be able to work in tandem with outside vendors and suppliers to deliver goods and services that meet customer requests. Marketing managers must understand how business culture affects marketing strategies. Also, they must be able to assess both the company's and competitors' products and services. A bachelor's degree in business administration or marketing is required for this job.

Marketing management must incorporate marketing approaches, strategies, and tactics

In order to be a viable topic of study, marketing management must incorporate and integrate marketing orientation, techniques, and procedures into general management. The contribution of marketing to an organization's overall performance; how to spot chances to boost performance; how to create strategies to take advantage of these opportunities; how to put these strategies into practice; and how to gauge the effectiveness of marketing management.

Areas that marketing management

Product creation, selling tactics, pricing tactics, and customer service are just a few of the areas that marketing management has concentrated on. When it comes to the marketing management process, there are additional crucial factors that must be taken into account in addition to these activities, such as internal organizational structure (including roles and duties), organizational decision-making procedures, etc. Let's look at an illustration of this idea to help: A company wants to decide how much to charge for a new product. It is crucial to make this choice because it will greatly affect how well the product sells. Consider two hypothetical businesses, A and B, that offer the same products at various price points.

Business A is able to describe its pricing approach and has a clear marketing plan. The company's marketing department has done considerable market research and is aware that consumers are prepared to pay extra for high-quality goods. With this data, Business A develops a pricing plan that emphasizes perceived value above actual cost. Business B lacks a defined price strategy and marketing plan for their goods. They provide the same items at comparable prices, but they do not consider the value that customers perceive in the products or how that would impact sales.

The marketing approach employed by these two businesses differs. The distinction between strategic and tactical choices may be seen in the way Business A employs its marketing staff to create a plan that enables them to price their goods higher than Company B.

Marketing management employs important practical expertise for sales promotion efforts or product development operations

The goal of marketing management is to create a strategy plan that outlines how businesses or organizations will use the right tools, such as advertising media and promotion methods, to achieve their objectives. Whether working on product development projects or sales promotion initiatives, marketing managers also put their practical skills to use. They are in charge of creating a business's goods and solutions for its particular market segment; managing relationships with customers through a variety of communication channels, such as direct mail, email newsletters, or phone calls; encouraging employee participation in a variety of events that boost employee morale and productivity enhancement; and ensuring proper inventory levels to avoid losing money due to stockouts due to insufficient supply, especially during peak seasons.

Advantages of a marketing management strategy for a company

It is crucial to realize that there are numerous advantages to using marketing management in a business if you're considering doing so. Each firm is able to employ marketing management to its maximum advantage.

Using marketing management has several advantages, but the most significant one is its capacity to deliver accurate information for corporate decision-making. An organization needs precise information on customer demand for each product or service it offers in order to make wise judgments about what to provide consumers. This information will help the company determine if there will be a market for these products once they are put into production. Companies may find themselves missing out on important insights when using conventional methods like surveys or focus groups (which only gather data from participants within specific groups), as only those who participated in these processes would provide them with useful information, frequently ignoring other parts of their population who were not willing participants.

Traditional techniques

Traditional techniques may be time-consuming, expensive, and imprecise, which is an issue because they aren't always successful. In order to determine if there will be a demand for these products when they are put into production, businesses may use marketing management to provide them with the information they need to make better decisions about the goods and services they should offer their clients. Companies may decide on their offers more effectively by using marketing management to decide what goods or services should be provided to customers.